Q4 2025 Marqeta Inc Earnings Call Transcript
Key Points
- Marqeta Inc (MQ) achieved a record total processing volume (TPV) of $109 billion in Q4 2025, marking a 36% year-over-year increase.
- The company reported a net revenue growth of 27% year-over-year, driven by strong TPV growth across various use cases.
- Marqeta Inc (MQ) achieved an all-time high adjusted EBITDA of $31 million in Q4, translating into an 18% margin.
- The company saw significant growth in Europe, with TPV growing more than twice as fast as the overall company in Q4.
- Value-added services contributed over 7% of gross profit, with 18 of the top 20 customers utilizing at least one of these services.
- Marqeta Inc (MQ) expects 2026 gross profit growth to be impacted by two specific factors, reducing growth by 7% points combined.
- The company anticipates a reduction in growth due to the delay in two large renewals, which benefited 2025 but will impact 2026.
- Cash App's diversification of new issuance is expected to lower 2026 gross profit growth by approximately 1.5 to 2% points.
- The company faces tough year-over-year comparisons in the second half of 2026, which may moderate TPV growth.
- Marqeta Inc (MQ) expects a shift in pricing tiers for Block, which could create an unfavorable year-over-year comparison for 2026.
Ladies and gentlemen, welcome to the Marquetta 4th quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Maria Grazier.
Director of investor relations, please go ahead.
Thanks, operator. Good afternoon, everyone, and welcome to Marquetta's 4th quarter 2025 earnings call. Hosting today's call are Mike Militic, Marquetta's CEO, and Patti Kongwonkeach, Marquetta's CFO.
Before we begin, I would like to remind everyone that today's call may contain forward-looking statements.
These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC which are available on our investor relations website, including our annual report on Form 10k and our subsequent periodic filings with the SEC.
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