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MQ · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Marqeta, Inc. Class A Common Stock (MQ) stock moving?
Marqeta beat Q3 consensus on sales ($176.18M vs $175.54M) and adjusted EPS ($0.10 vs $0.05). Adjusted EBITDA rose to $38.8M from $30.3M a year earlier with a 22% margin, and total processing volume grew 29% year over year to $126B. The GAAP EPS of $1.09 is inflated by a $107M non-cash tax benefit and should not be read as operating strength. Guidance is the weak point: Q4 sales of $177.3M-$180.7M sit below the $187.0M estimate and imply only 3%-5% net revenue growth, and full-year 2026 sales were cut to $693.6M-$699.9M against a $704.3M consensus, though full-year net revenue growth of 11%-12% and adjusted EBITDA growth in the low-to-mid 30s% remain solid. The stock fell 4.4% on Nov 3 (from $18.62 to $17.80) on heavy volume, dipped to $16.97 on Nov 4, then recovered to $18.60 on about 1.9M shares. It has since traded in a tight $18.14-$18.59 band and closed at $18.34 on Nov 10. UBS ($21) and Mizuho ($20) both raised targets but kept Neutral ratings, implying roughly 9%-15% upside, which is a modest signal rather than a strong one. The Forter partnership and the investor conference appearances are minor, incremental news items.
News behind the analysis
- Mizuho Securities Adjusts Marqeta Price TargetMizuho analyst Dan Dolev kept a Neutral rating and raised the price target from $18 to $20.
- UBS Maintains Neutral on Marqeta, Raises Price Target to $21UBS kept its Neutral rating on Marqeta and raised its price target to $21 after the Q3 report.
- UBS Adjusts Price Target on Marqeta to $21UBS raised its Marqeta price target from $19 to $21 and kept its Neutral rating.
- Marqeta and Forter Announce Strategic Collaboration for Fraud PreventionMarqeta partnered with Forter to add pre-authorization risk intelligence to its card issuing platform.
- Marqeta Announces Participation in Upcoming Investor ConferencesMarqeta's executives will take part in investor fireside chats at the Citi and UBS conferences.
- UPDATE: Marqeta Q3 Adj. EPS $0.10 Beats $0.05 Estimate, Sales $176.180M Beat $175.541M EstimateQ3 adjusted EPS of $0.10 and sales of $176.18M both beat consensus estimates.
- Marqeta Lowers FY2026 Sales Guidance from $699.870M-$706.119M to $693.621M-$699.870M vs $704.338M EstFull-year 2026 sales guidance was cut to $693.6M-$699.9M, below the $704.3M consensus.
- Marqeta Sees Q4 Sales $177.276M-$180.719M vs $187.011M EstQ4 sales guidance of $177.3M-$180.7M sits well below the $187.0M consensus estimate.
- Marqeta Q3 Total Processing Volume $126B, Up 29% YoYTotal processing volume reached $126B in Q3, up 29% year over year.
- Marqeta Q3 Adj. EBITDA $38.8M vs $30.3M YoY; Margin 22%Q3 adjusted EBITDA rose to $38.8M from $30.3M a year earlier, with a 22% margin.
About Marqeta, Inc. Class A Common Stock
Marqeta, based in Oakland, California, runs a cloud-based card issuing platform. Fintechs, banks and other businesses use it to create and manage their own debit, credit, prepaid and virtual payment cards through software tools (APIs). What sets it apart is that it lets clients design custom card programs, such as instant virtual cards and stablecoin-backed cards (it has partnered with Coinbase on these), without building their own payment systems. Its annual processing volume recently passed roughly $500 billion.
How it makes money
Most of its revenue is a share of the interchange fee, the small charge merchants pay on each purchase made with a card that Marqeta processes. It also collects processing and platform service fees from clients. Revenue is very concentrated: Block's Cash App has historically supplied a large share, roughly 40–50% in recent years, so contract renewals and pricing changes with big clients have a large effect on results. Net revenue was about $176 million in Q3 2026, and quarterly processing volume was about $126 billion, up roughly 29% from a year earlier.
What usually moves MQ
- Total processing volume growth
- Renewals and pricing with key clients like Block's Cash App
- Consumer spending and card transaction trends
- New enterprise wins and expansion outside the US
- Progress on profitability, plus share buybacks