Marqeta Statistics 2026: TPV, Revenue and Customer Mix

Marqeta processed $383 billion in total payment volume across 2025, an annual increase of 31%. 2025 net revenue reached $625 million on a year-over-year increase of 23%, while gross profit climbed to $437 million on a year-over-year increase of 24%. In Q1 2026, Marqeta posted $8 million in GAAP net income on $112 billion of TPV, with non-Block TPV growing at twice the rate of Block-related volume.

The data below covers TPV history across recent years, quarterly revenue and the gross line, the Block / Cash App concentration trajectory, BNPL program growth, headcount, and stock performance. Every figure traces to Marqeta’s investor-relations releases, SEC filings, or directly disclosed customer commentary. The Visa transaction data that frames the legacy benchmark, those pillar pages run alongside this Marqeta read.

Key Takeaways

• Marqeta processed $383 billion in total payment volume across calendar 2025, a 31% annual increase per company filings.
• Top-line revenue reached $625 million in 2025, up 23% annually, with gross margin dollars at $437 million.
• Block accounted for 45% of revenue in the most recent disclosure, down from 68% in 2023, signalling a multi-year diversification arc.
• Adjusted EBITDA hit $110 million in 2025, while Q1 2026 delivered the company’s first GAAP profitable quarter at $8 million net income.
• Lending and buy-now-pay-later programs grew at rates approaching 60% in early 2026, led by the Klarna and Affirm integrations through Marqeta Flex.
• Marqeta employed 938 workers as of December 31, 2025, an addition of 84 roles or roughly 9.84% on the year.
• Market capitalization sat near $1.74 billion at end-April 2026, down from a $14.32 billion peak at IPO in June 2021.

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• Q4 2025 TPV reached $109 billion, up 36% YoY and the highest single-quarter total on record.
• Q1 2026 TPV expanded 33% to $112 billion, the third consecutive quarter of TPV growth above 30%.
• Marqeta reported $110 million in adjusted EBITDA for FY2025, almost double the prior-year level.
• Klarna‘s card business, powered by Marqeta, accounted for roughly 10% of Klarna’s total payment volume by late 2025.
• Marqeta’s contract with Block for Cash App and Square cards runs through June 2028.
• Revenue per employee at year-end 2025 stood at approximately $666,000, based on $625 million in annual income and 938 employees.

Recent Developments

• Q1 2026 (May 5, 2026): Marqeta reported its first quarter of GAAP profitability with $8 million in net income, $165.8 million in net revenue (+19%), and $112 billion in TPV (+33%); adjusted EBITDA reached $33 million at a 20% margin, up 6 percentage points from Q1 2025.
• Q4 2025: TPV hit $109 billion at a 36% year-over-year increase, Q4 net revenue reached $172 million at a 27% year-over-year increase, with adjusted EBITDA of $31 million and Q4 GAAP net loss of $1 million.
• Q3 2025: TPV grew to $98 billion at a 33% year-over-year increase, net revenue rose to $163 million at a 28% year-over-year increase, and adjusted EBITDA reached $30 million.
• 2025 Klarna card U.S. launch (July 2025): Klarna introduced its card in the United States on rails powered by Marqeta, and Klarna’s card business now accounts for roughly 10% of Klarna’s total payment volume.
• Marqeta Flex BNPL platform: Marqeta rolled out Marqeta Flex with Klarna, Affirm, and Branch as launch partners, embedding BNPL choice directly inside payment apps.

Marqeta Total Processing Volume Statistics

Marqeta scaled its processing volume across four years that included a U.S. fintech downturn, a 2023 customer-contract reset with Block, and a corporate cost reset.

• 2021 TPV totaled $111 billion, the first full year after Marqeta’s June 2021 IPO on NASDAQ.
• 2022 TPV grew to $166 billion, a roughly 50% annual increase as Cash App volumes surged.
• 2023 TPV reached $222.3 billion, up 34% annually.
• 2024 TPV climbed to $291.1 billion, a 31% annual increase despite the Block contract revenue reset.
• 2025 TPV hit $383 billion, another 31% annual increase, marking the company’s largest absolute TPV addition on record.

Source: Marqeta Investor Relations, SEC EDGAR (10-K filings)

Marqeta’s annual TPV grew from $111 billion in 2021 to $383 billion in 2025, with 2025 TPV reflecting roughly 31% growth from the prior year.

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Marqeta Quarterly TPV Growth

Marqeta posted four straight quarters of accelerating processing-volume growth from early last year into the latest period, reversing the prior pattern when Block contract changes weighed on the headline rate.

• Q1 2025 TPV reached $84 billion, up 27% annually.
• Q2 2025 TPV hit $91 billion, a 29% annual increase.
• Q3 2025 TPV grew to $98 billion, up 33% on the year.
• Q4 2025 TPV reached $109 billion, up 36% YoY, the highest single-quarter growth rate of 2025.
• Q1 2026 TPV expanded 33% to $112 billion, the third consecutive quarter above 30% growth.

Source: Marqeta Investor Relations quarterly earnings releases

Q1 2025 TPV reached $84 billion, representing a year-over-year increase of 27%. Q2 2025 TPV reached $91 billion, representing a year-over-year increase of 29%. Q3 2025 TPV reached $98 billion, representing a year-over-year increase of 33%. Q4 2025 TPV reached $109 billion, representing a 36% year-over-year increase. Q1 2026 TPV growth of 33% to $112 billion represented the third consecutive quarter of expansion exceeding 30%.

Marqeta Net Revenue Statistics

Marqeta’s top-line trajectory tells a different story than processing volume. The Cash App contract amendment changed how Marqeta recognizes Block-related income, producing an optical decline in 2024 even as processing volume kept growing. By the next fiscal year, the comparison cleared, and reported revenue resumed double-digit growth.

• FY 2024 top-line revenue was $507 million, an annual decrease of 25% that reflected a 39 percentage point negative growth impact from the Cash App contract change.
• FY 2025 reported revenue reached $625 million, up 23% annually.
• Q1 2025 revenue rose 18% to $139 million.
• Q2 2025 top-line income grew 20% to $150 million.
• Q3 2025 reported revenue grew 28% to $163 million.
• Q4 2025 revenue rose 27% to $172 million, the highest single-quarter total on record.
• Q1 2026 top-line income rose 19% to $165.8 million.

By the numbers: Marqeta’s reported revenue and the quarterly trajectory are summarized in the table above. The mix shift toward non-Block customers, visible across Klarna, Affirm, and BNPL programs, drove acceleration through the back half of the calendar period.

FY 2024 net revenue was $507 million, an annual decrease of 25%, which reflected a 39 percentage point negative growth impact due to the change in revenue presentation resulting from the Cash App renewal in July 2023. FY 2025 net revenue was $625 million, representing a year-over-year increase of 23%.

Marqeta Gross Profit and Margin Statistics

Gross-margin growth ran ahead of revenue growth across the year, thanks to a Q2 accounting policy change for Card Network Incentives plus a higher-margin customer mix.

• FY 2024 gross earnings were $352 million, up 7% annually, with an annual gross margin of 69%.
• FY 2025 gross margin dollars reached $437 million, up 24% on the year.
• Q1 2025 gross earnings grew 17% to $99 million, with a margin of 71%.
• Q2 2025 the gross line rose 31% to $104 million, at a margin of 69%, with the jump partly reflecting a revised Card Network Incentives accounting policy that contributed 8.6 percentage points to growth.
• Q3 2025 gross earnings grew 27% to $115 million.
• Q4 2025 gross margin dollars rose 22% to $120 million.

The Q2 2025 increase in gross profit growth was partly driven by a revised accounting policy for estimating and recognizing Card Network Incentives effective Q2 2025, which contributed 8.6 percentage points to the gross profit growth.

Marqeta Adjusted EBITDA and GAAP Profitability Statistics

The clearest signal of operating leverage shows up in adjusted EBITDA, which nearly doubled across the year and converted to GAAP profitability for the latest Q1 print.

• Fiscal year 2025 adjusted EBITDA was $110 million.
• Fiscal year 2025 GAAP net loss narrowed to $14 million.
• Q3 2025 adjusted EBITDA was $30 million, an increase of $21 million annually, with adjusted EBITDA margin at 19% (up 12 percentage points versus the prior year).
• Q4 2025 adjusted EBITDA reached $31 million, with GAAP net loss of just $1 million.
• Q1 2026 delivered GAAP net income of $8 million, the company’s first GAAP-profitable quarter, on adjusted EBITDA of $33 million at a 20% margin (up 6 percentage points from Q1 2025).
• 2026 guidance: Marqeta projects approximately $15 million in GAAP net income for the calendar 2026 year.

Citation Capsule: Marqeta’s first GAAP-profitable quarter, per the company’s earnings release, came on the TPV and revenue figures recorded in the table above. The result puts Marqeta on the same operating-profit footing that took rivals years longer to reach, and management guided to a positive GAAP net-income figure for the current fiscal year.

Q3 2025 adjusted EBITDA was $30 million, increasing by $21 million year-over-year, with an adjusted EBITDA margin of 19% representing an increase of 12 percentage points versus last year. Marqeta achieved its first quarter of GAAP profitability with net income of $8 million in Q1 2026.

Marqeta Customer Concentration: Block and Cash App Statistics

The headline customer-mix metric outside the financial totals is Block’s share of Marqeta’s reported revenue. Block, parent of Cash App, Square, and Afterpay, has been Marqeta’s anchor customer since the Cash App program began; the concentration peaked above two-thirds, then compressed after a contract amendment.

• 2023 Block accounted for approximately 68% of Marqeta’s top-line income.
• 2024 Block accounted for 47% of reported revenue, down from the prior year.
• 2025 Block accounted for 45% of revenue, the lowest reported share since the Cash App program scaled.
• A 66% share of processing volume routes through a single issuing bank. Sutton Bank, per Marqeta’s 10-K risk factor disclosure.
• The Block contract for Cash App and Square cards runs through June 2028.

Source: Marqeta 10-K filings (SEC EDGAR), Payments Dive coverage

Block accounted for 45% of Marqeta’s revenue last year, down from 47% the prior year and 68% in 2023. Marqeta’s contract with Block for Cash App and Square cards ends in June 2028.

Across CoinLaw’s coverage of more than 100 fintech statistics articles, customer concentration above 50% is the single most cited risk factor in payment-infrastructure 10-Ks. Marqeta’s drop from 68% to 45% in two years sits at the high end of what we have tracked for IPO-era fintechs unwinding anchor-customer exposure.

Marqeta Customer Diversification Statistics

The flip side of the Block compression is non-Block growth, and the latest Q1 print is the cleanest signal so far.

• In Q1 2026, non-Block TPV grew at twice the rate of Block-related volume.
• Lending and BNPL program TPV grew at rates approaching 60% annually in Q1 2026.
• New BNPL programs include Klarna and Affirm via Marqeta Flex; gig-economy customers run through DoorDash and Uber rails.
• Marqeta Flex partners include Klarna, Affirm, and Branch, with the BNPL solution embedded directly inside payment apps and digital wallets.

Source: Marqeta latest-quarter earnings release, Marqeta Investor Relations

Non-Block TPV grew at twice the rate of Block-related volume in Q1 2026. Lending products, including buy-now-pay-later (BNPL) offerings, maintained growth rates approaching 60% in Q1 2026. Marqeta rolled out a buy-now, pay-later (BNPL) solution called Marqeta Flex in partnership with Klarna, Affirm, and payments platform Branch.

Marqeta BNPL and Lending Program Statistics

BNPL is the fastest-growing program category inside Marqeta’s customer book, and the unit economics are improving alongside scale.

• BNPL and lending product TPV grew at rates approaching 60% annually in Q1 2026.
• Marqeta Flex launched in partnership with Klarna, Affirm, and Branch as the BNPL embedded inside payment apps.
• Klarna replaced Affirm as Walmart’s exclusive BNPL partner in 2025, redirecting more BNPL transaction volume across Marqeta-issued Klarna cards.
• Klarna-DoorDash launched in 2025, letting DoorDash users pay in four interest-free installments or align repayment with paychecks, settled across Marqeta-issued rails through Klarna’s card stack.

Citation Capsule: Marqeta’s BNPL exposure shifts the customer mix toward higher-margin program types and lowers reliance on the Block / Cash App contract. The Klarna card alone accounts for a meaningful share of Klarna’s total payment volume per Klarna’s own disclosures, while lending programs at Marqeta have grown sharply in the latest quarter (see the BNPL bullets above for the disclosed rates).

Klarna’s card business, now powered by a deep partnership with Marqeta, accounts for roughly 10% of Klarna’s total payment volume. Klarna’s card data sits alongside the American Express statistics for credit-card-format reference points.

Marqeta Klarna Partnership Statistics

The Klarna relationship is the cleanest case study in Marqeta’s diversification thesis. Klarna issued its United States card on Marqeta rails in mid-summer of last year, then expanded the card stack through DoorDash and other merchant integrations.

• Klarna introduced its card in the United States in July 2025, riding Marqeta-issued rails.
• The Klarna card business accounts for roughly 10% of Klarna’s total payment volume by late 2025.
• Klarna replaced Affirm as Walmart’s exclusive BNPL partner in 2025, growing Klarna’s transaction count and indirectly Marqeta TPV.
• Klarna integrated its BNPL option into JPMorgan Chase’s merchant network, eBay, and DoorDash through 2025.

Source: Marqeta Investor Relations, Klarna corporate disclosures

Marqeta Employee Count and Headcount Statistics

Marqeta’s headcount story is shaped by the layoffs of spring two years ago, and the subsequent recovery as profitability improved.

• Marqeta employed 938 workers as of December 31, 2025, an addition of 84 roles annually, roughly 9.84% growth.
• Headcount fell approximately 16.7% between 2022 and 2023, following the May 2023 reduction in force.
• The May 2023 layoffs cut approximately 15% of headcount, with anticipated annual savings of $40 million to $45 million.
• Revenue per employee in FY 2025 stood at approximately $666,000 ($625 million in annual income divided by 938 employees).

Marqeta had 938 employees as of December 31, 2025, with the number of employees increasing by 84 or 9.84% compared to the previous year. In May 2023, Marqeta announced a significant reduction in its workforce, planning to cut approximately 15% of its headcount, with anticipated annual savings of $40 million to $45 million.

Marqeta Stock Price and Market Cap Statistics

Marqeta listed on NASDAQ under the ticker MQ at the company’s June listing, and the share price has compressed since but stabilized as profitability improved through the most recent fiscal cycle (see the table below for the IPO valuation and current readings).

• IPO date: June 9, 2021, with market capitalization near $14.32 billion at listing.
• Market capitalization stood near $1.74 billion at end-April 2026, with the share price at $4.34.
• Share price reached $4.52 as of May 4, 2026, trading 34% below the 52-week high of $6.83 from August 2025.
• Year to date in 2026, the stock was down approximately 2.9% as of late April.

Source: NASDAQ MQ ticker, stockanalysis.com (citing Marqeta S-1 prospectus on SEC EDGAR for IPO valuation)

As of April 30, 2026, Marqeta has a market cap of $1.74 billion, with the stock price at $4.34, and at $4.51 per share, it is trading 34% below its 52-week high of $6.83 from August 2025.

The 88% drawdown from IPO market cap looks worse on paper than the underlying business performance suggests. Marqeta has tripled TPV and converted to GAAP profitability over the same window, and the share price now reflects a profitable issuing platform rather than a 2021-era growth story.

Marqeta Outlook and Guidance Statistics

Marqeta’s forward guidance frames the year as an operating-leverage proof point rather than a revenue acceleration story.

• Annual 2026 revenue growth guidance: 12-14%.
• Annual 2026 gross-line growth guidance: 10-12%, implying gross margin dollars of approximately $481 million to $490 million.
• Annual 2026 TPV growth: expected to moderate into the high 20s percentage range.
• Annual 2026 adjusted EBITDA growth: raised to the mid-to-high 20s percentage range after Q1 results.
• Annual 2026 GAAP net income: approximately $15 million expected.
• Q2 2026 top-line revenue growth guidance: 14-16%, with gross-earnings growth of 14-16%.
• 2026 TPV addition: management expects approximately $100 billion in incremental TPV during the year.

Source: Marqeta full-year and latest-quarter earnings releases

The company raised its full-year 2026 adjusted EBITDA growth expectation to the mid-to-high 20s percentage range, and projected Q2 2026 net revenue growth of 14-16% with gross profit growth of 14-16%.

Frequently Asked Questions (FAQs)

Conclusion

Marqeta closed the most recent fiscal year with $383 billion in TPV and $625 million in top-line income captured in the headline tables above, then converted that scale into its initial GAAP-profitable quarter in the latest Q1 print. Block’s drop from roughly two-thirds to under half of revenue across two reporting years, non-Block TPV outgrowing Block volume by roughly two to one in the latest quarter, and BNPL programs growing at rates approaching the high-fifties percentage range, all point at a customer base that is genuinely diversifying rather than simply substituting one anchor for another. Modern card issuing has reached an inflection where unit economics work, and the data Marqeta now publishes each quarter is the cleanest public read we have on that thesis.

For investors and operators tracking the card-issuing infrastructure category, the relevant numbers to watch in the next four quarters are Block’s share of reported revenue dropping below the forty percent mark, lending and BNPL TPV crossing into a permanent above-fifty percent growth profile, and forward-year GAAP net income reaching the level management has guided to. Each of those would confirm that the diversification arc started after the contract reset has fully closed, and that Marqeta has earned its place inside the same operating-profit conversation as the legacy networks it set out to replace.