Revenue growth decelerated to 17.0% in 2026Q2, while gross margin improved to 69.2% and operating income turned positive at $3.6M, indicating emerging operating leverage.
Marqeta, Inc. (MQ) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 677.21M | 624.88M | 507M | 676.17M | 748.21M | 517.17M | 290.29M | 143.27M |
| Revenue Growth % | 22.41% | 23.25% | -25.02% | -9.63% | 44.67% | 78.16% | 102.62% | - |
| Cost of Goods Sold | 290.09M | 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 | 387.13M | 69.69M | 351.85M | 329.51M | 320M | 231.71M | 117.91M | 60.45M |
| Gross Margin % | 57.16% | 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 | 398.51M | 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 | 107.29M | 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 | -11.38M | -29.15M | -24.47M | -283.01M | -209.81M | -162.01M | -47.09M | -58.86M |
| Operating Margin % | -1.68% | -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 | 32.04M | -1.99M | -7.01M | -272.27M | -205.96M | -158.47M | -43.59M | -55.78M |
| EBITDA Margin % | 4.73% | -0.32% | -1.38% | -40.27% | -27.53% | -30.64% | -15.02% | -38.94% |
| EBITDA Growth % | 137.49% | 71.6% | 97.43% | -32.2% | -29.96% | -263.56% | 21.86% | - |
| D&A (Non-Cash Add-back) | 43.42M | 27.16M | 17.46M | 10.74M | 3.85M | 3.53M | 3.5M | 3.08M |
| EBIT | 2.36M | -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 | 22.62M | 15.82M | 52.55M | 52.44M | 24.93M | -2.56M | -521K | 698K |
| Pretax Income | 11.24M | -13.33M | 28.08M | -230.57M | -184.88M | -164.57M | -47.61M | -58.16M |
| Pretax Margin % | 1.66% | -2.13% | 5.54% | -34.1% | -24.71% | -31.82% | -16.4% | -40.6% |
| Income Tax | 853K | 596K | 793K | -7.61M | -102K | -640K | 87K | 35K |
| Effective Tax Rate % | 7.59% | -4.47% | 2.82% | 3.3% | 0.06% | 0.39% | -0.18% | -0.06% |
| Net Income | 10.38M | -13.93M | 27.29M | -222.96M | -184.78M | -163.93M | -47.7M | -58.2M |
| Net Margin % | 1.53% | -2.23% | 5.38% | -32.97% | -24.7% | -31.7% | -16.43% | -40.62% |
| Net Income Growth % | 116.06% | -151.03% | 112.24% | -20.66% | -12.72% | -243.7% | 18.05% | - |
| Net Income (Continuing) | 10.38M | -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) | 0.10 | -0.12 | 0.21 | -1.68 | -1.36 | -1.20 | -0.36 | -0.44 |
| EPS Growth % | 118.94% | -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 | 106.8M | 115.54M | 129.71M | 133.14M | 136.35M | 135.35M | 134.27M | 134.27M |
| Basic Shares Outstanding | 105.47M | 115.54M | 127.77M | 133.14M | 136.35M | 135.35M | 134.27M | 134.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Client concentration and margin pressure
Metrics are mathematically derived from official filings.
Growth Deceleration Amid Renewal
Revenue growth slowed to 17.0% in 2026Q2 from 26.7% a year earlier, according to reported financials, suggesting the Block renewal may have reset the growth trajectory to a more mature phase.
The sequential revenue increase from $165.8M to $176.0M in 2026Q2 is modest, and the year-over-year growth rate has decelerated for three consecutive quarters. This pattern appears consistent with the renewal of the Block contract, which likely provides stability but at a lower growth contribution. Investors should monitor whether new program launches can offset the maturation of the core client relationship.
Gross Margin Volatility Masks Core Economics
Gross margin swung from 18.5% in 2026Q1 to 69.2% in 2026Q2, based on SEC filings, highlighting the distortive effect of revenue recognition timing and incentive payments on quarterly profitability.
The extreme quarterly volatility in gross margin—ranging from 18.5% to 70.1% over the past year—suggests that reported gross profit is not a clean measure of underlying economics. The 2026Q1 anomaly appears to be an outlier, possibly due to a one-time cost or revenue reclassification. Excluding that quarter, gross margins have stabilized around 69-70%, which is still structurally low compared to pure software peers, reflecting the pass-through nature of network fees.
Operating Leverage Emerging from Cost Discipline
Operating income turned positive at $3.6M in 2026Q2, a stark improvement from a -$8.3M loss in 2025Q4, as reported in financial statements, suggesting that SG&A and R&D are scaling more slowly than revenue.
The transition to positive operating income, despite only modest revenue growth, indicates that the company is beginning to realize operating leverage. SG&A expenses have been relatively flat or declining in absolute terms, while revenue has grown, implying improved overhead efficiency. However, the sustainability of this leverage is uncertain, as the company may need to reinvest in R&D to maintain its competitive edge against Adyen and other issuers.
EPS Beat Clouded by SBC and One-Time Items
Reported EPS of $0.07 in 2026Q2 beat estimates, but stock-based compensation of $22.4M, per income statement data, continues to dilute shareholders and inflate non-GAAP profitability.
The positive EPS in 2026Q2 is a notable turnaround from losses in prior quarters, but the quality of earnings is tempered by significant SBC, which is excluded from non-GAAP metrics. The net income of $7.6M includes a $1.2M SG&A line that appears unusually low, possibly reflecting a one-time benefit or reclassification. Investors should focus on cash-based profitability metrics to assess the true earnings power.
Cost Structure Shifts Toward Variable Model
COGS as a percentage of revenue fell to 30.8% in 2026Q2 from 34.4% in 2025Q2, based on reported figures, indicating improved cost management despite the inherently low-margin payments infrastructure.
The decline in COGS relative to revenue suggests that Marqeta is gaining some pricing power or efficiency in its network and processing costs. However, the gross margin remains around 69%, which is still low compared to software peers, reflecting the pass-through nature of interchange fees. The company's ability to maintain this margin while renewing large contracts will be critical, as any adverse renegotiation could compress margins further.
Client Concentration and Margin Compression Risks
Despite the recent EPS beat, the renewal of the Block contract likely came at lower take rates, and competition from Adyen's issuing product may pressure future margins, as per industry analysis.
The heavy reliance on Block for a significant portion of TPV remains a key risk, as any renegotiation or loss of that client would materially impact revenue. The low gross margin of ~69% leaves little room for pricing concessions, and the company's ability to offset these pressures with higher-margin software services is still unproven. Short-sellers might argue that the recent profitability is unsustainable, given the need to invest in R&D to fend off competitors.