The significant acceleration in Adjusted EBITDA growth and strong guidance suggest Marqeta is scaling efficiently. Traders should monitor TPV growth sustainability and customer concentration risks, but the stock may re-rate on execution of 2026 guidance.
Price Chart
Executive Summary
Marqeta reported strong Q4 and full-year 2025 results with 36% YoY TPV growth, 27% net revenue growth, and 142% Adjusted EBITDA growth. The company issued bullish guidance for 2026, including 45-50% Adjusted EBITDA growth in Q1 and mid-20s% for the full year, driven by customer expansion and platform innovation.
Key Financial Metrics
Key Facts
- Q4 2025 Total Processing Volume (TPV) reached $109 billion, up 36% YoY
- Q4 Net Revenue was $172 million (27% YoY growth), Gross Profit was $120 million (22% YoY growth)
- Q4 GAAP Net Loss narrowed to $1 million from $27 million, Adjusted EBITDA surged 142% to $31 million
- Full year 2025 Adjusted EBITDA was $110 million, up $80 million YoY
- Company guided to 45-50% Adjusted EBITDA growth in Q1 2026 and mid-20s% for full year 2026
- Key wins include Uber UK driver program and Four Technologies BNPL platform migration
Financial Impact
Revenue growth accelerating with strong profitability improvement; $110M Adjusted EBITDA in 2025 vs $29M in 2024
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Q4 2025 | $172.1M | +27.0% |
| Full Year 2025 | $624.9M | +23.0% |
Risk Factors
- Guidance relies on continued customer adoption and platform expansion
- GAAP net loss persists despite Adjusted EBITDA growth
- Customer concentration risk with major clients like Uber
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001522540-26-000015 |
| Document: mq-20260224.htm | 0001522540-26-000015 |
| Document: 0001522540-26-000015-index-headers.html | 0001522540-26-000015 |
| Document: 0001522540-26-000015-index.html | 0001522540-26-000015 |
| Document: 0001522540-26-000015.txt | 0001522540-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13G/A | $17.44 | awaiting T+60 | — | $18.12 (+3.90%) |
Aug 25, 2026 9w ago | 8-K | $16.31 | awaiting T+60 | — | $18.12 (+11.10%) |
Aug 13, 2026 10w ago | 8-K | $16.34 | awaiting T+60 | — | $18.12 (+10.93%) |
Aug 4, 2026 11w ago | 8-K | $16.66 | awaiting T+60 | — | $18.12 (+8.76%) |
Jun 16, 2026 18w ago | Insider Cluster | $3.87 $4.15 | ▲ +7.11% | ▲ +4.42% | $18.12 (+368.22%) |
Jun 11, 2026 19w ago | 8-K | $3.83 $3.98 | ▲ +3.85% | ▲ +1.07% | $18.12 (+373.11%) |
May 18, 2026 23w ago | Insider Cluster | $15.84 $16.47 | ▲ +3.98% | ▼ −2.31% | $18.12 (+14.39%) |
May 8, 2026 24w ago | 8-K | $16.68 $17.94 | ▲ +7.55% | ▲ +2.71% | $18.12 (+8.63%) |
May 5, 2026 24w ago | 8-K | $16.54 $17.36 | ▲ +4.96% | ▲ +2.90% | $18.12 (+9.55%) |
Apr 21, 2026 26w ago | DEFA14A | $17.88 $17.49 | ▼ −2.18% | ▼ −6.96% | $18.12 (+1.34%) |
US Market Status
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