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Dec 31, 2025
Marqeta Q4 2025 Earnings Report
Estimated Revenue:$167M
+127.6% YoY
Estimated EPS:-$0.02
+80.4% YoY
Key Takeaways
Marqeta concluded 2025 with robust momentum, reporting Q4 Net Revenue of $172.1 million and a 36% increase in Total Processing Volume. The company significantly improved its profitability profile, with Adjusted EBITDA rising 142% year-over-year to $30.7 million, while GAAP net loss narrowed to just $1.4 million.
Total Processing Volume (TPV) reached $108.7 billion in Q4, a 36% year-over-year increase driven by deepening customer relationships.
Adjusted EBITDA grew by 142% to $30.7 million, representing an 18% margin compared to 9% in the prior year period.
Gross Profit increased 22% to $120.0 million, despite a 5 percentage point headwind from revised accounting for Card Network Incentives.
The company expanded its value-added services, onboarding the first customer to an AI-enhanced version of its Real-Time Decisioning product.
Forward Guidance
Marqeta provided guidance for Q1 and Full Year 2026, expecting continued double-digit revenue growth and significant Adjusted EBITDA expansion.
Positive Outlook
- Q1 2026 Net Revenue growth projected between 17% and 19%.
- Q1 2026 Adjusted EBITDA growth expected to be very strong at 45% to 50%.
- Full Year 2026 Net Revenue growth forecasted at 12% to 14%.
- Full Year 2026 Adjusted EBITDA growth expected in the 'Mid 20s'.
- Continued expansion into new geographies and use cases like the Uber UK driver program.
Challenges Ahead
- Full Year 2026 Gross Profit growth (10-12%) is expected to lag Net Revenue growth.
- Unfavorable mix expected due to faster growth of card programs with minimal program management.
- Potential risks from changes in the regulatory landscape.
- Dependence on maintaining relationships with Issuing Banks and Card Networks.
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