Marqeta delivered a record adjusted EBITDA quarter in the three months to September 2025, reporting total processing volume of 98 billion US dollars, a 33 per cent increase year-on-year, alongside net revenue of 163 million dollars, which was 28 per cent higher than the same period in 2024. Adjusted EBITDA at the California-based card-issuing platform reached 30 million dollars, a 19 per cent margin and its highest quarterly figure since its public listing.
PROFIT AND LOSS
Gross profit for the quarter reached 115 million dollars, up 27 per cent year-on-year, with gross margin steady at 70 per cent.
Marqeta's GAAP net loss narrowed to 4 million dollars in the quarter, compared with a loss of 29 million dollars in the same period of 2024. The quarter's net loss included a non-recurring litigation expense of 4.3 million dollars.
FOURTH-QUARTER GUIDANCE
Looking to the fourth quarter of 2025, Marqeta guided for net revenue growth of between 22 and 24 per cent year-on-year. That range compares with the 28 per cent growth recorded in Q3.
Marqeta's processing platform is used by a range of fintech companies and financial institutions to issue physical and virtual payment cards, manage spend controls, and process transactions in real time.
The Q3 2025 results were published on 5 November 2025.