Marqeta (MQ) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 TPV of $109B, up 36% year-over-year, and net revenue of $172M, up 27% year-over-year, marking the first quarter over $100B.

• Gross profit grew 22% year-over-year to $120M in Q4, with full-year gross profit up 24% to $437M.

• Adjusted EBITDA reached a record $31M in Q4 (18% margin), up 142% year-over-year, and $110M for the year (up 277%).

• Net loss narrowed to $1M in Q4, reflecting improved efficiency and strong gross profit.

• Significant expansion in Europe, with Q4 TPV nearly 40% higher than 2023 annual TPV and acquisition of TransactPay enabling full-service offerings in the U.K. and E.U.

Financial highlights

• Q4 2025: TPV $109B (+36% YoY), net revenue $172M (+27% YoY), gross profit $120M (+22% YoY).

• Adjusted EBITDA: $31M (18% margin on net revenue, 26% on gross profit); GAAP net loss just over $1M.

• Full-year 2025: TPV $383B (+31%), net revenue $625M (+23%), gross profit $437M (+24%), adjusted EBITDA $110M (3.5x 2024).

• Share repurchases: 84.8M shares in 2025, reducing outstanding shares by nearly 17%.

• Ended Q4 with $770M in cash and short-term investments; total assets $1.53B.

Outlook and guidance

• 2026 TPV growth expected in high 20s percent, adding $100B in TPV.

• 2026 gross profit growth guided to 10%-12% ($481M-$490M), impacted by two major renewals and Block contract tiering.

• Net revenue growth expected at 12%-14%; adjusted operating expenses to grow mid to high single digits.

• 2026 adjusted EBITDA expected to grow in mid-20s percent, with modest GAAP net income (~$10M) projected.

• Q1 2026 gross profit and net revenue growth expected at 17%-19%, with sequential moderation through the year.