Marqeta, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
MQ$18.34-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $(12,531) | $54,405 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 19,003 | 11,941 |
| Share-based compensation expense | 78,689 | 103,258 |
| Executive chairman long-term performance award | — | (144,617) |
| Non-cash operating leases expense | 1,727 | 1,017 |
| Accretion of discount on short-term investments | (691) | (2,650) |
| Other | 5,365 | 328 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (3,834) | (7,285) |
| Settlements receivable | 587 | 18,105 |
| Network incentives receivable | 18,011 | 7,140 |
| Prepaid expenses and other assets | (2,743) | 3,195 |
| Accounts payable | (125) | (3,274) |
| Revenue share payable | 11,575 | (6,564) |
| Accrued expenses and other liabilities | (2,358) | 545 |
| Operating lease liabilities | (3,374) | (2,129) |
| Net cash provided by operating activities | 109,301 | 33,415 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,992) | (2,382) |
| Capitalization of internal-use software | (21,470) | (14,577) |
| Cash paid for business combination, net of cash acquired | (44,608) | — |
| Restricted cash acquired in business combination | 229,650 | — |
| Purchases of short-term investments | (3,501) | — |
| Maturities of short-term investments | 100,160 | 54,000 |
| Net cash provided by investing activities | 258,239 | 37,041 |
| Cash flows from financing activities: | ||
| Change in funds payable and amounts due to customers | 4,263 | — |
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 1,630 | 121 |
| Proceeds from shares issued in connection with employee stock purchase plan | 994 | 1,629 |
| Taxes paid related to net share settlement of restricted stock units | (28,493) | (29,043) |
| Repurchase of common stock | (294,788) | (137,718) |
| Net cash used in financing activities | (316,394) | (165,011) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 51,146 | (94,555) |
| Cash, cash equivalents, and restricted cash- Beginning of period | 931,516 | 989,472 |
| Cash, cash equivalents, and restricted cash - End of period | $982,662 | $894,917 |
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Reconciliation of cash, cash equivalents, and restricted cash | ||
| Cash and cash equivalents | $747,248 | $886,417 |
| Restricted cash | 234,519 | 8,500 |
| Restricted cash, included in Other assets | 895 | — |
| Total cash, cash equivalents, and restricted cash | $982,662 | $894,917 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Purchase of property and equipment accrued and not yet paid | $1,087 | $2,240 |
| Share-based compensation capitalized to internal-use software | $8,649 | $5,489 |
| Repurchase of common stock, including excise tax, accrued and not yet paid | $2,808 | $4,373 |
| Operating lease right-of-use assets in exchange for lease liabilities | $3,463 | $577 |
| Contingent and holdback considerations, not yet paid | $7,047 | $— |
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