Does the increase in gross profit reflect any changes in pricing, product mix, or partnership dynamics?

Short answer:

The press release states that Marqeta’s gross‑profit growth in Q2 2025 was “partly driven” by something, but the specific factor(s) – whether pricing, product‑mix shifts, new or expanded partnerships, or other operational changes – are not disclosed in the excerpt you provided. Consequently, we can’t definitively say which of those levers contributed to the 31 % year‑over‑year gross‑profit increase.

Why the answer must be qualified

Because the only concrete data points are the volume and the headline percentages, any deeper analysis of why gross profit grew faster than revenue must remain speculative.

Plausible contributors (based on typical industry dynamics)

While we lack confirmation from the release, the following are the most common levers that can cause gross‑profit acceleration in a modern card‑issuing platform like Marqeta:

1. Pricing adjustments – higher interchange‑pass‑through fees, premium‑service surcharges, or volume‑based discounts that still improve the average fee per transaction.
   
2. Product‑mix shift – a move toward higher‑margin offerings (e.g., prepaid‑card programs, virtual‑card solutions, or value‑added data services) and away from lower‑margin legacy products.
   
3. Partnership dynamics – new or expanded relationships with large merchants, fintechs, or banking partners that bring in higher‑margin spend (e.g., co‑branded programs, platform‑as‑a‑service deals).
   
4. Operational efficiencies – better underwriting, fraud‑prevention, or processing technology that reduces the cost of goods sold per transaction, thereby lifting gross profit even if pricing stays flat.
   

Any combination of the above could explain why gross profit grew faster than revenue, but without the missing sentence we cannot pinpoint the exact driver.

What to do next

• Locate the full press release (or the accompanying earnings call transcript). The continuation after “partly driven” will almost certainly name the specific factor(s).
  
• Review the Management Discussion & Analysis (MD&A) in the SEC Form 10‑Q for Q2 2025. Companies often break out margin‑improvement items such as pricing changes, new product roll‑outs, or partnership updates.
  
• Check analyst commentary (e.g., from Bloomberg, Reuters, or brokerage research notes) that may have already interpreted the “partly driven” language.

Bottom line

Based solely on the excerpt you shared, we can confirm that gross profit rose 31 % YoY, partly due to an unspecified factor. The release does not provide enough detail to attribute the increase to pricing, product‑mix, or partnership dynamics. To answer the question definitively, you’ll need the complete statement or additional disclosures from Marqeta’s earnings materials.