Marqeta Reports 28% Revenue Growth to $163.3 Million in Latest Quarter

Marqeta, Inc. reported significant financial performance in its latest quarterly filing, with net revenue reaching $163.3 million for the three months ended September 30, 2025, a 28% increase from $128.0 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $452.8 million, up 22% from $371.2 million in the prior year. The company’s gross profit also saw a notable rise, amounting to $114.6 million for the third quarter, compared to $90.1 million a year earlier, maintaining a gross margin of 70%. However, Marqeta reported a net loss of $3.6 million for the quarter, an improvement from a loss of $28.6 million in the same quarter of 2024.

The company experienced a 33% increase in Total Processing Volume (TPV), which reached $98.0 million in the third quarter, driven by strong performance across various sectors, particularly financial services and expense management. Marqeta's customer base continues to expand, with the top five customers contributing to a 22% increase in TPV, while other customers collectively grew by 72%. The company also noted a strategic shift in its card program mix, which has affected revenue dynamics.

In terms of operational developments, Marqeta completed the acquisition of TransactPay on July 31, 2025, for approximately $59.9 million. This acquisition is expected to enhance Marqeta's capabilities in card program management, particularly in the UK and Europe, where it will now offer BIN sponsorship and e-money licensing services. The acquisition has resulted in an increase in restricted cash, which now stands at $234.5 million, primarily related to customer funds held by TransactPay.

Marqeta's total operating expenses for the third quarter were $124.9 million, a decrease from $132.4 million in the previous year, reflecting cost management efforts. Notably, compensation and benefits expenses fell by 16% year-over-year, attributed to lower post-combination compensation expenses and an increase in capitalized costs related to internal-use software development. The company also reported a significant legal contingency expense of $4.3 million related to ongoing securities litigation, which contributed to the overall operating costs.

Looking ahead, Marqeta maintains a positive outlook, with expectations of continued revenue growth driven by increased customer adoption and processing volumes. The company believes its cash and cash equivalents, totaling $747.2 million, along with short-term investments of $83.2 million, will be sufficient to fund operations for at least the next twelve months. However, Marqeta acknowledges the potential impact of macroeconomic factors on its business and remains vigilant in monitoring these conditions.