Marqeta Inc【MQ】株式ニュース

Marqeta Research Reveals Consumer and SMB Credit Behavior Has Evolved Beyond Traditional Models, Creating New Opportunity for ProvidersJune 2, 2026 4:00 AM
Business Wire NEWS HIGHLIGHTS Marqeta surveyed consumers and SMBs in the US and UK about their behaviors and attitudes toward credit cards, Buy Now, Pay Later (BNPL), and other credit products for its 2026 State of Credit report. Traditional credit business models no longer reflect how consumers and SMBs manage their finances, creating an opening for providers who build for the full credit journey. BNPL and flexible credentials cited as key offerings gaining momentum to enable providers to retain customers as their credit needs evolve. Marqeta, Inc. (NASDAQ: MQ), the modern card issuing platform, today released its 2026 State of Credit Report. Based on a survey of 4,000 consumers and 1,000 small and medium-sized businesses (SMBs) in the US and UK, the report reveals that static, single-product credit programs no longer match how consumers and businesses actually manage their finances, creating a significant opportunity for providers who build for the full credit journey. A Patchwork of Credit Providers Consumers and SMBs are using multiple products across different providers, and switching between them based on specific needs for each purchase rather than dissatisfaction with the product itself. 66% of consumers surveyed own a credit card, and 57% of those carry more than one, a figure that rises to 64% among US consumers and 50% among UK consumers surveyed. 85% of consumers surveyed consider multiple factors before deciding which payment method to use for a given transaction, and 59% have used both debit and credit within the past 90 days, switching based on purchase type, current financial situation, or preference. 96% of SMBs are intentional about which payment method they use for a given transaction, switching between them three to 10 times per month. BNPL and Flexible Credentials Gain Momentum BNPL is complementing credit, not replacing it. 79% of BNPL users continue to use it even when they have credit card access, and among consumers without a credit card, 23% turn to BNPL when they can't pay in full, using it to finance purchases without taking on revolving debt. The demand for flexibility is also showing up in the appetite for flexible credentials: single cards that can switch between debit, credit, and BNPL at the point of purchase. 48% of consumers aged 18-44 surveyed express interest in flexible credentials, rising to 71% among consumers who already carry multiple cards. Among consumers interested in flexible credentials, 67% of respondents say it would replace their current debit card and 71% their current credit card, suggesting consumers see it as a replacement for the cards they already carry, not just another product to add to their wallet. Among SMBs surveyed that are planning to apply for a credit card in the next 12 months, 82% are interested in flexible credentials and 89% cite interest in flexible repayment terms. “Credit is no longer a single product consumers and SMBs either have or don’t have. It’s become a portfolio of tools they are assembling themselves, often from multiple providers, because most providers don’t offer the full range of products they need,” said Todd Pollak, Chief Revenue Officer, Marqeta. “Marqeta enables our customers to meet this challenge head-on, offering credit, debit, and flexible credentials from a single platform – reducing friction, protecting the brand experience, and serving consumers and SMBs throughout their credit journey.” Keeping Customers Through Credit Transitions Customers move between credit products for many reasons: a denied application, an improved credit score, a business crossing a revenue threshold, a change in life circumstances. The report finds that most providers aren't prepared to keep customers during these transitions, but there are new flexible product offerings that can help keep customers when their credit needs change. 63% of denied credit card applicants surveyed were never offered an alternative product, even though 60% would have been interested in a product that helps them build credit. 76% of denied credit card applicants surveyed would undergo a credit check to upgrade to revolving credit when their profile is ready. Additionally, co-brand debit with BNPL serves a second underserved group: consumers who want a branded product but can’t or don’t want to engage with traditional revolving credit. 33% of consumers surveyed express interest in co-brand debit cards, rising to 41% among consumers aged 18-44. When BNPL is paired with the right incentive package, 65% of previously neutral and 35% of previously uninterested consumers move into consideration. Non-Bank Providers Have an Opening The report shows growing comfort and trust in non-bank providers, clearing the way for them to compete directly for credit customers. 53% of consumers surveyed trust established fintechs for financial services, 47% trust large retailers, 45% trust BNPL providers, and 33% trust technology platforms. 66% of SMBs surveyed are comfortable using financial services from non-banks, rising to 83% among SMBs planning to apply for a credit card in the next 12 months. Consumers interested in flexible credentials are more comfortable with non-banks (52%) than those who aren’t interested (25%), demonstrating the highest-demand segment is also the most open to alternative providers. “The biggest gap in SMB financial services isn't product availability. It's that most products don't evolve as the business does,” continued Pollak. “SMBs outgrow their first credit card as their business evolves and expands, meaning suddenly the tools they have don't fit anymore. That's the problem Marqeta is focused on solving. We give platforms the infrastructure to meet SMBs where they are, and grow with them from there." Marqeta's platform powers credit, debit and flexible credentials from a single instance, enabling real-time underwriting decisions designed to help reduce unnecessary declines and protect brand relationships. From co-brand programs and credit builder products to the graduation paths between them, Marqeta is designed to give issuers the tools to grow with customers as their credit needs evolve. About the research Marqeta’s 2026 State of Credit Report was conducted on behalf of Marqeta in Q1 2026. Marqeta surveyed 4,000 consumers and 1,000 small and medium-sized businesses across the United States and United Kingdom. The report also covers graduation path design, alternative underwriting data, the personal-business credit blur among SMBs, and what the research ultimately means for providers launching new credit programs. Download the full report here. About Marqeta Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly $400 billion in annual payments volume in 2025. Marqeta is certified to operate in more than 40 countries worldwide. Visit www.marqeta.com to learn more. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta’s Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260602587438/en/ Press Contact
Jessica Miller
press@marqeta.com Original: Marqeta Research Reveals Consumer and SMB Credit Behavior Has Evolved Beyond Traditional Models, Creating New Opportunity for Providers

Marqeta Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 24, 2026 4:05 PM
Business Wire
The global modern card issuer reported Total Processing Volume growth of 36% and Gross Profit growth of 22% in the fourth quarter of 2025.

Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the fourth quarter and full year ended December 31, 2025.

For the quarter ended December 31, 2025, the Company reported Total Processing Volume (TPV) of $109 billion, representing a 36% year-over-year increase. Marqeta reported Q4 Net Revenue of $172 million and Gross Profit of $120 million, representing year-over-year increases of 27% and 22%, respectively. Q4 GAAP Net Loss was $1 million and Adjusted EBITDA was $31 million.

For the full year 2025, TPV was $383 billion, an annual increase of 31%. Marqeta reported 2025 Net Revenue of $625 million and Gross Profit of $437 million, representing year-over-year increases of 23% and 24%, respectively. The Company reported 2025 GAAP Net Loss of $14 million and Adjusted EBITDA of $110 million.

"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," said Mike Milotich, CEO at Marqeta. "As we start 2026, our leadership and expertise in powering innovative offerings with our differentiated end-to-end platform positions us well to expand our reach and deepen engagement as the market evolves toward modern, multinational processors operating at scale."

Marqeta highlighted several recent updates that demonstrate business momentum:

Marqeta enabled a use case for Uber, a long-standing customer, for UK drivers to have easy, free and instantaneous access to their funds, along with access to a high-yield savings account and rewards. This program showcases Marqeta's breadth and depth of its offering with an end-to-end solution across the full spectrum of program management, banking and money movement, processing, fraud monitoring, and Real-Time Decisioning.

Four Technologies, a BNPL provider, selected Marqeta for its established portfolio and will move from another processor due to Marqeta’s tech forward offering and proven track record enabling innovation at scale.

Marqeta continues to expand its value-added services offerings, onboarding the first customer to an enhanced version of its Real-Time Decisioning product, using artificial intelligence and machine learning capabilities for real-time risk evaluation during the transaction authorization process.

Operating Highlights

In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)

Three Months Ended

December 31,

%

Change

Twelve Months Ended

December 31,

%

Change

2025

2024

2025

2024

Financial metrics:

Net Revenue

$

172,113

$

135,790

27

%

$

624,884

$

506,995

23

%

Gross Profit

$

119,975

$

98,202

22

%

$

437,272

$

351,849

24

%

Gross Margin

70

%

72

%

(2) ppts

70

%

69

%

1 ppts

Total Operating Expenses

$

128,269

$

135,628

(5

%)

$

483,702

$

376,315

29

%

Net (Loss) Income

$

(1,394

)

$

(27,119

)

95

%

$

(13,925

)

$

27,287

(151

%)

Net (Loss) Income Margin

(1

%)

(20

%)

19 ppts

(2

%)

5

%

(7) ppts

Net (Loss) Income Per Share - Basic and Diluted

$

0.00

$

(0.05

)

100

%

$

(0.03

)

$

0.05

(160

%)

Key operating metric and Non-GAAP financial measures:

Total Processing Volume (TPV) (in millions) 1

$

108,694

$

79,913

36

%

$

382,513

$

291,105

31

%

Adjusted EBITDA 2

$

30,677

$

12,663

142

%

$

109,578

$

29,093

277

%

Adjusted EBITDA Margin 2

18

%

9

%

9 ppts

18

%

6

%

12 ppts

Adjusted Operating Expenses 2

$

89,298

$

85,539

4

%

$

327,694

$

322,756

2

%

1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses, and scale of our business.

2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses and the reconciliations of the net (loss) income to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.

Fourth Quarter 2025 Financial Results:

TPV increased by 36% year-over-year, from $80 billion for the quarter ended December 31, 2024, to $109 billion for the quarter ended December 31, 2025.

Net Revenue of $172 million increased by $36 million, or 27% year-over-year.

Gross Profit increased by 22% year-over-year to $120 million, from $98 million in the fourth quarter of 2024, primarily due to TPV growth, net of 5 percentage points of headwind due to the revised accounting policy for estimating and recognizing Card Network Incentives, effective as of the second quarter of 2025. Gross margin was 70% in the fourth quarter of 2025.

Net Loss decreased by $26 million, or 95%, year-over-year to $1 million in the fourth quarter of 2025, primarily due to Gross Profit growth and improved operating efficiency.

Adjusted EBITDA in the fourth quarter of 2025 was $31 million, an increase of $18 million year-over-year.

Full Year 2025 Financial Results:

TPV increased by 31% year-over-year, from $291 billion in 2024, to $383 billion in 2025.

Net Revenue of $625 million, increased by $118 million, or 23% year-over-year, primarily driven by increased volumes, partially offset by unfavorable mix due to faster growth of card programs where we provide processing services with minimal or no program management.

Gross Profit increased by 24% year-over-year to $437 million in 2025, from $352 million in 2024, primarily due to TPV growth. Gross margin was 70% for the year ended December 31, 2025.

Net Loss of $14 million in 2025 compared to net income of $27 million in 2024. The change was primarily driven by the $145 million one-time reversal of share-based compensation recognized in 2024 related to the forfeiture of the Executive Chairman Long-Term Performance Award, as well as increases in gross profit growth and operating efficiency.

Adjusted EBITDA for the year ended December 31, 2025 was $110 million, an $80 million year-over-year improvement.

Financial Guidance

The following summarizes Marqeta's guidance for the first quarter and full year of 2026:

First Quarter 2026

Full Year 2026

Net Revenue Growth

17 - 19%

12 - 14%

Gross Profit Growth

17 - 19%

10 - 12%

Adjusted EBITDA Growth (1)

45 - 50%

Mid 20s

(1) Adjusted EBITDA Growth represents the year-over-year percentage change in Adjusted EBITDA. See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation.

Conference Call

Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.

The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until March 10, 2026, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13757849.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly and annual guidance; statements regarding Marqeta’s customers and their plans to onboard Marqeta's offerings; statements regarding Marqeta's new product introductions and product capabilities; statements regarding Marqeta's leadership and ability to deliver innovative end-to-end solutions and opportunities with fintech, enterprise, and embedded finance customers; and statements made by Marqeta’s Chief Executive Officer. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products, including credit card issuing; the risk that Marqeta's platform does not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solutions will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; the risk that Marqeta is not able to identify, close and recognize the anticipated benefits of any acquisition, including TransactPay; the risk that Marqeta is unable to successfully integrate any acquisition, including TransactPay, to businesses and related operations; the risk of general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war; and the risk that Marqeta may be subject to additional risks due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition, and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2024, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.

The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

Disclosure Information

Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services, and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta X feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".

About Marqeta, Inc.

Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly $400 billion in annual payments volume in 2025. Marqeta is certified to operate in more than 40 countries worldwide and counting. Visit www.marqeta.com to learn more.

Marqeta® is a registered trademark of Marqeta, Inc.

Marqeta, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net Revenue

$

172,113

$

135,790

$

624,884

$

506,995

Costs of Revenue

52,138

37,588

187,612

155,146

Gross Profit

119,975

98,202

437,272

351,849

Operating Expenses (Benefit):

Compensation and benefits

88,089

98,475

340,419

397,595

Technology

17,150

15,855

65,005

60,059

Professional services

6,447

6,620

21,879

20,057

Occupancy

948

2,519

3,766

5,995

Depreciation and amortization

8,160

5,519

27,163

17,460

Marketing and advertising

2,998

1,298

5,073

2,986

Other operating expenses

4,477

5,342

20,397

16,780

Executive chairman long-term performance award

—

—

—

(144,617

)

Total Operating Expenses

128,269

135,628

483,702

376,315

Loss from operations

(8,294

)

(37,426

)

(46,430

)

(24,466

)

Other income, net

6,557

10,701

33,101

52,546

(Loss) income before income tax expense

(1,737

)

(26,725

)

(13,329

)

28,080

Income tax (benefit) expense

(343

)

394

596

793

Net (Loss) Income

$

(1,394

)

$

(27,119

)

$

(13,925

)

$

27,287

Net (loss) income per share attributable to common stockholders, basic

$

0.00

$

(0.05

)

$

(0.03

)

$

0.05

Net (loss) income per share attributable to common stockholders, diluted

$

0.00

$

(0.05

)

$

(0.03

)

$

0.05

Weighted-average shares used in computing net (loss) income per share attributable to common stockholders, basic

438,056

502,929

462,168

511,065

Weighted-average shares used in computing net (loss) income per share attributable to common stockholders, diluted

438,056

502,929

462,168

518,845

Marqeta, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

December 31,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

$

709,443

$

923,016

Restricted cash

307,593

8,500

Short-term investments

62,483

179,409

Accounts receivable, net

41,422

29,988

Settlements receivable, net

18,037

16,203

Network incentives receivable

61,059

66,776

Prepaid expenses and other current assets

35,278

25,405

Total current assets

1,235,315

1,249,297

Operating lease right-of-use assets, net

8,275

2,712

Property and equipment, net

59,910

37,523

Intangible assets, net

51,388

29,774

Goodwill

154,706

123,523

Other assets

15,439

20,375

Total assets

$

1,525,033

$

1,463,204

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

1,847

$

527

Revenue share payable

224,526

193,399

Funds payable and amounts due to customers

306,891

—

Accrued expenses and other current liabilities

215,793

177,059

Total current liabilities

749,057

370,985

Operating lease liabilities, net of current portion

5,535

870

Other liabilities

8,484

6,331

Total liabilities

763,076

378,186

Stockholders' equity:

Common stock

43

50

Additional paid-in capital

1,572,238

1,883,190

Accumulated other comprehensive income (loss)

1,509

(314

)

Accumulated deficit

(811,833

)

(797,908

)

Total stockholders’ equity

761,957

1,085,018

Total liabilities and stockholders' equity

$

1,525,033

$

1,463,204

Marqeta, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Year Ended December 31,

2025

2024

Cash flows from operating activities:

Net (loss) income

$

(13,925

)

$

27,287

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Share-based compensation expense

104,788

136,562

Depreciation and amortization

27,163

17,460

Non-cash operating leases expense

2,266

1,756

Amortization of premium on short-term investments

(755

)

(3,232

)

Executive chairman long-term performance award

—

(144,617

)

Other

558

1,669

Changes in operating assets and liabilities:

Accounts receivable

(8,864

)

(11,202

)

Settlements receivable

(1,834

)

13,719

Network incentives receivable

5,717

(12,969

)

Prepaid expenses and other assets

(2,092

)

462

Accounts payable

(81

)

(350

)

Revenue share payable

31,127

19,754

Accrued expenses and other liabilities

22,710

15,112

Operating lease liabilities

(4,155

)

(3,241

)

Net cash provided by operating activities

162,623

58,170

Cash flows from investing activities:

Restricted cash acquired in business combination

229,650

—

Maturities of short-term investments

120,885

92,000

Cash paid for business acquisition, net of cash acquired

(45,663

)

—

Capitalization of internal-use software

(28,425

)

(18,794

)

Purchases of short-term investments

(3,501

)

—

Purchases of property and equipment

(1,835

)

(2,418

)

Net cash provided by investing activities

271,111

70,788

Cash flows from financing activities:

Repurchase of common stock

(391,366

)

(154,425

)

Taxes paid related to net share settlement of restricted stock units

(36,973

)

(35,407

)

Change in funds payable and amounts due to customers

77,256

—

Proceeds from shares issued in connection with employee stock purchase plan

2,101

2,715

Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options

1,663

203

Net cash used in financing activities

(347,319

)

(186,914

)

Increase (decrease) in cash, cash equivalents, and restricted cash

86,415

(57,956

)

Cash, cash equivalents, and restricted cash - Beginning of period

931,516

989,472

Cash, cash equivalents, and restricted cash - End of period

$

1,017,931

$

931,516

Marqeta, Inc.

Financial and Operating Highlights

(in thousands, except per share data or as noted)

(unaudited)

2025

2024

Year over Year Change - Q4'25 vs Q4'24

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Operating performance:

Net Revenue

$

172,113

$

163,306

$

150,392

$

139,073

$

135,790

27

%

Costs of Revenue

52,138

48,749

46,331

40,394

37,588

39

%

Gross Profit

119,975

114,557

104,061

98,679

98,202

22

%

Gross Margin

70

%

70

%

69

%

71

%

72

%

(2) ppts

Operating Expenses:

Compensation and benefits

88,089

84,871

81,409

86,050

98,475

(11

%)

Technology

17,150

16,942

16,102

14,811

15,855

8

%

Professional services

6,447

5,518

4,219

5,695

6,620

(3

%)

Occupancy and equipment

948

1,058

843

917

2,519

(62

%)

Depreciation and amortization

8,160

7,019

6,653

5,331

5,519

48

%

Marketing and advertising

2,998

895

711

469

1,298

131

%

Other operating expenses

4,477

8,624

3,352

3,944

5,342

(16

%)

Total Operating Expenses

128,269

124,927

113,289

117,217

135,628

(5

%)

Loss from Operations

(8,294

)

(10,370

)

(9,228

)

(18,538

)

(37,426

)

78

%

Other income, net

6,557

7,244

8,787

10,513

10,701

(39

%)

Loss before income tax

(1,737

)

(3,126

)

(441

)

(8,025

)

(26,725

)

94

%

Income tax (benefit) expense

(343

)

498

206

235

394

(187

%)

Net Loss

$

(1,394

)

$

(3,624

)

$

(647

)

$

(8,260

)

$

(27,119

)

95

%

Loss per share - basic and diluted

$

0.00

$

(0.01

)

$

0.00

$

(0.02

)

$

(0.05

)

100

%

TPV (in millions)

$

108,694

$

97,962

$

91,386

$

84,472

$

79,913

36

%

Adjusted EBITDA

$

30,677

$

30,310

$

28,509

$

20,081

$

12,663

142

%

Adjusted EBITDA Margin

18

%

19

%

19

%

14

%

9

%

9 ppts

Financial condition:

Cash and cash equivalents

$

709,443

$

747,248

$

732,722

$

830,897

$

923,016

(23

%)

Restricted cash(1)

$

308,488

$

235,413

$

8,500

$

8,500

$

8,500

3529

%

Short-term investments

$

62,483

$

83,212

$

88,865

$

157,540

$

179,409

(65

%)

Total assets

$

1,525,033

$

1,488,430

$

1,214,590

$

1,349,627

$

1,463,204

4

%

Total liabilities

$

763,076

$

649,201

$

371,157

$

362,367

$

378,186

102

%

Total stockholders' equity

$

761,957

$

839,229

$

843,433

$

987,260

$

1,085,018

(30

%)

(1) Restricted cash as of December 31, 2025 and September 30, 2025, consists primarily of customer funds held by TransactPay in segregated accounts in connection with its program management activities for card and e-money wallet programs amounting to $306.9 million and $233.9 million, respectively. As of December 31, 2025, September 30, 2025 and June 30, 2025, restricted cash also includes $0.9 million classified within Other assets on our Consolidated Balance Sheets.

ppts - percentage points

Marqeta, Inc.

Reconciliation of GAAP to NON-GAAP Measures

(in thousands)

Information Regarding Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses as supplemental measures of the Company’s performance that are not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses; income tax expense (benefit); and other income (expense), net, which primarily consists of interest income from our short-term investments and cash deposit, and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Income (Loss) Margin based on Gross Profit is calculated as Net Income (Loss) divided by Gross Profit. These measures are used by management and our board of directors to evaluate our operating efficiency.

We define Adjusted operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; and acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that Adjusted operating expenses is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period.

Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the Company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.

The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

GAAP Net Revenue

$

172,113

$

135,790

$

624,884

$

506,995

GAAP Gross Profit

$

119,975

$

98,202

$

437,272

$

351,849

GAAP Net (Loss) Income

$

(1,394

)

$

(27,119

)

$

(13,925

)

$

27,287

GAAP Net (Loss) Income Margin - % of Net Revenue

(1

%)

(20

%)

(2

%)

5

%

GAAP Net (Loss) Income Margin - % of Gross Profit

(1

%)

(28

%)

(3

%)

8

%

GAAP Total Operating Expenses

$

128,269

$

135,628

$

483,702

$

376,315

Net (Loss) Income

$

(1,394

)

$

(27,119

)

$

(13,925

)

$

27,287

Share-based compensation expense (1)

26,099

33,304

104,788

136,562

Depreciation and amortization expense

8,160

5,519

27,163

17,460

Restructuring and other one-time costs (2)

2,259

—

7,840

—

Acquisition-related expenses (1)

2,120

11,003

9,437

41,584

Payroll tax expense related to share-based compensation

333

263

2,483

2,570

Non-recurring litigation expense (3)

—

—

4,297

—

Executive chairman long-term performance award (1)

—

—

—

(144,617

)

Other income, net

(6,557

)

(10,701

)

(33,101

)

(52,546

)

Income tax (benefit) expense

(343

)

394

596

793

Adjusted EBITDA

$

30,677

$

12,663

$

109,578

$

29,093

Adjusted EBITDA Margin - % of Net Revenue

18

%

9

%

18

%

6

%

Adjusted EBITDA Margin - % of Gross Profit

26

%

13

%

25

%

8

%

GAAP Total Operating Expenses

$

128,269

$

135,628

$

483,702

$

376,315

Share-based compensation expense

(26,099

)

(33,304

)

(104,788

)

(136,562

)

Depreciation and amortization expense

(8,160

)

(5,519

)

(27,163

)

(17,460

)

Acquisition-related expenses (1)

(2,120

)

(11,003

)

(9,437

)

(41,584

)

Payroll tax expense related to share-based compensation

(333

)

(263

)

(2,483

)

(2,570

)

Restructuring and other one-time costs (2)

(2,259

)

—

(7,840

)

—

Non-recurring litigation expense (3)

—

—

(4,297

)

—

Executive chairman long-term performance award

—

—

—

144,617

Adjusted Operating Expenses

$

89,298

$

85,539

$

327,694

$

322,756

____________________

(1) Acquisition-related expenses, including transaction costs, integration costs, and cash and non-cash postcombination compensation expenses, are excluded from Adjusted EBITDA. These expenses are specific to a discrete transaction and do not reflect our ongoing core operations or the recurring expenses required to sustain and operate our business.

(2) Restructuring and other one-time costs include the costs related to the CEO transition and one-time retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.

(3) Non-recurring litigation expense includes a legal contingency expense recognized in the third quarter of 2025 related to a class action securities litigation.

A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the first quarter and full year of 2026 is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224239542/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com

Original: Marqeta Reports Fourth Quarter and Full Year 2025 Financial Results