MQ Q3'26 Earnings Supplement (Final)

NOVEMBER 03, 2026

Q3'26

TPV Growth

+29%

$126B

First quarter with TPV above $500B on an annualized basis

Gross Profit Growth

+7%

$122M

At the high end of expectations

Adjusted EBITDA Growth

+28%

$39M

Record 22% Margin (on Net Revenue)

Marqeta Earnings Supplement 3

Q3'26

Strong, Profitable Q3

• Gross Profit growth of 7% at the high end of expectations

• Adjusted EBITDA of $39M (+28%)

• Net Income of $115M including $107M discrete, non-cash tax benefit

Discrete, Non-Cash Tax Item

• Recognized a $107M discrete, non-cash tax benefit from the release of valuation allowances on certain deferred tax assets

• Reflects our sustained profitability, which has meaningfully exceeded our expectations this year

TPV Growth at Scale -Increasingly Diversifying

• TPV of $126B, 29% growth, 1st quarter above $500B on an annualized basis

• Non-Block TPV growing 2x+ faster than Block TPV

2026 Guidance: Maintained Gross Profit; Raised Adj. EBITDA

• Maintained 2026 Gross Profit growth guidance of 11% - 12%

• Raised 2026 Adj. EBITDA growth to Low-to-Mid 30s

Expanding with Leading Customers

• Portfolio migration capabilities enabled the Square Credit Card on the American Express Network

• Expanded longstanding collaboration with Google to power a new offering in Google Wallet for kids

Enhancing End-to-End Platform

• Expanding stablecoin infrastructure ecosystem with Coinbase partnership

• Enhancing commercial payments capabilities with Straight-Through Processing integration at the network level

Marqeta Earnings Supplement 4

Key takeaways

• Total Processing Volume growth of 29% year-over-year, primarily driven by strong growth in Expense Management (high 50%s) and Lending including BNPL (nearly 40%)

• Net Revenue increased 8% year-over-year, at the high end of our expectations

• Gross Profit increased 7% year-over-year, at the high end of our expectations

• Adjusted EBITDA increased 28% year-over-year, exceeding our expectations. Adjusted EBITDA margin based on Net Revenue of 22% increased 3 percentage points year-over-year. Adjusted EBITDA margin based on Gross Profit of 32% increased 5 percentage points year-over-year.

• Net Income of $115M in the quarter included a $107M discrete, non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets.

$s in millions, unless otherwise noted

nm - not meaningful

ppt(s) = percentage point(s)

Marqeta Earnings Supplement 5

Key takeaways

• First quarter with annualized TPV >$500B

• Growth led by Expense Management, up high 50%s year-over-year and fifth consecutive quarter of acceleration, and Lending/ BNPL, up nearly 40% year-over-year

36%

33%

33%

32%

29%

TPV ($B) $98 $109 $112 $120 $126

Marqeta Earnings Supplement 6

Key takeaways

• Q3'26 Gross Profit growth at the high end of our expectations

• 10 ppts deceleration from Q2'26 to Q3'26 driven primarily by lapping TransactPay acquisition, large customer renewal, CashApp new issuance diversification, and lapping BNPL hyper-growth

27%

22%

19%

17%

7%

Gross Profit ($M) $115 $120 $118 $122 $122

Marqeta Earnings Supplement 7

Key takeaways

• Adjusted Operating Expense continues to be consistent in the $83-84M range, slightly below our expectations

• Continued operating leverage

• Year-over-year growth impacted by timing in the prior year (more heavily weighted to H2 than a typical year)

12%

7%

4%

4%

(1%)

Adj. Opex ($M) $84 $89 $84 $84 $83

Marqeta Earnings Supplement 8

Key takeaways

• Adjusted EBITDA growth of 28% exceeded our expectations

• All-time high in both Adjusted EBITDA dollars and margin, reflecting the operating leverage of our scaled platform

$30M $31M

$37M $39M

nm - not meaningful

Marqeta Earnings Supplement 9

Q4 and 2026 Guidance

Net Revenue Growth

Gross Profit Growth

Adj. EBITDA Growth

Fourth Quarter 2026

3 - 5%

5 - 7%

Mid 20s

Full Year 2026

11 - 12%

11 - 12%

Low-to-Mid 30s

Marqeta Earnings Supplement 10

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this earnings supplement contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted Operating Expenses as supplemental measures of the Company's performance that are not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as Net Income (Loss) adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; acquisition-related expenses which consist of due diligence costs, transaction costs, and integration costs related to potential or successful acquisitions and cash and non-cash postcombination compensation expenses; income tax expense (benefit); and other income, net, which consists primarily of interest income from our short-term investments and cash deposits, and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Revenue, Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Income (Loss) Margin based on Gross Profit is calculated as Net Income (Loss) divided by Gross Profit. Adjusted EBITDA growth represents the year-over-year percentage change in Adjusted EBITDA. These measures are used by management to evaluate our operating efficiency.

We define Adjusted Operating Expenses as total operating expenses adjusted, if applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expenses; and acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that Adjusted operating expenses is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period.

Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted Operating Expenses should not be considered in isolation, or construed as an alternative to Net Loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta's financial results with those of other companies.

A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the fourth quarter and full year of 2026 is not available due to the challenges and impracticability with estimating some of the items, as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of forward-looking Non-GAAP financial measures are not available without unreasonable effort.

Marqeta Earnings Supplement 11

Adjusted EBITDA $ 30,312 $ 30,677 $ 33,338 $ 37,420 $ 38,772

Adjusted EBITDA Margin - % of Net Revenue 19% 18% 20% 21% 22%

Adjusted EBITDA Margin - % of Gross Profit 26% 26% 28% 31% 32%

Total Operating Expenses $ 124,927 $ 128,269 $ 115,498 $ 118,237 $ 115,825

Share-based compensation expense (25,704) (26,099) (20,017) (22,356) (21,465)

Adjusted Operating Expenses $ 84,245 $ 89,298 $ 84,254 $ 84,453 $ 83,328

1. Restructuring and other one-time costs include the costs associated with the transition of our CEO and other one-time costs related to retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.

2. Acquisition-related expenses, including transaction costs, integration costs, and cash and non-cash postcombination compensation expenses, are excluded from Adjusted EBITDA. These expenses are specific to a discrete transaction and do not reflect our ongoing core operations or the recurring expenses required to sustain and operate our business.

3. Non-recurring litigation expense includes legal contingency expense recognized in Q3 2025 related to a class action securities litigation.

The income tax benefit recorded during the three and nine months ended September 30, 2026 was primarily due to the release of valuation allowances related to U.S. federal and certain states' deferred tax assets, partially offset by the income tax expense from current period activity.

Marqeta Earnings Supplement 12