# Marqeta, Inc. (MQ)

Informational only - not investment advice.

CIK: 0001522540
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1522540
Filing source: https://www.sec.gov/Archives/edgar/data/1522540/000152254026000017/mq-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001522540-26-000017 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001522540.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 624,884,000 USD | 2025 | verified |
| Net income | -13,925,000 USD | 2025 | verified |
| Assets | 1,525,033,000 USD | 2025 | verified |
| Free cash flow | 160,788,000 USD | 2025 | computed |
| Net margin | -2.23% | 2025 | computed |
| Operating margin | -7.43% | 2025 | computed |
| Revenue YoY | +23.25% | 2025 | computed |
| ROE | -1.83% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MQ | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.2% | 1.5% | 40 | 122 |
| Operating margin | -7.4% | 1.3% | 29 | 121 |
| Revenue growth | 23.3% | 13.5% | 81 | 124 |
| FCF margin | 25.7% | 19.3% | 74 | 120 |
| ROE | -1.8% | 2.0% | 42 | 112 |
| ROA | -0.9% | 0.9% | 41 | 124 |
| Liabilities / equity | 1.00 | 0.91 | 55 | 113 |
| Current ratio | 1.65 | 1.57 | 55 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 624884000 | USD | 2025 | 2026-02-24 |
| Net income | -13925000 | USD | 2025 | 2026-02-24 |
| Assets | 1525033000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001522540.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 143,267,000 | 290,292,000 | 517,175,000 | 748,206,000 | 676,171,000 | 506,995,000 | 624,884,000 |
| Net income |  | -58,200,000 | -47,695,000 | -163,929,000 | -184,780,000 | -222,962,000 | 27,287,000 | -13,925,000 |
| Operating income |  | -58,863,000 | -47,087,000 | -162,006,000 | -209,808,000 | -283,015,000 | -24,466,000 | -46,430,000 |
| Gross profit |  | 60,453,000 | 117,907,000 | 231,705,000 | 320,001,000 | 329,514,000 | 351,849,000 | 437,272,000 |
| Operating cash flow |  | -15,428,000 | 50,273,000 | 56,972,000 | -12,966,000 | 21,104,000 | 58,170,000 | 162,623,000 |
| Capital expenditures |  | 4,908,000 | 2,375,000 | 2,743,000 | 2,319,000 | 762,000 | 2,418,000 | 1,835,000 |
| Share buybacks |  |  | 0.00 | 0.00 | 78,136,000 | 190,420,000 | 154,425,000 | 391,366,000 |
| Assets |  |  | 457,680,000 | 1,830,378,000 | 1,770,346,000 | 1,589,691,000 | 1,463,204,000 | 1,525,033,000 |
| Liabilities |  |  | 169,516,000 | 256,952,000 | 297,390,000 | 346,296,000 | 378,186,000 | 763,076,000 |
| Stockholders' equity | -84,907,000 | -198,406,000 | -213,717,000 | 1,573,426,000 | 1,472,956,000 | 1,243,395,000 | 1,085,018,000 | 761,957,000 |
| Cash and cash equivalents |  | 60,344,000 | 220,433,000 | 1,247,581,000 | 1,183,846,000 | 980,972,000 | 923,016,000 | 709,443,000 |
| Free cash flow |  | -20,336,000 | 47,898,000 | 54,229,000 | -15,285,000 | 20,342,000 | 55,752,000 | 160,788,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -40.62% | -16.43% | -31.70% | -24.70% | -32.97% | 5.38% | -2.23% |
| Operating margin |  | -41.09% | -16.22% | -31.33% | -28.04% | -41.86% | -4.83% | -7.43% |
| Return on equity |  |  |  | -10.42% | -12.54% | -17.93% | 2.51% | -1.83% |
| Return on assets |  |  | -10.42% | -8.96% | -10.44% | -14.03% | 1.86% | -0.91% |
| Liabilities / equity |  |  |  | 0.16 | 0.20 | 0.28 | 0.35 | 1.00 |
| Current ratio |  |  | 3.05 | 7.56 | 6.17 | 4.13 | 3.37 | 1.65 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001522540.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q3 | 2023-06-30 |  | -58,797,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 108,891,000 |  |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 118,822,000 | -40,375,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 117,968,000 | -36,060,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -36,060,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 125,270,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 119,108,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 127,967,000 |  |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 135,790,000 | -27,118,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 139,073,000 | -8,260,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -8,260,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 150,392,000 |  |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -647,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 163,306,000 |  |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 172,113,000 | -1,394,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 165,798,000 | 7,834,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 7,834,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 175,995,000 |  |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MQ's latest 10-K: [/company/MQ/business/](/company/MQ/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MQ's latest 10-K: [/company/MQ/risk-factors/](/company/MQ/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1522540/000152254026000063/mq-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our Condensed Consolidated Financial Statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and in our 2025 Annual Report. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. As discussed in the section titled “Note About Forward Looking Statements”, our actual results may differ materially from those discussed in these forward-looking statements as a result of various factors, including those set forth or incorporated by reference under the section titled “Risk Factors” in this Quarterly Report on Form 10-Q and in our 2025 Annual Report.

Overview

Marqeta’s mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta’s modern platform empowers our customers to create customized and innovative payment card programs with configurability and flexibility. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform. We also deliver robust bank, network, and card program management and value added services, allowing our customers to embed Marqeta in their offering without having to build certain complex compliance elements or customer support services.

Marqeta’s innovative products are developed with deep domain expertise and a customer-first mindset to launch, scale, and manage card programs. Marqeta provides the following offerings based on a customer’s desired level of control and responsibility:

•Processing: Marqeta provides all of its customers with issuer processor services as our core offering. Payment processing provides customers with access to the Marqeta dashboard via our APIs and webhooks, our JIT Funding feature, and assists with certain configuration elements that enable customers to use the platform independently.

•Bank and Network Management: Marqeta provides a service option to connect customers to an Issuing Bank partner to act as the BIN sponsor for the customer’s card program, define and manage a number of the primary tasks related to launching a card program, and can provide a full range of services including configuring many of the critical resources required by a customer’s production environment and managing the applicable regulations and the Issuing Bank. In addition, Marqeta provides another service offering to manage compliance with applicable Card Network rules.

•Program Management: Marqeta provides additional program management services that are required as part of a card program, including chargebacks and dispute resolution, reconciliation, and card fulfillment.

•Value Added Services: Marqeta provides value added services that offer a more seamless experience for our customers, which include tokenization, real-time decisioning and fraud management, digital banking, and other customer experience services.

Impact of Macroeconomic Factors

We are unable to predict the impact macroeconomic factors, including various geopolitical conflicts, uncertainty related to global elections, changes in inflation and interest rates, and uncertainty in global regulatory and economic conditions, including as a result of uncertainty in global trade from potential tariffs and counter tariffs, will have on our processing volumes, and on our future results of operations. A deterioration in macroeconomic conditions could increase the risk of lower consumer spending, including discretionary spending, consumer and merchant bankruptcy, insolvency, business failure, higher credit losses, foreign currency fluctuations, or other business interruption, which may adversely impact our business. We continue to monitor these situations and may take actions that alter our operations and business practices as may be required by federal, state, or local authorities or that we determine are in the best interests of our customers, vendors, and employees. See the section titled “Risk Factors” in this Quarterly Report on Form 10-Q and in our 2025 Annual Report for further discussion or incorporation by reference of the possible impact of these macroeconomic factors on our business.

27

Table of Contents

Key Operating Metric and Non-GAAP Financial Measures

We review a number of operating and financial metrics, including the key operating metric set forth below, to help us evaluate our business and growth trends, establish budgets, evaluate the effectiveness of our investments, and assess operational efficiencies. In addition to the results determined in accordance with GAAP, the following table sets forth a key operating metric and non-GAAP financial measures that we consider useful in evaluating our operating performance:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands unless otherwise noted)","2026","","2025","","2026","","2025"],["Total Processing Volume (TPV) (in millions)","$","120,423","","","$","91,386","","","$","232,783","","","$","175,857"],["Net revenue","$","175,995","","","$","150,392","","","$","341,793","","","$","289,465"],["Gross profit","$","121,873","","","$","104,061","","","$","239,465","","","$","202,740"],["Gross margin","69","%","","69","%","","70","%","","70","%"],["Net income (loss)","$","7,567","","","$","(647)","","","$","15,401","","","$","(8,907)"],["Net income (loss) margin","4","%","","\u2014","%","","5","%","","(3)","%"],["Total operating expenses","$","118,237","","","$","113,289","","","$","233,735","","","$","230,506"],["Non-GAAP Measures:"],["Adjusted EBITDA","$","37,420","","","$","28,509","","","$","70,757","","","$","48,590"],["Adjusted EBITDA margin","21","%","","19","%","","21","%","","17","%"],["Adjusted operating expenses","$","84,453","","","$","75,552","","","$","168,708","","","$","154,150"]]
[[/GREPCENT_TABLE]]

Total Processing Volume (“TPV”) - TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key operating metric and a principal indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.

Adjusted EBITDA - Adjusted EBITDA is a non-GAAP financial measure that is calculated as Net income (loss) adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; acquisition related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions and cash and non-cash postcombination compensation expenses; non-recurring litigation expense; income tax expense; and other income, net, which consists primarily of interest income from our short-term investments and cash deposits, impairment of financial instruments and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our Board of Directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures, a change in presentation, and a reconciliation of Net income (loss) to Adjusted EBITDA.

Adjusted EBITDA Margin - Adjusted EBITDA Margin is a non-GAAP financial measure that is calculated as Adjusted EBITDA divided by Net revenue. This measure is used by management and our Board of Directors to evaluate our operating efficiency. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures and a reconciliation of Net income (loss) to Adjusted EBITDA Margin.

Adjusted Operating Expenses - Adjusted operating expenses is a non-GAAP financial measure that is calculated as Total operating expenses adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; and acquisition-related expenses which consists of due diligence costs, transaction cost and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that adjusted operating

28

Table of Contents

expenses is an important measure of operating performance because it allows management and our Board of Directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures, a change in presentation, and a reconciliation of total operating expenses to adjusted operating expenses.

Components of Results of Operations

Net Revenue

We have two components of net revenue: platform services revenue, net and other services revenue.

Platform services revenue, net. Platform services revenue includes Interchange Fees, net of Revenue Share and other service-level payments to customers, and Card Network and Issuing Bank costs for certain customer arrangements where the Company is an agent in the delivery of services to the customer. Platform services revenue also includes processing and other fees, including value added services. “Interchange Fees” are transaction-based and volume-based fees set by a Card Network and paid by a merchant bank to the Issuing Bank that issued the payment card used to purchase goods or services from a merchant. We earn Interchange Fees on card transactions we process for our customers and the fees are based on a percentage of the transaction amount plus a fixed amount per transaction. Interchange Fees are recognized when the associated transactions are settled.

Revenue Share payments are incentives to our customers to increase their processing volumes on our platform. Revenue Share is generally computed as a percentage of the Interchange Fees earned or processing volume and is paid to our customers monthly. Revenue Share payments are recorded as a reduction to net revenue. Generally, as customers' processing volumes increase, the rates at which we share revenue increase.

Processing and other fees are priced as either a percentage of processing volume or on a fee per transaction basis and are earned, for example, when payment cards are used at automated teller machines or to make cross-border purchases. Minimum processing fees, where customers' processing volumes fall below certain thresholds, as well as transaction fees for utilizing other value-added services and program management features, are also included in processing and other fees.

We recognize revenue when the promised services are complete, and our performance obligations are satisfied. Platform services are considered complete when we have authorized the transaction, validated that the transaction has no errors, and accepted and posted the data to our records.

Other services revenue. Other services revenue primarily consists of revenue earned for card fulfillment services. Card fulfillment fees are generally billed to customers upon ordering card inventory and recognized as revenue when the cards are shipped to the cust

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1522540/000152254026000017/mq-20251231.htm
Complete FY 2025 MD&A: /company/MQ/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. As discussed in the section titled “Note About Forward Looking Statements,” our actual results may differ materially from those discussed in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” under Part I, Item 1A. You should read the following discussion and analysis of our financial condition and results of operations together with our Audited Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K.

A discussion regarding our liquidity, financial condition, and results of operations for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024 is presented below. A discussion regarding our liquidity, financial condition, and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 26, 2025, which is hereby incorporated by reference.

Overview

Marqeta’s mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta’s modern platform empowers our customers to create customized and innovative payment card programs with configurability and flexibility. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform. We also deliver robust bank, network, and card program management and value added services, allowing our customers to embed Marqeta in their offering without having to build certain complex compliance elements or customer support services.

Marqeta’s innovative products are developed with deep domain expertise and a customer-first mindset to launch, scale, and manage card programs. Marqeta provides the following offerings based on a customer’s desired level of control and responsibility:

•Processing: Marqeta provides all of its customers with issuer processor services as our core offering. Payment processing provides customers with access to the Marqeta dashboard via our APIs and webhooks, our JIT Funding feature, and assists with certain configuration elements that enable customers to use the platform independently.

•Bank and Network Management: Marqeta provides a service option to connect customers to an Issuing Bank partner to act as the BIN sponsor for the customer’s card program, define and manage a number of the primary tasks related to launching a card program, and can provide a full range of services including configuring many of the critical resources required by a customer’s production environment and managing the applicable regulations and the Issuing Bank. In addition, Marqeta provides another service offering to manage compliance with applicable Card Network rules.

•Program Management: Marqeta provides additional program management services that are required as part of a card program, including chargebacks and dispute resolution, reconciliation, and card fulfillment.

•Value Added Services: Marqeta provides value added services that provide a more seamless experience for our customers, which include tokenization, real-time decisioning and fraud management, digital banking, and other customer experience services.

See the section titled “Business” under Part I, Item 1 of this Annual Report on Form 10-K for further discussion of our business and products.

Impact of Macroeconomic Factors

We are unable to predict the impact macroeconomic factors, including various geopolitical conflicts, uncertainty related to global elections, changes in inflation and interest rates, and uncertainty in global regulatory and economic conditions, including as a result of uncertainty in global trade from potential

47

Table of Contents

tariffs and counter tariffs, will have on our processing volumes and on our future results of operations. A deterioration in macroeconomic conditions could increase the risk of lower consumer spending, including discretionary spending, consumer and merchant bankruptcy, insolvency, business failure, higher credit losses, foreign currency fluctuations, or other business interruption, which may adversely impact our business. We continue to monitor these situations and may take actions that alter our operations and business practices as may be required by federal, state, or local authorities or that we determine are in the best interests of our customers, vendors, and employees. See the section titled “Risk Factors” under Part I, Item 1A of this Annual Report on Form 10-K for further discussion of the possible impact of these macroeconomic factors on our business.

Key Operating Metrics and Non-GAAP Financial Measures

We review a number of operating and financial metrics, including the key operating metric set forth below, to help us evaluate our business and growth trends, establish budgets, evaluate the effectiveness of our investments, and assess operational efficiencies. In addition to the results determined in accordance with GAAP, the following table sets forth a key operating metric and non-GAAP financial measures that we consider useful in evaluating our operating performance:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","2023"],["Total Processing Volume (TPV) (in millions)","$","382,513","","","$","291,105","","","$","222,264"],["Net revenue (in thousands)","$","624,884","","","$","506,995","","","$","676,171"],["Gross profit (in thousands)","$","437,272","","","$","351,849","","","$","329,514"],["Gross margin","70","%","","69","%","","49","%"],["Net (loss) income (in thousands)","$","(13,925)","","","$","27,287","","","$","(222,962)"],["Net (loss) income margin","(2)","%","","5","%","","(33)","%"],["Total operating expenses (in thousands)","$","483,702","","","$","376,315","","","$","612,529"],["Non-GAAP Measures:"],["Adjusted EBITDA (in thousands)","$","109,578","","","$","29,093","","","$","(2,290)"],["Adjusted EBITDA margin","18","%","","6","%","","\u2014","%"],["Adjusted operating expenses (in thousands)","$","327,694","","","$","322,756","","","$","331,804"]]
[[/GREPCENT_TABLE]]

Total Processing Volume (“TPV”) - TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key operating metric and a principal indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.

Adjusted EBITDA - Adjusted EBITDA is a non-GAAP financial measure that is calculated as Net (loss) income adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; acquisition related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions and cash and non-cash postcombination compensation expenses; non-recurring litigation expense; income tax expense (benefit); and other income, net, which consists primarily of interest income from our short-term investments and cash deposits, impairment of financial instruments and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our Board of Directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures, a change in presentation, and a reconciliation of Net (loss) income to Adjusted EBITDA.

48

Table of Contents

Adjusted EBITDA Margin - Adjusted EBITDA Margin is a non-GAAP financial measure that is calculated as Adjusted EBITDA divided by Net revenue. This measure is used by management and our Board of Directors to evaluate our operating efficiency. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures and a reconciliation of Net (loss) income to Adjusted EBITDA Margin.

Adjusted operating expenses - Adjusted operating expenses is a non-GAAP financial measure that is calculated as Total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; executive chairman long-term performance award; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; and acquisition-related expenses which consists of due diligence costs, transaction cost and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that adjusted operating expenses is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. See the section below titled “Use of Non-GAAP Financial Measures” for a discussion of the use of non-GAAP measures, a change in presentation, and a reconciliation of total operation expenses to adjusted operating expenses.

Components of Results of Operations

Net Revenue

We have two components of net revenue: platform services revenue, net and other services revenue.

Platform services revenue, net. Platform services revenue includes Interchange Fees, net of Revenue Share and other service-level payments to customers, and Card Network and Issuing Bank costs for certain customer arrangements where the Company is an agent in the delivery of services to the customer. Platform services revenue also includes processing and other fees. “Interchange Fees” are transaction-based and volume-based fees set by a Card Network and paid by a merchant bank to the Issuing Bank that issued the payment card used to purchase goods or services from a merchant. We earn Interchange Fees on card transactions we process for our customers and the fees are based on a percentage of the transaction amount plus a fixed amount per transaction. Interchange Fees are recognized when the associated transactions are settled.

Revenue Share payments are incentives to our customers to increase their processing volumes on our platform. Revenue Share is generally computed as a percentage of the Interchange Fees earned or processing volume and is paid to our customers monthly. Revenue Share payments are recorded as a reduction to net revenue. Generally, as customers' processing volumes increase, the rates at which we share revenue increase.

Processing and other fees are priced as either a percentage of processing volume or on a fee per transaction basis and are earned, for example, when payment cards are used at automated teller machines or to make cross-border purchases. Minimum processing fees, where customers' processing volumes fall below certain thresholds, as well as transaction fees for utilizing other value-added services and program management features, are also included in processing and other fees.

We recog

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MQ/mda/fy2025/
All MD&A years: /company/MQ/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MQ/mda/fy2024/): filed 2025-02-26; accession 0001628280-25-008232 (https://www.sec.gov/Archives/edgar/data/1522540/000162828025008232/mq-20241231.htm)
- [FY 2023 MD&A](/company/MQ/mda/fy2023/): filed 2024-02-28; accession 0001628280-24-007663 (https://www.sec.gov/Archives/edgar/data/1522540/000162828024007663/mq-20231231.htm)
- [FY 2022 MD&A](/company/MQ/mda/fy2022/): filed 2023-02-28; accession 0001522540-23-000015 (https://www.sec.gov/Archives/edgar/data/1522540/000152254023000015/mq-20221231.htm)
- [FY 2021 MD&A](/company/MQ/mda/fy2021/): filed 2022-03-11; accession 0001522540-22-000013 (https://www.sec.gov/Archives/edgar/data/1522540/000152254022000013/mq-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MQ.md · JSON record: /company/MQ.json · verified financials: /company/MQ/financials.json / /company/MQ/financials.csv · machine TOC for the whole site: /llms.txt