Marqeta, Inc. (MQ)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$677.2M

Revenue growth

22.4%

Net income, last twelve months

$10.4M

Earnings per share

$0.11

Gross margin

70.0%

Operating margin

-1.9%

Net margin

1.5%

Return on equity

1.5%

Market value

$1.9B

Price to earnings

165.1x

Cash

$691.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Processing volume rose 32% to $120 billion. Total processing volume was $120 billion, up 32% year over year from $91 billion in the second quarter of 2025.
• Net revenue and gross profit each rose 17%. Net revenue was $176 million and gross profit $122 million, each up 17% year over year. Management attributed the net revenue increase primarily to higher volumes.
• GAAP net income of $8 million. GAAP net income was $7.6 million, or $0.07 diluted per share, against a net loss of $0.6 million a year earlier. Net income margin was 4%.
• Adjusted EBITDA up 31% to $37 million. Adjusted EBITDA was $37.4 million, up $9 million from a year earlier, with a margin of 21% of net revenue, two points higher than last year.
• Operating income of $3.6 million. Income from operations was $3.6 million, against a $9.2 million loss a year earlier. First-half operating income was $5.7 million.
• Volume rose from first quarter. Quarterly processing volume rose from $112.4 billion in the first quarter of 2026 to $120.4 billion in the second quarter. Volume growth was 33% in the first quarter.
• First-half volume up 32%. Six-month processing volume reached $232.8 billion, up 32% from $175.9 billion in the first half of 2025.
• Mix shift toward minimal-management card programs. Net revenue growth was partly offset by unfavorable mix, as card programs where Marqeta provides processing with minimal or no program management grew faster.
• Expensify extends corporate card to Europe. Expensify used Marqeta's multinational card issuing to offer its corporate card to businesses across Europe, building on a long-term U.S. relationship.
• Stablecoin card spending partnerships. Partnerships with zerohash and BVNK are intended to let customers launch multinational and stablecoin-backed cards that link to existing card rails.
• Real-time fraud decisioning adds partner data. Adyen, Riskified and Signifyd data is being added to the ML Risk Score and fraud detection, which management said helps reduce fraud and raise authorization rates.
• Total operating expenses up 4%. Total operating expenses rose 4% to $118.2 million. Adjusted operating expenses, which exclude depreciation, share-based compensation and other items, rose 12% to $84.5 million.
• Compensation fell while technology rose. Compensation and benefits fell 4% to $78.3 million, while technology expense rose 14% to $18.4 million.
• Depreciation and amortization up 46%. Depreciation and amortization rose 46% to $9.7 million from $6.7 million a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 52 held.

Every filing

The newest filings with the SEC of 125 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

277 funds held it at 30 Jun 2026: 95 added and 61 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

Marqeta, Inc. runs a single, global, cloud-based platform with open APIs for card issuing and transaction processing. Customers use it to create and manage debit, prepaid and credit card programs and to embed payments into their own apps or websites. Marqeta is certified to operate in more than 40 countries. It was incorporated in Delaware in 2010, had 938 employees as of 31 December 2025, and its Class A common stock trades on the Nasdaq Global Select Market under the symbol MQ.

What it sells

Marqeta describes four offerings, chosen by how much control and responsibility a customer wants:

- Processing: issuer processor services, the core offering for all customers. It includes dashboard access through APIs and webhooks and a feature called Just-in-Time Funding. - Bank and Network Management: connecting a customer to an Issuing Bank partner that acts as BIN sponsor, and managing compliance with Card Network rules. - Program Management: chargebacks and dispute resolution, reconciliation and card fulfillment. - Value Added Services: tokenization, real-time decisioning and fraud management, digital banking and customer experience services.

Customers can issue virtual and physical cards. Marqeta for Banking offers savings accounts, demand deposit accounts, direct deposit with early pay, ACH, cash loads and bill pay through its Issuing Bank partners. For credit programs, Marqeta supplies a rewards engine and an underwriting decisioning engine. Marqeta Hub, previously named Marqeta Flex, puts buy now, pay later options inside payment apps and wallets. Portfolio Migration moves existing card programs onto the platform.

How it earns money

Net revenue has two parts: platform services revenue, net, and other services revenue. Platform services revenue is mainly Interchange Fees, which a Card Network sets and a merchant bank pays to the Issuing Bank. Marqeta's contracts with Issuing Banks entitle it to all of these fees. It passes part of them to customers as Revenue Share, which is recorded as a reduction to net revenue. Platform services revenue also includes processing and other fees, priced as a percentage of volume or per transaction, for example on ATM use and cross-border purchases. Other services revenue is mainly card fulfillment.

Costs of revenue are mostly Card Network fees and Issuing Bank fees. Issuing Bank fees are typically tiered by volume, so as processing volume grows they fall as a percentage of it. Card Networks also pay Marqeta incentives that reduce its network fees. The company treats total processing volume as its key operating metric. It is the dollar amount of payments processed through the platform, net of returns and chargebacks.

Who buys from it

Customers come from financial services, on-demand services, lending including buy now, pay later, expense management and e-commerce enablement. Use cases include consumer credit cards, point-of-sale lending, earned wage access, expense management and on-demand delivery.

Block, Inc. is the largest customer and accounted for 45% of net revenue in 2025. Under a master services agreement dated 19 April 2016, Marqeta manages card programs for Block's Cash App, Square Debit Card and Square Card Canada. Afterpay is reported within the Block business. The Cash App and Square Debit Card program term runs to 30 June 2028 and then renews automatically for one-year periods unless terminated earlier.

Banks and card networks

Marqeta picks the Issuing Bank for each customer's program, though the bank must approve it. Sutton Bank is the largest Issuing Bank partner by processing volume, under an agreement dated 1 April 2016 whose current term expires in 2029. Marqeta works with Visa, Mastercard and PULSE as Card Networks. Its Visa strategic alliance dates from 2017 and its Mastercard strategic relationship from 2020. The PULSE direct processor agreement dates from 2013 and its term runs to 2031. Each network provides tiered incentives based on volume routed through it.

Where it operates and how it is regulated

Marqeta completed its acquisition of TransactPay on 31 July 2025. TransactPay holds e-money institution licences that let Marqeta provide BIN sponsorship and card issuance in the UK, Gibraltar and the EEA. It is directly supervised under European payment services and e-money laws, with authorisations from the Gibraltar Financial Services Commission and Malta Financial Services Authority. In Canada, the Bank of Canada supervises its subsidiary Marqeta Payments LLC under the Retail Payment Activities Act. In the United States, its subsidiary Marqeta Services LLC holds state licences for servicing, collections and brokering.

Marqeta is also subject, directly or through its Issuing Banks, to Consumer Financial Protection Bureau oversight, the Durbin Amendment limits on debit Interchange Fees, Regulation E, anti-money laundering rules and PCI DSS. It generally works with Issuing Banks that are exempt from the Durbin caps.

How it competes and its people

Marqeta sorts competitors into providers with legacy technology platforms, modern API-based providers and emerging providers. It says it competes mainly on the depth and breadth of its platform. It lists pricing, multiple program types, multinational reach, reliability, compliance solutions and program management among the competitive factors. It acknowledges that some competitors have greater financial and operating resources.

None of its employees is represented by a labor union or covered by a collective bargaining agreement. The company supplements its workforce with contractors and consultants. A dedicated Privacy team runs its global privacy program, and employees take privacy training at hire and each year.

*From Marqeta's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1522540/000152254026000017/mq-20251231.htm)*

From the company's 10-K.