Marqeta (MQ) financial statements
Marqeta reported revenue of $625M in fiscal 2025, up 27.8% a year over 6 years.
Net income was -$14M and the operating margin -7.4%, against -41.1% in 2019.
Free cash flow was $132M, and the company returned $391M in net buybacks.
The diluted share count rose 1524% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marqeta's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $143M | $290M | $517M | $748M | $676M | $507M | $625M |
| Cost of revenue | $83M | $172M | $285M | $428M | $347M | $155M | $188M |
| Gross profit | $60M | $118M | $232M | $320M | $330M | $352M | $437M |
| Operating income | -$59M | -$47M | -$162M | -$210M | -$283M | -$24M | -$46M |
| Pre-tax income | -$58M | -$48M | -$165M | -$185M | -$231M | $28M | -$13M |
| Income tax | $35,000 | $87,000 | -$640,000 | -$102,000 | -$8M | $793,000 | $596,000 |
| Net income | -$58M | -$48M | -$164M | -$185M | -$223M | $27M | -$14M |
| Diluted shares | 28M | 31M | 91M | 136M | 533M | 519M | 462M |
| Gross margin | 42.2% | 40.6% | 44.8% | 42.8% | 48.7% | 69.4% | 70.0% |
| Operating margin | -41.1% | -16.2% | -31.3% | -28.0% | -41.9% | -4.8% | -7.4% |
| Net margin | -40.6% | -16.4% | -31.7% | -24.7% | -33.0% | 5.4% | -2.2% |
Balance sheet
Fiscal years, from Marqeta's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $60M | $370M | $1.7B | $1.6B | $1.2B | $1.1B | $772M |
| Receivables | — | $8M | $13M | $16M | $20M | $30M | $41M |
| Total current assets | — | $431M | $1.8B | $1.7B | $1.4B | $1.2B | $1.2B |
| Property, plant and equipment | — | $9M | $10M | $7M | $19M | $38M | $60M |
| Goodwill | — | — | — | $0 | $124M | $124M | $155M |
| Total assets | — | $458M | $1.8B | $1.8B | $1.6B | $1.5B | $1.5B |
| Total current liabilities | — | $141M | $238M | $283M | $337M | $371M | $749M |
| Total liabilities | — | $170M | $257M | $297M | $346M | $378M | $763M |
| Shareholders' equity | -$198M | -$214M | $1.6B | $1.5B | $1.2B | $1.1B | $762M |
| Net debt | -$60M | -$220M | -$1.2B | -$1.2B | -$981M | -$923M | -$709M |
Cash flow
Fiscal years, from Marqeta's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15M | $50M | $57M | -$13M | $21M | $58M | $163M |
| Capital spending | $5M | $2M | $3M | $2M | $13M | $21M | $30M |
| Free cash flow | -$20M | $48M | $54M | -$15M | $8M | $37M | $132M |
| Stock-based compensation | $22M | $28M | $143M | $108M | $128M | $137M | $105M |
| Share buybacks (net) | — | $0 | $0 | -$78M | -$190M | -$154M | -$391M |
| Net borrowing | -$5M | $0 | $0 | — | — | — | — |
| Free cash flow margin | -14.2% | 16.5% | 10.5% | -2.0% | 1.3% | 7.3% | 21.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MQ.
Open MQ in InvestinglyQuestions
What was Marqeta's revenue in 2025?
$625M in fiscal 2025, from its 10-K filing.
How much free cash flow does Marqeta generate?
$132M in fiscal 2025 (operating cash flow minus capital spending).
From Marqeta's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.