MQ · Marqeta, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165.80M | - | $163.31M | $150.39M | $139.07M | - | $127.97M | $125.27M | $117.97M | - |
| Cost of Revenue | $48.21M | - | $48.75M | $46.33M | $40.39M | - | $37.84M | $45.92M | $33.81M | - |
| Gross Profit | $117.59M | - | $114.56M | $104.06M | $98.68M | - | $90.13M | $79.35M | $84.16M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $115.50M | - | $124.93M | $113.29M | $117.22M | - | $132.36M | ($25.69M) | $134.01M | - |
| D&A | $8.85M | - | $7.02M | $6.65M | $5.33M | - | $4.45M | $3.96M | $3.54M | - |
| Operating Income | $2.09M | - | ($10.37M) | ($9.23M) | ($18.54M) | - | ($42.23M) | $105.04M | ($49.85M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $193.0K | - | $498.0K | $206.0K | $235.0K | - | $115.0K | $150.0K | $134.0K | - |
| Net Income | $7.83M | - | ($3.62M) | ($647.0K) | ($8.26M) | - | ($28.64M) | $119.11M | ($36.06M) | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $674.79M | $709.44M | $747.25M | $732.72M | $830.90M | $923.02M | $886.42M | $924.73M | $970.36M | $980.97M |
| Accounts Receivable | $45.89M | $41.42M | $36.12M | $37.18M | $28.43M | $29.99M | $26.37M | $25.96M | $23.42M | $19.54M |
| Inventory | - | $1.95M | - | - | - | $3.68M | - | - | - | $4.31M |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $1.19B | $1.24B | $1.20B | $990.23M | $1.13B | $1.25B | $1.22B | $1.27B | $1.35B | $1.39B |
| Total Assets | $1.48B | $1.53B | $1.49B | $1.21B | $1.35B | $1.46B | $1.44B | $1.49B | $1.56B | $1.59B |
| Current Liabilities | $721.14M | $749.06M | $636.77M | $361.30M | $356.97M | $370.99M | $333.57M | $337.85M | $338.58M | $336.58M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $734.43M | $763.08M | $649.20M | $371.16M | $362.37M | $378.19M | $340.18M | $345.91M | $347.70M | $346.30M |
| Stockholders' Equity | $742.28M | $761.96M | $839.23M | $843.43M | $987.26M | $1.09B | $1.10B | $1.14B | $1.21B | $1.24B |
| Retained Earnings | ($804.00M) | ($811.83M) | ($810.44M) | ($806.82M) | ($806.17M) | ($797.91M) | ($770.79M) | ($742.15M) | ($861.25M) | ($825.20M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($3.37M) | - | - | - | $9.99M | - | - | - | $426.0K | - |
| Investing Cash Flow | $16.06M | - | - | - | $14.86M | - | - | - | $33.50M | - |
| Financing Cash Flow | ($74.54M) | - | - | - | ($116.97M) | - | - | - | ($44.54M) | - |
| CapEx | $1.28M | - | - | - | $1.27M | - | - | - | $1.19M | - |
| Free Cash Flow | ($4.65M) | - | - | - | $8.72M | - | - | - | ($765.0K) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 70.9% | - | 70.1% | 69.2% | 71.0% | - | 70.4% | 63.3% | 71.3% | - |
| Operating margin | 1.3% | - | -6.4% | -6.1% | -13.3% | - | -33.0% | 83.9% | -42.3% | - |
| EBITDA margin | 6.6% | - | -2.1% | -1.7% | -9.5% | - | -29.5% | 87.0% | -39.3% | - |
| Net margin | 4.7% | - | -2.2% | -0.4% | -5.9% | - | -22.4% | 95.1% | -30.6% | - |
| Free cash flow margin | -2.8% | - | - | - | 6.3% | - | - | - | -0.6% | - |
| FCF / Net income | -0.59 | - | - | - | -1.06 | - | - | - | 0.02 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 2.4% | - | - | - | - | - | - | 0.1% | - | - |
| Return on assets | 0.5% | - | -0.2% | -0.1% | -0.6% | - | -2.0% | 8.0% | -2.3% | - |
| Return on equity | 1.1% | - | -0.4% | -0.1% | -0.8% | - | -2.6% | 10.4% | -3.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.65 | 1.65 | 1.88 | 2.74 | 3.18 | 3.37 | 3.66 | 3.77 | 3.98 | 4.13 |
| Quick ratio | 1.65 | 1.65 | 1.88 | 2.74 | 3.18 | 3.36 | 3.66 | 3.77 | 3.98 | 4.11 |
| Cash ratio | 0.94 | 0.95 | 1.17 | 2.03 | 2.33 | 2.49 | 2.66 | 2.74 | 2.87 | 2.91 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.99 | 2.00 | 1.77 | 1.44 | 1.37 | 1.35 | 1.31 | 1.30 | 1.29 | 1.28 |
| Liabilities / Assets | 0.50 | 0.50 | 0.44 | 0.31 | 0.27 | 0.26 | 0.24 | 0.23 | 0.22 | 0.22 |
| Efficiency | ||||||||||
| Asset turnover | 0.11 | - | 0.11 | 0.12 | 0.10 | - | 0.09 | 0.08 | 0.08 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 101d | - | 81d | 90d | 75d | - | 75d | 76d | 72d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 2.4x | - | 2.8x | 3.2x | 2.1x | - | 2.3x | 2.5x | 2.6x | - |
| P / S | 10.7x | - | 14.5x | 17.9x | 14.8x | - | 19.5x | 22.9x | 26.2x | - |
| EV / EBITDA | 99.9x | - | - | - | - | - | - | 17.9x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 19.2% | - | 27.6% | 20.1% | 17.9% | - | 17.5% | -45.8% | -45.7% | - |
| Revenue CAGR (3y) | -8.6% | - | -5.2% | -7.0% | 8.8% | - | -0.9% | 0.8% | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 19.2% | - | 27.1% | 31.1% | 17.3% | - | 24.3% | -6.2% | -5.6% | - |
| Operating income growth (YoY) | - | - | 75.4% | - | 62.8% | - | 39.5% | - | 43.0% | - |
| Net income growth (YoY) | - | - | 87.3% | - | 77.1% | - | 47.9% | - | 47.6% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 93.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -24.8% | -29.8% | -23.4% | -26.2% | -18.5% | -12.7% | -15.4% | -16.8% | -15.6% | -15.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$624.88M totalReportable Segment$624.88M · 100.0%
Product / service
$624.88M totalPlatform Service Revenue Net$594.14M · 95.1%
Other Services Revenue$30.75M · 4.9%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing Marqeta against the 5 most active filers in the same SIC group.