Marqeta Payment Volume Jumps 29% to $126 Billion in Third Quarter
Key Facts
Total payment volume processed by Marqeta rose 29% year over year to $126 billion in the third quarter of 2026, compared with $98 billion in the same period a year earlier. The company said in its earnings release that growth reflected increased activity on its payment processing platform. The increase put processing volume at the forefront of the quarter’s results, growing faster than gross profit. However, the company said the impact of higher volumes on revenue was pressured by the mix of programs it serves. It attributed this to faster growth in card programs for which it provides processing services with limited or no program management.
Marqeta said revenue grew primarily on higher volumes, but that effect was partly offset by an unfavorable program mix. It explained that some of the faster-growing card programs rely on payment processing services with limited or no program management services. This mix means growth in the value of payments processed does not necessarily translate into revenue at the same rate. Meanwhile, gross profit rose 7% to $122 million from $115 million in the third quarter of 2025. The company said payment volume growth was the main driver of the increase in gross profit.
Net income was $115 million, compared with a net loss of $4 million a year earlier, according to the company’s statement. But the quarter’s results included a one-time, non-cash tax benefit of $107 million. Marqeta said the benefit resulted from the release of valuation allowances related to certain deferred tax assets. A large part of the swing in net results was therefore tied to a non-cash tax item, alongside operating performance during the quarter. The company is scheduled to hold a call to discuss the results on November 3, 2026, at 1:30 p.m. Pacific time, or 4:30 p.m. Eastern time.
In market trading before the earnings announcement, Marqeta shares closed at $18.62 on November 2, 2026, according to EL7 data. The price offers a snapshot of the stock’s trading in the session before the scheduled discussion of quarterly results. The closing data did not include documented details on the session’s high or low. Investor focus remains on the company’s ability to convert processing volume growth into revenue and gross profit, given the impact of the program mix it cited. The earnings call scheduled for the day after the announcement will give the company an opportunity to provide further details on performance.