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Sep 30, 2025
Marqeta Q3 2025 Earnings Report
Marqeta reported strong third quarter 2025 financial results with significant growth in Total Processing Volume and Gross Profit, alongside improved profitability.
Key Takeaways
Marqeta delivered robust financial results in Q3 2025, showcasing strong business momentum with a 33% year-over-year increase in Total Processing Volume to $98 billion and a 27% rise in Gross Profit to $115 million. The company also significantly improved its profitability, reporting a GAAP Net Loss of $4 million and an Adjusted EBITDA of $30 million, marking a 236% year-over-year increase in Adjusted EBITDA.
Total Processing Volume (TPV) reached $98 billion, a 33% increase year-over-year, indicating strong market adoption and customer business growth.
Net Revenue grew by 28% year-over-year to $163 million, primarily driven by increased volumes.
Gross Profit increased by 27% year-over-year to $115 million, with a consistent Gross Margin of 70%.
Adjusted EBITDA surged by 236% year-over-year to $30 million, with the Adjusted EBITDA margin expanding to 19%, demonstrating rapid profitability improvement.
Forward Guidance
Marqeta provided guidance for the fourth quarter of 2025, projecting continued growth in Net Revenue and Gross Profit, along with a healthy Adjusted EBITDA Margin.
Positive Outlook
- Net Revenue Growth is expected to be between 22% and 24% for Q4 2025, indicating sustained top-line expansion.
- Gross Profit Growth is projected to be between 17% and 19% for Q4 2025, suggesting continued profitability.
- Adjusted EBITDA Margin is expected to be between 15% and 16% for Q4 2025, reflecting ongoing operational efficiency and profitability improvements.
- The company's ability to deliver strong growth while rapidly improving profitability is expected to continue.
- Marqeta's modern capabilities, scale, geographic reach, expertise, and flexibility are anticipated to drive further innovation and growth for its customers.
Challenges Ahead
- The guidance for Adjusted EBITDA margin is not available with a forward reconciliation due to the impracticability of estimating certain items.
- Unfavorable mix due to faster growth of card programs with minimal or no program management could partially offset revenue growth.
Historical Earnings Impact
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