Marqeta, Inc. · NASDAQ:MQ
Marqeta — Q4 2025 Earnings Presentation
13 slides from Marqeta's earnings presentation, Feb 24, 2026
Slide 1: Marqeta Earnings Supplement
Marqeta Earnings Supplement February 24, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation 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 presentation include, but are not limited to, statements r
Slide 3: Q4 Financial Performance Highlights
Q4 Financial Performance Highlights TPV Growth Gross Profit Growth Adjusted EBITDA Growth +36% +22% +142% +3 ppt Sequential acceleration +4% Guidance beat $31M $109B $120M 18% Margin (on Net Revenue) Marqeta Earnings Supplement 3
Slide 4: Broad-based growth demonstrates strong business momentum
Key Messages Broad-based growth demonstrates strong business momentum Q4 TPV Growth of 36% Europe Continues to Scale 2025 Adj. EBITDA of $110M ■ Third quarter in a row with ■ Launched new Uber program ■ Over 3.5 times higher than 2024 accelerating growth of 3 ppts on with the full breadth of our end
Slide 5: Q4'25 Key Financial Results
Q4'25 Key Financial Results Key takeaways $s in millions Results % YoY ■ Total Processing Volume accelerated 3% Net Revenue 172 27% sequentially, with Financial Services, Expense Management and On Demand Delivery use Gross Profit 120 22% cases accelerating Total Operating Expenses 128 (5)% ■ Net Rev
Slide 6: TPV Growth Accelerated 3 ppts Sequentially
Q4 TPV TPV Growth Accelerated 3 ppts on a sequential basis driven by broad-based outperformance TPV Growth 36% 33% Key takeaways 29% 29% 27% ■ Lending, including BNPL, grew just shy of 60% ■ Expense Management growth exceeded 40% ■ Non-Block TPV grew 2 times faster than Block TPV Q4 '24 Q1 '25 Q2 '2
Slide 7: Gross Profit grew 22% year-over-year
Q4 Gross Profit Gross Profit grew 22% on a year-over-year basis driven by TPV growth Gross Profit Growth 31% Key takeaway 27% 22% ■ Revised accounting policy for estimating and 18% 17% recognizing Card Network incentives drove 9 ppts of growth in Q2'25 and 1 and 5 ppts of headwinds in Q3'25 and Q4'2
Slide 8: Adjusted Operating Expenses increased 4% year-over-year
Q4 Adjusted Operating Expenses Adjusted Operating Expense increased 4% year-over-year due to successful efficiency initiatives Adjusted Operating Expense Growth Key takeaway 7% 5% 4% ■ Continue to benefit 4% from increased scale of our platform (7%) Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Adj. Opex ($M)
Slide 9: Adjusted EBITDA achieved an all-time high
Q4 Adjusted EBITDA Adjusted EBITDA achieved an all-time high in dollars Adjusted EBITDA $30M $31M $29M Key takeaway $20M ■ Strong Gross Profit $13M growth, coupled with scale benefits, led to 3.5x growth in Adjusted EBITDA in 2025 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Adj. EBITDA Growth YoY 285% 118% 1
Slide 10: Q1 and Full Year 2026 Expectations
Q1 and Full Year 2026 Expectations; Expecting to be GAAP Net Income Profitable First Quarter 2026 Full Year 2026 Net Revenue Growth 17 - 19% 12 - 14% Gross Profit Growth 17 - 19% 10 - 12% Adj. EBITDA Growth 45 - 50% Mid 20s Marqeta Earnings Supplement 10
Slide 11: Information Regarding Non-GAAP Measures
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 earnings supplement contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA
Slide 12: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net Revenue $ 135,790 $ 139,073 $ 150,392 $ 163,306 $ 172,113 Gross Profit $ 98,202 $ 98,679 $ 104,062 $ 114,557 $ 119,975 Net Loss $ (27,119) $ (8,2
Slide 13: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Year Ended December 31, 2024 Year Ended December 31, 2025 Net Revenue $ 506,995 $ 624,884 Gross Profit $ 351,849 $ 437,272 Net Income (Loss) $ 27,287 $ (13,925) Net Income (Loss) Margin - % of Net Revenue 5% (2%) Net Income (Loss) Ma