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Marqeta, Inc. operates a cloud-based open API platform for card issuing and transaction processing services in the United States. The company's platform also provides processor services, bank and network management, program management, and value added services; card issuing, such as debit, prepaid, credit, virtual, and physical cards; UI/UX; access to a suite of bank account and money movement features, including savings accounts, demand deposit accounts, direct deposit with early pay, ACH, cash loads, and fee-free ATMs, bill pay, and instant funding capabilities; Marqeta Dashboard, a self-service portal to access and manage all aspects of card program; TransactPay; Marqeta Hub for consumers, buy now, pay later (BNPL) providers, and card issuers; and credit capabilities, as well as Portfolio Migration which simplifies upgrading existing card programs into its platform. It offers its solutions in various verticals, including financial services, on-demand services, lending, expense management, and e-commerce enablement, as well as BNPL providers. Marqeta, Inc. was incorporated in 2010 and is headquartered in Oakland, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $625M | $-19M | $-14M | $132M | -1.8% | 23.3% | -151.0% |
| 2024 | $507M | $-7M | $27M | $37M | 2.5% | -25.0% | -112.2% |
| 2023 | $676M | $-272M | $-223M | $8M | -17.9% | -9.6% | 20.7% |
| 2022 | $748M | $-206M | $-185M | $-17M | -12.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 748.21 | 676.17 | 507 | 624.88 |
| Operating Revenue | - | 725.63 | 654.55 | 481.66 | 594.14 |
| Cost Of Revenue | - | 428.20 | 346.66 | 155.15 | 187.61 |
| Gross Profit | - | 320 | 329.51 | 351.85 | 437.27 |
| Operating Expense | - | 529.81 | 612.53 | 376.32 | 483.70 |
| Selling General And Administration | - | 447.08 | 528.20 | 282.02 | 371.14 |
| Total Expenses | - | 958.01 | 959.19 | 531.46 | 671.31 |
| Operating Income | - | -209.81 | -283.02 | -24.47 | -46.43 |
| Total Operating Income As Reported | - | -209.81 | -283.02 | -24.47 | -46.43 |
| EBITDA | - | -205.96 | -272.27 | -7.01 | -19.27 |
| Normalized EBITDA | - | -205.96 | -272.27 | -7.01 | -19.27 |
| EBIT | - | -209.81 | -283.02 | -24.47 | -46.43 |
| Other Non Operating Income Expenses | - | 24.93 | 52.44 | 52.55 | 33.10 |
| Other Income Expense | - | 24.93 | 52.44 | 52.55 | 33.10 |
| Pretax Income | - | -184.88 | -230.58 | 28.08 | -13.33 |
| Tax Provision | - | -0.10 | -7.61 | 0.79 | 0.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Net Income From Continuing And Discontinued Operation | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Net Income From Continuing Operation Net Minority Interest | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Net Income | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Net Income Common Stockholders | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Net Income Including Noncontrolling Interests | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Normalized Income | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Diluted NI Availto Com Stockholders | - | -184.78 | -222.96 | 27.29 | -13.92 |
| Basic Average Shares | 362.76 | 545.40 | 532.54 | 511.06 | - |
| Diluted Average Shares | 362.76 | 545.40 | 532.54 | 518.84 | - |
| Reconciled Depreciation | - | 3.85 | 10.74 | 17.46 | 27.16 |
| Reconciled Cost Of Revenue | - | 428.20 | 346.66 | 155.15 | 187.61 |
| Depreciation Amortization Depletion Income Statement | - | 3.85 | 10.74 | 17.46 | 27.16 |
| Depreciation And Amortization In Income Statement | - | 3.85 | 10.74 | 17.46 | 27.16 |
| General And Administrative Expense | - | 443.09 | 525.64 | 279.03 | 366.06 |
| Other Gand A | - | 23.48 | 21.68 | 20.06 | 21.88 |
| Salaries And Wages | - | 415.09 | 499.60 | 252.98 | 340.42 |
| Rent Expense Supplemental | - | 4.51 | 4.36 | 6 | 3.77 |
| Other Operating Expenses | - | 78.87 | 73.59 | 76.84 | 85.40 |
| Selling And Marketing Expense | - | 4 | 2.57 | 2.99 | 5.07 |
| Rent And Landing Fees | - | 4.51 | 4.36 | 6 | 3.77 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marqeta, Inc.this co. | MQ | $1.7B | -122.72 | 2.24 | -1.8% | -52.72 |
| Flywire Corporation | FLYW | $1.8B | 133.32 | 2.15 | 1.6% | 28.82 |
| Alkami Technology, Inc. | ALKT | $1.7B | -36.34 | 4.78 | -13.2% | -90.26 |
| Wealthfront Corporation | WLTH | $1.7B | -40.87 | 2.80 | -6.8% | -13.86 |
| Payoneer Global Inc. | PAYO | $1.7B | 23.46 | 2.44 |
| - |
| - |
| - |
| - |
| 10.4% |
| 7.22 |
| Arteris, Inc. | AIP | $1.7B | -49.42 | -117.35 | 237.5% | -62.82 |
| Vishay Precision Group, Inc. | VPG | $1.7B | 322.26 | 5.07 | 1.6% | 62.39 |
| BlackLine, Inc. | BL | $1.7B | 68.68 | 5.07 | 7.4% | 17.41 |
| EverCommerce Inc. | EVCM | $1.7B | 95.62 | 2.35 | 2.5% | 16.25 |
| Peer Median | - | 46.07 | 2.62 | 2.0% | 11.74 | |