Marqeta (NASDAQ: MQ) grows 2025 TPV 31% and lifts Adjusted EBITDA to $110M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Marqeta, Inc. reported strong growth in its fourth quarter and full year 2025 results. In Q4 2025, Total Processing Volume reached $109 billion, up 36% year over year, with net revenue of $172 million and gross profit of $120 million, increases of 27% and 22%, respectively. Q4 GAAP net loss narrowed to $1 million, while Adjusted EBITDA rose to $31 million.
For full year 2025, TPV was $383 billion, up 31%, with net revenue of $625 million and gross profit of $437 million, growing 23% and 24%. The company posted a GAAP net loss of $14 million versus prior-year net income, largely due to a one-time 2024 share-based compensation reversal, but lifted Adjusted EBITDA to $110 million. Guidance for 2026 calls for double-digit growth in net revenue, gross profit, and Adjusted EBITDA.
Positive
- Robust growth at scale: 2025 Total Processing Volume rose 31% to $383 billion, with net revenue up 23% to $625 million and gross profit up 24% to $437 million, indicating strong underlying demand for Marqeta’s platform.
- Sharp improvement in adjusted profitability: Adjusted EBITDA increased from $29 million in 2024 to $110 million in 2025, boosting Adjusted EBITDA margin to 18% of net revenue and signaling better operating efficiency.
- Supportive 2026 outlook: Guidance for 2026 calls for double-digit growth in net revenue (12–14%), gross profit (10–12%), and mid‑20% Adjusted EBITDA growth, suggesting continued expansion after a strong 2025.
Negative
- None.
Insights
Marqeta delivered strong volume-driven growth, expanding profitability on a non-GAAP basis and guiding to continued double-digit gains in 2026.
Marqeta grew 2025 Total Processing Volume to
Profitability improved meaningfully on an adjusted basis. Full-year Adjusted EBITDA rose to
Management’s 2026 outlook targets net revenue growth of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 24, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (510 ) 671-5437
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2026, Marqeta, Inc. issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press release issued by Marqeta, Inc., dated February 24, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARQETA, INC. | |||||
Date: February 24, 2026 | /s/ Patti Kangwankij | ||||
| Patti Kangwankij | |||||
| Chief Financial Officer | |||||
MARQETA REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS
The global modern card issuer reported Total Processing Volume growth of 36%
and Gross Profit growth of 22% in the fourth quarter of 2025.
OAKLAND, Calif. – February 24, 2026 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the fourth quarter and full year ended December 31, 2025.
For the quarter ended December 31, 2025, the Company reported Total Processing Volume (TPV) of $109 billion, representing a 36% year-over-year increase. Marqeta reported Q4 Net Revenue of $172 million and Gross Profit of $120 million, representing year-over-year increases of 27% and 22%, respectively. Q4 GAAP Net Loss was $1 million and Adjusted EBITDA was $31 million.
For the full year 2025, TPV was $383 billion, an annual increase of 31%. Marqeta reported 2025 Net Revenue of $625 million and Gross Profit of $437 million, representing year-over-year increases of 23% and 24%, respectively. The Company reported 2025 GAAP Net Loss of $14 million and Adjusted EBITDA of $110 million.
"In 2025, the business delivered outstanding growth and increased EBITDA by deepening existing customer relationships and developing new ones through geographic, use case, and solution expansion," said Mike Milotich, CEO at Marqeta. "As we start 2026, our leadership and expertise in powering innovative offerings with our differentiated end-to-end platform positions us well to expand our reach and deepen engagement as the market evolves toward modern, multinational processors operating at scale."
Marqeta highlighted several recent updates that demonstrate business momentum:
•Marqeta enabled a use case for Uber, a long-standing customer, for UK drivers to have easy, free and instantaneous access to their funds, along with access to a high-yield savings account and rewards. This program showcases Marqeta's breadth and depth of its offering with an end-to-end solution across the full spectrum of program management, banking and money movement, processing, fraud monitoring, and Real-Time Decisioning.
•Four Technologies, a BNPL provider, selected Marqeta for its established portfolio and will move from another processor due to Marqeta’s tech forward offering and proven track record enabling innovation at scale.
•Marqeta continues to expand its value-added services offerings, onboarding the first customer to an enhanced version of its Real-Time Decisioning product, using artificial intelligence and machine learning capabilities for real-time risk evaluation during the transaction authorization process.
1
Operating Highlights
| In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited) | Three Months Ended December 31, | % Change | Twelve Months Ended December 31, | % Change | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Financial metrics: | |||||||||||||||||||||||||||||||||||
Net Revenue | $ | 172,113 | $ | 135,790 | 27% | $ | 624,884 | $ | 506,995 | 23% | |||||||||||||||||||||||||
Gross Profit | $ | 119,975 | $ | 98,202 | 22% | $ | 437,272 | $ | 351,849 | 24% | |||||||||||||||||||||||||
Gross Margin | 70 | % | 72 | % | (2) ppts | 70 | % | 69 | % | 1 ppts | |||||||||||||||||||||||||
Total Operating Expenses | $ | 128,269 | $ | 135,628 | (5%) | $ | 483,702 | $ | 376,315 | 29% | |||||||||||||||||||||||||
Net (Loss) Income | $ | (1,394) | $ | (27,119) | 95% | $ | (13,925) | $ | 27,287 | (151%) | |||||||||||||||||||||||||
Net (Loss) Income Margin | (1 | %) | (20 | %) | 19 ppts | (2 | %) | 5 | % | (7) ppts | |||||||||||||||||||||||||
Net (Loss) Income Per Share - Basic and Diluted | $ | 0.00 | $ | (0.05) | 100% | $ | (0.03) | $ | 0.05 | (160%) | |||||||||||||||||||||||||
| Key operating metric and Non-GAAP financial measures: | |||||||||||||||||||||||||||||||||||
Total Processing Volume (TPV) (in millions) 1 | $ | 108,694 | $ | 79,913 | 36% | $ | 382,513 | $ | 291,105 | 31% | |||||||||||||||||||||||||
Adjusted EBITDA 2 | $ | 30,677 | $ | 12,663 | 142% | $ | 109,578 | $ | 29,093 | 277% | |||||||||||||||||||||||||
Adjusted EBITDA Margin 2 | 18 | % | 9 | % | 9 ppts | 18 | % | 6 | % | 12 ppts | |||||||||||||||||||||||||
Adjusted Operating Expenses 2 | $ | 89,298 | $ | 85,539 | 4% | $ | 327,694 | $ | 322,756 | 2% | |||||||||||||||||||||||||
1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses, and scale of our business.
2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses and the reconciliations of the net (loss) income to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.
Fourth Quarter 2025 Financial Results:
•TPV increased by 36% year-over-year, from $80 billion for the quarter ended December 31, 2024, to $109 billion for the quarter ended December 31, 2025.
•Net Revenue of $172 million increased by $36 million, or 27% year-over-year.
•Gross Profit increased by 22% year-over-year to $120 million, from $98 million in the fourth quarter of 2024, primarily due to TPV growth, net of 5 percentage points of headwind due to the revised accounting policy for estimating and recognizing Card Network Incentives, effective as of the second quarter of 2025. Gross margin was 70% in the fourth quarter of 2025.
•Net Loss decreased by $26 million, or 95%, year-over-year to $1 million in the fourth quarter of 2025, primarily due to Gross Profit growth and improved operating efficiency.
•Adjusted EBITDA in the fourth quarter of 2025 was $31 million, an increase of $18 million year-over-year.
Full Year 2025 Financial Results:
•TPV increased by 31% year-over-year, from $291 billion in 2024, to $383 billion in 2025.
•Net Revenue of $625 million, increased by $118 million, or 23% year-over-year, primarily driven by increased volumes, partially offset by unfavorable mix due to faster growth of card programs where we provide processing services with minimal or no program management.
•Gross Profit increased by 24% year-over-year to $437 million in 2025, from $352 million in 2024, primarily due to TPV growth. Gross margin was 70% for the year ended December 31, 2025.
•Net Loss of $14 million in 2025 compared to net income of $27 million in 2024. The change was primarily driven by the $145 million one-time reversal of share-based compensation recognized in 2024 related to the forfeiture of the Executive Chairman Long-Term Performance Award, as well as increases in gross profit growth and operating efficiency.
•Adjusted EBITDA for the year ended December 31, 2025 was $110 million, an $80 million year-over-year improvement.
2
Financial Guidance
The following summarizes Marqeta's guidance for the first quarter and full year of 2026:
| First Quarter 2026 | Full Year 2026 | ||||||||||
| Net Revenue Growth | 17 - 19% | 12 - 14% | |||||||||
Gross Profit Growth | 17 - 19% | 10 - 12% | |||||||||
Adjusted EBITDA Growth (1) | 45 - 50% | Mid 20s | |||||||||
(1) Adjusted EBITDA Growth represents the year-over-year percentage change in Adjusted EBITDA. See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation. | |||||||||||
Conference Call
Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until March 10, 2026, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13757849.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly and annual guidance; statements regarding Marqeta’s customers and their plans to onboard Marqeta's offerings; statements regarding Marqeta's new product introductions and product capabilities; statements regarding Marqeta's leadership and ability to deliver innovative end-to-end solutions and opportunities with fintech, enterprise, and embedded finance customers; and statements made by Marqeta’s Chief Executive Officer. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products, including credit card issuing; the risk that Marqeta's platform does not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solutions will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; the risk that Marqeta is not able to identify, close and recognize the anticipated benefits of any acquisition, including TransactPay; the risk that Marqeta is unable to successfully integrate any acquisition, including TransactPay, to businesses and related operations; the risk of general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war; and the risk that Marqeta may be subject to additional risks due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition, and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2024, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.
The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
Disclosure Information
3
Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services, and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta X feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".
About Marqeta, Inc.
Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly $400 billion in annual payments volume in 2025. Marqeta is certified to operate in more than 40 countries worldwide and counting. Visit www.marqeta.com to learn more.
Marqeta® is a registered trademark of Marqeta, Inc.
IR Contact: Marqeta Investor Relations, IR@marqeta.com
4
Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net Revenue | $ | 172,113 | $ | 135,790 | $ | 624,884 | $ | 506,995 | |||||||||||||||
Costs of Revenue | 52,138 | 37,588 | 187,612 | 155,146 | |||||||||||||||||||
Gross Profit | 119,975 | 98,202 | 437,272 | 351,849 | |||||||||||||||||||
Operating Expenses (Benefit): | |||||||||||||||||||||||
| Compensation and benefits | 88,089 | 98,475 | 340,419 | 397,595 | |||||||||||||||||||
| Technology | 17,150 | 15,855 | 65,005 | 60,059 | |||||||||||||||||||
| Professional services | 6,447 | 6,620 | 21,879 | 20,057 | |||||||||||||||||||
| Occupancy | 948 | 2,519 | 3,766 | 5,995 | |||||||||||||||||||
| Depreciation and amortization | 8,160 | 5,519 | 27,163 | 17,460 | |||||||||||||||||||
| Marketing and advertising | 2,998 | 1,298 | 5,073 | 2,986 | |||||||||||||||||||
| Other operating expenses | 4,477 | 5,342 | 20,397 | 16,780 | |||||||||||||||||||
Executive chairman long-term performance award | — | — | — | (144,617) | |||||||||||||||||||
Total Operating Expenses | 128,269 | 135,628 | 483,702 | 376,315 | |||||||||||||||||||
Loss from operations | (8,294) | (37,426) | (46,430) | (24,466) | |||||||||||||||||||
Other income, net | 6,557 | 10,701 | 33,101 | 52,546 | |||||||||||||||||||
(Loss) income before income tax expense | (1,737) | (26,725) | (13,329) | 28,080 | |||||||||||||||||||
Income tax (benefit) expense | (343) | 394 | 596 | 793 | |||||||||||||||||||
Net (Loss) Income | $ | (1,394) | $ | (27,119) | $ | (13,925) | $ | 27,287 | |||||||||||||||
Net (loss) income per share attributable to common stockholders, basic | $ | 0.00 | $ | (0.05) | $ | (0.03) | $ | 0.05 | |||||||||||||||
Net (loss) income per share attributable to common stockholders, diluted | $ | 0.00 | $ | (0.05) | $ | (0.03) | $ | 0.05 | |||||||||||||||
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders, basic | 438,056 | 502,929 | 462,168 | 511,065 | |||||||||||||||||||
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders, diluted | 438,056 | 502,929 | 462,168 | 518,845 | |||||||||||||||||||
5
Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 709,443 | $ | 923,016 | |||||||
| Restricted cash | 307,593 | 8,500 | |||||||||
Short-term investments | 62,483 | 179,409 | |||||||||
| Accounts receivable, net | 41,422 | 29,988 | |||||||||
| Settlements receivable, net | 18,037 | 16,203 | |||||||||
| Network incentives receivable | 61,059 | 66,776 | |||||||||
| Prepaid expenses and other current assets | 35,278 | 25,405 | |||||||||
| Total current assets | 1,235,315 | 1,249,297 | |||||||||
| Operating lease right-of-use assets, net | 8,275 | 2,712 | |||||||||
| Property and equipment, net | 59,910 | 37,523 | |||||||||
Intangible assets, net | 51,388 | 29,774 | |||||||||
Goodwill | 154,706 | 123,523 | |||||||||
| Other assets | 15,439 | 20,375 | |||||||||
| Total assets | $ | 1,525,033 | $ | 1,463,204 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 1,847 | $ | 527 | |||||||
| Revenue share payable | 224,526 | 193,399 | |||||||||
| Funds payable and amounts due to customers | 306,891 | — | |||||||||
| Accrued expenses and other current liabilities | 215,793 | 177,059 | |||||||||
| Total current liabilities | 749,057 | 370,985 | |||||||||
| Operating lease liabilities, net of current portion | 5,535 | 870 | |||||||||
| Other liabilities | 8,484 | 6,331 | |||||||||
| Total liabilities | 763,076 | 378,186 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 43 | 50 | |||||||||
| Additional paid-in capital | 1,572,238 | 1,883,190 | |||||||||
Accumulated other comprehensive income (loss) | 1,509 | (314) | |||||||||
| Accumulated deficit | (811,833) | (797,908) | |||||||||
| Total stockholders’ equity | 761,957 | 1,085,018 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,525,033 | $ | 1,463,204 | |||||||
6
Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net (loss) income | $ | (13,925) | $ | 27,287 | |||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
| Share-based compensation expense | 104,788 | 136,562 | |||||||||
| Depreciation and amortization | 27,163 | 17,460 | |||||||||
| Non-cash operating leases expense | 2,266 | 1,756 | |||||||||
Amortization of premium on short-term investments | (755) | (3,232) | |||||||||
Executive chairman long-term performance award | — | (144,617) | |||||||||
| Other | 558 | 1,669 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (8,864) | (11,202) | |||||||||
| Settlements receivable | (1,834) | 13,719 | |||||||||
| Network incentives receivable | 5,717 | (12,969) | |||||||||
| Prepaid expenses and other assets | (2,092) | 462 | |||||||||
| Accounts payable | (81) | (350) | |||||||||
| Revenue share payable | 31,127 | 19,754 | |||||||||
| Accrued expenses and other liabilities | 22,710 | 15,112 | |||||||||
| Operating lease liabilities | (4,155) | (3,241) | |||||||||
Net cash provided by operating activities | 162,623 | 58,170 | |||||||||
| Cash flows from investing activities: | |||||||||||
Restricted cash acquired in business combination | 229,650 | — | |||||||||
Maturities of short-term investments | 120,885 | 92,000 | |||||||||
Cash paid for business acquisition, net of cash acquired | (45,663) | — | |||||||||
Capitalization of internal-use software | (28,425) | (18,794) | |||||||||
Purchases of short-term investments | (3,501) | — | |||||||||
| Purchases of property and equipment | (1,835) | (2,418) | |||||||||
| Net cash provided by investing activities | 271,111 | 70,788 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of common stock | (391,366) | (154,425) | |||||||||
| Taxes paid related to net share settlement of restricted stock units | (36,973) | (35,407) | |||||||||
Change in funds payable and amounts due to customers | 77,256 | — | |||||||||
| Proceeds from shares issued in connection with employee stock purchase plan | 2,101 | 2,715 | |||||||||
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 1,663 | 203 | |||||||||
| Net cash used in financing activities | (347,319) | (186,914) | |||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | 86,415 | (57,956) | |||||||||
| Cash, cash equivalents, and restricted cash - Beginning of period | 931,516 | 989,472 | |||||||||
| Cash, cash equivalents, and restricted cash - End of period | $ | 1,017,931 | $ | 931,516 | |||||||
7
Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
| 2025 | 2024 | Year over Year Change - Q4'25 vs Q4'24 | ||||||||||||||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||||||
| Operating performance: | ||||||||||||||||||||||||||||||||||||||
Net Revenue | $ | 172,113 | $ | 163,306 | $ | 150,392 | $ | 139,073 | $ | 135,790 | 27 | % | ||||||||||||||||||||||||||
Costs of Revenue | 52,138 | 48,749 | 46,331 | 40,394 | 37,588 | 39 | % | |||||||||||||||||||||||||||||||
Gross Profit | 119,975 | 114,557 | 104,061 | 98,679 | 98,202 | 22 | % | |||||||||||||||||||||||||||||||
Gross Margin | 70 | % | 70 | % | 69 | % | 71 | % | 72 | % | (2) | ppts | ||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 88,089 | 84,871 | 81,409 | 86,050 | 98,475 | (11 | %) | |||||||||||||||||||||||||||||||
| Technology | 17,150 | 16,942 | 16,102 | 14,811 | 15,855 | 8 | % | |||||||||||||||||||||||||||||||
| Professional services | 6,447 | 5,518 | 4,219 | 5,695 | 6,620 | (3 | %) | |||||||||||||||||||||||||||||||
| Occupancy and equipment | 948 | 1,058 | 843 | 917 | 2,519 | (62 | %) | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 8,160 | 7,019 | 6,653 | 5,331 | 5,519 | 48 | % | |||||||||||||||||||||||||||||||
| Marketing and advertising | 2,998 | 895 | 711 | 469 | 1,298 | 131 | % | |||||||||||||||||||||||||||||||
| Other operating expenses | 4,477 | 8,624 | 3,352 | 3,944 | 5,342 | (16 | %) | |||||||||||||||||||||||||||||||
Total Operating Expenses | 128,269 | 124,927 | 113,289 | 117,217 | 135,628 | (5 | %) | |||||||||||||||||||||||||||||||
Loss from Operations | (8,294) | (10,370) | (9,228) | (18,538) | (37,426) | 78 | % | |||||||||||||||||||||||||||||||
Other income, net | 6,557 | 7,244 | 8,787 | 10,513 | 10,701 | (39 | %) | |||||||||||||||||||||||||||||||
Loss before income tax | (1,737) | (3,126) | (441) | (8,025) | (26,725) | 94 | % | |||||||||||||||||||||||||||||||
Income tax (benefit) expense | (343) | 498 | 206 | 235 | 394 | (187 | %) | |||||||||||||||||||||||||||||||
Net Loss | $ | (1,394) | $ | (3,624) | $ | (647) | $ | (8,260) | $ | (27,119) | 95 | % | ||||||||||||||||||||||||||
Loss per share - basic and diluted | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | (0.02) | $ | (0.05) | 100 | % | ||||||||||||||||||||||||||
| TPV (in millions) | $ | 108,694 | $ | 97,962 | $ | 91,386 | $ | 84,472 | $ | 79,913 | 36 | % | ||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 30,677 | $ | 30,310 | $ | 28,509 | $ | 20,081 | $ | 12,663 | 142 | % | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 18 | % | 19 | % | 19 | % | 14 | % | 9 | % | 9 | ppts | ||||||||||||||||||||||||||
| Financial condition: | ||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 709,443 | $ | 747,248 | $ | 732,722 | $ | 830,897 | $ | 923,016 | (23 | %) | ||||||||||||||||||||||||||
Restricted cash(1) | $ | 308,488 | $ | 235,413 | $ | 8,500 | $ | 8,500 | $ | 8,500 | 3529 | % | ||||||||||||||||||||||||||
Short-term investments | $ | 62,483 | $ | 83,212 | $ | 88,865 | $ | 157,540 | $ | 179,409 | (65 | %) | ||||||||||||||||||||||||||
| Total assets | $ | 1,525,033 | $ | 1,488,430 | $ | 1,214,590 | $ | 1,349,627 | $ | 1,463,204 | 4 | % | ||||||||||||||||||||||||||
| Total liabilities | $ | 763,076 | $ | 649,201 | $ | 371,157 | $ | 362,367 | $ | 378,186 | 102 | % | ||||||||||||||||||||||||||
Total stockholders' equity | $ | 761,957 | $ | 839,229 | $ | 843,433 | $ | 987,260 | $ | 1,085,018 | (30 | %) | ||||||||||||||||||||||||||
(1) Restricted cash as of December 31, 2025 and September 30, 2025, consists primarily of customer funds held by TransactPay in segregated accounts in connection with its program management activities for card and e-money wallet programs amounting to $306.9 million and $233.9 million, respectively. As of December 31, 2025, September 30, 2025 and June 30, 2025, restricted cash also includes $0.9 million classified within Other assets on our Consolidated Balance Sheets.
ppts - percentage points
8
Marqeta, Inc.
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release 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 to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; 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 (expense), net, which primarily consists of interest income from our short-term investments and cash deposit, 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. These measures are used by management and our board of directors to evaluate our operating efficiency.
We define Adjusted operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; 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.
9
The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP Net Revenue | $ | 172,113 | $ | 135,790 | $ | 624,884 | $ | 506,995 | |||||||||||||||
| GAAP Gross Profit | $ | 119,975 | $ | 98,202 | $ | 437,272 | $ | 351,849 | |||||||||||||||
| GAAP Net (Loss) Income | $ | (1,394) | $ | (27,119) | $ | (13,925) | $ | 27,287 | |||||||||||||||
| GAAP Net (Loss) Income Margin - % of Net Revenue | (1 | %) | (20 | %) | (2 | %) | 5 | % | |||||||||||||||
| GAAP Net (Loss) Income Margin - % of Gross Profit | (1 | %) | (28 | %) | (3 | %) | 8 | % | |||||||||||||||
| GAAP Total Operating Expenses | $ | 128,269 | $ | 135,628 | $ | 483,702 | $ | 376,315 | |||||||||||||||
| Net (Loss) Income | $ | (1,394) | $ | (27,119) | $ | (13,925) | $ | 27,287 | |||||||||||||||
Share-based compensation expense (1) | 26,099 | 33,304 | 104,788 | 136,562 | |||||||||||||||||||
| Depreciation and amortization expense | 8,160 | 5,519 | 27,163 | 17,460 | |||||||||||||||||||
Restructuring and other one-time costs (2) | 2,259 | — | 7,840 | — | |||||||||||||||||||
Acquisition-related expenses (1) | 2,120 | 11,003 | 9,437 | 41,584 | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | 333 | 263 | 2,483 | 2,570 | |||||||||||||||||||
Non-recurring litigation expense (3) | — | — | 4,297 | — | |||||||||||||||||||
Executive chairman long-term performance award (1) | — | — | — | (144,617) | |||||||||||||||||||
Other income, net | (6,557) | (10,701) | (33,101) | (52,546) | |||||||||||||||||||
Income tax (benefit) expense | (343) | 394 | 596 | 793 | |||||||||||||||||||
| Adjusted EBITDA | $ | 30,677 | $ | 12,663 | $ | 109,578 | $ | 29,093 | |||||||||||||||
| Adjusted EBITDA Margin - % of Net Revenue | 18 | % | 9 | % | 18 | % | 6 | % | |||||||||||||||
| Adjusted EBITDA Margin - % of Gross Profit | 26 | % | 13 | % | 25 | % | 8 | % | |||||||||||||||
| GAAP Total Operating Expenses | $ | 128,269 | $ | 135,628 | $ | 483,702 | $ | 376,315 | |||||||||||||||
| Share-based compensation expense | (26,099) | (33,304) | (104,788) | (136,562) | |||||||||||||||||||
| Depreciation and amortization expense | (8,160) | (5,519) | (27,163) | (17,460) | |||||||||||||||||||
Acquisition-related expenses (1) | (2,120) | (11,003) | (9,437) | (41,584) | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | (333) | (263) | (2,483) | (2,570) | |||||||||||||||||||
Restructuring and other one-time costs (2) | (2,259) | — | (7,840) | — | |||||||||||||||||||
Non-recurring litigation expense (3) | — | — | (4,297) | — | |||||||||||||||||||
| Executive chairman long-term performance award | — | — | — | 144,617 | |||||||||||||||||||
| Adjusted Operating Expenses | $ | 89,298 | $ | 85,539 | $ | 327,694 | $ | 322,756 | |||||||||||||||
_______________
(1) 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.
(2) Restructuring and other one-time costs include the costs related to the CEO transition and one-time retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.
(3) Non-recurring litigation expense includes a legal contingency expense recognized in the third quarter of 2025 related to a class action securities litigation.
A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the first 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 such forward-looking non-GAAP financial measures are not available without unreasonable effort.
10
FAQ
How did Marqeta (MQ) perform financially in the fourth quarter of 2025?
Marqeta posted strong Q4 2025 results, with Total Processing Volume of $109 billion, up 36% year over year. Net revenue reached $172 million and gross profit $120 million, increases of 27% and 22%, while GAAP net loss narrowed to about $1 million.
What were Marqeta’s full-year 2025 results for revenue, profit, and TPV?
For 2025, Marqeta generated $383 billion in Total Processing Volume, up 31% year over year. Net revenue was $625 million and gross profit $437 million, rising 23% and 24%. The company reported a GAAP net loss of $14 million and Adjusted EBITDA of $110 million.
Why did Marqeta’s GAAP net income decline in 2025 compared with 2024?
GAAP net income declined mainly because 2024 included a $145 million one-time reversal of share-based compensation related to the Executive Chairman Long-Term Performance Award. This non-recurring benefit boosted 2024 results, making 2025’s $14 million GAAP net loss look weaker despite higher gross profit.
What guidance did Marqeta provide for its 2026 financial performance?
For 2026, Marqeta expects net revenue growth of 12–14% and gross profit growth of 10–12%. It also targets Adjusted EBITDA growth in the mid‑20% range, with first-quarter 2026 guidance calling for 17–19% growth in both net revenue and gross profit and 45–50% Adjusted EBITDA growth.
How is Marqeta’s profitability trending on an adjusted basis?
Profitability is improving significantly on an adjusted basis. Adjusted EBITDA rose from $29 million in 2024 to $110 million in 2025, and Adjusted EBITDA margin increased from 6% to 18% of net revenue, helped by operating efficiency gains and scaling of higher-margin volumes.
What business highlights did Marqeta report alongside its 2025 results?
Marqeta cited several growth drivers, including an expanded program with Uber in the UK, a new BNPL customer Four Technologies migrating from another processor, and onboarding the first customer to an enhanced Real-Time Decisioning product using artificial intelligence and machine learning for real-time risk evaluation.
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Marqeta, Inc.
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[Form 4] Marqeta, Inc. Insider Trading Activity
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