Marqeta, the Oakland card issuing platform, reported Marqeta Q3 2026 total processing volume of $126 billion on 3 November 2026, up 29%, with net revenue of $176 million, up 8%, and adjusted EBITDA of $39 million, according to Marqeta’s results release. Fintechbits compared the outlook with Marqeta’s second-quarter results filed on 4 August 2026: full-year net revenue growth guidance has slipped from 12% to 13% to 11% to 12%, even as third-quarter revenue growth of 8% landed at the top of the 6% to 8% range Marqeta set then. Chief executive Mike Milotich said processing volume “surpassed a $500 billion annualized run rate for the first time.”

The Marqeta Q3 2026 numbers

In Marqeta Q3 2026, processing volume grew 29% to $126 billion. Net revenue rose 8% to $176 million and gross profit 7% to $122 million. Adjusted EBITDA grew 28% to $39 million, and its margin widened 3 points to 22%. GAAP net income was $115 million, but that includes a $107 million non-cash tax benefit from releasing valuation allowances on deferred tax assets, so the operating picture is much smaller than the headline profit.

The gap between volume and revenue is the Marqeta Q3 2026 story. In the second quarter Marqeta processed $120 billion, up 32%, on the same $176 million of net revenue. Volume is still growing about four times faster than revenue, which means Marqeta earns less on each dollar it processes, a pattern that usually reflects big customers winning better pricing.

The programs worth noticing

Marqeta now runs the Square Credit Card on the American Express network, its first Amex program, after moving Square’s existing accounts onto its platform, a launch Fintechbits covered in October. It built a Google Wallet product for children and teens with parental spending limits, launched a debit card for Satispay, the Italian payments app with more than 6.5 million users, and widened its Coinbase relationship to cover fiat and digital asset payment offerings. Zerohash and BVNK sit alongside Coinbase as its stablecoin infrastructure partners.

Marqeta’s European footprint has grown through clients such as Expensify, whose Visa commercial card runs on Marqeta in five European markets, as Fintechbits reported in August.

The guidance trend

Alongside Marqeta Q3 2026, the company guides fourth-quarter net revenue growth of 3% to 5% and gross profit growth of 5% to 7%, with adjusted EBITDA growth in the mid 20s. For 2026 it expects net revenue and gross profit growth of 11% to 12%, and adjusted EBITDA growth in the low-to-mid 30s, up from the low 30s it guided in August. So profit guidance rose while revenue guidance fell.

Fintechbits analysis

Why Marqeta Q3 2026 shows a margin story, not a growth story

Marqeta is becoming a more profitable, slower-growing business. A fourth quarter guided at 3% to 5% revenue growth, while volume runs near 30%, says pricing pressure from large customers is not easing. The new programs are high quality, and stablecoin-linked cards could open a different revenue pool, but none is big enough to move the total in the guidance. Investors are being asked to value EBITDA expansion and a $107 million tax benefit, not top-line momentum.

Frequently asked questions

What did Marqeta report for Marqeta Q3 2026?

Marqeta reported processing volume of $126 billion, up 29%, net revenue of $176 million, up 8%, and adjusted EBITDA of $39 million. GAAP net income of $115 million included a $107 million non-cash tax benefit.

What is Marqeta’s guidance for 2026?

Marqeta expects 2026 net revenue and gross profit growth of 11% to 12% and adjusted EBITDA growth in the low-to-mid 30s. In August it had guided net revenue growth of 12% to 13%.

Which new programs did Marqeta launch?

Marqeta began running the Square Credit Card on the American Express network, built a Google Wallet product for kids and launched a Satispay debit card. It also expanded its partnership with Coinbase.

What to watch next

The fourth-quarter result after Marqeta Q3 2026 will show whether revenue growth really drops to 3% to 5%. The other marker is whether stablecoin-backed card programs with Coinbase, Zerohash or BVNK reach meaningful volume in 2027, which would give Marqeta revenue that does not depend on renegotiating with its largest customers.