Marqeta Guides for Q4 Gross Profit Growth of 5% to 7%, Net Revenue of 3% to 5%

Marqeta expects fourth-quarter 2026 gross profit growth of 5% to 7% and net revenue growth of 3% to 5%, with a customer contract change expected to lower net revenue and cost of revenue equally.

The company lowered its full-year 2026 net revenue growth outlook by one percentage point to 11% to 12%. Its gross profit growth forecast remains at 11% to 12%. Marqeta’s previous net revenue growth range was 12% to 13%.

CFO Patti Kangwankij said one customer will contract directly with an issuing bank Marqeta already supports. Marqeta will continue processing the customer’s volume, while related fees will no longer pass through its income statement. “Therefore, for this customer, net revenue and cost of revenue both come down by the same amount with no impact on gross profit,” Kangwankij said on the Nov. 3 earnings call.

For the quarter ended Sept. 30, processing volume rose 29% year over year to $126.493 billion. Net revenue increased 8% to $176.179 million, and gross profit grew 7% to $122.1 million. The figures are part of Marqeta’s third-quarter results.