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MQ

Marqeta, Inc.
7 filings tracked
technologycloud computingSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Marqeta has reached a pivotal financial inflection point, transitioning from a high-growth cash burner to a GAAP-profitable enterprise. In the first quarter of 2026, the company reported a net income of $7.8 million, a dramatic swing from the $8.3 million loss in the prior year.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline shift to profitability, Marqeta's underlying cash dynamics remain concerning.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a company at a crossroads between successful scaling and structural fragility. On one hand, the return to GAAP profitability and the explosive growth in processing volumes suggest that Marqeta's infrastructure is becoming an essential utility for modern payments. The expansion of Adjusted EBITDA margins to 20% provides a compelling argument for a valuation re-rating as the market shifts its focus from pure growth to sustainable earnings. However, the divergence between GAAP net income and negative operating cash flow suggests that the 'profitability' narrative may be premature. Investors must weigh the impressive TPV growth against the reality of extreme customer concentration and a declining revenue-to-volume ratio. The overall impact of the filing is a mixed signal: the operational engine is humming, but the financial quality of the earnings remains under scrutiny.

Selected Quarter

Core Takeaway

Marqeta has proven it can achieve GAAP profitability and scale volume, but it still struggles to convert those earnings into positive operating cash flow.

Investor Lens

The trade-off is between impressive top-line volume growth and the quality of the resulting bottom-line earnings.

Watch Next

The outcome of the June 10, 2026 stockholder vote on the 1-for-4 reverse stock split.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.58Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%
bullishMay 5

Swung from a net loss to a net income of $7.8 million.

earnings beat
90%
bullishMay 5

Adjusted EBITDA margin expanded to 20% from 14% year-over-year.

margin expansion
80%
bullishMay 5

Repurchased $39.2 million of common stock in Q1.

buyback
60%
neutralMay 5

Reached a $13 million settlement to resolve securities class action litigation.

regulatory action
40%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing presents a company at a crossroads between successful scaling and structural fragility. On one hand, the return to GAAP profitability and the explosive growth in processing volumes suggest that Marqeta's infrastructure is becoming an essential utility for modern payments. The expansion of Adjusted EBITDA margins to 20% provides a compelling argument for a valuation re-rating as the market shifts its focus from pure growth to sustainable earnings. However, the divergence between GAAP net income and negative operating cash flow suggests that the 'profitability' narrative may be premature. Investors must weigh the impressive TPV growth against the reality of extreme customer concentration and a declining revenue-to-volume ratio. The overall impact of the filing is a mixed signal: the operational engine is humming, but the financial quality of the earnings remains under scrutiny.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.