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MQ · NASDAQ · Software - Infrastructure

Marqeta

Open API platform powering debit, prepaid, and credit card programs for Cash App, DoorDash, and Affirm.

$16.49

After-hours close+0.02 (+0.14%)

At close$16.47(+1.60%)

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Profile

Marqeta, Inc.MQInformation Technology

An API platform for issuing debit, prepaid, and credit card programs to fintechs, neobanks, and marketplace businesses, active across more than 40 countries. Block, Inc. — the platform's largest customer — accounts for most of net revenue under a contract expiring in June 2028.

Founded in 2010, the platform lets companies issue debit, virtual, or prepaid cards through open APIs — without separately negotiating with card networks, a sponsoring bank, or a card manufacturer. Its Just-in-Time Funding technology authorizes each transaction against the real-time order amount and merchant identity, enabling fraud controls that legacy processors cannot replicate.

Card programs serve fintechs, neobanks, on-demand delivery platforms, and B2B spend-management companies across more than 40 countries. Revenue is concentrated in the United States; the 2025 acquisition of TransactPay — a UK- and EEA-licensed e-money institution — brings European issuing capability in-house. A 2023 credit-card program management acquisition extended the platform from debit into commercial and consumer credit programs.

Block, Inc. — operator of Cash App and Square — accounts for most of the platform's net revenue under a contract expiring in June 2028.

Company facts

CEOMike Milotich

ListedJun 9, 2021

ExchangeNASDAQ

HeadquartersOakland, CA

CountryUnited States

Employees938

CIK0001522540

ISINUS57142B2034

Key statistics

Market cap$1.61B

EPS (ttm)$0.0972

P/E (ttm)169.44

ROE1.8%

P/B2,427.49

P/S2.38

Dividend yield—

Beta0.65vs XLK −0.69

Year to date −11.3% · Average volume (30d) 1.0M

Analysts

Price target, next 12 months$11.38−30.9%Median of 22 analysts · vs the Aug 28 close

ConsensusHold7 of 22 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $16.47

High$18.00+9.3%

Median$11.38−30.9%

Low$4.75−71.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Jul 2, 2026	Deutsche Bank	Reiterate		Hold	$4	$18
May 6, 2026	UBS	Reiterate		Neutral		$4.75
Feb 25, 2026	Morgan Stanley	Reiterate		Equal Weight	$15	$5
Jan 8, 2026	Mizuho Securities	Target			$10	$4.50
Jan 8, 2026	Wolfe Research	Downgrade	Outperform	Peer Perform

Earnings

EPS

Estimate$0.07

ReportedDue Nov 4, 2026

Revenue

Estimate$175.3M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 4, 2026Q2 FY26	$0.01	$0.07	+858.9%	$173.0M	$176.0M	+1.8%	−7.13%
Aug 3, 2026Q2 FY26	$0.01	$0.07	+858.9%	$173.0M	$176.0M	+1.8%	+0.50%
May 5, 2026Q1 FY26	−$0.01	$0.08	+688.2%	$164.3M	$165.8M	+0.9%	−7.59%
Feb 24, 2026Q4 FY25	−$0.04	−$0.20	−400.0%	$167.2M	$172.1M	+2.9%	−7.21%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$139.1M	$150.4M	$163.3M	$172.1M	$165.8M	$176.0M
Gross profit	$98.7M	$104.1M	$114.6M	$120.0M	$30.7M	$121.9M
Operating income	−$18.5M	−$9.2M	−$10.4M	−$8.3M	$3.6M	$3.6M
Net income	−$8.3M	−$647.0K	−$3.6M	−$1.4M	$7.8M	$7.6M
Diluted EPS	−$0.07	−$0.01	−$0.03	−$0.01	$0.07	$0.07
Gross margin	71.0%	69.2%	70.1%	69.7%	18.5%	69.2%
Operating margin	-13.3%	-6.1%	-6.4%	-4.8%	2.2%	2.1%

Fiscal years (4-quarter sums)FY21 $517.2M · FY22 $748.2M · FY23 $676.2M · FY24 $507.0M · FY25 $624.9M

Revenue by product · Q2 FY26

Platform Service Revenue, Net$163.7M · 93%

Other Services Revenue$12.3M · 7%

Balance sheet, Jun 30, 2026Cash & short-term investments $700.9K · Total debt $6.7K · Total assets $1.4M · Shareholders' equity $715.6K

Dividends

No dividends on record.

Ownership

Institutions 54.24%53.05M sharesInsiders 1.34%1.31M sharesOther 44.42%43.44M shares

Shares outstanding 97.81M · Float 85.97M · 87.9% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Dimensional Fund Advisors LP	7.80M	8.00%	13G	Jul 14, 2026
Jason M. Gardner · director, 10 percent owner:	383.5K	0.39%	Form 4	Aug 21, 2026
Todd Pollak · officer: Chief Revenue Officer	185.0K	0.19%	Form 4	Jul 2, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 14, 2026	Martha Cummings	director	−713	$16.47
Jul 15, 2026	Martha Cummings	director	−713	$16.22
Jul 1, 2026	Todd Pollak	officer: Chief Revenue Officer	−18,750	$16.88
Jun 15, 2026	Crystal Sumner	officer: See Remarks	−5,056	$3.89
Jun 12, 2026	Elaine Paul	director	−18,148	$3.80