Marqeta reported full-year 2025 financial results on 24 February 2026, disclosing total processing volume of $383 billion, a 31% increase from $291 billion in 2024. Net revenue for the full year reached $625 million, representing 23% year-on-year growth, and gross profit came in at $437 million, up 24% from the prior year, the company stated in its earnings release filed with the Securities and Exchange Commission. The results confirmed that Marqeta's open API card issuing platform was sustaining rapid growth across its client base in the buy-now-pay-later, neobank, corporate spending, and emerging verticals segments.
Adjusted EBITDA improved by $80 million year-on-year to reach $110 million for the full year, a result management described as a pivotal step in the company's progression towards sustained operating profitability. The size of the year-on-year improvement in Adjusted EBITDA reflected the operating leverage inherent in Marqeta's platform model: as total processing volume grows, the incremental cost of servicing each additional dollar of volume declines, allowing revenue growth to translate into disproportionately large improvements in earnings before interest, taxes, depreciation, and amortisation.
FOURTH QUARTER ACCELERATES TO 36% TPV GROWTH
The fourth quarter of 2025 was the strongest of the year, with total processing volume reaching $109 billion, a 36% year-on-year increase. The acceleration in the final quarter relative to the full-year rate of 31% suggested that Marqeta was entering 2026 with business momentum, as a broadening roster of clients contributed to higher processing throughput towards the end of the year. The $109 billion quarterly figure was itself a record for the company, demonstrating the increasing scale of the platform.
The fourth-quarter acceleration was driven by volume growth from both established and newer clients across Marqeta's card issuing and programme management platform. The company's core technology enables businesses to issue physical and virtual payment cards with programmable spend controls, real-time authorisation capabilities, and deep integration with modern financial infrastructure — a combination of features that has proved appealing across a wide variety of use cases from employee expense cards to gig economy payout cards to consumer credit products.
2026 GUIDANCE AND PATH TO PROFITABILITY
Marqeta issued guidance for full-year 2026 net revenue growth of 12% to 14%, a range that pointed to continued expansion albeit at a rate more measured than the 23% achieved in 2025. The moderation in the guided growth rate reflected both the larger revenue base from which the company was now growing and management's expectation of a moderately more competitive environment in the modern card issuing market as established processor incumbents and newer entrants intensified their offerings.
The full-year 2025 results confirmed meaningful progress on Marqeta's path from a loss-making high-growth business towards one capable of generating positive and growing operating earnings. With Adjusted EBITDA of $110 million representing a $80 million improvement on 2024, TPV surpassing $383 billion, net revenue at $625 million, and gross profit at $437 million, the company demonstrated that its platform economics were scaling in the manner that its investment thesis had projected, offering investors a clearer line of sight to durable profitability than had been visible in earlier periods of the company's development.