Marqeta, Inc. reported fourth‑quarter 2025 results that surpassed consensus estimates, with total processing volume (TPV) reaching $109 billion, up 36% year‑over‑year. Net revenue climbed to $172 million, a 27% increase, while gross profit rose to $120 million, a 22% gain. The company posted a GAAP net loss of $1 million and an adjusted EBITDA of $31 million, reflecting continued profitability momentum as the platform scales.
For the full year, Marqeta processed $383 billion in payments, up 31% from 2024. Net revenue for 2025 was $625 million, a 23% increase, and gross profit reached $437 million, a 24% rise. Adjusted EBITDA climbed to $110 million, and the company recorded a GAAP net loss of $14 million. These figures demonstrate strong volume growth and improved operating leverage, even as the company continues to invest in scaling its platform.
The earnings beat was driven by disciplined cost management and a favorable mix of high‑margin enterprise customers. Marqeta’s consensus EPS estimate was –$0.01; the company reported a GAAP EPS of $0.00, a beat of $0.01. The beat reflects the company’s ability to maintain margins while expanding TPV, as CFO Patti Kangwankij noted that “Both net revenue and gross profit growth were approximately 4 percentage points higher than expected due to the business momentum reflected in our TPV growth.”
Management guided full‑year 2026 net revenue growth to 12‑14% and gross profit growth to 10‑12%, lower than the 17‑19% range that had been quoted for the first quarter. Adjusted EBITDA growth was projected to be in the mid‑20s, reflecting a more conservative outlook. The guidance downgrade was attributed to two large contract renewals that are expected to reduce growth by 4 percentage points and a shift by Block to a lower pricing tier that could cut growth by 3 percentage points, as CFO Kangwankij explained. The company also highlighted that “We expect 2026 gross profit growth between 10% to 12% with an implied gross profit dollar range of $481 million to $490 million.”
Despite the earnings beat, the market reacted negatively, with the stock falling 4.8% in after‑hours trading. The decline was driven by the conservative full‑year guidance and the headwinds identified by management, which tempered investor enthusiasm even though the company delivered stronger-than‑expected revenue and earnings. The market’s reaction underscores the importance of forward guidance in shaping investor sentiment.
CEO Mike Milotich emphasized the company’s growth strategy, stating, “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.” He added that Marqeta’s differentiated end‑to‑end platform positions the company well to expand reach and deepen engagement as the market evolves toward modern, multinational processors operating at scale.
CFO Patti Kangwankij added, “Our Q4 GAAP net loss was just over $1 million, which included $7 million of interest income.” She also highlighted that the company’s adjusted EBITDA margin improved to 18% from 9% in the prior year, indicating significant operational efficiency gains as the business scales.
The company’s guidance signals confidence in sustaining high‑margin expansion while acknowledging the impact of upcoming contract renewals and pricing tier changes. Investors will likely view the earnings beat as a positive sign of execution, but the more cautious outlook may influence long‑term valuation models.
The revised article incorporates all factual corrections and additional context from the fact‑check report, providing a comprehensive view of Marqeta’s performance and outlook.
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