Marqeta, Inc.

Listed Company

MQCIK 0001522540NasdaqLarge AcceleratedServices-Prepackaged SoftwareFY ends Dec 31

Period

FY 2025

Revenue

$624.88M

Net Income

$-13.90M

Total Assets

$1.53B

Equity

$761.96M

Shares Out

—

Op. Cash Flow

$162.62M

Business

Marqeta, Inc. provides a cloud-based, open API payments platform that enables companies to build and operate customized card and payment programs. It offers debit, prepaid, and credit card issuing, tokenization and digital wallet provisioning, banking and money-movement features, risk management and fraud controls, rewards and disputes management, and a self-service dashboard and developer tools. Marqeta operates modular service offerings including Managed By Marqeta (MxM) and Powered By Marqeta (PxM), issuer-processor services, RiskControl, and digital banking capabilities. The company serves global customers across industries through API integrations, Issuing Bank and Card Network partnerships, digital wallets, apps, and merchant channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	625	507	676	748	517
Costs of revenue	188	155	347	428	285
Gross profit	437	352	330	320	232
Compensation and benefits	340	398	446	362	318
Technology	65	60	56	52	34
Professional services	22	20	22	23	18
Occupancy	4	6	4	5	4
Depreciation and amortization	27	17	11	4	4
Marketing and advertising	5	3	3	4	2
Other operating expenses	20	17	18	27	14
Executive chairman long-term performance award	0	−145	53	53	—
Total operating expenses	484	376	613	530	394
Loss from operations	−46	−24	−283	−210	−162
Other income, net	33	53	52	25	−3
(Loss) income before income tax expense (benefit)	−13	28	−231	−185	−165
Income tax expense (benefit)	596,000	793,000	−8	−102,000	−640,000
Net (loss) income	−14	27	−223	−185	−164
Net (loss) income attributable to common stockholders, basic	−14	27	−223	−185	−164
Net (loss) income attributable to common stockholders, diluted	−14	27	−223	−185	−164
Change in foreign currency translation adjustment	2	−468,000	−40,000	−167,000	−14,000
Net change in unrealized (loss) gain on short-term investments	−243,000	−608,000	8	−5	−2
Net other comprehensive income (loss)	2	−1	8	−5	−2
Comprehensive (loss) income	−12	26	−215	−190	−166
Basic (in dollars per share)	−0.03	0.05	−0.42	−0.34	−0.45
Diluted (in dollars per share)	−0.03	0.05	−0.42	−0.34	−0.45
Basic (in shares)	462	511	533	545	363
Diluted (in shares)	462	519	533	545	363

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	709	923	981	1,184	1,248
Restricted cash	308	9	9	8	8
Short-term investments	62	179	269	441	453
Accounts receivable, net	41	30	20	16	13
Settlements receivable, net	18	16	30	18	11
Network incentives receivable	61	67	54	43	30
Prepaid expenses and other current assets	35	25	27	38	36
Total current assets	1,235	1,249	1,389	1,747	1,799
Operating lease right-of-use assets, net	8	3	6	9	11
Property and equipment, net	60	38	19	7	10
Intangible assets, net	51	30	36	0	—
Goodwill	155	124	124	0	—
Other assets	15	20	17	7	—
Total assets	1,525	1,463	1,590	1,770	1,830
Accounts payable	2	527,000	1	4	3
Revenue share payable	225	193	174	142	121
Funds payable and amounts due to customers	307	0	—	—	—
Accrued expenses and other current liabilities	216	177	162	137	114
Total current liabilities	749	371	337	283	238
Operating lease liabilities, net of current portion	6	870,000	5	9	12
Other liabilities	8	6	5	5	7
Total liabilities	763	378	346	297	257
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 399,392 and 470,824 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. 600,000 and 600,000 Class B shares authorized, 32,864 and 33,472 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	43,000	50,000	52,000	53,000	54,000
Additional paid-in capital	1,572	1,883	2,068	2,082	1,993
Accumulated other comprehensive income (loss)	2	−314,000	762,000	−7	−2
Accumulated deficit	−812	−798	−825	−602	−417
Total stockholders equity	762	1,085	1,243	1,473	1,573
Total liabilities and stockholders equity	1,525	1,463	1,590	1,770	1,830

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	105	137	128	108	143
Non-cash operating leases expense	2	2	3	2	2
Amortization of premium on short-term investments	−755,000	−3	−4	277,000	1
Non-cash postcombination compensation expense	0	0	32	0	0
Other	558,000	2	736,000	649,000	3
Accounts receivable	−9	−11	−5	−3	−5
Settlements receivable	−2	14	−12	−7	2
Network incentives receivable	6	−13	−11	−12	−10
Prepaid expenses and other assets	−2	462,000	8	−9	−8
Accounts payable	−81,000	−350,000	−2	254,000	190,000
Revenue share payable	31	20	31	21	43
Accrued expenses and other liabilities	23	15	15	22	49
Operating lease liabilities	−4	−3	−3	−3	−3
Net cash provided by operating activities	163	58	21	−13	57
Restricted cash acquired in business combination	230	0	0	—	—
Maturities of short-term investments	121	92	502	77	149
Cash paid for business acquisition, net of cash acquired	−46	0	−136	0	0
Capitalization of internal-use software	−28	−19	−12	0	0
Purchases of short-term investments	−4	0	−892	−70	−455
Purchases of property and equipment	−2	−2	−762,000	−2	−3
Sales of short-term investments	0	0	578	0	0
Realized loss on investments	0	0	−94,000	0	0
Net cash provided by investing activities	271	71	39	29	−329
Repurchase of common stock	−391	−154	−190	−78	0
Taxes paid related to net share settlement of restricted stock units	−37	−35	−27	−15	−24
Change in funds payable and amounts due to customers	77	0	0	—	—
Proceeds from shares issued in connection with employee stock purchase plan	2	3	3	5	3
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	2	203,000	5	9	5
Payment of acquisition-related contingent consideration	0	0	−53	0	—
Net cash used in financing activities	−347	−187	−262	−79	1,299
Increase (decrease) in cash, cash equivalents, and restricted cash	86	−58	−202	−64	1,027
Cash paid for operating lease liabilities	5	5	4	4	4
Cash paid for income taxes	595,000	396,000	430,000	84,000	201,000
Share-based compensation capitalized to internal-use software	11	7	4	0	0
Contingent and holdback considerations, not yet paid	6	0	0	—	—
Operating lease right-of-use assets in exchange for lease liabilities	5	577,000	0	—	—
Repurchase of common stock, including excise tax, accrued and not yet paid	4	906,000	991,000	1	0
Purchase of property and equipment accrued and not yet paid	1	2	113,000	563,000	1

Filings

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