Q3 2025 Marqeta Inc Earnings Call Transcript
Key Points
- Marqeta Inc (MQ) reported a 33% increase in Total Processing Volume (TPV) to $98 billion in Q3 2025, marking the highest TPV growth rate since Q1 2024.
- Net revenue grew 28% year over year to $163 million, driven by robust growth across a broad spectrum of use cases.
- Adjusted EBITDA reached an all-time high of $30 million, with a 19% margin, showcasing progress on the path to profitability.
- The acquisition of TransactPay has driven significant customer interest and increased referrals, expanding Marqeta's Total Addressable Market (TAM) in Europe.
- Marqeta's expansion into new geographies and the addition of new bank partners like Cross River Bank and Coastal Community Bank are expected to support future growth.
- The expected slowdown in gross profit growth from Q3 to Q4 is primarily driven by unusual items in Q3 and revised accounting policies for network incentives.
- Renewal discussions with two large customers are expected to result in a headwind of approximately 2 points in Q4 gross profit growth.
- Cash App is expected to diversify some of their new issuance with another processor, potentially causing a 2-point drag on growth in 2026.
- The European market, while growing over 100%, may not sustain such high growth rates as the base continues to expand.
- Gross profit take rates in Europe have traditionally been lower due to limited offerings, although this is expected to improve with the TransactPay acquisition.
Ladies and gentlemen, welcome to the Marqeta third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Maria Graizer, Investor Relations. Please go ahead.
Thanks, operator. Good afternoon, everyone, and welcome to Marqeta's third-quarter 2025 earnings call. Hosting today's call is Mike Milotich, Marqeta's CEO and 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 10-K for the period ended December 31, 2024, and our subsequent periodic filings with the SEC.
Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only
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