Marqeta Reports Record Q4 Results, Sees Path to Profitability

Payment processing firm sees accelerating volume growth, improved adjusted EBITDA, and outlook for GAAP net income in 2026.

Published on Feb. 28, 2026

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Marqeta (NASDAQ:MQ) reported strong fourth-quarter 2025 results, including record processing volume of $109 billion, up 36% year-over-year. The company also saw improved adjusted EBITDA and a path toward GAAP profitability in 2026, despite some headwinds from contract renewals and changes to Block's pricing tiers. Marqeta highlighted growth in Europe, new customer wins, and the expansion of its value-added services.

Why it matters

Marqeta's performance reflects the continued growth in digital payments and the company's ability to capitalize on trends like the expansion of buy now, pay later and on-demand delivery services. The outlook for GAAP profitability in 2026 is an important milestone for the company as it seeks to demonstrate a sustainable business model.

The details

Marqeta reported that total processing volume (TPV) rose to $109 billion in Q4 2025, up 36% year-over-year and above the $100 billion quarterly mark for the first time. The company also saw record adjusted EBITDA and trended toward GAAP net income breakeven. Management highlighted strong growth in Europe, new customer wins like Uber in the U.K., and the expansion of value-added services. However, the company expects some headwinds in 2026 from contract renewals and changes to Block's pricing tiers, as well as the impact of Cash App's issuance diversification.

  • Marqeta reported Q4 2025 results on February 28, 2026.
  • The company expects to generate GAAP net income of around $10 million in 2026, with GAAP breakeven expected in the first two quarters and net income in the second half.

The players

Marqeta

A modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards.

Mike Milotich

CEO of Marqeta.

Kangwankij

CFO of Marqeta.

Jason Gardner

Founder and CEO of Marqeta, with the goal of transforming traditional card issuance through cloud-native technology.

Block

A major customer of Marqeta, accounting for 44% of the company's net revenue concentration in Q4 2025.

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