Why Marqeta’s Latest Earnings Matter
Marqeta (MQ) has put fresh numbers on the table, reporting fourth quarter and full year 2025 results alongside its 2026 outlook. This gives you a clearer picture of where this payments platform currently stands.
For the fourth quarter of 2025, Marqeta reported sales of US$172.11 million, compared with US$135.79 million a year earlier. Net loss for the quarter was US$1.39 million, compared with US$27.12 million in the prior year period, bringing the company close to break-even on a GAAP basis.
Across the full year, sales were US$624.88 million compared with US$507 million in 2024. Over the same period, the company moved from net income of US$27.29 million to a net loss of US$13.93 million. That shift in profitability sits alongside management’s focus on scaling the platform and building newer, higher margin services.
Alongside the backward looking numbers, Marqeta issued 2026 guidance that helps frame expectations. For the first quarter, the company is guiding to net revenue growth of 17% to 19% and gross profit growth of 17% to 19%. For the full year 2026, it expects net revenue growth of 12% to 14% and gross profit growth of 10% to 12%.
Management also expects 2026 to mark Marqeta’s first full year of GAAP net income profitability, with a projected net income of about US$10 million. For many investors, that potential shift from losses to sustained profitability can be an important milestone when they think about risk, valuation multiples and the company’s ability to fund its own growth.
See our latest analysis for Marqeta.
Even with the latest earnings and guidance, momentum in Marqeta’s share price has been soft, with a 30 day share price return of 5.81% and a 90 day share price return of 16.52% against a 1 year total shareholder return of 5.81%. This suggests recent enthusiasm has eased as investors weigh earnings progress, the new 2026 outlook and events such as the recent shelf registration filing and conference appearances.
If payments and card issuing platforms interest you, it can be useful to compare what is happening at Marqeta with other names benefiting from similar themes. You can broaden your watchlist with our screener of 61 profitable AI stocks that aren't just burning cash and see how they stack up on fundamentals.
With the share price down over the past year and analysts’ average targets sitting above where the stock trades today, the question is simple: is Marqeta still on sale or already priced for its next phase of growth?
Most Popular Narrative: 32.1% Undervalued
At a last close of $3.89 versus a narrative fair value of $5.73, the most followed view sees Marqeta trading at a meaningful discount while assuming its growth and profitability goals play out over time.
The proliferation of gig economy, lending (including BNPL), and expense management use cases, areas where Marqeta specializes and is achieving triple-digit growth abroad, continues to accelerate, driving higher volume and supporting both top-line and bottom-line growth as these verticals mature.
Curious how that fair value was built? The narrative leans on faster revenue expansion, a swing to positive margins, and a richer future earnings multiple. Want to see which assumptions really move the model and how a relatively low discount rate ties it all together?
Result: Fair Value of $5.73 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this view still faces real tests, including Marqeta’s heavy reliance on a few large customers and intense competition that could pressure pricing and future margins.
Find out about the key risks to this Marqeta narrative.
Another View: Market Ratios Paint A Different Picture
The narrative model sees Marqeta as 32.1% undervalued, but the market’s own pricing tells a different story. On a P/S of 2.7x, the stock trades richer than the US Diversified Financial industry at 2.4x, the peer average at 1.6x, and above a fair ratio of 2.2x. Could that premium narrow instead of close the perceived discount?
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
On balance, does this story feel cautious or optimistic to you? Take a closer look at the numbers, weigh both sides, then let 1 key reward and 1 important warning sign guide your final view.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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