Revenue growth reached 19.2% in 2026Q1, supported by stable gross margins that have consistently hovered near the 70% level over recent quarters.
| Sales/Revenue | 651.61M | 624.88M | 507M | 676.17M | 748.21M | 517.17M | 290.29M | 143.27M |
| Revenue Growth % | 23.39% | 23.25% | -25.02% | -9.63% | 44.67% | 78.16% | 102.62% | - |
| Cost of Goods Sold | 282.3M | 555.19M | 155.15M | 346.66M | 428.2M | 285.47M | 172.38M | 82.81M |
| COGS % of Revenue | - | 88.85% | 30.6% | 51.27% | 57.23% | 55.2% | 59.38% | 57.8% |
| Gross Profit | 369.31M | 69.69M | 351.85M | 329.51M | 320M | 231.71M | 117.91M | 60.45M |
| Gross Margin % | 56.68% | 11.15% | 69.4% | 48.73% | 42.77% | 44.8% | 40.62% | 42.2% |
| Gross Profit Growth % | - | -80.19% | 6.78% | 2.97% | 38.11% | 96.52% | 95.04% | - |
| Operating Expenses | 393.56M | 98.84M | 376.31M | 612.53M | 529.81M | 393.71M | 164.99M | 119.32M |
| OpEx % of Revenue | - | 15.82% | 74.22% | 90.59% | 70.81% | 76.13% | 56.84% | 83.28% |
| Selling, General & Admin | 193.24M | 98.84M | 282.02M | 528.2M | 447.08M | 343.02M | 143M | 101.32M |
| SG&A % of Revenue | - | 15.82% | 55.63% | 78.12% | 59.75% | 66.33% | 49.26% | 70.72% |
| Research & Development | 16.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 0 | 94.3M | 84.33M | 82.73M | 50.69M | 22M | 17.99M |
| Operating Income | -24.25M | -29.15M | -24.47M | -283.01M | -209.81M | -162.01M | -47.09M | -58.86M |
| Operating Margin % | -3.72% | -4.67% | -4.83% | -41.86% | -28.04% | -31.33% | -16.22% | -41.09% |
| Operating Income Growth % | - | -19.16% | 91.36% | -34.89% | -29.51% | -244.06% | 20.01% | - |
| EBITDA | 6.44M | -1.99M | -7.01M | -272.27M | -205.96M | -158.47M | -43.59M | -55.78M |
| EBITDA Margin % | 0.99% | -0.32% | -1.38% | -40.27% | -27.53% | -30.64% | -15.02% | -38.94% |
| EBITDA Growth % | -75.32% | 71.6% | 97.43% | -32.2% | -29.96% | -263.56% | 21.86% | - |
| D&A (Non-Cash Add-back) | 30.69M | 27.16M | 17.46M | 10.74M | 3.85M | 3.53M | 3.5M | 3.08M |
| EBIT | 2.72M | -13.33M | 28.08M | -230.57M | -184.88M | -164.57M | -47.09M | -58.86M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 26.97M | 15.82M | 52.55M | 52.44M | 24.93M | -2.56M | -521K | 698K |
| Pretax Income | 2.72M | -13.33M | 28.08M | -230.57M | -184.88M | -164.57M | -47.61M | -58.16M |
| Pretax Margin % | 0.42% | -2.13% | 5.54% | -34.1% | -24.71% | -31.82% | -16.4% | -40.6% |
| Income Tax | 554K | 596K | 793K | -7.61M | -102K | -640K | 87K | 35K |
| Effective Tax Rate % | 20.35% | -4.47% | 2.82% | 3.3% | 0.06% | 0.39% | -0.18% | -0.06% |
| Net Income | 2.17M | -13.93M | 27.29M | -222.96M | -184.78M | -163.93M | -47.7M | -58.2M |
| Net Margin % | 0.33% | -2.23% | 5.38% | -32.97% | -24.7% | -31.7% | -16.43% | -40.62% |
| Net Income Growth % | -96.06% | -151.03% | 112.24% | -20.66% | -12.72% | -243.7% | 18.05% | - |
| Net Income (Continuing) | 2.17M | -13.93M | 27.29M | -222.96M | -184.78M | -163.93M | -47.7M | -58.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | -0.12 | 0.21 | -1.68 | -1.36 | -1.20 | -0.36 | -0.44 |
| EPS Growth % | -94.76% | -157.03% | 112.52% | -23.53% | -13.33% | -237.84% | 19.27% | - |
| EPS (Basic) | - | -0.12 | 0.21 | -1.68 | -1.36 | -1.20 | -0.36 | -0.44 |
| Diluted Shares Outstanding | 108.39M | 115.54M | 129.71M | 133.14M | 136.35M | 135.35M | 134.27M | 134.27M |
| Basic Shares Outstanding | 107.15M | 115.54M | 127.77M | 133.14M | 136.35M | 135.35M | 134.27M | 134.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High client concentration dependency
According to recent quarterly filings, Marqeta has demonstrated a consistent revenue expansion, with growth reaching 19.2% in 2026Q1, signaling that the company is successfully scaling its transaction-based model despite the inherent volatility associated with its heavy reliance on a concentrated base of high-volume digital commerce clients.
The acceleration in revenue growth suggests that the company's platform-centric approach is gaining traction, potentially indicating successful cross-selling or increased volume from existing programs. Investors should monitor whether this growth remains durable as the company attempts to diversify its client mix beyond its primary historical partners.
Based on the reported financial statements, Marqeta has maintained gross margins consistently near the 70% level over the last several quarters, which appears to reflect a stable cost-of-revenue structure despite the competitive pressures inherent in the modern card issuing and payment processing infrastructure landscape.
The ability to sustain these margins suggests that the company possesses some degree of pricing power or operational efficiency in its network fee management. However, the reliance on interchange-linked revenue warrants caution, as any shifts in network fee structures or client contract renewals could lead to unexpected margin compression.
As indicated by the transition from significant operating losses in 2024 to a positive operating income of $2.1 million in 2026Q1, Marqeta appears to be achieving better overhead efficiency as its revenue base scales against a more disciplined approach to managing its general and administrative expenses.
This shift suggests that the company is moving past its heavy investment phase, though the sustainability of this operating leverage remains to be proven. Analysts should scrutinize whether this profitability is driven by core operational improvements or temporary reductions in discretionary spending.
Data from recent filings reveals that Marqeta continues to issue significant stock-based compensation, with $20 million recorded in 2026Q1 alone, which suggests that GAAP net income figures may be bolstered by non-cash items that do not fully reflect the underlying cash-generative capacity of the core business.
The persistent use of equity-based incentives warrants further investigation into the potential for shareholder dilution and the true economic cost of talent retention. Investors should focus on the gap between GAAP earnings and cash-based performance metrics to gauge the quality of the company's recent return to profitability.
While the company has shown recent growth, the historical reliance on a single major client, as noted in various regulatory disclosures, presents a significant risk factor that could lead to rapid revenue contraction should contract terms shift or if that specific client's processing volumes decline unexpectedly.
The current income statement narrative may be overly optimistic regarding the company's diversification efforts, as the lack of a broader, more resilient client base remains a structural vulnerability. Short-term profitability gains may be fragile if they are tied to specific, non-recurring contract incentives rather than sustainable, organic volume growth.
Quick answers to the most common questions about buying MQ stock.
For fiscal year 2025, Marqeta, Inc. (MQ) reported total revenue of $624.9M. This represents a 336.2% increase compared to $143.3M in 2019.
Marqeta, Inc. (MQ) reported a net loss of $13.9M for the fiscal year ending 2025.
Marqeta, Inc. (MQ) reported an operating income of $-29.2M, resulting in an operating profit margin of -4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Marqeta, Inc. (MQ) generated $69.7M in gross profit for the year, representing a gross profit margin of 11.2%. This demonstrates the company's core pricing power and production efficiency.