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Marqeta Earnings Supplement November 5, 2025 1
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Marqeta Earnings Supplement Safe Harbor Statement 2 This earnings supplement contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this presentation include, but are not limited to, statements relating to Marqeta’s quarterly and annual guidance; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers, statements regarding Marqeta's partnerships, new product introductions, and product capabilities, including credit card issuing; and statements made by Marqeta’s CEO and CFO. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to our business, results of operations, financial condition, and demand for our platform; the risk that Marqeta’s anticipated accounting treatment may be subject to further changes or developments; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products, including credit card issuing; the risk that Marqeta's platform does not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solutions will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues, including heightened scrutiny of the banking environment and specific customer program changes; the risk that Marqeta may be unable to maintain relationships with issuing banks and card networks; the risk that Marqeta is not able to identify and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition; the risk of financial services and banking sector instability and follow on effects to fintech companies; the impact of macroeconomic factors, including various geopolitical conflicts, uncertainty related to global elections, changes in inflation and interest rates, and uncertainty in global economic conditions; and the risk that Marqeta may be subject to additional risks due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed or incorporated by reference in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this earnings supplement are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law. Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta X feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.
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Marqeta Earnings Supplement Quarterly Total Processing Volume (TPV) 3 33% $74B $80B $84B $91B $98B TPV (in billions) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25
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Marqeta Earnings Supplement Quarterly Net Revenue 4 $128M $136M $139M $150M $163M Net Revenue (in millions) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 28%
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Marqeta Earnings Supplement Quarterly Gross Profit and Gross Profit Margin 5 $90M $98M $99M $104M $115M 70% 72% 71% 69% 70% Gross Profit (in millions)Gross Profit Margin (%) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 27%
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Marqeta Earnings Supplement Quarterly Adjusted Operating Expenses 1 6 $81M $86M $79M $76M $84M Adjusted operating expenses (in millions) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 4% 1 See “Information regarding Non-GAAP Measures” for definition of Adjusted Operating Expenses as well as “Reconciliation of GAAP to Non-GAAP Measures” for Adjusted Operating Expenses reconciliation.
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Marqeta Earnings Supplement Quarterly Adjusted EBITDA and Adjusted EBITDA Margin 1 7 $9M $13M $20M $29M $30M Adjusted EBITDA (in millions) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Adjusted EBITDA Margin 7% 9% 14% 19% 19% 1 See “Information regarding Non-GAAP Measures” for definition of Adjusted EBITDA and Adjusted EBITDA Margin as well as “Reconciliation of GAAP to Non-GAAP Measures” for Non-GAAP reconciliation.
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Marqeta Earnings Supplement Information Regarding Non-GAAP Measures 8 In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this earnings supplement contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit and Adjusted Operating Expenses as supplemental measures of the company’s performance that are not required by, nor presented in accordance with GAAP. We define Adjusted EBITDA as Net Loss adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; acquisition-related expenses which consist of due diligence costs, transaction costs, and integration costs related to potential or successful acquisitions and cash and non-cash postcombination compensation expenses; income tax expense; and other income, net, which consists of interest income from our short-term investments and cash deposits, realized foreign currency gains and losses, and impairment of financial instruments. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Revenue, Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Loss Margin based on Gross Profit is calculated as Net Loss divided by Gross Profit. These measures are used by management to evaluate our operating efficiency. We define Adjusted Operating Expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; and acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, non-recurring litigation expense, and cash and non-cash postcombination compensation expenses. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Loss Margin based on Gross Profit, and Adjusted Operating Expenses should not be considered in isolation, or construed as an alternative to Net Loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies. A reconciliation of Adjusted EBITDA Margin to the comparable GAAP measure for the fourth quarter and full year of 2025 is not available due to the challenges and impracticability with estimating some of the items, as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of forward-looking Non-GAAP financial measures are not available without unreasonable effort.
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Marqeta Earnings Supplement Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Net Revenue $ 127,967 $ 135,790 $ 139,073 $ 150,392 $ 163,306 Gross Profit $ 90,132 $ 98,202 $ 98,679 $ 104,062 $ 114,557 Net Loss $ (28,643) $ (27,119) $ (8,260) $ (647) $ (3,624) Net Loss Margin - % of Ret Revenue (22%) (20%) (6%) —% (2%) Net Loss Margin - % of Gross Profit (32) % (28) % (8) % (1) % (3) % Total Operating Expenses $ 132,363 $ 135,628 $ 117,217 $ 113,288 $ 124,927 Net Loss $ (28,643) $ (27,119) $ (8,260) $ (647) $ (3,624) Depreciation and amortization expense 4,448 5,519 5,331 6,653 7,019 Share-based compensation expense 35,654 33,304 25,915 27,070 25,704 Payroll tax expense related to share-based compensation 440 263 777 791 583 Acquisition-related expenses(1) 10,708 11,003 4,238 1,249 1,828 Restructuring and other one-time costs (2) — — 2,358 1,974 1,251 Non-recurring litigation expenses (3) — — — — 4,297 Other income, net (13,703) (10,701) (10,513) (8,787) (7,246) Income tax expense 115 394 235 206 498 Adjusted EBITDA $ 9,019 $ 12,663 $ 20,081 $ 28,509 $ 30,310 Adjusted EBITDA Margin - % of Net Revenue 7% 9% 14% 19% 19% Adjusted EBITDA Margin - % of Gross Profit 10% 13% 20% 27% 26% GAAP Total Operating Expenses $ 132,363 $ 135,628 $ 117,217 $ 113,288 $ 124,927 Depreciation and amortization expense (4,448) (5,519) (5,331) (6,653) (7,019) Share-based compensation expense (35,654) (33,304) (25,915) (27,070) (25,704) Payroll tax expense related to share-based compensation (440) (263) (777) (791) (583) Restructuring and other one-time costs (2) — — (2,358) (1,974) (1,251) Non-recurring litigation expense (3) — — — — (4,297) Acquisition-related expenses(1) (10,708) (11,003) (4,238) (1,249) (1,828) Adjusted Operating Expenses $ 81,113 $ 85,539 $ 78,598 $ 75,551 $ 84,245 (1) Acquisition-related expenses, which include transaction costs, integration costs and cash and non-cash postcombination compensation expense, have been excluded from Adjusted EBITDA as such expenses are not reflective of our ongoing core operations and are not representative of the ongoing costs necessary to operate our business; instead, these are costs specifically associated with a discrete transaction. (2) Restructuring and other one-time costs include the costs associated with the transition of our CEO and other one-time costs related to retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period. (3) Non-recurring litigation expense includes legal contingency expense recognized in Q3 2025 related to a class action securities litigation. 9
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Marqeta Earnings Supplement Raising Q4 and 2025 Financial Guidance 10 1 See “Information regarding Non-GAAP Measures“ for definition of Adjusted EBITDA Margin as well as information regarding unavailability of a forward reconciliation. Net Revenue Growth Adj. EBITDA Margin 1 Gross Profit Growth 22 - 24% 15 - 16% 17 - 19% Fourth Quarter 2025 Fiscal Year 2025 ~22% ~23% ~17%