Riskified Q3 2026 results, published on 11 November 2026 by the NYSE-listed fraud prevention company (RSKD), show revenue of $115.2 million, up 41% from $81.9 million in the third quarter of 2025. Fintechbits checked Riskified’s own 4 March 2026 outlook and found that it opened the year guiding revenue of $372 million to $384 million, so the new range of $427 million to $433 million starts $43 million above the top of that first band. Adjusted EBITDA reached $8.1 million, free cash flow hit a record $15.2 million, and the company raised its full-year ranges for the third time in 2026.

What the Riskified Q3 2026 results show

Revenue grew 41% after growth of 22% in the second quarter and 7% in the first, according to the company’s second-quarter release. Gross merchandise volume, the dollar value of orders the platform reviewed, reached $44.6 billion, up 18%. Riskified reported a net loss of $1.3 million against $7.8 million a year earlier, and adjusted EBITDA of $8.1 million, a 7% margin that matched the prior-year margin. Cash, deposits and investments stood at about $234.9 million, with no debt, according to the company’s results release.

Growth came from a narrow base. Riskified says billings in its Digital Finance category rose more than 300%, mostly from merchants onboarded in the second quarter, while Electronics, General and Home verticals together grew 12%. Eight of its top ten new logos are headquartered outside the United States, against five in the first quarter and five in the second. Chief financial officer Aglika Dotcheva said the company has “the flexibility to invest in growth and deploy capital opportunistically” with its cash pile and no debt.

Riskified’s 2026 guidance, raised three times

The guidance record is public. On 4 March 2026 Riskified guided revenue of $372 million to $384 million and adjusted EBITDA of $26 million to $34 million. The 13 May 2026 filing moved those to $376 million to $384 million and $28 million to $34 million. The 12 August 2026 filing lifted them to $400 million to $410 million and $33 million to $39 million. The 11 November range is $427 million to $433 million and $39 million to $43 million.

At the midpoints, revenue guidance has climbed from $378 million to $430 million, or 13.8%, and EBITDA guidance from $30 million to $41 million. No range was cut at any step. Quarterly revenue climbed from $88.3 million to $98.7 million to $115.2 million over the same period, and nine-month revenue of $302.1 million already equals 70% of the new midpoint. The company says the latest raise reflects the quarter’s outperformance plus extra confidence in momentum, which is management judgment, not booked revenue.

Growth is outrunning gross profit

Cost of revenue rose 62% to $65.9 million while revenue rose 41%. GAAP gross profit grew 20% to $49.3 million, and GAAP gross margin fell to 43% from 50% a year earlier. The release does not explain the gap. Riskified earns revenue on the share of orders it approves, multiplied by a risk-adjusted fee, and it guarantees approved orders against chargebacks, so a fast-ramping category can lift revenue before it lifts profit. That reading is an inference, not a disclosed fact.

Volume points the same way. GMV grew 18% while revenue grew 41%, so revenue per dollar of GMV reviewed rose to about 0.26% from 0.22%. Higher yield flatters the top line only if guarantee losses stay controlled. Guarantee obligations on the balance sheet were $14.1 million at 30 September 2026, down from $14.7 million at 30 June 2026, a small positive.

Fintechbits analysis

Why the implied fourth quarter decides the verdict

Subtracting nine-month revenue of $302.1 million from the new range leaves $124.9 million to $130.9 million for the fourth quarter. The company reported $99.3 million for the fourth quarter of 2025, so growth of 26% to 32% is required. The EBITDA range implies $20.8 million to $24.8 million, or 17% to 19% of revenue, against 7% in the third quarter. Seasonality helps: GMV was $46.7 billion in the fourth quarter of 2025, above the $44.6 billion of the third quarter of 2026.

Fintechbits reads the revenue raise as credible and the profit raise as the figure to doubt. At a 43% non-GAAP gross margin and the third quarter’s $41.6 million of non-GAAP operating expenses, a $127.9 million quarter would produce roughly $13 million of adjusted EBITDA, not $22.8 million. Either the margin recovers or costs fall, or the range is generous. For merchants, the Agent Identity Risk Intelligence launch and the Zendesk link move Riskified from checkout screening toward refund and service abuse, a space next to the Mastercard Agent Pay probability score for AI-initiated purchases.

Frequently asked questions

What were the Riskified Q3 2026 results?

Revenue was $115.2 million, up 41%, with GMV of $44.6 billion, up 18%. The net loss narrowed to $1.3 million and adjusted EBITDA was $8.1 million. GAAP gross margin fell to 43% from 50%.

Has Riskified delivered against its earlier guidance?

It opened 2026 guiding revenue of $372 million to $384 million and has raised the range three times without a cut. Nine-month revenue of $302.1 million covers 70% of the new midpoint. The fourth quarter has to deliver the rest.

What is Agent Identity Risk Intelligence?

Riskified says the capabilities work out which AI agent placed an order or service request, tie it to a real shopper and send back a live risk signal. The release gives no usage or revenue figures for it.

What to Watch Next

Riskified’s fourth-quarter report will settle the guidance question, and the release names no date for it. Gross margin is the first number to read: a figure near 43% would make the EBITDA range hard to reach. Digital Finance billings are the second, since the 300% rise came mostly from merchants onboarded in one quarter. Share buybacks are the third. Treasury share purchases fell to $2.3 million in the third quarter from $64.2 million in the second, while management lists acquisitions among its options.

The fraud partnership with Marqeta, covered in an earlier Fintechbits report, shows the issuer side of the business that may matter next. Those figures will show whether the Riskified Q3 2026 results marked a peak.