Marqeta's Revenue per $100 Processed Falls to 13.9 Cents

Marqeta, the card issuing platform whose largest customer is Block, processed US$126.5 billion of card payments in the third quarter of 2026, 29% more than a year earlier. Its net revenue rose 8%, to US$176.2 million, according to results filed with the US Securities and Exchange Commission on 3 November.

That works out at 13.9 cents of net revenue for every US$100 of total processing volume (TPV), by HaiPay's calculation, the lowest of the 11 quarters since the start of 2024. A year earlier the figure was 16.7 cents, and in the first quarter of 2024 it was 17.7 cents.

Why revenue is growing more slowly

In its quarterly report, Marqeta says the 29% rise in volume was "partially offset by unfavorable shifts in our card program mix", in particular more programmes in which it provides processing with little or no program management. Platform services revenue rose 6%, while revenue from other services rose 39%, which Marqeta attributes to more card fulfilment, including replacement cards and card shipments.

Revenue barely moved between the second and third quarters, up 0.1%, while TPV rose 5%.

Block's share keeps falling

Block, which owns Square and Cash App, provided 41% of Marqeta's net revenue in the quarter, down from 44% a year earlier and 49% in the first quarter of 2024. By HaiPay's estimate from those rounded shares, revenue from Block was about US$72 million in both third quarters, while revenue from other customers grew by between 12% and 16%.

The filing shows the same shift in volume. TPV from Marqeta's five largest customers rose 24%, and from all other customers 43%. Sutton Bank, the issuing bank through which most of Marqeta's volume is settled, handled 55% of TPV, down from 63% a year earlier and 74% in the first quarter of 2024.

Other results

Gross profit rose 7%, to US$122.1 million. Net income was US$115.4 million, including a non-cash income tax benefit of US$107 million, and adjusted EBITDA was US$38.8 million. Marqeta said it now runs Square's credit card on the American Express network, its first programme on that network, and expanded its partnership with Coinbase, which it says will help customers launch stablecoin-backed cards.

What this does not show

Marqeta does not report revenue or volume by customer, programme type or region, so the split between Block and other customers is an estimate from rounded percentages. It does not report Block's or Sutton Bank's share for the fourth quarter alone. Net revenue per US$100 of TPV is HaiPay's calculation, not a Marqeta metric, and 2026 figures are unaudited. HaiPay did not contact Marqeta.

What to watch

Whether net revenue per US$100 of TPV falls further in the fourth quarter.

Whether Block's share of revenue drops below 40%.

And how much volume the new American Express and stablecoin-backed card programmes add.

About HaiPay's virtual cards

HaiPay, which publishes this news section, offers US dollar virtual cards on Visa or Mastercard from programmes in the United States, Hong Kong and Singapore, described for advertising spend, AI subscriptions and API credits. The cards carry 3-D Secure and billing-address (AVS) verification. Each card can have its own spending limit, and merchant and merchant-category locks can be set in the dashboard or through a card issuing API. Which programme fits depends on the business, the merchant and where the transaction takes place. Learn more about HaiPay's virtual cards.