Marqeta Inc - Class A

Marqeta delivered a standout third quarter of 2025, beating expectations on both the top and bottom lines as accelerating transaction volumes drove results well ahead of Wall Street forecasts. Net revenue climbed 27.6% year-over-year to $163.31 million, ahead of the $148.41 million consensus by 10.04%, while the company posted a loss of just $0.01 per share, beating the $-0.0176 estimate by 43.18%. The primary engine behind the outperformance was Total Processing Volume surging 33% to $98.00 billion, which lifted gross profit 27% to $114.56 million and pushed Adjusted EBITDA to $30.31 million, up sharply from $9.02 million a year ago, with margin expanding 12 percentage points to 19%. The GAAP net loss narrowed dramatically to $3.62 million from $28.64 million in the prior-year period, reflecting disciplined cost management, including a 16% reduction in compensation and benefits. Analysts had anticipated a more modest quarter, making the breadth of the beat notable. Looking ahead, management guided Q4 net revenue growth of 22-24% and Adjusted EBITDA margin of 15-16%, signaling continued profitability progress.