Short answer
Marqeta, Inc. (MQ) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $625M (+23.3% year over year) and net income of −$14M.
- Top risk flagged: Regulatory risk: Securities Actions legal contingency expense of $4.3 million recognized in 2025 affecting operating expenses
FY2025 key financial metrics · XBRL
- Revenue
- $625M
- +23.3% YoY
- Net income
- −$14M
- −151.0% YoY
- Operating margin
- -7.4%
- −2.6 pp YoY
- Gross margin
- 70.0%
- +0.6 pp YoY
- ROE
- -1.8%
- −4.3 pp YoY
- Operating cash flow
- $163M
- +179.6% YoY
Source: XBRL data from the Marqeta, Inc. (MQ) FY2025 10-K on SEC EDGAR. USD.
Marqeta, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.