MQ

MKT CAP:$2B

Marqeta, Inc.

Market Cap

$2B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$4.27-$0.37 (-7.97%)

Apr 23, 2026

Company Details

Marqeta, Inc. operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its soluti...

CEO

Michael Milotich

IPO Date

Jun 9, 2021

Website

www.marqeta.com

Key Metrics TTM

Revenue

$625M

+23.3% YoY

Net Income

-$14M

EPS (Diluted)

-$0.03

Free Cash Flow

$120M

Revenue / Share

$1.35

Gross Margin

70.0%

Operating Margin

-7.4%

Net Margin

-2.2%

FCF Margin

19.1%

P/S

3.1x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$625M+23.3%EPS -$0.03

Q4 2025

Feb 24, 2026

$172M+26.7%EPS -$0.00

Q3 2025

Nov 5, 2025

$163M+27.6%EPS -$0.01

Q2 2025

Aug 6, 2025

$150M+20.1%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$166M	$75M	-$49M
Q2 22	$187M	$78M	-$47M
Q3 22	$192M	$80M	-$59M
Q4 22	$204M	$87M	-$54M
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 22	3.3x	—
Q2 22	3.0x	—
Q3 22	2.7x	—
Q4 22	2.5x	—
Q1 23	2.4x	—
Q2 23	2.3x	—
Q3 23	2.5x	—
Q4 23	2.8x	—
Q1 24	3.3x	—
Q2 24	4.1x	—
Q3 24	3.9x	136.0x
Q4 24	3.8x	69.9x
Q1 25	3.6x	34.6x
Q2 25	3.4x	—
Q3 25	3.2x	—
Q4 25	3.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$47M	-$47M
Q2 22	$23M	$23M
Q3 22	-$4M	-$5M
Q4 22	$15M	$13M
Q1 23	-$11M	-$14M
Q2 23	-$26M	-$29M
Q3 23	$41M	$38M
Q4 23	$17M	$14M
Q1 24	$426.0K	-$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

Quarter	CapEx
Q1 22	$612.0K
Q2 22	$256.0K
Q3 22	$1M
Q4 22	$2M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+53.8%	+81.5%
Q2 22	+52.7%	+22.7%
Q3 22	+45.7%	+41.8%
Q4 22	+31.1%	+33.6%
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 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$44M	22.7%
Q4 22	$45M	22.1%
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 22	—	$106M	$559.0K
Q2 22	—	$105M	$886.0K
Q3 22	—	$114M	$688.0K
Q4 22	—	$118M	$2M
Q1 23	—	$154M	$441.0K
Q2 23	—	$133M	$561.0K
Q3 23	—	$121M	$346.0K
Q4 23	—	$117M	$1M
Q1 24	—	$113M	$378.0K
Q2 24	—	—	$728.0K
Q3 24	—	$107M	$582.0K
Q4 24	—	$108M	$1M
Q1 25	—	$93M	$469.0K
Q2 25	—	$86M	$711.0K
Q3 25	$17M	$6M	$895.0K
Q4 25	—	$174M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	53.8%	-29.1%	24.7
Q2 22	52.7%	-24.5%	28.1
Q3 22	45.7%	-30.6%	15.1
Q4 22	31.1%	-26.2%	5.0
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

Rule of 40

Revenue Segments

Quarter	Other Services Revenue	Platform Service Revenue, Net
Q1 22	$5M	$161M
Q2 22	$6M	$181M
Q3 22	$6M	$186M
Q4 22	$6M	$198M
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 22	$1.2B	$447M	$1.6B
Q2 22	$1.2B	$445M	$1.7B
Q3 22	$1.2B	$441M	$1.6B
Q4 22	$1.2B	$441M	$1.6B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	543M	+0.4%	+2.3%
Q2 22	545M	+0.4%	+1.9%
Q3 22	549M	+0.8%	+1.9%
Q4 22	545M	-0.8%	+0.8%
Q1 23	540M	-0.9%	-0.5%
Q2 23	538M	-0.3%	-1.2%
Q3 23	529M	-1.6%	-3.6%
Q4 23	522M	-1.4%	-4.1%
Q1 24	518M	-0.8%	-4.0%
Q2 24	524M	+1.2%	-2.6%
Q3 24	507M	-3.3%	-4.2%
Q4 24	503M	-0.8%	-3.7%
Q1 25	501M	-0.3%	-3.2%
Q2 25	462M	-7.9%	-12.0%
Q3 25	449M	-2.8%	-11.5%
Q4 25	462M	+3.0%	-8.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$210.5K	789
Q2 22	$236.6K	789
Q3 22	$242.9K	789
Q4 22	$212.7K	958
Q1 23	$226.9K	958
Q2 23	$241.2K	958
Q3 23	$113.7K	958
Q4 23	$154.1K	771
Q1 24	$153.0K	771
Q2 24	$162.5K	771
Q3 24	$166.0K	771
Q4 24	$159.0K	854
Q1 25	$162.8K	854
Q2 25	$176.1K	854
Q3 25	$191.2K	854
Q4 25	$183.5K	938

Revenue / Employee