Marqeta, Inc. — Form 8-K
Filed November 3, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Marqeta reported Q3 2026 TPV of $126.5B (+29% YoY), Net Revenue of $176.2M (+8% YoY), and Gross Profit of $122.1M (+7% YoY). GAAP Net Income was $115.4M, including a $107M discrete non-cash tax benefit from release of valuation allowances on deferred tax assets. Adjusted EBITDA was $38.8M (+28% YoY) with 22% margin. The company achieved TPV annualized run rate surpassing $500B for the first time and delivered third consecutive quarter of GAAP profitability. New customer wins include Square Credit Card on American Express Network, Google Wallet for kids, Satispay debit card, and expanded Coinbase partnership.
Why this rating
Strong TPV growth (29%) and path to sustained profitability meaningful for $2.3B company; tax benefit inflates earnings but underlying Adjusted EBITDA growth (28%) shows real operational improvement. Customer wins and $500B run rate notable, but Q3 net revenue growth only 8% suggests mix challenges. FY2026 guidance modest (11-12% revenue/gross profit growth) tempers momentum. Significant but not transformational.
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