Abstract

Marqeta, Inc. will report its fourth-quarter results on February 24, 2026 Post Market; this preview summarizes last quarter’s performance, current-quarter revenue and EPS forecasts, and prevailing analyst sentiment to frame what investors should monitor heading into the print.

Market Forecast

Market estimates for the current quarter, based on the company’s guided and compiled forecasts, point to revenue of $166.86 million, implying a 25.70% year-over-year increase, with an estimated EPS of $0.00 and an estimated EBIT of -$11.11 million; year-over-year growth for EPS is projected at 104.38%. Forecast margin data for gross profit and net profit is not available. The company’s platform services remain the core revenue driver, with continued momentum in embedded card issuing for enterprise and fintech customers and expanding use cases across spend management and embedded credit. The most promising growth vector is the platform services business, which contributed $155.77 million last quarter; its expansion into new geographies and deeper wallet share with existing clients anchors the year-over-year growth outlook.

Last Quarter Review

In the previous quarter, Marqeta, Inc. delivered revenue of $163.31 million, a gross profit margin of 70.15%, GAAP net loss attributable to shareholders of $3.62 million, a net profit margin of -2.22%, and adjusted EPS of -$0.01, with revenue growing 27.62% year over year. Quarter on quarter, net profit swung down materially, with a net profit change rate of -460.12% reflecting non-recurring and operating investment effects. The main business mix showed platform services at $155.77 million and other services at $7.53 million, underscoring platform-led scaling as the foundation of growth.

Current Quarter Outlook (with major analytical insights)

Platform Services as the Core Revenue Engine

Platform services is the company’s primary revenue stream and operational backbone. The segment posted $155.77 million last quarter, closely tracking the company’s total revenue, and is expected to underpin the forecast revenue increase to $166.86 million, implying a 25.70% year-over-year rise. The key drivers here are sustained payment volume growth from enterprise clients and expanded use within spend management and embedded finance solutions where Marqeta’s programmable card issuing and controls are integral. The company’s gross margin profile at 70.15% last quarter suggests that incremental volume at scale can translate to healthy gross profit capture when customer usage deepens. As the business leans on usage-based economics, near-term performance hinges on carded spend trends and the breadth of active programs. While seasonality and macro-spend variability remain considerations, the revenue estimate indicates ongoing momentum from both existing customer ramp and incremental program launches.

Embedded Credit and New Use Cases as the Promising Growth Vector

Embedded credit initiatives and new program use cases represent the company’s potentially faster-growing lane within the broader platform services umbrella. While the last quarter’s report does not break out a separate revenue line for embedded credit, management’s recent disclosures about powering credit programs for loyalty and small-business enablement, alongside the addition of large enterprise programs, point to a widening addressable base. This aligns with the estimate for a 25.70% revenue increase this quarter. The catalysts include customers deploying more sophisticated controls and global footprint expansions that enable consistent, cross-region program management. For investors, the question is how quickly these new or expanded credit programs translate from pilot to scaled revenue contribution. If ramp trajectories are consistent with historical enterprise program timelines, the contribution should be increasingly visible through 2026, especially in revenue per program and higher-margin value-added capabilities tied to credit issuance and controls.

Stock Price Sensitivities: Profitability Trajectory, Expense Discipline, and Program Concentration

With EBIT estimated at -$11.11 million and EPS around breakeven, equity market focus will be the slope of improvement in operating leverage. Last quarter’s adjusted EPS of -$0.01 and a net margin of -2.22% juxtaposed against a 70.15% gross margin show that non-GAAP profitability is primarily a function of scaling revenue against fixed and semi-fixed operating costs. Signs of expense discipline—particularly in R&D and go-to-market—could accelerate breakeven timing and reduce volatility. Program concentration remains an ever-present factor; performance is sensitive to the ramp or pause of large enterprise clients. Investors will likely scrutinize commentary on volume trends within top accounts and the pipeline for diversified new wins. Any guidance that quantifies operating expense run rates and implies a path from the projected EBIT loss toward positive territory would likely be a near-term stock catalyst.

Analyst Opinions

Institutional views skew cautious in the latest available commentaries within the allowable period, with a predominance of neutral or Hold stances and limited explicit bullish or bearish calls. Notable coverage maintains a Hold posture, emphasizing balanced risk-reward given the company’s improving revenue trajectory but ongoing profitability headwinds. These views generally highlight that a 25.70% year-over-year revenue growth estimate is encouraging, yet the anticipated EBIT loss of -$11.11 million and the lack of formal margin guidance keep conviction measured. Analysts expect management to emphasize progress on enterprise implementations and operating expense control; confirmation of these trends could shift sentiment toward a more constructive stance. The prevailing caution reflects a wait-and-see approach on the timing of sustained non-GAAP profitability and the durability of growth as larger programs mature.