Marqeta, Inc. Financials
This page shows Marqeta, Inc. (MQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Marqeta’s gross-profit expansion now outruns its overhead burden, while a thinner cash cushion reshapes the balance-sheet story.
From FY2023 to FY2025, gross margin rose from48.7% to70.0% , showing a much richer spread between revenue and direct costs. At the same time, free cash flow reached$160.8M while net income was-$13.9M , so cash generation improved faster than reported earnings.
Capex was only
The balance sheet changed more from capital allocation than from weak operations: share buybacks reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Marqeta, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Marqeta, Inc. has an operating margin of -7.4%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -4.8% the prior year.
Marqeta, Inc.'s revenue surged 23.3% year-over-year to $624.9M, reflecting rapid business expansion. This strong growth earns a score of 27/100.
Marqeta, Inc. carries a low D/E ratio of 1.00, meaning only $1.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.
Marqeta, Inc.'s current ratio of 1.65 is below the typical benchmark, resulting in a score of 29/100. However, the company holds substantial cash reserves (95% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Marqeta, Inc. converts 25.7% of revenue into free cash flow ($160.8M). This strong cash generation earns a score of 67/100.
Marqeta, Inc. generates a -1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100. This is down from 2.5% the prior year.
Marqeta, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Marqeta, Inc. generates $-11.68 in operating cash flow ($162.6M OCF vs -$13.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Marqeta, Inc. generated $624.9M in revenue in fiscal year 2025. This represents an increase of 23.3% from the prior year.
Marqeta, Inc.'s EBITDA was -$19.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 175.0% from the prior year.
Marqeta, Inc. reported -$13.9M in net income in fiscal year 2025. This represents a decrease of 151.0% from the prior year.
Marqeta, Inc. earned $-0.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 160.0% from the prior year.
Cash & Balance Sheet
Marqeta, Inc. generated $160.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 188.4% from the prior year.
Marqeta, Inc. held $709.4M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Marqeta, Inc.'s gross margin was 70.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Marqeta, Inc.'s operating margin was -7.4% in fiscal year 2025, reflecting core business profitability. This is down 2.6 percentage points from the prior year.
Marqeta, Inc.'s net profit margin was -2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.6 percentage points from the prior year.
Marqeta, Inc.'s ROE was -1.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.3 percentage points from the prior year.
Capital Allocation
Marqeta, Inc. spent $391.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 153.4% from the prior year.
Marqeta, Inc. invested $1.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.1% from the prior year.
MQ Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $165.8M-3.7% | $172.1M+5.4% | $163.3M+8.6% | $150.4M+8.1% | $139.1M+2.4% | $135.8M+6.1% | $128.0M+2.2% | $125.3M |
| Cost of Revenue | $48.2M-7.5% | $52.1M+7.0% | $48.7M+5.2% | $46.3M+14.7% | $40.4M+7.5% | $37.6M-0.7% | $37.8M-17.6% | $45.9M |
| Gross Profit | $117.6M-2.0% | $120.0M+4.7% | $114.6M+10.1% | $104.1M+5.5% | $98.7M+0.5% | $98.2M+9.0% | $90.1M+13.6% | $79.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $78.0M-11.4% | $88.1M+3.8% | $84.9M+4.3% | $81.4M-5.4% | $86.0M-12.6% | $98.5M-2.5% | $101.0M-2.1% | $103.2M |
| Operating Income | $2.1M+125.2% | -$8.3M+20.0% | -$10.4M-12.4% | -$9.2M+50.2% | -$18.5M+50.5% | -$37.4M+11.4% | -$42.2M-140.2% | $105.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $193K+156.3% | -$343K-168.9% | $498K+141.7% | $206K-12.3% | $235K-40.4% | $394K+242.6% | $115K-23.3% | $150K |
| Net Income | $7.8M+662.0% | -$1.4M+61.5% | -$3.6M-460.1% | -$647K+92.2% | -$8.3M+69.5% | -$27.1M+5.3% | -$28.6M-124.0% | $119.1M |
| EPS (Diluted) | $0.02 | N/A | $-0.01 | $0.00+100.0% | $-0.02 | N/A | $-0.06-126.1% | $0.23 |
MQ Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B-3.2% | $1.5B+2.5% | $1.5B+22.5% | $1.2B-10.0% | $1.3B-7.8% | $1.5B+1.9% | $1.4B-3.5% | $1.5B |
| Current Assets | $1.2B-3.8% | $1.2B+2.9% | $1.2B+21.2% | $990.2M-12.7% | $1.1B-9.2% | $1.2B+2.3% | $1.2B-4.1% | $1.3B |
| Cash & Equivalents | $674.8M-4.9% | $709.4M-5.1% | $747.2M+2.0% | $732.7M-11.8% | $830.9M-10.0% | $923.0M+4.1% | $886.4M-4.1% | $924.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $45.9M+10.8% | $41.4M+14.7% | $36.1M-2.8% | $37.2M+30.8% | $28.4M-5.2% | $30.0M+13.7% | $26.4M+1.6% | $26.0M |
| Goodwill | $154.0M-0.5% | $154.7M+0.1% | $154.5M+25.1% | $123.5M0.0% | $123.5M0.0% | $123.5M0.0% | $123.5M0.0% | $123.5M |
| Total Liabilities | $734.4M-3.8% | $763.1M+17.5% | $649.2M+74.9% | $371.2M+2.4% | $362.4M-4.2% | $378.2M+11.2% | $340.2M-1.7% | $345.9M |
| Current Liabilities | $721.1M-3.7% | $749.1M+17.6% | $636.8M+76.2% | $361.3M+1.2% | $357.0M-3.8% | $371.0M+11.2% | $333.6M-1.3% | $337.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $742.3M-2.6% | $762.0M-9.2% | $839.2M-0.5% | $843.4M-14.6% | $987.3M-9.0% | $1.1B-1.0% | $1.1B-4.1% | $1.1B |
| Retained Earnings | -$804.0M+1.0% | -$811.8M-0.2% | -$810.4M-0.4% | -$806.8M-0.1% | -$806.2M-1.0% | -$797.9M-3.5% | -$770.8M-3.9% | -$742.1M |
MQ Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.4M-106.3% | $53.3M-38.5% | $86.8M+591.5% | $12.5M+25.6% | $10.0M-59.7% | $24.8M+240.0% | $7.3M-71.7% | $25.7M |
| Capital Expenditures | $1.3M+914.6% | -$157K-140.2% | $391K+16.7% | $335K-73.5% | $1.3M+3416.7% | $36K-81.0% | $189K-81.1% | $1.0M |
| Free Cash Flow | -$4.6M-108.7% | $53.2M-38.4% | $86.4M+607.3% | $12.2M+40.0% | $8.7M-64.7% | $24.7M+248.5% | $7.1M-71.3% | $24.7M |
| Investing Cash Flow | $16.1M+24.7% | $12.9M-92.9% | $182.5M+199.9% | $60.9M+309.5% | $14.9M-56.0% | $33.7M+247.7% | $9.7M+257.4% | -$6.2M |
| Financing Cash Flow | -$74.5M-141.0% | -$30.9M-11.0% | -$27.8M+83.8% | -$171.6M-46.7% | -$117.0M-434.0% | -$21.9M+60.4% | -$55.3M+15.1% | -$65.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $39.2M-59.4% | $96.6M+393.9% | $19.6M-88.1% | $163.9M+47.3% | $111.3M+566.2% | $16.7M-64.1% | $46.6M-19.0% | $57.5M |
MQ Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.9%+1.2pp | 69.7%-0.4pp | 70.2%+1.0pp | 69.2%-1.8pp | 71.0%-1.4pp | 72.3%+1.9pp | 70.4%+7.1pp | 63.3% |
| Operating Margin | 1.3%+6.1pp | -4.8%+1.5pp | -6.3%-0.2pp | -6.1%+7.2pp | -13.3%+14.2pp | -27.6%+5.4pp | -33.0%-116.9pp | 83.9% |
| Net Margin | 4.7%+5.5pp | -0.8%+1.4pp | -2.2%-1.8pp | -0.4%+5.5pp | -5.9%+14.0pp | -20.0%+2.4pp | -22.4%-117.5pp | 95.1% |
| Return on Equity | 1.1%+1.2pp | -0.2%+0.2pp | -0.4%-0.4pp | -0.1%+0.8pp | -0.8%+1.7pp | -2.5%+0.1pp | -2.6%-13.0pp | 10.4% |
| Return on Assets | 0.5%+0.6pp | -0.1%+0.1pp | -0.2%-0.2pp | -0.1%+0.6pp | -0.6%+1.2pp | -1.8%+0.1pp | -2.0%-10.0pp | 8.0% |
| Current Ratio | 1.650.0 | 1.65-0.2 | 1.88-0.9 | 2.74-0.4 | 3.18-0.2 | 3.37-0.3 | 3.66-0.1 | 3.77 |
| Debt-to-Equity | 0.99-0.0 | 1.00+0.2 | 0.77+0.3 | 0.44+0.1 | 0.37+0.0 | 0.35+0.0 | 0.310.0 | 0.30 |
| FCF Margin | -2.8%-33.7pp | 30.9%-22.0pp | 52.9%+44.8pp | 8.1%+1.8pp | 6.3%-11.9pp | 18.2%+12.7pp | 5.5%-14.2pp | 19.7% |
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Frequently Asked Questions
What is Marqeta, Inc.'s annual revenue?
Marqeta, Inc. (MQ) reported $624.9M in total revenue for fiscal year 2025. This represents a 23.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Marqeta, Inc.'s revenue growing?
Marqeta, Inc. (MQ) revenue grew by 23.3% year-over-year, from $507.0M to $624.9M in fiscal year 2025.
Is Marqeta, Inc. profitable?
No, Marqeta, Inc. (MQ) reported a net income of -$13.9M in fiscal year 2025, with a net profit margin of -2.2%.
What is Marqeta, Inc.'s EBITDA?
Marqeta, Inc. (MQ) had EBITDA of -$19.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Marqeta, Inc.'s gross margin?
Marqeta, Inc. (MQ) had a gross margin of 70.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Marqeta, Inc.'s operating margin?
Marqeta, Inc. (MQ) had an operating margin of -7.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Marqeta, Inc.'s net profit margin?
Marqeta, Inc. (MQ) had a net profit margin of -2.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Marqeta, Inc.'s return on equity (ROE)?
Marqeta, Inc. (MQ) has a return on equity of -1.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Marqeta, Inc.'s free cash flow?
Marqeta, Inc. (MQ) generated $160.8M in free cash flow during fiscal year 2025. This represents a 188.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Marqeta, Inc.'s operating cash flow?
Marqeta, Inc. (MQ) generated $162.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Marqeta, Inc.'s total assets?
Marqeta, Inc. (MQ) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Marqeta, Inc.'s capital expenditures?
Marqeta, Inc. (MQ) invested $1.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Marqeta, Inc.'s current ratio?
Marqeta, Inc. (MQ) had a current ratio of 1.65 as of fiscal year 2025, which is generally considered healthy.
What is Marqeta, Inc.'s debt-to-equity ratio?
Marqeta, Inc. (MQ) had a debt-to-equity ratio of 1.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Marqeta, Inc.'s return on assets (ROA)?
Marqeta, Inc. (MQ) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Marqeta, Inc.'s Piotroski F-Score?
Marqeta, Inc. (MQ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marqeta, Inc.'s earnings high quality?
Marqeta, Inc. (MQ) has an earnings quality ratio of -11.68x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Marqeta, Inc.?
Marqeta, Inc. (MQ) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.