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MARQETA REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
The global modern card issuer reported Total Processing Volume growth of 29%
and Gross Profit growth of 31% in the second quarter of 2025.
OAKLAND, Calif. – August 6, 2025 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the second quarter ended June 30, 2025.

The Company reported Total Processing Volume (TPV) of $91 billion, representing a year-over-year increase of 29%. The Company reported Net Revenue of $150 million and Gross Profit of $104 million, representing increases of 20% and 31%, respectively, year-over-year. The increase in Gross Profit growth was partly driven by a revised accounting policy for estimating and recognizing Card Network Incentives effective Q2'25, which contributed 8.6 percentage points to the Gross Profit growth. GAAP Net Loss for the quarter was $0.6 million and Adjusted EBITDA was $29 million.
“Our Q2 results demonstrate our ability to deliver strong growth while also making great progress towards our profitability objectives,” said Mike Milotich, Interim CEO and CFO of Marqeta. “We continue to deepen our customer relationships and enable their growth through innovative card programs, seamless geographic expansion and value-added services.”

Marqeta highlighted several recent business updates that demonstrate its current business momentum, including:
•Marqeta enabled the KlarnaOne Card, a new debit card which allows consumers to choose to pay later for any purchase where the card is accepted. This makes Klarna the second provider to offer consumers a card enabled with Visa Flexible Credential (VFC) to seamlessly deliver the option to toggle between payment methods. The card, which builds on years of collaboration with Klarna, is currently in a trial phase with a broader rollout in the U.S. expected later this year.
•Marqeta announced the July 31st close of the TransactPay acquisition, which will strengthen Marqeta’s program management capabilities in Europe. This acquisition will provide BIN sponsorship and card issuance in the United Kingdom (UK) and the European Union (EU) through electronic money institution (EMI) licenses. With the combined capabilities of Marqeta and TransactPay, customers will be able to take advantage of card program management features in the UK and EU, and avoid the added complexity associated with engaging multiple partners. This acquisition will allow for greater control of the offering and will support the delivery of a comparable solution in Europe to that in the U.S. and Canada.



1

Operating Highlights
In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)Three Months Ended June 30,%
Change		Six Months Ended June 30,%
Change
2025202420252024
Financial metrics:
Net revenue$150,392 $125,270 20%$289,465 $243,237 19%
Gross profit$104,061 $79,353 31%$202,740 $163,512 24%
Gross margin69%63%6 ppts70%67%3 ppts
Total operating expenses (benefit)
$113,289 ($25,689)541%$230,506 $108,323 113%
Net (loss) income
($647)$119,108 (101%)($8,907)$83,048 (111%)
Net (loss) income margin
—%95%(95 ppts)(3%)34%(37 ppts)
Net (loss) income per share - basic and diluted
$— $0.23 (100%)($0.02)$0.16 (113%)
Key operating metric and Non-GAAP financial measures:
Total Processing Volume (TPV)
(in millions) 1
$91,386 $70,627 29%$175,857 $137,294 28%
Adjusted EBITDA 2
$28,509 ($1,817)1,669%$48,590 $7,409 556%
Adjusted EBITDA margin 2
19%(1%)20 ppts17%3%14 ppts
Adjusted operating expenses 2
$75,552 $81,170 (7%)$154,150 $156,103 (1%)
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 to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.
Second Quarter 2025 Financial Results:
Total Processing Volume increased by 29% year-over-year, rising to $91 billion from $71 billion in the second quarter of 2024.
Net Revenue of $150 million increased by $25 million, or 20%, 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 31% year-over-year to $104 million from $79 million in the second quarter of 2024. The increase was partly driven by a revised accounting policy for estimating and recognizing Card Network incentives, effective Q2'25, which contributed 8.6 percentage points to the Gross Profit growth. The remaining growth in Gross Profit was driven by our TPV growth. Gross Margin was 69% in the second quarter of 2025.
Net Loss of $0.6 million in the quarter, compared to net income of $119.1 million in the same period in the prior year, resulted in a year-over-year decline of $120 million. This year-over-year change was primarily due to a one-time reversal of $158 million in share-based compensation in the second quarter of 2024, stemming from the forfeiture of the Executive Chairman Long-Term Performance Award. The net loss margin was 0% in the second quarter of 2025.
Adjusted EBITDA was $29 million in the second quarter of 2025, increasing by $30 million year-over year. Adjusted EBITDA margin was 19% in the second quarter of 2025, an increase of 20 percentage points versus last year.

2

Financial Guidance
The following summarizes Marqeta's guidance for the third quarter and fiscal 2025:
Third Quarter 2025
Fiscal Year 2025
Net Revenue Growth
15 - 17%
17 - 18%
Gross Profit Growth
15 - 17%
18 - 19%
Adjusted EBITDA Margin (1)
12 - 13%
14 - 15%
(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin 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 August 13, 2025, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13754201.
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 business plans, business strategy and the continued success and growth of our customers; statements regarding Marqeta's partnerships, new product introductions, and product capabilities, including credit card issuing; and statements made by Marqeta’s interim CEO and CFO. 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 effect of uncertainties related to our business, results of operations, financial condition, and demand for our platform; the risk that Marqeta’s anticipated accounting treatment may be subject to further changes or developments; 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 solution 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, including heightened scrutiny of the banking environment and specific customer program changes; 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 and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition; the risk of financial services and banking sector instability and follow on effects to fintech companies; the impact of macroeconomic factors, including various geopolitical conflicts, uncertainty related to global elections, changes in inflation and interest rates, and uncertainty in global economic conditions; 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 or incorporated by reference in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q, 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.
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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 $300 billion in annual payments volume in 2024. 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.
IR Contact: Marqeta Investor Relations, IR@marqeta.com
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Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net revenue$150,392 $125,270 $289,465 $243,237 
Costs of revenue46,331 45,917 86,725 79,725 
Gross profit104,061 79,353 202,740 163,512 
Operating expenses (benefit):
Compensation and benefits81,409 103,166 167,459 198,156 
Technology16,102 14,769 30,913 27,887 
Professional services4,219 4,808 9,914 8,678 
Occupancy843 1,204 1,760 2,298 
Depreciation and amortization6,653 3,956 11,984 7,493 
Marketing and advertising711 728 1,180 1,106 
Other operating expenses3,352 3,418 7,296 7,322 
Executive chairman long-term performance award— (157,738)— (144,617)
Total operating expenses (benefit)113,289 (25,689)230,506 108,323 
(Loss) income from operations(9,228)105,042 (27,766)55,189 
Other income, net8,787 14,216 19,300 28,143 
(Loss) income before income tax expense(441)119,258 (8,466)83,332 
Income tax expense206 150 441 284 
Net (loss) income$(647)$119,108 $(8,907)$83,048 
Net (loss) income per share attributable to Class A and Class B common stockholders
Basic
$(0.00)$0.23 $(0.02)$0.16 
Diluted
$(0.00)$0.23 $(0.02)$0.16 
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders
Basic
461,517 515,959 481,260 516,973 
Diluted461,517 524,401 481,260 525,415 

5

Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30,
2025		December 31,
2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents$732,722 $923,016 
Restricted cash7,606 8,500 
Short-term investments88,865 179,409 
Accounts receivable, net37,182 29,988 
Settlements receivable, net14,973 16,203 
Network incentives receivable85,085 66,776 
Prepaid expenses and other current assets23,800 25,405 
Total current assets990,233 1,249,297 
Operating lease right-of-use assets, net5,154 2,712 
Property and equipment, net50,238 37,523 
Intangible assets, net26,845 29,774 
Goodwill123,523 123,523 
Other assets18,597 20,375 
Total assets$1,214,590 $1,463,204 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$3,440 $527 
Revenue share payable199,640 193,399 
Accrued expenses and other current liabilities158,216 177,059 
Total current liabilities361,296 370,985 
Operating lease liabilities, net of current portion2,976 870 
Other liabilities6,885 6,331 
Total liabilities371,157 378,186 
Stockholders' equity :
Common stock45 50 
Additional paid-in capital1,650,305 1,883,190 
Accumulated other comprehensive loss(102)(314)
Accumulated deficit(806,815)(797,908)
Total stockholders’ equity843,433 1,085,018 
Total liabilities and stockholders' equity$1,214,590 $1,463,204 

6

Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
20252024
Cash flows from operating activities:
Net (loss) income$(8,907)$83,048 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization11,984 7,493 
Share-based compensation expense52,985 67,604 
Executive chairman long-term performance award
— (144,617)
Non-cash operating leases expense1,021 258 
Accretion of discount on short-term investments
(612)(1,823)
Other898 (45)
Changes in operating assets and liabilities:
Accounts receivable(7,642)(6,692)
Settlements receivable1,230 2,157 
Network incentives receivable(18,309)19,639 
Prepaid expenses and other assets4,278 2,478 
Accounts payable2,913 1,413 
Revenue share payable6,241 2,780 
Accrued expenses and other liabilities(21,323)(6,484)
Operating lease liabilities(2,223)(1,075)
Net cash provided by operating activities
22,534 26,134 
Cash flows from investing activities:
Purchases of property and equipment(1,601)(2,193)
Capitalization of internal-use software(13,598)(10,471)
Maturities of short-term investments90,918 40,000 
Net cash provided by investing activities
75,719 27,336 
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options1,580 108 
Proceeds from shares issued in connection with employee stock purchase plan994 1,629 
Taxes paid related to net share settlement of restricted stock units(15,887)(20,287)
Repurchase of common stock(275,233)(91,162)
Net cash used in financing activities(288,546)(109,712)
Net decrease in cash, cash equivalents, and restricted cash(190,293)(56,242)
Cash, cash equivalents, and restricted cash- Beginning of period931,516 989,472 
Cash, cash equivalents, and restricted cash - End of period$741,223 $933,230 

7

Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
20252024
Year over Year Change Q2'25 vs Q2'24
Second Quarter 2025First Quarter 2025Fourth Quarter 2024Third Quarter 2024Second Quarter 2024
Operating performance:
Net revenue$150,392 $139,073 $135,790 $127,967 $125,270 20%
Costs of revenue46,331 40,394 37,588 37,835 45,917 1%
Gross profit104,061 98,679 98,202 90,132 79,353 31%
Gross margin69 %71 %72 %70 %63 %6 ppts
Operating expenses (benefit):
Compensation and benefits81,409 86,050 98,475 100,964 103,166 (21%)
Technology16,102 14,811 15,855 16,317 14,769 9%
Professional services4,219 5,695 6,620 4,759 4,808 (12%)
Occupancy
843 917 2,519 1,178 1,204 (30%)
Depreciation and amortization6,653 5,331 5,519 4,448 3,956 68%
Marketing and advertising711 469 1,298 582 728 (2%)
Other operating expenses3,352 3,944 5,342 4,115 3,418 (2%)
Executive chairman long-term performance award— — — — (157,738)(100%)
Total operating expenses (benefit)113,289 117,217 135,628 132,363 (25,689)541%
(Loss) income from operations(9,228)(18,538)(37,426)(42,231)105,042 (109%)
Other income, net8,787 10,513 10,701 13,703 14,216 (38%)
(Loss) income before income tax expense
(441)(8,025)(26,725)(28,528)119,258 (100%)
Income tax expense
206 235 394 115 150 37%
  Net (loss) income$(647)$(8,260)$(27,119)$(28,643)$119,108 (101%)
(Loss) income per share - basic & diluted
$— $(0.02)$(0.05)$(0.06)$0.23 (100%)
TPV (in millions)$91,386 $84,472 $79,913 $73,899 $70,627 29%
Adjusted EBITDA$28,509 $20,081 $12,663 $9,019 $(1,817)1669%
Adjusted EBITDA margin19%14%9%7%(1%)20 ppts
Financial condition:
Cash and cash equivalents$732,722 $830,897 $923,016 $886,417 $924,730 (21%)
Restricted cash (1)
$8,500 $8,500 $8,500 $8,500 $8,500 —%
Short-term investments$88,865 $157,540 $179,409 $217,569 $228,833 (61%)
Total assets$1,214,590 $1,349,627 $1,463,204 $1,435,836 $1,488,283 (18%)
Total liabilities$371,157 $362,367 $378,186 $340,178 $345,908 7%
Stockholders' equity$843,433 $987,260 $1,085,018 $1,095,658 $1,142,375 (26%)
(1) As of June 30, 2025, the balance includes $0.9 million classified within Other assets on our Condensed Consolidated Balance Sheets.
ppts = percentage points


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Marqeta, Inc.
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
(unaudited)
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 Margin, Adjusted EBITDA 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 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; 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; and other income, net, which consists primarily of interest income from our short-term investments and cash deposits, impairment of financial instruments, 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 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; and acquisition-related expenses which consists 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 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.

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The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP Net revenue
$150,392 $125,270 $289,465 $243,237 
GAAP Gross profit
$104,061 $79,353 $202,740 $163,512 
GAAP Net (loss) income
$(647)$119,108 $(8,907)$83,048 
GAAP Net (loss) income margin - % of net revenue
—%95%(3)%34%
GAAP Net (loss) income margin - % of gross profit
(1)%150 %(4)%51 %
GAAP Total operating expenses (benefit)
$113,289 $(25,689)$230,506 $108,323 
Net (loss) income
$(647)$119,108 $(8,907)$83,048 
Depreciation and amortization expense6,653 3,956 11,984 7,493 
Share-based compensation expense
27,070 36,291 52,985 67,604 
Executive chairman long-term performance award
— (157,738)— (144,617)
Payroll tax expense related to share-based compensation791 702 1,567 1,867 
Acquisition-related expenses(1)
1,249 9,930 5,488 19,873 
Restructuring and other one-time costs(2)
1,974 — 4,332 — 
Other income, net
(8,787)(14,216)(19,300)(28,143)
Income tax expense
206 150 441 284 
Adjusted EBITDA$28,509 $(1,817)$48,590 $7,409 
Adjusted EBITDA Margin - % of net revenue
19%(1%)17%3%
Adjusted EBITDA Margin - % of gross profit
27 %(2)%24 %5 %
GAAP Total operating expenses (benefit)
$113,289 $(25,689)$230,506 $108,323 
Depreciation and amortization expense(6,653)(3,956)(11,984)(7,493)
Share-based compensation expense
(27,070)(36,291)(52,985)(67,604)
Executive chairman long-term performance award
— 157,738 — 144,617 
Payroll tax expense related to share-based compensation(791)(702)(1,567)(1,867)
Acquisition-related expenses(1)
(1,249)(9,930)(5,488)(19,873)
Restructuring and other one-time costs(2)
(1,974)— (4,332)— 
Adjusted operating expenses
$75,552 $81,170 $154,150 $156,103 
(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.
A reconciliation of Adjusted EBITDA margin to the comparable GAAP measure for the third quarter and full year of 2025 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.
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