Filing Flows › Technology › Marqeta (MQ)
Marqeta (MQ) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Marqeta (MQ) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $176M · 66¢ of every $1 of revenue kept as net profit · operating margin 3.6%
Marqeta made $176M in Q3 2026 (+8% Y/Y): Platform services revenue, net $166M, Other services revenue $10.4M. Operating margin 3.6%, net earnings $115M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $176.2M in Q3 2026, up 8% year over year and roughly flat from the previous quarter. Platform services revenue, net was the largest line at 94% of revenue. Platform services revenue, net added $10.0M year over year (up 6%), 77% of the total change.
Gross margin was 69.3%, down 0.8 points from Q3 2025. Operating profit was $6.3M, a 3.6% margin (up 9.9 points year over year). Operating expenses fell 7% while revenue rose 8%. Net earnings were $115.4M. The tax line was a benefit of $104.4M on pre-tax earnings of $11.0M. Non-operating items added $4.8M, 43% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $26.3M (down 70% year over year), 23% of net earnings. Non-cash charges added back $10.2M of depreciation and amortization and $21.5M of share-based compensation. Working capital and other items used $120.8M. Capital expenditures of $322K left free cash flow of $26.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $176M | +8% | 3.6% | $115M | $26.3M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $176M | +17% | 2.1% | $7.6M | $63.2M |
| Q1 2026 | 10-Q | May 5, 2026 | $166M | +19% | 1.3% | $7.8M | −$3.4M |
| Q4 2025 | 10-K | Feb 24, 2026 | $172M | +27% | -4.8% | −$1.4M | $53.3M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $163M | +28% | -6.4% | −$3.6M | $86.8M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $150M | +20% | -6.1% | −$647K | $12.5M |
| Q1 2025 | 10-Q | May 7, 2025 | $139M | +18% | -13.3% | −$8.3M | $10.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Marqeta
Marqeta’s mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta’s modern platform empowers our customers to create customized and innovative payment card programs, giving them configurability and flexibility. When our customers come to us to build a payments solution, they are not just building a card, they are building a payments experience. Our platform encompasses debit, prepaid, and credit programs, and provides banking and money movement, risk management, and rewards products. We deliver a scaled solution to our customers to maximize the benefit of their card programs while also providing the tech layer that bridges the bank and the customer.
In its own words, from its 10-K, filed Feb 24, 2026.
Marqeta against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +14%. Operating margin: 3.6% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MQ Marqeta | Q3 2026 | $176M | +8% | 3.6% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: Marqeta 10-Q on SEC EDGAR · CIK 1522540 · Services-Prepackaged Software
Guidance and outlook
13F: who owns MQ and who is buying
More on MQ
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results