Filing Flows › Marqeta (MQ) › Q3 2026 › vs Q3 2025
Marqeta (MQ) Q3 2026 vs Q3 2025 (year over year)
Marqeta's revenue rose $12.9M (+8%) from $163M in Q3 2025 to $176M in Q3 2026. The biggest changes: Platform services revenue, net +$10.0M (+6%); Other services revenue +$2.9M (+39%). Gross margin 69.3% against 70.1% (-0.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 69.3% | 70.1% | -0.8 pts |
| Operating margin | 3.6% | -6.4% | +9.9 pts |
| Net margin | 65.5% | -2.2% | +67.7 pts |
| Free cash flow margin | 14.8% | 52.9% | -38.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Platform services revenue, net | $166M | $156M | $10.0M | +6% |
| Other services revenue | $10.4M | $7.5M | $2.9M | +39% |
| Revenue | $176M | $163M | $12.9M | +8% |
| Gross profit | $122M | $115M | $7.5M | +7% |
| Cost of revenue | $54.1M | $48.7M | $5.3M | +11% |
| Other income, net | $4.8M | $7.2M | −$2.5M | -34% |
| Operating profit | $6.3M | −$10.4M | $16.6M | — |
| Operating expenses | $116M | $125M | −$9.1M | -7% |
| Pre-tax earnings | $11.0M | −$3.1M | $14.2M | — |
| Sales & marketing | $972K | $895K | $77K | +9% |
| Other operating costs | $115M | $124M | −$9.2M | -7% |
| Income tax benefit | $104M | −$498K | $105M | — |
| Net earnings | $115M | −$3.6M | $119M | — |
| Operating cash sources | $147M | $29.1M | $118M | +406% |
| Depreciation & amortization | $10.2M | $7.0M | $3.2M | +46% |
| Share-based compensation | $21.5M | $25.7M | −$4.2M | -16% |
| Working capital & other | $121M | −$57.7M | $178M | — |
| Operating cash flow | $26.3M | $86.8M | −$60.4M | -70% |
| Free cash flow (OCF − capex) | $26.0M | $86.4M | −$60.4M | -70% |
| Capital expenditures | $322K | $391K | −$69K | -18% |
Questions
How much did Marqeta's revenue grow year over year in Q3 2026?
Marqeta's revenue rose $12.9M (+8%) from $163M in Q3 2025 to $176M in Q3 2026.
What drove Marqeta's revenue change in Q3 2026?
Platform services revenue, net +$10.0M (+6%); Other services revenue +$2.9M (+39%).