Filing Flows › Marqeta (MQ) › Q3 2026 › vs Q2 2026
Marqeta (MQ) Q3 2026 vs Q2 2026 (quarter over quarter)
Marqeta's revenue rose $184K (+0.1%) from $176M in Q2 2026 to $176M in Q3 2026. The biggest changes: Platform services revenue, net +$2.1M (+1%); Other services revenue −$1.9M (-15%). Gross margin 69.3% against 69.2% (+0.1 pts).
Marqeta, Q3 2026: revenue $176M (+8% year over year), operating margin 3.6%, net earnings $115M, operating cash flow $26.3M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 69.3% | 69.2% | +0.1 pts |
| Operating margin | 3.6% | 2.1% | +1.5 pts |
| Net margin | 65.5% | 4.3% | +61.2 pts |
| Free cash flow margin | 14.8% | 35.8% | -21.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Platform services revenue, net | $166M | $164M | $2.1M | +1% |
| Other services revenue | $10.4M | $12.3M | −$1.9M | -15% |
| Revenue | $176M | $176M | $184K | +0.1% |
| Gross profit | $122M | $122M | $227K | +0.2% |
| Cost of revenue | $54.1M | $54.1M | −$43K | -0.1% |
| Other income, net | $4.8M | $4.4M | $338K | +8% |
| Operating profit | $6.3M | $3.6M | $2.6M | +73% |
| Operating expenses | $116M | $118M | −$2.4M | -2% |
| Pre-tax earnings | $11.0M | $8.1M | $3.0M | +37% |
| Sales & marketing | $972K | $1.2M | −$260K | -21% |
| Other operating costs | $115M | $117M | −$2.2M | -2% |
| Income tax benefit | $104M | −$505K | $105M | — |
| Net earnings | $115M | $7.6M | $108M | 15× |
| Operating cash sources | $147M | $39.6M | $108M | +271% |
| Depreciation & amortization | $10.2M | $9.7M | $551K | +6% |
| Share-based compensation | $21.5M | $22.4M | −$890K | -4% |
| Working capital & other | $121M | −$23.6M | $144M | — |
| Operating cash flow | $26.3M | $63.2M | −$36.8M | -58% |
| Free cash flow (OCF − capex) | $26.0M | $63.0M | −$36.9M | -59% |
| Capital expenditures | $322K | $211K | $111K | +53% |
Questions
How much did Marqeta's revenue grow quarter over quarter in Q3 2026?
Marqeta's revenue rose $184K (+0.1%) from $176M in Q2 2026 to $176M in Q3 2026.
What drove Marqeta's revenue change in Q3 2026?
Platform services revenue, net +$2.1M (+1%); Other services revenue −$1.9M (-15%).