Marqeta processed $382,513 million ($382.51 billion) in total processing volume (TPV) in 2025, an annual increase of 31%. For the second quarter ended June 30, 2026, the card issuing platform reported TPV of $120,423 million ($120.42 billion), a year-over-year increase of 32%, and Net Revenue of $175.995 million. Under generally accepted accounting principles (GAAP), net income for the quarter was $8 million, which CEO Mike Milotich called the company’s second consecutive quarter of GAAP profitability.
Block, Marqeta’s largest customer, generated 41% of its net revenue in the three months ended June 30, 2026, against 46% a year earlier. The Marqeta statistics below trace volume, revenue, profit, customer mix, guidance and the stablecoin card push through the company’s own releases and SEC filings.
Key Takeaways
- TPV from customers outside Marqeta’s top five grew 69% in 2025, while TPV from the top five grew 21%.
- For full-year 2026 growth in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), Marqeta’s guidance moved from mid 20s in February 2026 to low 30s in August 2026, after Adjusted EBITDA growth of 31% year-over-year in the second quarter of 2026.
- GAAP net income of $8 million in Q2 2026 was Marqeta’s second consecutive quarter of GAAP profitability.
- Gross margin was 70% in 2025, compared with 49% in 2023.
- Marqeta announced stablecoin card partnerships with zerohash on July 22, 2026, BVNK on September 9, 2026 and Coinbase on October 16, 2026.
Editor’s Choice
- Full-year 2025 TPV: $382,513 million ($382.51 billion).
- Q2 2026 TPV: $120,423 million ($120.42 billion).
- Full-year 2025 net revenue: $624.884 million.
- Full-year 2025 adjusted EBITDA: $109.578 million.
- Employees as of December 31, 2025: 938.
- Cash, cash equivalents and short-term investments as of June 30, 2026: $700.9 million.
How Big Is Marqeta? Total Processing Volume by Year
- Marqeta defines TPV as the total dollar amount of payments processed through its platform, net of returns and chargebacks.
- Per Marqeta’s fourth-quarter and full-year 2025 results, TPV was $382,513 million ($382.51 billion) for the full year 2025, an annual increase of 31%.
- TPV was $291,105 million ($291.11 billion) for the full year 2024, an annual increase of 31%.
- TPV was $222,264 million ($222.26 billion) for the full 2023 fiscal year, an annual increase of 34%.
- Full-year 2022 TPV was $166,260 million, so 2025 volume was 2.3 times the 2022 level.
- TPV reached $232,783 million in the six months ended June 30, 2026, up 32% from $175,857 million a year earlier.
| Period | TPV ($ millions) | Year-over-year growth (%) |
|---|---|---|
| 2023 | 222,264 | 34 |
| 2024 | 291,105 | 31 |
| 2025 | 382,513 | 31 |
| First half of 2026 | 232,783 | 32 |
Source: Marqeta Q4 2023, Q4 2024, Q4 2025 and Q2 2026 earnings releases
About This Data
Figures come from 18 sources: 8 Marqeta earnings releases, 2 SEC filings and 8 company news releases. The filings are the 2025 Form 10-K and the Q2 2026 Form 10-Q, and all sources date from February 2024 to October 2026. Only company-reported figures qualify. Figures are reviewed on a rolling basis and updated when Marqeta publishes new results.
Marqeta Quarterly TPV, Q1 2024 to Q2 2026
- TPV increased by 32% year-over-year, from $91,386 million ($91.39 billion) in the second quarter of 2025 to $120,423 million ($120.42 billion) for the quarter ended June 30, 2026.
- First-quarter 2026 TPV was $112,360 million ($112.36 billion), a year-over-year increase of 33%.
- Fourth-quarter 2025 TPV was $108,694 million ($108.69 billion), a 36% year-over-year increase.
- Third-quarter 2025 TPV was $97,962 million ($97.96 billion), a year-over-year increase of 33%.
- Quarterly TPV rose 80.6% between the first quarter of 2024 and the second quarter of 2026, reaching $120,423 million in the three months ended June 30, 2026.
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Recent Developments
- October 19, 2026: Marqeta announced it is enabling the Square Credit Card, Square’s business credit card for sellers, backed by the American Express Network, with Square consolidating its debit, prepaid and credit programs onto one card issuer processor.
- October 16, 2026: Marqeta announced a collaboration with Coinbase, the regulated crypto exchange, to bring stablecoin-backed cards to both crypto-native and non-crypto firms, with Coinbase to handle custody and Base to provide on-chain settlement.
- September 25, 2026: Marqeta said it will discuss third quarter 2026 results on Tuesday, November 3, 2026.
- September 9, 2026: BVNK, the stablecoin payments infrastructure provider behind more than $39 billion in annualized payment volume, announced a stablecoin-backed card partnership with Marqeta.
- August 25, 2026: Marqeta appointed Eugenia Gibbons, formerly of Intuit, as Chief Product Officer, effective August 31, 2026.
- August 6, 2026: Marqeta expanded its work with Google to support allowances for kids and teens under 18 in Google Wallet.
- August 3, 2026: Marqeta’s Board of Directors authorized a repurchase program of up to $150 million of Class A common stock.
Marqeta Net Revenue by Year
- Marqeta reported 2025 Net Revenue of $624.884 million, a year-over-year increase of 23%.
- Net Revenue was $506.995 million for 2024, an annual decrease of 25%.
- Fees owed to Issuing Banks and Card Networks on Cash App volume, now netted against Cash App revenue, were a reduction of $265 million, cutting the growth rate by 39 percentage points that year.
- Marqeta reported 2023 net revenue of $676.171 million, an annual decrease of 10%.
- Fourth-quarter 2025 Net Revenue was $172.113 million, up 27% year over year.
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Why it matters: Marqeta’s 2024 Net Revenue fell 25% even as TPV rose 31%. The company tied the drop to the contract renewal with Cash App, which allowed for reduced pricing and changed the revenue presentation. Net revenue before and after mid-2023 is not a like-for-like series, so gross profit is the cleaner growth measure across that break.
Marqeta Quarterly Net Revenue and Gross Profit
- Marqeta reported Q2 2026 Net Revenue of $175.995 million and Gross Profit of $121.873 million, both growing 17% year-over-year.
- Higher volumes drove the revenue increase, partially offset by unfavorable mix from faster growth of card programs where Marqeta provides processing services with minimal or no program management.
- First-quarter 2026 Net Revenue was $165.798 million and Gross Profit $117.592 million, both growing 19% year-over-year.
- Third-quarter 2025 Net Revenue was $163.306 million and Gross Profit $114.557 million, increases of 28% and 27%.
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Marqeta Gross Profit and Gross Margin
- Gross Profit increased by 24% year-over-year to $437.272 million in 2025, from $351.849 million in 2024, and gross margin was 70% for the year.
- A revised accounting policy for Card Network Incentives, effective Q2 2025, contributed 8.6 percentage points to Q2 2025 Gross Profit growth.
- Fourth-quarter 2025 Gross Profit growth of 22% was net of 5 percentage points of headwind from that same policy change.
- Gross Margin was 69% in the second quarter of 2026.
- Gross margin was 49% in 2023 and 43% in 2022.
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Is Marqeta profitable?
- Yes on a GAAP basis in 2026: GAAP Net Income for Q2 2026 was $8 million and Adjusted EBITDA was $37.42 million.
- First-quarter 2026 GAAP Net Income was $8 million and Adjusted EBITDA was $33.338 million.
- Adjusted EBITDA margin was 21% in Q2 2026, an increase of 2 percentage points versus last year.
- Marqeta posted a GAAP Net Loss of $4 million in Q3 2025.
- Adjusted EBITDA reached $37.42 million in the second quarter of 2026, the highest of the eight quarters charted below.
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Marqeta Net Income and Adjusted EBITDA by Year
- Marqeta reported a 2023 GAAP net loss of $222.962 million and an adjusted EBITDA loss of $2.29 million.
- Marqeta reported 2024 GAAP Net Income of $27.287 million and Adjusted EBITDA of $29.093 million.
- The 2024 profit included a $145 million one-time reversal of share-based compensation tied to the forfeited Executive Chairman Long-Term Performance Award.
- Marqeta posted a Net Loss of $13.925 million in 2025, and Adjusted EBITDA of $109.578 million was an $80 million year-over-year improvement.
| Year | Net income (loss) ($ millions) | Adjusted EBITDA ($ millions) | Adjusted EBITDA margin (%) |
|---|---|---|---|
| 2022 | -184.780 | -41.796 | -5.6 |
| 2023 | -222.962 | -2.290 | -0.3 |
| 2024 | 27.287 | 29.093 | 6 |
| 2025 | -13.925 | 109.578 | 18 |
Source: Marqeta Q4 2023, Q4 2024 and Q4 2025 earnings releases
Marqeta Customer Concentration: Block and Cash App
- Block generated 41% of Marqeta’s net revenue in the three months ended June 30, 2026, versus 46% in the same period of 2025.
- Block accounted for 68% of Marqeta’s net revenue in 2023.
- According to Marqeta’s Form 10-Q for the quarter ended June 30, 2026, Marqeta generated 42% of its net revenue from Block in the six months ended June 30, 2026, against 45% a year earlier.
- Marqeta manages Block’s Cash App, Square Debit Card and Square Card Canada card issuing programs under the Block Agreement, first signed on April 19, 2016.
- Square is consolidating its debit, prepaid and credit programs onto Marqeta, including the Square Credit Card backed by the American Express Network.
- Block’s share fell 27 percentage points from 2023 to Q2 2026.
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Key finding: Block’s share of Marqeta’s net revenue dropped over the second half of 2023 and through 2024 because of the August 2023 Block Amendment coupled with growth in other customers. Marqeta still depends on one customer for roughly two-fifths of revenue, while TPV from customers outside its top five keeps growing faster than the top five.
Marqeta Top Five Customers vs All Other Customers
- TPV from Marqeta’s top five customers grew 21% in 2025, while TPV from all other customers increased 69%.
- The growth gap between all other customers and the top five narrowed by 25 percentage points from 2025 to the second quarter of 2026, though other customers still grew faster.
- Financial services, lending including buy-now-pay later, and expense management led TPV growth in Q2 2026.
- Marqeta notes that the composition of the top five customers may differ between the two periods.
- Marqeta is expanding the Klarna Card into 15 new European markets using Visa’s Flexible Credential technology.
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How does Marqeta make money?
- Platform services revenue includes Interchange Fees, net of Revenue Share and other service-level payments to customers, plus processing and other fees.
- Marqeta’s contracts with Issuing Banks entitle it to all of the Interchange Fees from customers’ card programs, which it shares with customers through Revenue Share payments.
- Platform services made up 95.08% of 2025 net revenue.
- In the first half of 2026, platform services revenue grew 16% and other services revenue grew 51%.
- Total costs of revenue rose 21% in 2025, with Card Network fees, net, up 20% and Issuing Bank fees up 32%.
| Year | Platform services revenue, net ($ millions) | Other services revenue ($ millions) | Total net revenue ($ millions) |
|---|---|---|---|
| 2023 | 654.553 | 21.618 | 676.171 |
| 2024 | 481.665 | 25.330 | 506.995 |
| 2025 | 594.137 | 30.747 | 624.884 |
Source: Marqeta Form 10-K for 2025
Marqeta 2026 Guidance
- In February, Marqeta guided first quarter 2026 Net Revenue growth of 17 to 19% and full-year Adjusted EBITDA growth in the mid 20s.
- Marqeta’s May update raised the fiscal 2026 Adjusted EBITDA growth outlook to the mid-to-high 20s.
- For Q3 2026, Marqeta guided Net Revenue growth of 6 to 8%, Gross Profit growth of 5 to 7% and Adjusted EBITDA growth of 20 to 25%.
| Guidance date | FY2026 net revenue growth | FY2026 gross profit growth | FY2026 adjusted EBITDA growth |
|---|---|---|---|
| February 24, 2026 | 12 to 14% | 10 to 12% | Mid 20s |
| May 5, 2026 | 12 to 14% | 10 to 12% | Mid-to-high 20s |
| August 4, 2026 | 12 to 13% | 11 to 12% | Low 30s |
Source: Marqeta Q4 2025, Q1 2026 and Q2 2026 earnings releases
Worth noting: Marqeta’s August outlook calls for Q3 2026 Net Revenue growth of 6 to 8%, below the 17% it reported for Q2 2026. Across the February, May and August outlooks the full-year revenue range only narrowed, while the adjusted EBITDA outlook rose at each update, so the 2026 story is margin expansion more than top-line acceleration.
Marqeta Stablecoin and Crypto Card Programs
- Marqeta launched the Bitpanda Card, a debit card supporting cryptocurrencies and fiat currencies, across 26 European countries and 10 currencies in 2025.
- Measured against the Automated Clearing House (ACH) system, zerohash said stablecoin monthly transaction volume hit $7.2 trillion in February 2026, surpassing the US ACH network at $6.8 trillion.
- The BVNK release states that Marqeta processed nearly $400 billion in annual payments volume during 2025, and that BVNK has been part of Mastercard since an August 2026 acquisition. That round figure sits above the $382,513 million ($382.51 billion) TPV Marqeta reported in its full-year 2025 results.
- Coinbase will handle custody of stablecoin balances and conversion to fiat, while Marqeta provides card issuance and payment processing.
- Marqeta’s Q2 2026 release named partnerships with zerohash and BVNK to enable stablecoin spending across global card networks.
| Date | Partner | Program |
|---|---|---|
| May 7, 2025 | Bitpanda | Bitpanda Card, crypto and fiat debit card in 26 European countries |
| July 22, 2026 | zerohash | Partnership to integrate zerohash stablecoin infrastructure into Marqeta card issuing |
| September 9, 2026 | BVNK | Stablecoin-backed card capabilities |
| October 16, 2026 | Coinbase | Stablecoin-backed cards with settlement on Base |
Source: Marqeta Q1 2025 earnings release; zerohash, BVNK and Marqeta news releases, 2026
By the numbers: The BVNK release says Marqeta processed nearly $400 billion in annual payments volume during 2025, while BVNK handles more than $39 billion in annualized payment volume. Marqeta already issues crypto-backed cards for Coinbase, and the expanded relationship targets the stablecoin-backed card needs of Marqeta’s enterprise customers.
Marqeta Share Repurchases and Cash
- Marqeta’s February 2025, December 2025 and August 2026 buyback authorizations add up to $550 million.
- Marqeta’s newest program, for up to $150 million and authorized on August 3, 2026, has no set expiration date.
- Marqeta repurchased approximately 5.6 million shares for $90.2 million in the first half of 2026, at an average price of $16.21 per share.
- Cash, cash equivalents and short-term investments were $771.9 million at December 31, 2025, a decrease of $330.5 million driven mainly by share repurchases, a business acquisition and capital expenditures.
- That balance stood at $700.9 million as of June 30, 2026.
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Marqeta Statistics on Employees, Leadership and Headquarters
- Marqeta had a total of 938 employees as of December 31, 2025.
- Marqeta is certified to operate in more than 40 countries.
- For bank identification number (BIN) sponsorship in 2025, Marqeta closed its TransactPay acquisition on July 31, adding BIN sponsorship and card issuance in the UK and EU through electronic money institution (EMI) licenses.
- Eugenia Gibbons was appointed Chief Product Officer to lead the product organization.
- Marqeta was incorporated in 2010 as a Delaware corporation, with principal executive offices at 180 Grand Avenue in Oakland.
- Mike Milotich is Chief Executive Officer and Patti Kangwankij is Chief Financial Officer.
| Item | Detail |
|---|---|
| Founded | Incorporated in 2010 as a Delaware corporation |
| Headquarters | 180 Grand Avenue, Oakland, CA |
| Stock listing | Nasdaq Global Select Market, ticker MQ |
| Employees (December 31, 2025) | 938 |
| Chief Executive Officer | Mike Milotich |
| Chief Financial Officer | Patti Kangwankij |
Source: Marqeta Form 10-K for 2025; Marqeta news releases, 2026
What kind of company is Marqeta?
Marqeta, Inc. is a global modern card issuing platform listed on Nasdaq under the ticker MQ. A retail company could use Marqeta to run a debit program, a consumer credit program and a commercial credit program, all on Marqeta’s single, global, modern platform. That lets a brand launch cards without building its own processing.
Who is the CEO of Marqeta?
Mike Milotich is Marqeta’s Chief Executive Officer, and Patti Kangwankij is Chief Financial Officer. Milotich said Marqeta delivered on its promise of achieving GAAP Net Income profitability in the first quarter of 2026. Simon Khalaf was CEO when Marqeta reported its 2023 results.
Where is Marqeta headquarters?
Marqeta’s principal executive offices are located on Grand Avenue in Oakland, California. Its quarterly earnings releases carry an Oakland, Calif. dateline, and the company describes itself as the global modern card issuing platform. Oakland is the corporate base, while its card programs run across many countries.
What is the stock symbol for Marqeta?
Marqeta’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol MQ. Marqeta’s share repurchase programs buy back its Class A common stock. Repurchases under those programs reduce its share count.
Conclusion
Marqeta’s full-year 2025 TPV of $382,513 million ($382.51 billion) grew 31%, and Block’s share of net revenue fell to 41% in Q2 2026. The pattern across these filings is a larger, less concentrated and now GAAP-profitable card processor whose revenue grows slower than its volume.
Marqeta’s guidance points to Q3 2026 Gross Profit growth of 5 to 7% and full-year Adjusted EBITDA growth in the low 30s. The November results will show whether stablecoin cards and the Square credit migration add volume fast enough to offset that slowdown.
