Filing Flows › Marqeta (MQ) › Q4 2025
Marqeta (MQ) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Marqeta (MQ) reported revenue of $172M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +5% from the quarter before. Operating margin was -4.8%, net loss $1.4M (0.8% of revenue).
Marqeta, Q4 2025: revenue $172M (+27% year over year), operating margin -4.8%, net loss $1.4M, operating cash flow $53.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $172M | +5% | +27% |
| Operating profit | −$8.3M | — | — |
| Net earnings | −$1.4M | — | — |
| Operating cash flow | $53.3M | -39% | +115% |
What changed
Revenue was $172.1M in Q4 2025, up 27% year over year and up 5% from the previous quarter. Platform services revenue, net was the largest line at 95% of revenue.
Gross margin was 69.7%, down 2.6 points from a year earlier. Operating costs exceeded revenue by $8.3M, an operating margin of -4.8%. Operating expenses fell 5% while revenue rose 27%. The fastest-growing cost line was Sales & marketing (+131%). The quarter ended with a net loss of $1.4M, narrower than the previous quarter's $3.6M loss. Non-operating items added $6.6M, -377% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $53.3M (up 115% year over year). Non-cash charges added back $8.2M of depreciation and amortization and $26.1M of share-based compensation. Working capital and other items added $20.5M. Capital expenditures of −$157K left free cash flow of $53.5M.
Questions
What was Marqeta's revenue in the fourth quarter 2025?
Marqeta (MQ) reported revenue of $172M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +5% from the quarter before.
Was Marqeta profitable in the fourth quarter 2025?
Operating loss was $8.3M (-4.8% of revenue) and net loss $1.4M.
Source: Marqeta 10-K on SEC EDGAR.