Factor Model (net -1.3)
Factor Model
net -1.3 2.2 / 10Marqeta hits record TPV with 31% growth, near profitability
Watch: Watch Q1 2026 net income — if MQ swings to GAAP profit, the market will reassess the company's path to sustained profitability and multiple expansion. Also track TPV growth pace in Europe versus U.S.; if European growth sustains above 30%, it validates the international thesis and warrants higher valuations.
Marqeta posted record $383 billion TPV for 2025, accelerating 31% year-over-year with momentum building into Q4 — TPV jumped 36% YoY that quarter alone to $109 billion. Revenue growth matched the expansion narrative: full-year net revenue hit $625 million (+23% YoY) while gross profit climbed to $437 million (+24% YoY). The profit picture is the real story — Q4 net loss narrowed to $1 million, a 95% improvement versus Q4 2024, signaling the company is approaching cash-flow breakeven even as it scales.
This data shows Marqeta has shifted from growth-at-all-costs to profitable growth. Gross margins expanding faster than revenue (24% vs. 23%) and losses nearly erased suggest the unit economics are working — they're not just adding customers, they're doing it profitably. European expansion appears to be the real lever: geographic diversification at scale reduces reliance on any single market.
Evidence
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