Marqeta Inc - Class A

Marqeta posted a strong second quarter, beating Wall Street estimates on both the top and bottom lines as accelerating platform adoption and an accounting policy change drove results well above expectations. The card issuing platform reported Q2 2025 revenue of $150.39 million, up 20.1% year over year and ahead of the $140.25 million consensus, while EPS came in at $0.00, clearing the estimated loss of $0.03 by 100%. A revised accounting policy for estimating Card Network Incentives, effective this quarter, contributed 8.6 percentage points to gross profit growth, helping lift gross margin to 69% from 63% a year ago. Adjusted EBITDA swung to $28.51 million from negative $1.82 million in the prior-year period, reflecting both the accounting benefit and a 7% decline in adjusted operating expenses. Total Processing Volume grew 29% to roughly $91 billion. Looking ahead, management guided for Q3 revenue growth of 15% to 17% and full-year growth of 17% to 18%, with the near-term deceleration reflecting the one-time accounting tailwind that amplified this quarter's results.