MQ (Marqeta, Inc.) Stock Financials & Earnings | Market Cap Arena

MQ (Marqeta, Inc.) Stock Financials & Earnings | Market Cap Arena

MQMarqeta, Inc.

Mkt Cap$2B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Revenue (TTM)$625M

Net Income (TTM)-$14M

EPS (TTM)-$0.03

Free Cash Flow (TTM)$120M

Gross Margin70.0%

Op. Margin-7.4%

Net Margin-2.2%

FCF Margin19.1%

P/S Ratio (TTM)2.9x

P/E Ratio (TTM)—

YoY Rev Growth+23.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$217M	$89M	-$87M
Q2 23	$231M	$85M	-$69M
Q3 23	$109M	$73M	-$70M
Q4 23	$119M	$83M	-$56M
Q1 24	$118M	$84M	-$50M
Q2 24	$125M	$79M	$105M
Q3 24	$128M	$90M	-$42M
Q4 24	$136M	$98M	-$37M
Q1 25	$139M	$99M	-$19M
Q2 25	$150M	$104M	-$9M
Q3 25	$163M	$115M	-$10M
Q4 25	$172M	$120M	-$8M

Valuation

Quarter	P/S	P/E
Q1 23	2.3x	—
Q2 23	2.2x	—
Q3 23	2.4x	—
Q4 23	2.7x	—
Q1 24	3.1x	—
Q2 24	3.9x	—
Q3 24	3.7x	129.4x
Q4 24	3.6x	66.5x
Q1 25	3.4x	33.0x
Q2 25	3.3x	—
Q3 25	3.1x	—
Q4 25	2.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$11M	-$14M
Q2 23	-$26M	-$29M
Q3 23	$41M	$38M
Q4 23	$17M	$14M
Q1 24	$426K	-$6M
Q2 24	$26M	$20M
Q3 24	$7M	$3M
Q4 24	$25M	$21M
Q1 25	$10M	$3M
Q2 25	$13M	$5M
Q3 25	$87M	$79M
Q4 25	$53M	$34M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$6M
Q2 24	$6M
Q3 24	$4M
Q4 24	$4M
Q1 25	$7M
Q2 25	$8M
Q3 25	$8M
Q4 25	$20M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+30.8%	+41.5%
Q2 23	+23.8%	+28.8%
Q3 23	-43.2%	-28.8%
Q4 23	-41.7%	-32.1%
Q1 24	-45.7%	-44.9%
Q2 24	-45.8%	-93.3%
Q3 24	+17.5%	-4.8%
Q4 24	+14.3%	-1.1%
Q1 25	+17.9%	-6.1%
Q2 25	+20.1%	+689.1%
Q3 25	+27.6%	+2.0%
Q4 25	+26.7%	+4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$46M	21.2%
Q2 23	$18M	7.7%
Q3 23	$32M	29.5%
Q4 23	$45M	37.9%
Q1 24	$31M	26.5%
Q2 24	$36M	29.0%
Q3 24	$36M	27.9%
Q4 24	$33M	24.5%
Q1 25	$26M	18.6%
Q2 25	$27M	18.0%
Q3 25	$26M	15.7%
Q4 25	$26M	15.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	—	$154M	$441K
Q2 23	—	$133M	$561K
Q3 23	—	$121M	$346K
Q4 23	—	$117M	$1M
Q1 24	—	$113M	$378K
Q2 24	—	—	$728K
Q3 24	—	$107M	$582K
Q4 24	—	$108M	$1M
Q1 25	—	$93M	$469K
Q2 25	—	$86M	$711K
Q3 25	$17M	$6M	$895K
Q4 25	—	$174M	—

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	30.8%	-39.3%	-8.5
Q2 23	23.8%	-29.0%	-5.2
Q3 23	-43.2%	-61.3%	-104.4
Q4 23	-41.7%	-44.8%	-86.5
Q1 24	-45.7%	-39.3%	-85.0
Q2 24	-45.8%	87.0%	41.2
Q3 24	17.5%	-18.8%	-1.3
Q4 24	14.3%	-23.5%	-9.2
Q1 25	17.9%	-9.5%	8.4
Q2 25	20.1%	-1.7%	18.3
Q3 25	27.6%	4.2%	31.8
Q4 25	26.7%	2.0%	28.8

Revenue Segments

Quarter	Other Services Revenue	Platform Service Revenue, Net
Q1 23	$7M	$210M
Q2 23	$5M	$226M
Q3 23	$5M	$104M
Q4 23	$5M	$114M
Q1 24	$4M	$114M
Q2 24	$6M	$119M
Q3 24	$6M	$122M
Q1 25	$7M	$132M
Q2 25	$7M	$143M
Q3 25	$8M	$156M
Q4 25	$9M	$163M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.1B	$409M	$1.5B
Q2 23	$950M	$432M	$1.4B
Q3 23	$948M	$349M	$1.3B
Q4 23	$981M	$269M	$1.2B
Q1 24	$970M	$228M	$1.2B
Q2 24	$925M	$229M	$1.2B
Q3 24	$886M	$218M	$1.1B
Q4 24	$923M	$179M	$1.1B
Q1 25	$831M	$158M	$988M
Q2 25	$733M	$89M	$822M
Q3 25	$747M	$83M	$830M
Q4 25	$982M	$98M	$1.1B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	540M	-0.9%
Q2 23	538M	-0.3%
Q3 23	529M	-1.6%
Q4 23	522M	-1.4%
Q1 24	518M	-0.8%
Q2 24	524M	+1.2%
Q3 24	507M	-3.3%
Q4 24	503M	-0.8%
Q1 25	501M	-0.3%
Q2 25	462M	-7.9%
Q3 25	449M	-2.8%
Q4 25	462M	+3.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 19	—	—
FY 20	—	—
FY 21	$655K	789
FY 22	$781K	958
FY 23	$877K	771
FY 24	$594K	854
FY 25	$666K	938