Every 10-Q that Marqeta, Inc. (MQ) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MQ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MQ filings page.
Marqeta, Inc. reported Q2 2026 net revenue of $175.995 million and net income of $7.567 million, compared with a loss a year earlier. Total Processing Volume reached 120,423 (in millions), up 32%, while gross margin held at 69%. For the first half of 2026, net revenue was $341.793 million with net income of $15.401 million and Adjusted EBITDA of $70.757 million, a 21% margin.
Cash and cash equivalents were $691.4 million plus $9.5 million of short-term investments as of June 30, 2026, and management believes available liquidity will fund operations for at least 12 months. The company executed $90.2 million of share repurchases under the December 2025 program and later authorized an additional $150 million program in August 2026. A one-for-four reverse stock split became effective June 30, 2026. Risks include a single customer contributing 41–42% of net revenue, heavy reliance on one issuing bank for settlement volumes, and a $13.0 million accrued settlement for consolidated securities litigation, largely expected to be funded by insurance.
Marqeta, Inc. reported a profitable quarter as its payments platform scaled. For the three months ended March 31, 2026, net revenue rose to $165.8 million from $139.1 million, driven by a 33% increase in Total Processing Volume to $112.4 billion and growth across major use cases.
The company generated net income of $7.8 million, compared with an $8.3 million loss a year earlier, and maintained a 71% gross margin. Adjusted EBITDA improved to $33.3 million, a 20% margin, supported by lower share-based compensation and disciplined operating expenses.
Liquidity remained strong with $712.1 million in cash, cash equivalents, and short-term investments as of March 31, 2026. Marqeta repurchased about 9.4 million shares for $39.1 million under its December 2025 program and is asking stockholders to approve a potential 1-for-4 reverse stock split and proportional authorized share reduction.
Marqeta, Inc. filed its Q3 2025 10‑Q, reporting net revenue of $163.3 million and gross profit of $114.6 million. The quarter showed a net loss of $3.6 million (basic and diluted EPS -$0.01), with operating expenses down year over year.
Cash and cash equivalents were $747.2 million and short‑term investments were $83.2 million as of September 30, 2025. Operating cash flow for the nine months was $109.3 million. The July 31 acquisition of TransactPay (preliminary purchase price $59.9 million) added $234.5 million of restricted cash and introduced $233.9 million of funds payable to customers.
The company revised its network incentives accounting in Q2; for Q3 this reduced recognized incentives by $1.3 million, with a cumulative $5.5 million increase from April through September. Marqeta repurchased 45.5 million shares for $212.4 million year‑to‑date under the 2025 program, leaving $87.6 million authorized. A securities litigation settlement was reached in principle for $13.0 million; Marqeta recorded a $4.3 million expense tied to its $5.0 million insurance retention.
Marqeta (MQ) Q2 2025 10-Q highlights
- Revenue: Net revenue grew 20% YoY to $150.4 m; six-month revenue up 19% to $289.5 m.
- Volume: Total Processing Volume rose 29% YoY to $91.4 bn, signalling continued customer usage growth.
- Profitability: Gross profit jumped 31% to $104.1 m, lifting gross margin from 63% to 69% after a policy change that accelerated $6.8 m of network incentives.
- Bottom line: GAAP net loss was $0.6 m (-$0.00 per share) versus $119.1 m profit in the prior-year quarter, which had included a $157.7 m one-time reversal of the Executive Chairman award. Adjusted EBITDA turned positive at $28.5 m (19% margin).
- Cash & Liquidity: Cash, equivalents and short-term investments total $821.6 m, down $280 m YTD, mainly from $273 m of share repurchases; $106.9 m remains authorised under the 2025 buy-back.
- Balance sheet: No debt; working-capital ratio 2.7x. Share count fell to 449.5 m from 504.3 m at year-end.
- Key risks: One customer generated 46% of revenue; 66% of processing volume routed through a single issuing bank (Sutton Bank). Outstanding securities litigation filed December 2024. Concentrated revenue and regulatory changes remain material risks.
- Strategic moves: Closed €46 m acquisition of UK/Europe BIN sponsor Transact Payments on 31 Jul 2025 (up to €5 m earn-out) to accelerate EU expansion.
Overall, Marqeta posted strong top-line growth and margin expansion, achieved positive adjusted EBITDA and continued returning capital via buybacks, but remains near break-even on a GAAP basis and more reliant on its largest customer.