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Modern card issuing platform Marqeta Inc (NASDAQ:MQ) presented its second quarter 2025 earnings results on August 6, showing accelerating growth across key metrics while significantly improving profitability. The company’s stock closed at $5.59, up 1.88% for the day, with a slight additional gain in after-hours trading.
Quarterly Performance Highlights
Marqeta reported substantial growth in its Total (EPA:TTEF) Processing Volume (TPV), which reached $91 billion in Q2 2025, representing a 29% year-over-year increase. This metric, which measures the total dollar amount of payments processed through Marqeta’s platform, demonstrates the company’s expanding transaction footprint.
As shown in the following chart of quarterly TPV growth:
The company’s net revenue grew to $150 million in Q2 2025, a 20% increase compared to the same period last year. This continues the steady upward trajectory seen over the past several quarters.
The following chart illustrates Marqeta’s consistent revenue growth:
Detailed Financial Analysis
Marqeta’s gross profit reached $104 million in Q2 2025, representing a 31% year-over-year increase. However, the company noted that this growth was partly driven by a revised accounting policy. The gross profit margin stood at 69%, showing a slight decline from 71% in Q1 2025 and the peak of 72% seen in Q4 2024.
The company’s gross profit and margin trends are displayed in this chart:
A notable achievement in Q2 was Marqeta’s continued focus on operational efficiency. Adjusted operating expenses decreased by 7% year-over-year to $76 million, marking the second consecutive quarter of reduced expenses.
The following chart shows the company’s declining operating expenses:
This combination of revenue growth and expense control has significantly improved Marqeta’s profitability. Adjusted EBITDA reached $29 million in Q2 2025, with a margin of 19% - a substantial improvement from Q1 2025’s $20 million and 14% margin. This represents a remarkable turnaround from Q2 2024 when the company reported a negative Adjusted EBITDA of $2 million.
The chart below illustrates Marqeta’s improving profitability trajectory:
Forward-Looking Statements
Marqeta provided guidance for both Q3 2025 and the full fiscal year. For Q3, the company expects net revenue growth of 15-17% and gross profit growth of 15-17%, with an Adjusted EBITDA margin between 12-13%.
For the full fiscal year 2025, Marqeta projects net revenue growth of 17-18% and gross profit growth of 18-19%, with an Adjusted EBITDA margin of 14-15%.
The following slide details the company’s financial guidance:
This guidance suggests some moderation in growth rates compared to Q2’s performance, particularly for the Adjusted EBITDA margin, which is projected to be lower in Q3 and for the full year than the 19% achieved in Q2. This may indicate increased investment plans or anticipated competitive pressures in coming quarters.
The Q2 results significantly outperformed the company’s previous guidance. During the Q1 earnings call, Marqeta had projected a Q2 Adjusted EBITDA margin of only 10-11%, but delivered 19% - nearly double the high end of that forecast.
While Marqeta’s presentation focused on non-GAAP metrics, it’s worth noting that in Q1 2025, the company reported a negative GAAP EPS of $0.02, which was better than analyst expectations. The Q2 presentation did not include updated EPS figures.
As Marqeta continues to expand its modern card issuing platform capabilities, investors will be watching closely to see if the company can maintain its growth trajectory while continuing to improve profitability in line with its updated guidance.
Full presentation:
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