Marqeta, Inc.MQ

Marqeta, Inc. Segments Disclosure

10-KFiled Feb 24, 20262 min read
Segment Information
The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing, and primarily earns revenue from processing card transactions for its customers. As such, the Company operates as a single operating segment and reporting unit.
The CODM assesses performance and decides how to allocate resources based on consolidated net (loss) income as the measure of profit and loss and consolidated total assets. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses net (loss) income in the annual budgeting process and subsequent monitoring of budget versus actual results, as well as in assessing the return on consolidated total assets.
The following is the information used by the CODM in assessing segment performance:
Year Ended December 31,
202520242023
Net revenue$624,884 $506,995 $676,171 
Cost of revenue187,612 155,146 346,657 
Gross profit437,272 351,849 329,514 
Significant expenses:
Employee compensation and benefits235,631 261,033 318,856 
Share based compensation104,788 136,562 127,525 
Professional services21,879 20,057 21,679 
Technology65,005 60,059 55,612 
Occupancy and equipment3,766 5,995 4,361 
Depreciation and amortization27,163 17,460 10,741 
Marketing and advertising5,073 2,986 2,566 
Other operating expenses20,397 16,780 17,975 
Executive Chairman Long-Term Performance Award— (144,617)53,214 
Interest income33,216 53,411 52,613 
Other expense
(115)(865)(173)
Income tax expense (benefit)596 793 (7,613)
Segment and consolidated net (loss) income(1)
$(13,925)$27,287 $(222,962)
(1) The Company operates as a single reportable segment that is managed on a consolidated basis, therefore the Company’s segment net (loss) income is the same as the Company’s consolidated net (loss) income.
For the years ended December 31, 2025, 2024, and 2023, net revenue outside of the United States, based on the billing address of the customer, was 14%, 10%, and 5%, respectively.
As of December 31, 2025 and 2024, tangible long-lived assets located outside of the United States were not material and not used by the CODM in assessing and evaluating financial performance and allocating resources.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 26, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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