Marqeta (MQ) Losses Narrow In Q4 Keeping Profitability Narratives In Focus

Marqeta (MQ) has wrapped up FY 2025 with Q4 total revenue of US$172.1 million and a basic EPS loss of US$0.00 per share, alongside net income excluding extra items of a US$1.4 million loss, putting fresh numbers behind a business that is still loss making but closely watched for its path toward profitability. The company has seen quarterly revenue move from US$127.97 million in Q3 2024 to US$135.79 million in Q4 2024 and then to US$172.11 million in Q4 2025, while basic EPS losses over that span have ranged from US$0.06 to US$0.00 per share. This gives investors a clearer read on how top line scale is feeding through to the bottom line. With forecasts in the provided data pointing to strong earnings growth and an expected move toward profitability, the latest print keeps the focus squarely on how quickly Marqeta can convert its growing revenue base into healthier margins.

See our full analysis for Marqeta.

With the headline figures on the table, the next step is to weigh these results against the big narratives around Marqeta's growth potential, risk profile, and timing to profitability to see which stories hold up and which need a rethink.

See what the community is saying about Marqeta

Losses Narrow To US$13.9 Million Over The Year

• On a trailing 12 month basis, Marqeta recorded a net loss excluding extra items of US$13.9 million on US$624.9 million of revenue, compared with earlier trailing figures in the dataset that ranged from a US$64.7 million loss to a US$55.1 million profit.
• Bulls argue the business is on a clear path to stronger profitability, and the shrinking losses over the past five years at about 21.6% per year line up with that story, yet the latest trailing loss means investors still have to accept that the business is not profitable today.
  • Forecast earnings growth of about 48.93% per year and expectations of profitability within three years align with the idea of a business scaling into its cost base.
  • At the same time, the continued loss on US$624.9 million of revenue keeps the bullish view anchored in projections rather than current earnings.

Analysts who think this earnings trend supports a much stronger future case for Marqeta have laid out a detailed bullish story, and you can see how they connect these numbers to that view here: 🐂 Marqeta Bull Case

Premium P/S Multiple Versus Peers

• Marqeta trades on a P/S ratio of 2.7x compared with 2.3x for the broader US Diversified Financial industry and 1.3x for peers, while the current share price of US$3.86 also sits above a DCF fair value of about US$0.81.
• Bears focus on this premium, arguing that paying 2.7x sales and a price well above the DCF fair value only makes sense if the company fully delivers on growth forecasts and reaches profitability on time.
  • The forecast revenue growth rate of 12.2% per year, which is above the 10.4% US market forecast cited, is the main support for paying above peer P/S levels.
  • Analyst consensus suggesting potential upside of 36.8% from the current price of US$3.86 adds another angle, but it sits against a backdrop of trailing losses and a DCF fair value that is well below the market price.

If you want to see how skeptics frame that valuation gap and concentration of risks, their detailed cautious case is a useful contrast: 🐻 Marqeta Bear Case

Revenue Scale At US$624.9 Million TTM

• The trailing 12 month revenue figure of US$624.9 million compares with earlier trailing points in the dataset running from US$490.0 million to US$588.6 million, while quarterly revenue in FY 2025 ranged from US$139.1 million in Q1 to US$172.1 million in Q4.
• Consensus narrative sees this revenue base as a platform for future growth, given forecasts for 12.2% annual revenue growth and the expectation that earnings move into positive territory, though the current trailing loss of US$13.9 million shows that scale alone has not yet produced durable profits.
  • The combination of a US$624.9 million revenue run rate and narrowed trailing losses supports the idea that operating efficiency is improving over time.
  • However, with the company still loss making on this revenue base, the thesis that higher volumes will translate into healthier margins remains dependent on the forecast earnings ramp.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Marqeta on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of optimism and caution has you on the fence, take a moment to review the numbers yourself, then weigh 2 key rewards and 1 important warning sign to shape your own view.

See What Else Is Out There

Marqeta is still loss making on a US$624.9 million revenue base and trades on a premium P/S multiple despite a DCF fair value that sits much lower.

If that mix of losses and a rich valuation makes you cautious, you can balance your research by checking out 53 high quality undervalued stocks that pair stronger value signals with more grounded pricing.

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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