Marqeta reported third‑quarter 2025 results that surpassed revenue expectations and accelerated its path to profitability. Total processing volume grew 33% year‑over‑year to $98 billion, while net revenue rose 28% to $163 million. Gross profit increased 27% to $115 million, and the company posted a GAAP net loss of $4 million, a dramatic improvement from the $29 million loss in the same quarter a year earlier. Adjusted EBITDA surged to $30 million, up 236% YoY, and the adjusted EBITDA margin expanded to 19% from 7% in Q3 2024.
The revenue beat was driven by robust demand across Marqeta’s core segments. Lending and buy‑now‑pay‑later (BNPL) volumes grew sharply, while international expansion—particularly after the TransactPay acquisition—added significant TPV. Compared with Q2 2025, where TPV was $91 billion and net revenue was lower, the quarter’s 33% TPV growth and 28% revenue growth illustrate a clear acceleration in both volume and pricing power. The company’s mix shift toward higher‑margin transaction types further amplified revenue gains.
Profitability improvements stem from a combination of cost discipline and a favorable mix shift. The GAAP net loss narrowed to $4 million as operating expenses were controlled and one‑time charges were reduced. Adjusted EBITDA’s 236% YoY jump reflects both higher gross profit and tighter operating leverage; the 19% margin indicates that Marqeta is capturing more value per transaction as its network scales. The company’s focus on high‑margin segments and efficient cost management has turned a prior loss into a modest profit in adjusted terms.
Guidance for the fourth quarter and the full year signals management’s confidence in continued momentum. The company projects net revenue growth of 22–24% and gross profit growth of 17–19% for Q4, with an adjusted EBITDA margin of 15–16%. This guidance is an upward revision from earlier estimates and reflects expectations of sustained TPV growth, the ongoing integration of TransactPay, and the expansion of its bank partnerships. Management cautions that contract renewal discussions and potential headwinds from large customers could temper growth, but overall the outlook remains positive.
Market reaction to the results was modest, with the stock rising 0.9% in aftermarket trading. Investors were drawn to the revenue beat, the accelerated TPV growth, and the significant expansion of adjusted EBITDA margin. The raised guidance reinforced confidence in Marqeta’s ability to achieve GAAP profitability by 2026, further supporting the positive market sentiment.
"Our robust Q3 financial results demonstrate our business momentum and our ability to deliver strong growth while rapidly improving our profitability," said Mike Milotich, CEO and CFO. He added that the company’s unique combination of modern capabilities, scale, and geographic reach continues to enable customer innovation and growth. Milotich highlighted that the quarter’s TPV growth rate was the highest since Q1 2024, underscoring the company’s accelerating market share gains.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.