Marqeta, Inc. (MQ) FY2025 10-K Annual Report
Marqeta, Inc. (MQ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Marqeta, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: cloud-based, API-driven card issuing and payment processing platform for debit, prepaid, and credit programs
- • New product: Visa Flexible Credential certification adding hybrid card products toggling debit, credit, BNPL, rewards (May 2024)
- • Strategic shift: European expansion through TransactPay acquisition enabling card program management and BIN sponsorship in UK, Gibraltar, EEA
- • Quantitative metric: TPV $382.5B in 2025, 31% YoY growth; platform certified in 40+ countries globally
- • Noteworthy fact: 2023 contract amendments with Block Inc. extend Cash App card services to 2028 with enhanced customer-defined program control
Management Discussion & Analysis
- • Revenue not disclosed, no YoY change specified
- • Profitability or margin figures not provided
- • Segment performance details not included
- • Cash flow, buybacks, dividends, capex details absent
- • Forward outlook, guidance, risks not mentioned
Risk Factors
- • Regulatory risk: Securities Actions legal contingency expense of $4.3 million recognized in 2025 affecting operating expenses
- • Macroeconomic threat: $330.5 million cash decrease in 2025 due to share repurchases, acquisitions, and capital expenditures impacting liquidity
- • Supply chain vulnerability: Increasing Card Network and Issuing Bank fees by 21% to $187.6 million driven by 31% TPV growth
- • Competitive risk: 45% of 2025 net revenue concentrated in top customer Block, exposure to customer concentration risk
- • Financial risk: Operating loss from operations of $46.4 million in 2025 with net loss of $13.9 million, despite 18% adjusted EBITDA margin
Marqeta, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$625M
▲ +23.3% YoY
Net Income
-$14M
▼ -151.0% YoY
Gross Margin
70.0%
▲ +58bp YoY
Operating Margin
-7.4%
▼ -260bp YoY
Net Margin
-2.2%
▼ -761bp YoY
ROE
-1.8%
▼ -434bp YoY
Total Assets
$1.5B
▲ +4.2% YoY
Operating Cash Flow
$163M
▲ +179.6% YoY
Source: XBRL data from Marqeta, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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