Filing Flows › Marqeta (MQ) › Q2 2025
Marqeta (MQ) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Marqeta (MQ) reported revenue of $150M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +8% from the quarter before. Operating margin was -6.1%, net loss $647K (0.4% of revenue).
Marqeta, Q2 2025: revenue $150M (+20% year over year), operating margin -6.1%, net loss $647K, operating cash flow $12.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $150M | +8% | +20% |
| Operating profit | −$9.2M | — | — |
| Net earnings | −$647K | — | — |
| Operating cash flow | $12.5M | +26% | -51% |
| Free cash flow | $12.2M | +40% | -51% |
What changed
Revenue was $150.4M in Q2 2025, up 20% year over year and up 8% from the previous quarter. Platform services revenue, net was the largest line at 95% of revenue. Platform services revenue, net added $23.9M year over year (up 20%), 95% of the total change.
Gross margin was 69.2%, up 5.8 points from a year earlier. Operating costs exceeded revenue by $9.2M, an operating margin of -6.1%. The quarter ended with a net loss of $647K, narrower than the previous quarter's $8.3M loss. Non-operating items added $8.8M, -1993% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.5M (down 51% year over year). Non-cash charges added back $6.7M of depreciation and amortization and $27.1M of share-based compensation. Working capital and other items used $20.5M. Capital expenditures of $335K left free cash flow of $12.2M.
Questions
What was Marqeta's revenue in the second quarter 2025?
Marqeta (MQ) reported revenue of $150M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +8% from the quarter before.
Was Marqeta profitable in the second quarter 2025?
Operating loss was $9.2M (-6.1% of revenue) and net loss $647K.
Source: Marqeta 10-Q on SEC EDGAR.