Stocks MQ Financial statements
Financial statementsMarqeta, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Marqeta, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 143 | 290 | 517 | 748 | 676 | 507 | 625 |
| Cost of revenue | 82.8 | 172 | 285 | 428 | 347 | 155 | 188 |
| Gross profit | 60.5 | 118 | 232 | 320 | 330 | 352 | 437 |
| Selling and marketing | 2.08 | 1.67 | 2.28 | 4 | 2.57 | 2.99 | 5.07 |
| Operating expenses | 119 | 165 | 394 | 530 | 613 | 376 | 484 |
| Operating income | -58.9 | -47.1 | -162 | -210 | -283 | -24.5 | -46.4 |
| Other non-operating income | 0.7 | -0.52 | -2.56 | 24.9 | 52.4 | 52.5 | 33.1 |
| Pre-tax income | -58.2 | -47.6 | -165 | -185 | -231 | 28.1 | -13.3 |
| Income tax | 0.04 | 0.09 | -0.64 | -0.1 | -7.61 | 0.79 | 0.6 |
| Net income | -58.2 | -47.7 | -164 | -185 | -223 | 27.3 | -13.9 |
| EBITDA | -55.8 | -43.6 | -158 | -206 | -272 | -7.01 | -19.3 |
| Shares, basic (weighted) | 114 | 123 | 363 | 545 | 533 | 511 | 462 |
| Shares, diluted (weighted) | 114 | 123 | 363 | 545 | 533 | 519 | 462 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 60.3 | 220 | 1,248 | 1,184 | 981 | 923 | 709 |
| Short-term investments | 150 | 453 | 441 | 269 | 179 | 62.5 | |
| Receivables | 8.42 | 13.2 | 15.6 | 19.5 | 30 | 41.4 | |
| Other current assets | 2.23 | 4.06 | 6.87 | 2.04 | 2.88 | 13.7 | |
| Total current assets | 431 | 1,799 | 1,747 | 1,389 | 1,249 | 1,235 | |
| Property, plant and equipment | 9.48 | 9.69 | 7.44 | 18.8 | 37.5 | 59.9 | |
| Lease right-of-use assets | 13.4 | 11.3 | 9.02 | 6.49 | 2.71 | 8.28 | |
| Goodwill | 0 | 124 | 124 | 155 | |||
| Intangible assets | 0 | 35.6 | 29.8 | 51.4 | |||
| Other non-current assets | 3.89 | 2.29 | 4.59 | 6.7 | 9 | 15.4 | |
| Total assets | 458 | 1,830 | 1,770 | 1,590 | 1,463 | 1,525 | |
| Accrued liabilities | 14.1 | 33 | 41.3 | 162 | 177 | 47.7 | |
| Deferred revenue | 3.98 | 19.1 | 17 | 7.89 | 13.6 | 11.8 | |
| Total current liabilities | 141 | 238 | 283 | 337 | 371 | 749 | |
| Lease liabilities | 15.4 | 12.4 | 9.03 | 5.13 | 0.87 | 5.54 | |
| Other non-current liabilities | 10.5 | 6.56 | 5.48 | 4.59 | 6.33 | 8.48 | |
| Total liabilities | 170 | 257 | 297 | 346 | 378 | 763 | |
| Paid-in capital | 39.8 | 1,993 | 2,082 | 2,068 | 1,883 | 1,572 | |
| Retained earnings | -254 | -417 | -602 | -825 | -798 | -812 | |
| Other comprehensive income | 0.03 | -2.23 | -7.24 | 0.76 | -0.31 | 1.51 | |
| Shareholders' equity | -198 | -214 | 1,573 | 1,473 | 1,243 | 1,085 | 762 |
| Total equity | -198 | -214 | 1,573 | 1,473 | 1,243 | 1,085 | 762 |
| Total liabilities and equity | 458 | 1,830 | 1,770 | 1,590 | 1,463 | 1,525 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -58.2 | -47.7 | -164 | -185 | -223 | 27.3 | -13.9 |
| Depreciation and amortization | 3.08 | 3.5 | 3.53 | 3.85 | 10.7 | 17.5 | 27.2 |
| Stock-based compensation | 21.8 | 28.2 | 143 | 108 | 128 | 137 | 105 |
| Deferred income tax | -0.04 | -0.08 | -0.68 | -0.47 | -7.56 | 0.1 | -0.27 |
| Change in receivables | -2.81 | -4.49 | -4.94 | -2.58 | -4.56 | -11.2 | -8.86 |
| Cash from operations | -15.4 | 50.3 | 57 | -13 | 21.1 | 58.2 | 163 |
| Capital expenditures | -4.91 | -2.38 | -2.74 | -2.32 | -0.76 | -2.42 | -1.84 |
| Acquisitions | 0 | 0 | -136 | 0 | -45.7 | ||
| Purchases of investments | -528 | -216 | -455 | -70.5 | -892 | 0 | -3.5 |
| Sales and maturities of investments | 434 | 89 | 149 | 77.4 | 502 | 92 | 121 |
| Cash from investing | -100 | -57.6 | -329 | 28.7 | 38.5 | 70.8 | 271 |
| Debt repaid | -5.01 | 0 | 0 | ||||
| Stock issued | 1.06 | 3.14 | 4.54 | 9.25 | 5.29 | 0.2 | 1.66 |
| Share buybacks | 0 | 0 | -78.1 | -190 | -154 | -391 | |
| Cash from financing | 139 | 167 | 1,299 | -79.5 | -262 | -187 | -347 |
| Net change in cash | 23.3 | 160 | 1,027 | -63.7 | -202 | -58 | 86.4 |
| Free cash flow | -20.3 | 47.9 | 54.2 | -15.3 | 20.3 | 55.8 | 161 |
| Interest paid | 0.32 | 0 | 0 | 0 | 0 | 0 | |
| Income taxes paid | 0 | 0.11 | 0.2 | 0.08 | 0.43 | 0.4 | 0.6 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 70.0% | Gross profit / revenue. |
| Operating margin | -1.9% | Operating income / revenue. |
| EBITDA margin | 3.1% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 1.7% | Pre-tax income / revenue. |
| Net margin | 1.5% | Net income / revenue. |
| FCF margin | 29.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 29.5% | Cash from operations / revenue. |
| Effective tax rate | 7.6% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 1.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 0.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | -49.5% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 13.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 5.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 23.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -5.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 16.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 24.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 11.0% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 30.0% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -151.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 179.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 5y | 26.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 188.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 27.4% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -29.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -19.7% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 4.2% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -4.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 27.2% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -10.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -5.4% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 30.3% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.66x | Current assets / current liabilities. |
| Quick ratio | 1.14x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.06x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 48.6% | Total liabilities / total assets. |
| Working capital | $439.8M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 14.3% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $515.9M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.49x | Revenue / average total assets. |
| Fixed asset turnover | 10.1x | Revenue / average property, plant and equipment. |
| Receivables turnover | 13.3x | Revenue / average receivables. |
| Days sales outstanding | 27 days | 365 x average receivables / revenue. |
| FCF conversion | 1,909.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 0.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.10 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $6.34 | Revenue / diluted weighted shares. |
| FCF per share | $1.86 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.87 | Cash from operations / diluted weighted shares. |
| Book value per share | $6.70 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $4.83 | Tangible book value / shares outstanding. |
| Cash per share | $6.56 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 106.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.77B | Share price x shares outstanding. |
| Enterprise value | $1.06B | Market cap + total debt - cash - short-term investments. |
| P/E | 170x | Market cap / net income. Only when net income is positive. |
| P/S | 2.61x | Market cap / revenue. |
| P/B | 2.47x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 3.42x | Market cap / tangible book value, when positive. |
| P/FCF | 8.91x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 8.83x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.57x | Enterprise value / revenue. |
| EV/EBITDA | 51.2x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 5.37x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 11.2% | Free cash flow / market cap. |
| Earnings yield | 0.6% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 11.9% | (Dividends paid + share buybacks) / market cap. |
What was Marqeta, Inc.'s revenue in fiscal 2025?
Marqeta, Inc. reported revenue of $624.9M for fiscal 2025, 23.3% higher than the year before.
Was Marqeta, Inc. profitable in fiscal 2025?
No. It reported a net loss of $13.9M.
How much free cash flow did Marqeta, Inc. generate in fiscal 2025?
Cash from operations of $162.6M minus capital expenditures of $1.8M left free cash flow of $160.8M.