Logo

MQ

Marqeta, Inc.

MQ

Marqeta, Inc. • NASDAQ
$4.79 ▲ 1.27% (+0.06)
Market Cap $2.11 B
52w High $7.04
52w Low $3.48
Dividend Yield 0%
P/E -53.22
Volume 1.44M
Outstanding Shares 440.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $163.306M ▲ $124.927M ▲ $-3.624M ▼ -2.219% ▼ $-0.01 ▼ $6.793M ▲
Q2-2025 $150.392M ▲ $113.289M ▼ $-647K ▲ -0.43% ▲ $-0.001 ▲ $-2.575M ▲
Q1-2025 $139.073M ▲ $117.217M ▼ $-8.26M ▲ -5.939% ▲ $-0.017 ▲ $-13.207M ▲
Q4-2024 $135.79M ▲ $135.628M ▲ $-27.118M ▲ -19.971% ▲ $-0.054 ▲ $-31.906M ▼
Q3-2024 $127.967M $132.363M $-28.643M -22.383% $-0.057 $-24.08M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $830.46M ▲ $1.488B ▲ $649.201M ▲ $839.229M ▼
Q2-2025 $821.587M ▼ $1.215B ▼ $371.157M ▲ $843.433M ▼
Q1-2025 $988.437M ▼ $1.35B ▼ $362.367M ▼ $987.26M ▼
Q4-2024 $1.102B ▼ $1.463B ▲ $378.186M ▲ $1.085B ▼
Q3-2024 $1.104B $1.436B $340.178M $1.096B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.624M ▼ $86.767M ▲ $182.52M ▲ $-27.848M ▲ $260.521M ▲ $78.504M ▲
Q2-2025 $-647K ▲ $12.547M ▲ $60.858M ▲ $-171.579M ▼ $-98.174M ▼ $4.673M ▲
Q1-2025 $-8.26M ▲ $9.987M ▼ $14.861M ▼ $-116.967M ▼ $-92.119M ▼ $2.662M ▼
Q4-2024 $-27.118M ▲ $24.755M ▲ $33.747M ▲ $-21.903M ▲ $36.599M ▲ $20.502M ▲
Q3-2024 $-28.643M $7.281M $9.705M $-55.299M $-38.313M $2.986M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Services Revenue
Other Services Revenue
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Platform Service Revenue Net
Platform Service Revenue Net
 $250.00M ▲$130.00M ▼$140.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Marqeta’s income statement shows a company maturing. Revenue climbed strongly after going public but has eased back from its peak, so growth is no longer in a straight line up. The encouraging side is on profitability: gross profit has steadily improved, and operating losses have narrowed dramatically over time. In the most recent year the company moved from meaningful losses to a small profit, indicating tighter cost control and better unit economics. Still, this profitability is new and not yet battle‑tested; with revenue growth slowing, the key question is whether margins can remain healthy if the company pushes again for faster expansion.

Balance Sheet

Balance Sheet The balance sheet is a relative strength. Marqeta holds a large cash position compared with its very small amount of debt, giving it a conservative financial profile and flexibility to invest or weather downturns. Total assets and shareholder equity have edged down from earlier highs, suggesting the company has been drawing on its resources to fund operations, acquisitions, and growth initiatives rather than steadily building its financial base. Even so, the company remains lightly leveraged and well-capitalized, with a meaningful cushion to support ongoing strategy, though not an unlimited one if conditions worsen or growth investments rise sharply.

Cash Flow

Cash Flow Cash flow paints a more resilient picture than the early losses might suggest. Operating activities have generally produced cash rather than burning it, and free cash flow has been positive in most years, with a clear improvement in the latest period. Capital spending is very modest, consistent with a software and services business that does not require heavy physical investment to grow. This combination of positive cash generation and sizeable cash reserves gives Marqeta room to keep investing in products and expansion. At the same time, the gradual decline in the cash balance over several years is a reminder that disciplined spending and sustained cash inflows are still important watchpoints.

Competitive Edge

Competitive Edge Marqeta occupies a differentiated spot in payments infrastructure as a modern, API‑driven card issuing platform. Its technology allows customers to build highly tailored card programs quickly, which is hard for older, legacy systems to match. Deep integration into customers’ systems and workflows creates meaningful switching costs: once a fintech, marketplace, or digital bank builds on Marqeta, moving away is complex and risky. Its roster of well‑known fintech and digital economy clients reinforces its credibility and helps attract new business. On the other hand, the company operates in a crowded and fast‑moving field with competitors ranging from traditional processors and banks to newer fintech players. Dependence on the success of sectors like gig work, e‑commerce, and “buy now, pay later” adds another layer of business risk, and maintaining differentiation as others modernize their stacks will be an ongoing challenge.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Marqeta’s story. Its cloud‑native, open‑API platform, real‑time “Just‑in‑Time” funding, and granular spend controls have reshaped what card issuing can do for developers and businesses. The company continues to expand its scope: moving into credit card issuing via the Power Finance acquisition, deepening embedded finance tools so non‑financial companies can integrate payments and lending, and rolling out features like UX toolkits, portfolio migration services, and new payment experiences. International expansion through acquisitions and partnerships adds another growth vector. All of this reflects a strong product and R&D engine, but it also requires sustained investment and careful execution to turn technical potential into durable, diversified revenue streams.

Summary

Overall, Marqeta looks like a transitioning fintech infrastructure company: it has moved from rapid growth with heavy losses toward more moderate growth with improving profitability and stronger operational discipline. Its balance sheet and cash generation provide a solid base, while its technology, developer focus, and embedded position with major customers offer clear competitive advantages. The main uncertainties center on reigniting durable revenue growth, avoiding over‑dependence on a handful of large or cyclical partners, and successfully scaling new areas such as credit issuing and international markets without eroding the margin gains achieved so far. For observers, it is both a proof‑of‑model moment—showing that the business can approach profitability—and an execution‑heavy phase where strategic choices and operational follow‑through will matter greatly to the company’s longer‑term trajectory.

NEWS

November 5, 2025 · 4:05 PM UTC

Marqeta Reports Third Quarter 2025 Financial Results

Read more

November 3, 2025 · 8:00 AM UTC

Marqeta Powers Expansion of Klarna Debit Card Across Europe

Read more

October 8, 2025 · 3:05 PM UTC

MARQETA (MQ) ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into Marqeta, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Read more

September 26, 2025 · 8:00 AM UTC

Marqeta to Announce Third Quarter 2025 Results on November 5, 2025

Read more

September 16, 2025 · 3:01 AM UTC

Marqeta's 2025 State of Payments Report Reveals Consumers and SMBs Seek Intelligent, Integrated Financial Solutions

Read more