Filing Flows › Marqeta (MQ) › Q3 2025
Marqeta (MQ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Marqeta (MQ) reported revenue of $163M for the third quarter 2025 (Q3 2025), +28% from a year earlier and +9% from the quarter before. Operating margin was -6.4%, net loss $3.6M (2.2% of revenue).
Marqeta, Q3 2025: revenue $163M (+28% year over year), operating margin -6.4%, net loss $3.6M, operating cash flow $86.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $163M | +9% | +28% |
| Operating profit | −$10.4M | — | — |
| Net earnings | −$3.6M | — | — |
| Operating cash flow | $86.8M | +592% | 12× |
| Free cash flow | $86.4M | +607% | 12× |
What changed
Revenue was $163.3M in Q3 2025, up 28% year over year and up 9% from the previous quarter. Platform services revenue, net was the largest line at 95% of revenue. Platform services revenue, net added $34.0M year over year (up 28%), 96% of the total change.
Gross margin was 70.1%, down 0.3 points from a year earlier. Operating costs exceeded revenue by $10.4M, an operating margin of -6.4%. Operating expenses fell 6% while revenue rose 28%. The fastest-growing cost line was Sales & marketing (+54%). The quarter ended with a net loss of $3.6M, wider than the previous quarter's $647K loss. Non-operating items added $7.2M, -232% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $86.8M (up 1092% year over year). Non-cash charges added back $7.0M of depreciation and amortization and $25.7M of share-based compensation. Working capital and other items added $57.7M. Capital expenditures of $391K left free cash flow of $86.4M.
Questions
What was Marqeta's revenue in the third quarter 2025?
Marqeta (MQ) reported revenue of $163M for the third quarter 2025 (Q3 2025), +28% from a year earlier and +9% from the quarter before.
Was Marqeta profitable in the third quarter 2025?
Operating loss was $10.4M (-6.4% of revenue) and net loss $3.6M.
Source: Marqeta 10-Q on SEC EDGAR.