0001522540-26-000038 | 10-Q | XBRL Viewer

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Certain Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 8,854	$ 5,331
Capitalized internal-use software costs	10,700	8,600
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 6,500	$ 3,900

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended March 31,
	2026		2025
Platform services revenue, net	$	156,225	$	131,867
Other services revenue	9,573		7,206
Total net revenue	$	165,798	$	139,073

Contract Balances

The following table provides information about contract assets and deferred revenue:


Contract balance	Balance sheet line reference	March 31, 2026		December 31, 2025
Contract assets - current	Prepaid expenses and other current assets	$	4,420	$	4,021
Contract assets - non-current	Other assets	6,202		6,688
Total contract assets		$	10,622	$	10,709
Deferred revenue - current	Accrued expenses and other current liabilities	$	8,698	$	11,762
Deferred revenue - non-current	Other liabilities	2,813		2,640
Total deferred revenue		$	11,511	$	14,402

Net revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the deferred revenue balances at the beginning of the respective periods was $4.1 million and $4.6 million, respectively.

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future stand-ready obligations to process transactions throughout the contractual term. As of March 31, 2026, the aggregate transaction price allocated to our remaining performance obligations was $37.0 million. The Company expects to recognize approximately 71% within two years and the remaining 29% over the next three to five years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Recent Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company plans to adopt this pronouncement and make the necessary updates to its disclosures for the year ending December 31, 2027. While the Company is currently evaluating the operational and financial reporting implications of this standard, the Company does not currently expect the adoption of ASU 2024-03 to have a material impact on its financial statements or disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach, and is effective for the Company for annual reporting as well as interim period reporting beginning in fiscal year 2028 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its condensed consolidated financial statements and related disclosures. The ASU changes the timing of when certain costs begin to be capitalized for internal-use software projects, while retaining the criteria for what costs be capitalized and when capitalization ceases. The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements and disclosures.

Certain Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 106,597	$ 103,882
Accrued compensation and benefits	18,312	47,702
Deferred revenue	8,698	11,762
Accrued tax liabilities	8,731	8,966
Due to Issuing Banks	7,721	7,721
Contingent consideration liability (see Note 4)	2,729	3,677
Operating lease liabilities, current portion	2,563	3,022
Holdback consideration liability	2,297	2,353
Accrued professional services	1,550	2,308
Other accrued liabilities	20,707	24,400
Accrued expenses and other current liabilities	$ 179,905	$ 215,793
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Certain Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Certain Balance Sheet Components

Property and Equipment, net

Property and equipment consisted of the following:


	March 31, 2026		December 31, 2025
Internally developed and purchased software	$	96,161	$	86,435
Computer equipment	9,362		9,678
Leasehold improvements	5,846		9,666
Furniture and fixtures	1,321		2,442
Total property and equipment, gross	112,690		108,221
Accumulated depreciation and amortization	(48,771)		(48,311)
Property and equipment, net	$	63,919	$	59,910

Depreciation and amortization expense related to property and equipment was $6.5 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively.

The Company capitalized $10.7 million and $8.6 million as internal-use software development costs during the three months ended March 31, 2026, and 2025, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued costs of revenue	$	106,597	$	103,882
Accrued compensation and benefits	18,312		47,702
Deferred revenue	8,698		11,762
Accrued tax liabilities	8,731		8,966
Due to Issuing Banks	7,721		7,721
Contingent consideration liability (see Note 4)	2,729		3,677
Operating lease liabilities, current portion	2,563		3,022
Holdback consideration liability	2,297		2,353
Accrued professional services	1,550		2,308

Other accrued liabilities	20,707		24,400
Accrued expenses and other current liabilities	$	179,905	$	215,793

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended March 31,
	2026		2025
Platform services revenue, net	$	156,225	$	131,867
Other services revenue	9,573		7,206
Total net revenue	$	165,798	$	139,073

Schedule of Contract Balances

Contract Balances

The following table provides information about contract assets and deferred revenue:


Contract balance	Balance sheet line reference	March 31, 2026		December 31, 2025
Contract assets - current	Prepaid expenses and other current assets	$	4,420	$	4,021
Contract assets - non-current	Other assets	6,202		6,688
Total contract assets		$	10,622	$	10,709
Deferred revenue - current	Accrued expenses and other current liabilities	$	8,698	$	11,762
Deferred revenue - non-current	Other liabilities	2,813		2,640
Total deferred revenue		$	11,511	$	14,402

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized in the Period

The following table presents the share-based compensation expense by award type recognized within the following line items in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and Condensed Consolidated Balance Sheet in the periods presented:


	Three Months Ended March 31,
	2026		2025
Restricted stock units	$	19,227	$	23,536
Stock options	896		2,274
Performance restricted stock units	(296)		(81)
Employee Stock Purchase Plan	190		186

Share-based compensation recorded within Compensation and benefits	20,017		25,915

Property and equipment (capitalized internal-use software)	2,606		2,522
Total share-based compensation expense	$	22,623	$	28,437

Schedule of Stock Options Activity Under the Plans

A summary of the Company's restricted stock units (RSUs) and performance-based restricted stock units (PSUs) activity under the Plans was as follows:


	Number of Units	Weighted- average grant date fair value per share
Balance as of December 31, 2025	29,086	$	4.88
Granted	20,944	$	3.98
Vested	(5,106)	$	4.94
Forfeited	(3,979)	$	4.47
Balance as of March 31, 2026	40,945	$	4.45

A summary of the Company's stock option activity under the Plans is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted - Average remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2025	8,197	$	6.86	5.73	$	7,321
Granted	—	—
Exercised	(33)	1.52
Forfeited	—	—
Balance as of March 31, 2026	8,164	$	6.88	5.48	$	4,989
Exercisable as of March 31, 2026 (2)	7,751	$	6.96	5.40	$	4,987
Vested as of March 31, 2026	7,751	$	6.96	5.40	$	4,987

(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates.

(2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status.

Short-term Investments - Narrative (Details)	3 Months Ended
Short-term Investments - Narrative (Details)	Mar. 31, 2026 USD ($) investment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 investment
Investments [Abstract]
Number of marketable securities in unrealized loss positions \| investment	0		0
Realized gains or losses reclassified out of accumulated other comprehensive loss \| $	$ 0	$ 0

Revenue - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Total contract assets	$ 10,622	$ 10,709
Deferred revenue - current	8,698	11,762
Total deferred revenue	11,511	14,402
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	4,420	4,021
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	6,202	6,688
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	8,698	11,762
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 2,813	$ 2,640

Goodwill and Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, gross	$ 47,890	$ 48,059
Accumulated amortization	(20,844)	(18,554)
Total finite-lived Intangible assets, net	27,046	29,505
Indefinite-lived intangible assets:
Total intangible assets, net	48,406	51,388
EMI licenses
Indefinite-lived intangible assets:
EMI licenses	21,360	21,883
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, gross	41,000	41,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, gross	$ 6,890	$ 7,059

Revenue - Revenue Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 37.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	71.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	29.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	5 years

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 4.1	$ 4.6

Business Combinations	3 Months Ended
Business Combinations	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations TransactPay The Company completed its acquisition of TransactPay on July 31, 2025. See Note 4, “Business Combinations,” to the consolidated financi al statements included in the C o m pany ’s Annual Re port on Form 10-K for the year ended December 31, 2025 for additional information regarding this acquisition. There have been no changes to the purchase price or the allocation of purchase price since December 31, 2025. The measurement period for the acquisition remains open as of March 31, 2026. No measurement period adjustments were recognized during the three months ended March 31, 2026. Contingent Consideration As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the acquisition of TransactPay included two earn-out arrangements (the “Regulatory Improvement Earn-out” of $2.3 million and the “Digital Products Earn-out” of up to $3.4 million) payable upon satisfaction of specified post-closing performance conditions. The digital products relate to an emerging line of business that was not part of TransactPay’s core operations at the time of acquisition. The accruals for both earn-outs are included as part of accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company had accrued approximately $2.3 million for the Regulatory Improvement Earn-out and approximately $1.3 million for the Digital Products Earn-out based on the facts available at that time. The Regulatory Improvement Earn-out liability remained unchanged at approximately $2.3 million as of March 31, 2026. During the three months ended March 31, 2026, the Company remeasured the Digital Products Earn-out liability based on updated gross profit information, reducing the accrual by $0.9 million. This reduction was recognized as a gain in Other income, net in the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). The revised total earn-out of approximately $2.7 million, which comprises $2.3 million related to the Regulatory Improvement Earn-out and $0.4 million related to Digital Products Earn-out, was paid in April 2026.

- Definition

The entire disclosure for business combination.

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is the information used by the CODM in assessing segment performance:


	Three Months Ended March 31,
	2026		2025
Net revenue	$	165,798	$	139,073
Cost of revenue	48,206		40,394
Gross profit	117,592		98,679
Significant expenses:
Employee compensation and benefits	58,001		60,135
Share based compensation	20,017		25,915
Technology	18,090		14,811
Depreciation and amortization	8,854		5,331
Professional services	4,631		5,695
Occupancy	1,179		917
Marketing and advertising	1,160		469
Other operating expenses	3,566		3,944

Income (loss) from operations	2,094		(18,538)
Interest income	5,363		10,487
Other income	570		26
Income tax expense	193		235
Segment and consolidated net income (loss)(1)	$	7,834	$	(8,260)

(1) The Company operates as a single reportable segment that is managed on a consolidated basis, therefore the Company’s segment net income (loss) is the same as the Company’s consolidated net income (loss).

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2.3	$ 1.5
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization period (in years)	7 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization period (in years)	2 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Certain Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 112,690	$ 108,221
Accumulated depreciation and amortization	(48,771)	(48,311)
Property and equipment, net	63,919	59,910
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	96,161	86,435
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,362	9,678
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	5,846	9,666
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,321	$ 2,442

Certain Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, net

Property and Equipment, net

Property and equipment consisted of the following:


	March 31, 2026		December 31, 2025
Internally developed and purchased software	$	96,161	$	86,435
Computer equipment	9,362		9,678
Leasehold improvements	5,846		9,666
Furniture and fixtures	1,321		2,442
Total property and equipment, gross	112,690		108,221
Accumulated depreciation and amortization	(48,771)		(48,311)
Property and equipment, net	$	63,919	$	59,910

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued costs of revenue	$	106,597	$	103,882
Accrued compensation and benefits	18,312		47,702
Deferred revenue	8,698		11,762
Accrued tax liabilities	8,731		8,966
Due to Issuing Banks	7,721		7,721
Contingent consideration liability (see Note 4)	2,729		3,677
Operating lease liabilities, current portion	2,563		3,022
Holdback consideration liability	2,297		2,353
Accrued professional services	1,550		2,308

Other accrued liabilities	20,707		24,400
Accrued expenses and other current liabilities	$	179,905	$	215,793

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 24, 2026. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive income (loss), and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the cumulative network incentive rate the Company expects to earn during the annual measurement period, and valuation of income taxes. Actual results could differ materially from these estimates.
Revenue from Contract with Customer	There have been no material changes to the Company’s significant accounting policies from the Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company plans to adopt this pronouncement and make the necessary updates to its disclosures for the year ending December 31, 2027. While the Company is currently evaluating the operational and financial reporting implications of this standard, the Company does not currently expect the adoption of ASU 2024-03 to have a material impact on its financial statements or disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach, and is effective for the Company for annual reporting as well as interim period reporting beginning in fiscal year 2028 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its condensed consolidated financial statements and related disclosures. The ASU changes the timing of when certain costs begin to be capitalized for internal-use software projects, while retaining the criteria for what costs be capitalized and when capitalization ceases. The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements and disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Goodwill and Intangible Assets, net - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 154,706
Goodwill from acquisition of TransactPay	(744)
Ending balance	$ 153,962

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Stock Incentive Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 20,017	$ 25,915
Property and equipment (capitalized internal-use software)	2,606	2,522
Total share-based compensation expense	22,623	28,437
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	19,227	23,536
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	896	2,274
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	(296)	(81)
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 190	$ 186

Stockholders’ Equity Transactions	3 Months Ended
Stockholders’ Equity Transactions	Mar. 31, 2026
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Share Repurchase Programs On May 6, 2024, the Company’s Board of Directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other methods, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. During the three months ended March 31, 2025, the Company repurchased approximately 19.2 million shares under the 2024 Share Repurchase Program for a total cost of $80.5 million, at an average price of $4.20 per share. The aggregate cost of the shares repurchased and the related transaction costs and excise taxes of $1.1 million during the three months ended March 31, 2025 are reflected as a reduction to common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet. Repurchases under the 2024 Share Repurchase Program were completed as of March 31, 2025. On February 25, 2025, the Company’s Board of Directors authorized an additional share repurchase program for up to $300 million of the Company’s Class A common stock (the “February 2025 Share Repurchase Program”). Under the February 2025 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. The 2025 Share Repurchase Program has no set expiration date. During the three months ended March 31, 2025, the Company repurchased approximately 7.1 million shares under the February 2025 Share Repurchase Program for $30.3 million, at an average price of $4.28 per share. The aggregate cost of the shares repurchased and the related transaction costs and excise taxes of $0.5 million during the three months ended March 31, 2025 are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet. Repurchases under the February 2025 Share Repurchase Program were completed during the fourth quarter of 2025. On December 4, 2025, the Company’s Board of Directors authorized an additional share repurchase program of up to $100 million of the Company’s Class A common stock (the “December 2025 Share Repurchase Program”). Under the December 2025 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The December 2025 Share Repurchase Program has no set expiration date. During the three months ended March 31, 2026, the Company repurchased approximately 9.4 million shares under the December 2025 Share Repurchase Program for $39.1 million, at an average price of $4.16 per share. The aggregate cost of the shares repurchased and the related transaction costs and excise taxes of $0.5 million during the three months ended March 31, 2026 are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet. As of March 31, 2026, $52.4 million remained available for future share repurchases under the December 2025 Share Repurchase Program.

- Definition

The entire disclosure for equity.

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+ Details

Short-term Investments - Schedule of Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due within one year	$ 33,897	$ 55,955
Due after one year through five years	3,322	6,364
Amortized Cost	37,219	62,319
Estimated Fair Value
Due within one year	33,937	56,087
Due after one year through five years	3,330	6,396
Total	$ 37,267	$ 62,483

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Number Of Reportable Segments Disclosed By Definition Flag	true
Non-US \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	17.00%	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Stockholders’ Equity Transactions (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 04, 2025	Feb. 25, 2025	May 06, 2024
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options	$ 39,575,000	$ 112,316,000
2024 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount					$ 200,000,000
Repurchase of early exercised stock options (in shares)		19.2
Repurchase of early exercised stock options		$ 80,500,000
Shares repurchased, average price per share (in dollars per share)		$ 4.20
Stock repurchase, transaction costs		$ 1,100,000
February 2025 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount				$ 300,000,000
Repurchase of early exercised stock options (in shares)		7.1
Repurchase of early exercised stock options		$ 30,300,000
Shares repurchased, average price per share (in dollars per share)		$ 4.28
Stock repurchase, transaction costs		$ 500,000
December 2025 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount			$ 100,000,000
Repurchase of early exercised stock options (in shares)	9.4
Repurchase of early exercised stock options	$ 39,100,000
Shares repurchased, average price per share (in dollars per share)	$ 4.16
Stock repurchase, transaction costs	$ 500,000
Stock repurchase program, remaining authorized repurchase amount	$ 52,400,000

Concentration Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) bank	Mar. 31, 2025	Dec. 31, 2025 USD ($)
Concentration Risk [Line Items]
Short-term investments	$ 37,267		$ 62,483
Number of issuing bank payment settlement through transaction \| bank	1
Debt Securities, Available-For-Sale \| Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 32,000		$ 56,100
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	86.00%		90.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage			12.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 4
Concentration Risk [Line Items]
Concentration risk, percentage			12.00%
Accounts Receivable \| Credit Concentration Risk \| Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	61.00%	67.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	42.00%	45.00%

Stock Incentive Plans - Narrative (Details) $ in Millions	3 Months Ended
Stock Incentive Plans - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Restricted Stock Units and Performance Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs, amount	$ 166.6
Unrecognized compensation cost, period for recognition (in years)	2 years 2 months 12 days
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs, amount	$ 1.4
Unrecognized compensation cost, period for recognition (in years)	9 months 18 days

Stock Incentive Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans


	Three Months Ended March 31,
	2026		2025
Restricted stock units	$	19,227	$	23,536
Stock options	896		2,274
Performance restricted stock units	(296)		(81)
Employee Stock Purchase Plan	190		186

Share-based compensation recorded within Compensation and benefits	20,017		25,915

Property and equipment (capitalized internal-use software)	2,606		2,522
Total share-based compensation expense	$	22,623	$	28,437

Restricted Stock Units and Performance Share Units

A summary of the Company's restricted stock units (RSUs) and performance-based restricted stock units (PSUs) activity under the Plans was as follows:


	Number of Units	Weighted- average grant date fair value per share
Balance as of December 31, 2025	29,086	$	4.88
Granted	20,944	$	3.98
Vested	(5,106)	$	4.94
Forfeited	(3,979)	$	4.47
Balance as of March 31, 2026	40,945	$	4.45

As of March 31, 2026, unrecognized compensation expense related to unvested RSUs and PSUs was $166.6 million. These costs are expected to be recognized over a weighted-average period of 2.2 years.

Stock Options

A summary of the Company's stock option activity under the Plans is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted - Average remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2025	8,197	$	6.86	5.73	$	7,321
Granted	—	—
Exercised	(33)	1.52
Forfeited	—	—
Balance as of March 31, 2026	8,164	$	6.88	5.48	$	4,989
Exercisable as of March 31, 2026 (2)	7,751	$	6.96	5.40	$	4,987
Vested as of March 31, 2026	7,751	$	6.96	5.40	$	4,987

(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates.

(2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status.

As of March 31, 2026, aggregate unrecognized compensation expense related to unvested outstanding stock options was $1.4 million. These costs are expected to be recognized over a weighted-average period of 0.8 years.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	510
Local Phone Number	671-5437
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity CIK	0001522540
Current Fiscal YE Date	--12-31
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q1
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		391,222,103
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		32,808,210

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 03, 2025	Mar. 31, 2026	Dec. 31, 2025
Securities Actions
Guarantor Obligations
Directors and Officers insurance policy deductible, amount		$ 5.0
Securities Actions \| Settled Litigation
Guarantor Obligations
Payments for legal settlements	$ 13.0
Marqeta, Inc. Securities Litigation
Guarantor Obligations
Insurance recovery receivable		9.4	$ 9.3
Marqeta, Inc. Securities Litigation \| Settled Litigation
Guarantor Obligations
Settlement liability		13.0	$ 13.0
Letter of Credit
Guarantor Obligations
Letters of credit, amount		0.9
Letter of Credit \| Restricted Cash
Guarantor Obligations
Deposit assets		0.9
Card and E-money Wallet Programs
Guarantor Obligations
Restricted cash		280.3
Card and E-money Wallet Programs \| Money market funds
Guarantor Obligations
Restricted cash		$ 48.3

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company recorded income tax expense of $0.2 million for each of the three month periods ended March 31, 2026 and 2025, which was primarily attributable to income tax expense in profitable foreign jurisdictions for both respective periods. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income tax uncertainties in all open tax years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stock Incentive Plans - Schedule of Restricted Stock Units and Performance Stock Units (Details) - Restricted Stock Units and Performance Stock Units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	29,086,000
Granted (in shares) \| shares	20,944,000
Vested (in shares) \| shares	(5,106,000)
Forfeited (in shares) \| shares	(3,979,000)
Ending balance (in shares) \| shares	40,945,000
Weighted- average grant date fair value per share
Beginning balance (in dollars per share) \| $ / shares	$ 4.88
Granted (in dollars per share) \| $ / shares	3.98
Vested (in dollars per share) \| $ / shares	4.94
Forfeited (in dollars per share) \| $ / shares	4.47
Ending balance (in dollars per share) \| $ / shares	$ 4.45

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	(c) During our last fiscal quarter, on March 12, 2026, Todd Pollak, our Chief Revenue Officer, adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408 providing for the sale from time to time of an aggregate of up to 75,100 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 18, 2027, or earlier if all transactions under the trading arrangement are completed, but in no case earlier than one year, or later than two years, from March 18, 2026. This trading arrangement will not commence until the termination of his previous trading arrangement by its terms on June 30, 2026.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Todd Pollak [Member]
Trading Arrangements, by Individual
Name	Todd Pollak
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2026
Expiration Date	March 18, 2027
Arrangement Duration	371 days
Aggregate Available	75,100

Short-term Investments - Schedule of Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 37,219	$ 62,319
Unrealized Gain	48	164
Estimated Fair Value	37,267	62,483
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,988	55,955
Unrealized Gain	33	132
Estimated Fair Value	32,021	56,087
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,231	6,364
Unrealized Gain	15	32
Estimated Fair Value	$ 5,246	$ 6,396

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Short-term investments	$ 37,267	$ 62,483
Total assets measured at fair value	496,594	589,414
U.S. treasury securities
Assets
Short-term investments	32,021	56,087
Asset-backed securities
Assets
Short-term investments	5,246	6,396
U.S. treasury bills
Assets
Cash equivalents	223,769	292,381
Money market funds
Assets
Cash equivalents	99,159	96,042
Restricted cash	48,340	45,786
Commercial paper
Assets
Cash equivalents	46,145	41,450
Certificate of deposits
Assets
Cash equivalents	33,302	35,213
Corporate debt securities
Assets
Cash equivalents	8,612	16,059
Level 1
Assets
Total assets measured at fair value	403,289	490,296
Level 1 \| U.S. treasury securities
Assets
Short-term investments	32,021	56,087
Level 1 \| Asset-backed securities
Assets
Short-term investments	0	0
Level 1 \| U.S. treasury bills
Assets
Cash equivalents	223,769	292,381
Level 1 \| Money market funds
Assets
Cash equivalents	99,159	96,042
Restricted cash	48,340	45,786
Level 1 \| Commercial paper
Assets
Cash equivalents	0	0
Level 1 \| Certificate of deposits
Assets
Cash equivalents	0	0
Level 1 \| Corporate debt securities
Assets
Cash equivalents	0	0
Level 2
Assets
Total assets measured at fair value	93,305	99,118
Level 2 \| U.S. treasury securities
Assets
Short-term investments	0	0
Level 2 \| Asset-backed securities
Assets
Short-term investments	5,246	6,396
Level 2 \| U.S. treasury bills
Assets
Cash equivalents	0	0
Level 2 \| Money market funds
Assets
Cash equivalents	0	0
Restricted cash	0	0
Level 2 \| Commercial paper
Assets
Cash equivalents	46,145	41,450
Level 2 \| Certificate of deposits
Assets
Cash equivalents	33,302	35,213
Level 2 \| Corporate debt securities
Assets
Cash equivalents	8,612	16,059
Level 3
Assets
Total assets measured at fair value	0	0
Level 3 \| U.S. treasury securities
Assets
Short-term investments	0	0
Level 3 \| Asset-backed securities
Assets
Short-term investments	0	0
Level 3 \| U.S. treasury bills
Assets
Cash equivalents	0	0
Level 3 \| Money market funds
Assets
Cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Commercial paper
Assets
Cash equivalents	0	0
Level 3 \| Certificate of deposits
Assets
Cash equivalents	0	0
Level 3 \| Corporate debt securities
Assets
Cash equivalents	$ 0	$ 0

Concentration Risks and Significant Customers	3 Months Ended
Concentration Risks and Significant Customers	Mar. 31, 2026
Risks and Uncertainties [Abstract]
Concentration Risks and Significant Customers	Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. Cash and cash equivalents held with financial institutions may exceed federally insured limits, posing potential credit risk. As of March 31, 2026 and December 31, 2025, short-term investments were $37.3 million and $62.5 million, respectively, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. treasury securities, which amounted to $32.0 million, or 86%, at March 31, 2026 and $56.1 million, or 90%, at December 31, 2025, respectively. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended March 31, 2026 and 2025, 61% and 67%, respectively, of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s platform, net of returns and chargebacks, was settled through Sutton Bank. The Company derives a significant portion of its revenue from one customer. This customer accounted for 42% and 45% of net revenue for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, two separate customers accounted for 19% and 13% of the Company’s accounts receivable balance. As of December 31, 2025, two separate customers accounted for 12% and 12% of the Company’s accounts receivable balance.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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+ Details

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

The Company calculated basic and diluted net income (loss) per share attributable to common stockholders as follows:


	Three Months Ended March 31,
	2026				2025
	Class A		Class B		Class A		Class B
Numerator
Net income (loss) attributable to common stockholders, basic	$	7,233	$	601	$	(7,711)	$	(549)
Net income (loss) attributable to common stockholders, diluted	$	7,218	$	616	$	(7,711)	$	(549)
Denominator
Weighted-average shares used in computing basic net income (loss) share attributable to common stockholders	395,739		32,863		467,927		33,295
Effect of dilutive potential shares of common stock	3,713		1,256		—		—
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders	399,452		34,119		467,927		33,295

Net income (loss) per share attributable to common stockholders, basic	$	0.02	$	0.02	$	(0.02)	$	(0.02)
Net income (loss) per share attributable to common stockholders, diluted	$	0.02	$	0.02	$	(0.02)	$	(0.02)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Share

The following potentially dilutive securities were excluded from the computation of diluted net loss per share during the three months ended March 31, 2025 because including them would have had an anti-dilutive effect as the Company was in a loss position during the period:



	Three Months Ended March 31, 2025
	Class A	Class B
Warrants to purchase Class B common stock	—	1,900
Stock options, restricted stock, and employee stock purchase plan	48,609	5,169
Total	48,609	7,069

Potentially dilutive securities that were excluded from the computation of diluted net income per share during the three months ended March 31, 2026 because including them would have had an anti-dilutive effect were as follows:

Three Months Ended March 31, 2026

Class A

Class B

Stock options, restricted stock, and employee stock purchase plan

14,217

1,891

Short-term Investments

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Short-term Investments

The amortized cost, unrealized gain, and estimated fair value of the Company's short-term investments consisted of the following:


	March 31, 2026
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	31,988	$	33	$	32,021


Asset-backed securities	5,231		15		5,246


Total short-term investments	$	37,219	$	48	$	37,267


	December 31, 2025
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	55,955	$	132	$	56,087


Asset-backed securities	6,364		32		6,396

Total short-term investments	$	62,319	$	164	$	62,483

The Company did not have any short-term investments in unrealized loss positions as of March 31, 2026 and December 31, 2025. Generally, the Company does not intend to sell short-term investments that have unrealized losses, and does not anticipate that it is more likely than not that it will be required to sell such securities before any anticipated recovery of the entire amortized cost basis.

There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income (loss) for both the three months ended March 31, 2026 and 2025. The Company determined there were no material credit or non-credit related impairments as of March 31, 2026 and December 31, 2025.

The following table summarizes the stated maturities of the Company’s short-term investments:


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	33,897	$	33,937	$	55,955	$	56,087
Due after one year through five years	3,322		3,330		6,364		6,396
Total	$	37,219	$	37,267	$	62,319	$	62,483

Stock Incentive Plans - Schedule of Stock Option Activity Under Stock Incentive Plan (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Options
Beginning balance (in shares)	8,197,000
Granted (in shares)	0
Exercised (in shares)	(33,000)
Canceled and forfeited (in shares)	0
Ending balance (in shares)	8,164,000	8,197,000
Exercisable (in shares)	7,751,000
Vested (in shares)	7,751,000
Weighted- Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 6.86
Granted (in dollars per share)	0
Exercised (in dollars per share)	1.52
Canceled and forfeited (in dollars per share)	0
Ending balance (in dollars per share)	6.88	$ 6.86
Exercisable (in dollars per share)	6.96
Vested (in dollars per share)	$ 6.96
Weighted - Average remaining Contractual Life (Years) / Aggregate Intrinsic Value
Options outstanding, Weighted Average Remaining Contractual Life (in years)	5 years 5 months 23 days	5 years 8 months 23 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	5 years 4 months 24 days
Options Vested, Weighted Average Remaining Contractual Life (in years)	5 years 4 months 24 days
Options outstanding, Aggregate Intrinsic Value (in USD)	$ 4,989	$ 7,321
Exercisable, Aggregate Intrinsic Value (in USD)	4,987
Options Vested, Aggregate Intrinsic Value (in USD)	$ 4,987

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Denominator
Weighted-average shares used in computing basic net income (loss) share attributable to common stockholders (in shares)	428,602,000	501,222,000
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares)	433,571,000	501,222,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.02	$ (0.02)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.02	$ (0.02)
Class A
Numerator
Net income (loss) attributable to common stockholders, basic	$ 7,233	$ (7,711)
Net income (loss) attributable to common stockholders, diluted	$ 7,218	$ (7,711)
Denominator
Weighted-average shares used in computing basic net income (loss) share attributable to common stockholders (in shares)	395,739,000	467,927,000
Effect of dilutive potential shares of common stock (in shares)	3,713,000	0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares)	399,452,000	467,927,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.02	$ (0.02)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.02	$ (0.02)
Class B
Numerator
Net income (loss) attributable to common stockholders, basic	$ 601	$ (549)
Net income (loss) attributable to common stockholders, diluted	$ 616	$ (549)
Denominator
Weighted-average shares used in computing basic net income (loss) share attributable to common stockholders (in shares)	32,863,000	33,295,000
Effect of dilutive potential shares of common stock (in shares)	1,256,000	0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares)	34,119,000	33,295,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.02	$ (0.02)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.02	$ (0.02)

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	48,609,000
Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	7,069,000
Warrants to purchase Class B common stock \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0
Warrants to purchase Class B common stock \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,900,000
Stock options, restricted stock, and employee stock purchase plan \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	48,609,000	14,217,000
Stock options, restricted stock, and employee stock purchase plan \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,169,000	1,891,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 674,790	$ 709,443
Restricted cash	280,398	307,593
Short-term investments	37,267	62,483
Accounts receivable, net	45,893	41,422
Network incentives receivable	79,869	61,059
Settlements receivable, net	32,455	18,037
Prepaid expenses and other current assets	37,746	35,278
Total current assets	1,188,418	1,235,315
Property and equipment, net	63,919	59,910
Operating lease right-of-use assets, net	7,506	8,275
Intangible assets, net	48,406	51,388
Goodwill	153,962	154,706
Other assets	14,502	15,439
Total assets	1,476,713	1,525,033
Current liabilities:
Accounts payable	789	1,847
Revenue share payable	260,144	224,526
Funds payable and amounts due to customers	280,298	306,891
Accrued expenses and other current liabilities	179,905	215,793
Total current liabilities	721,136	749,057
Operating lease liabilities, net of current portion	4,803	5,535
Other liabilities	8,492	8,484
Total liabilities	734,431	763,076
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 392,940 and 399,392 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. 600,000 and 600,000 Class B shares authorized, 32,808 and 32,864 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	43	43
Additional paid-in capital	1,546,548	1,572,238
Accumulated other comprehensive (loss) income	(310)	1,509
Accumulated deficit	(803,999)	(811,833)
Total stockholders’ equity	742,282	761,957
Total liabilities and stockholders’ equity	$ 1,476,713	$ 1,525,033

Segment Information - Schedule of Information Used by the CODM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 165,798	$ 139,073
Costs of revenue	48,206	40,394
Gross profit	117,592	98,679
Share based compensation	20,017	25,915
Technology	18,090	14,811
Depreciation and amortization	8,854	5,331
Professional services	4,631	5,695
Occupancy	1,179	917
Marketing and advertising	1,160	469
Other operating expenses	3,566	3,944
Income (loss) from operations	2,094	(18,538)
Income tax expense	193	235
Net income (loss)	7,834	(8,260)
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	165,798	139,073
Costs of revenue	48,206	40,394
Gross profit	117,592	98,679
Employee compensation and benefits	58,001	60,135
Share based compensation	20,017	25,915
Technology	18,090	14,811
Depreciation and amortization	8,854	5,331
Professional services	4,631	5,695
Occupancy	1,179	917
Marketing and advertising	1,160	469
Other operating expenses	3,566	3,944
Income (loss) from operations	2,094	(18,538)
Interest income	5,363	10,487
Other income (expense)	570	26
Income tax expense	193	235
Net income (loss)	$ 7,834	$ (8,260)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net revenue	$ 165,798	$ 139,073
Costs of revenue	48,206	40,394
Gross profit	117,592	98,679
Operating expenses:
Compensation and benefits	78,018	86,050
Technology	18,090	14,811
Depreciation and amortization	8,854	5,331
Professional services	4,631	5,695
Occupancy	1,179	917
Marketing and advertising	1,160	469
Other operating expenses	3,566	3,944
Total operating expenses	115,498	117,217
Income (loss) from operations	2,094	(18,538)
Other income, net	5,933	10,513
Income (loss) before income tax expense	8,027	(8,025)
Income tax expense	193	235
Net income (loss)	7,834	(8,260)
Other comprehensive (loss) income, net of taxes:
Change in foreign currency translation adjustment	(1,646)	126
Net change in unrealized loss on short-term investments	(173)	(88)
Net other comprehensive (loss) income	(1,819)	38
Comprehensive income (loss)	$ 6,015	$ (8,222)
Net income (loss) per share attributable to Class A and Class B common stockholders
Basic (in dollars per share)	$ 0.02	$ (0.02)
Diluted (in dollars per share)	$ 0.02	$ (0.02)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders
Basic (in shares)	428,602,000	501,222,000
Diluted (in shares)	433,571,000	501,222,000

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letter of Credit and Restricted Cash In connection with the Oakland lease, the Company is required to provide the landlord a $0.9 million letter of credit. The Company has secured this letter of credit by depositing $0.9 million with the issuing financial institution. This amount is classified as restricted cash and recorded in other assets on the Condensed Consolidated Balance Sheets. As of March 31, 2026, the balance of restricted cash associated with these customer funds was $280.3 million, of which $48.3 million is invested in money market funds. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time the financials are available to be issued. As additional information becomes available, the Company reassesses the probability of the loss contingency and the potential liability, and may revise the estimate. The Company is currently involved in the following matters: On December 9, 2024, a putative securities class action lawsuit, captioned Wai v. Marqeta, Inc., et al., Case No. 24-cv-08874 (N.D. Cal.), was filed in federal court in the Northern District of California (“Court”) against the Company, its former Chief Executive Officer, and its Chief Financial Officer (“Defendants”) alleging violations of federal securities laws. The lawsuit asserted that Defendants made false or misleading statements relating to the Company’s performance or revenue and gross profit expectations in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On December 10, 2024, a second putative securities class action lawsuit, captioned Ford v. Marqeta, Inc., et al., Case No. 24-cv-08892 (N.D. Cal.), was filed in the same Court against the same Defendants alleging violations of the same federal securities laws. The second lawsuit asserted similar theories of liability as the first lawsuit but alleges a broader putative class period of between May 7, 2024 and November 4, 2024 and some additional and/or different allegations on which the claims are based. Both lawsuits (collectively, the “Securities Actions”) seek to recover damages on behalf of shareholders who acquired shares of the Company’s common stock during their respective putative class periods. The Securities Actions have been consolidated into one consolidated securities litigation captioned In re Marqeta, Inc. Securities Litigation, Case No. 24-08874-YGR (N.D. Cal) and the Court has appointed a lead plaintiff and lead plaintiff’s counsel in the matter. On April 10, 2025, the lead plaintiff filed a consolidated amended complaint, which alleges a putative class period of between February 28, 2024 and November 4, 2024. The Company and the other Defendants filed a motion to dismiss the consolidated amended complaint on May 15, 2025. On November 3, 2025, a settlement was reached, in principle, with the lead plaintiff’s counsel to resolve the Securities Actions for payments totaling $13.0 million, subject to further documentation and judicial approvals. The Company’s Directors & Officers insurance policy includes a $5.0 million self-insured retention that applies to covered losses related to the Securities Actions, including legal defense fees and settlement payments. If finalized, the settlement will be funded by insurance less the self-insured retention. As of March 31, 2026 and December 31, 2025, the Company had $13.0 million settlement liability in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The corresponding insurance recovery receivable was $9.4 million and $9.3 million as of March 31, 2026 and December 31, 2025, respectively, and is recorded in prepaid expenses and other current assets. The receivable reflects the portion of settlement expected to be covered by insurance, determined by applying legal fees incurred through March 31, 2026 toward the self-insured retention. As additional legal fees are incurred beyond this date, they will further reduce the remaining self-insured retention, resulting in a corresponding increase to the receivable balance. On February 4, 2025, a putative shareholder derivative lawsuit, captioned Smith v. Khalaf, et al., Case No. 25-cv-01174 (N.D. Cal.), was filed in the same Court against certain of the Company’s current and former officer and its Board of Directors (as then constituted), and names the Company as a nominal defendant. This lawsuit asserts claims for breach of fiduciary duties and violations of federal securities laws, among other claims, between the time period of May 7, 2024 and November 4, 2024 under similar theories as the Securities Actions. Two other substantially similar putative shareholder derivative lawsuits, captioned Ojserkis v. Khalaf, et al., Case No. 25-cv-01883 (N.D. Cal.) and Preciado v. Khalaf, et al., Case No. 3:25-cv-02100 (N.D. Cal.), were filed on February 21, 2025 and February 27, 2025, respectively. All three putative shareholder derivative suits have been consolidated into one lawsuit captioned In re Marqeta, Inc. Derivative Litigation, Case No. 4:25-cv-01174-YGR (N.D. Cal). The consolidated derivative action is currently stayed pending developments in the consolidated Securities Actions. Settlement of Payment Transactions Pre-funding amounts deposited by program management customers into accounts maintained at Issuing Banks may only be used to settle customers’ payment transactions, and are not subject to the same safeguarding regulations as TransactPay’s customer funds, and as such, are not considered assets of the Company. Accordingly, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Condensed Consolidated Balance Sheets. If a customer does not have sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the customer. The Company did not incur losses of this nature during the three months ended March 31, 2026 and 2025, respectively. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, Card Networks, Issuing Banks, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify an Issuing Bank for losses such Issuing Bank may incur for non-compliance with applicable laws and regulations, if those losses resulted from the Company’s failure to perform under its program agreement. No significant claims have been incurred during the three months ended March 31, 2026 and 2025. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. As of March 31, 2026 and December 31, 2025, no demands have been made upon the Company to provide indemnification under such agreements, and the Company is not aware of any claims that could have a material effect on its Condensed Consolidated Financial Statements. The Company also includes service level commitments to its customers, warranting certain levels of performance and permitting these customers to receive credits in the event the Company fails to meet the levels outlined in their respective agreements. No material credits were issued during the three months ended March 31, 2026 and 2025.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	223,769	$	—	$	—	$	223,769
Money market funds	99,159		—		—		99,159
Commercial paper	—		46,145		—		46,145
Certificates of deposit	—		33,302		—		33,302
Corporate debt securities	—		8,612		—		8,612
Short-term investments
U.S. treasury securities	32,021		—		—		32,021


Asset-backed securities	—		5,246		—		5,246


Restricted cash
Money market funds	48,340		—		—		48,340
Total assets measured at fair value	$	403,289	$	93,305	$	—	$	496,594


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	292,381	$	—	$	—	$	292,381
Money market funds	96,042		—		—		96,042
Commercial paper	—		41,450		—		41,450
Certificates of deposit	—		35,213		—		35,213
Corporate debt securities	—		16,059		—		16,059
Short-term investments
U.S. treasury securities	56,087		—		—		56,087


Asset-backed securities	—		6,396		—		6,396



Restricted cash
Money market funds	45,786		—		—		45,786
Total assets measured at fair value	$	490,296	$	99,118	$	—	$	589,414

The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

There were no transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2026, or the year ended December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 10, 2026, the Company filed a preliminary proxy statement on Schedule 14A with the Securities and Exchange Commission in connection with its 2026 Annual Meeting of Stockholders scheduled for June 10, 2026. Among the proposals to be considered by stockholders is a proposal to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation to (i) effect a 1-for-4 reverse stock split of the Company’s Class A common stock, Class B common stock, and preferred stock and (ii) make a proportional reduction in the number of authorized shares of each class. If approved by stockholders, the Company’s Chief Executive Officer and Chief Financial Officer, in consultation with the Board of Directors, will have sole discretion to determine whether and when to implement the reverse stock split and authorized shares reduction, if at all, provided any such action occurs within one year of stockholder approval. The Company can provide no assurance that the reverse stock split will be implemented or that it will achieve any of the intended benefits.

Business Combinations (Details) $ in Thousands	Apr. 30, 2026 USD ($)	Mar. 31, 2026 USD ($) arrangement	Dec. 31, 2025 USD ($)
Business Combination, Separately Recognized Transaction [Line Items]
Number of earn-outs \| arrangement		2
Contingent consideration liability		$ 2,729	$ 3,677
TransactPay Business
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability		2,700	1,300
TransactPay Business \| Regulatory Improvement Earn-out
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability		2,300
TransactPay Business \| Regulatory Improvement Earn-out \| Indemnification Purposes
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability		2,300	2,300
TransactPay Business \| Digital Products Earn-out
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability		$ 900	$ 3,400
TransactPay Business \| Digital Products Earn-out \| Subsequent Event
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total net revenue	$ 165,798	$ 139,073
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Total net revenue	156,225	131,867
Other services revenue
Disaggregation of Revenue [Line Items]
Total net revenue	$ 9,573	$ 7,206

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill and Intangible Assets, net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill

Goodwill consisted of the following:


Balance as of December 31, 2025	$	154,706

Foreign currency adjustment	(744)
Balance as of March 31, 2026	$	153,962

Intangible Assets, net

The following table presents the Intangible assets resulting from the Company’s business combinations as of the dates presented:


	March 31, 2026		December 31, 2025
Finite-lived intangible assets:
Developed technology	$	41,000	$	41,000
Customer relationships (1)	6,890		7,059
Total finite-lived intangible assets, gross	47,890		48,059
Accumulated amortization	(20,844)		(18,554)
Total finite-lived Intangible assets, net	27,046		29,505
Indefinite-lived intangible assets:
EMI licenses (1)	21,360		21,883
Total intangible assets, net	$	48,406	$	51,388

(1) The customer relationships and EMI licenses acquired in the TransactPay acquisition are denominated in euros. The changes in the carrying amounts reported for these assets since the acquisition date as of March 31, 2026 and December 31, 2025 are attributable to fluctuations in foreign currency exchange rates.

The amortization period for developed technology and customer relationships intangible assets is 7 years and 2 years, respectively. Amortization expense for intangible assets was $2.3 million and $1.5 million for the three months ended March 31, 2026 and 2025, respectively.

Business Overview and Basis of Presentation	3 Months Ended
Business Overview and Basis of Presentation	Mar. 31, 2026
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) was incorporated in the state of Delaware in 2010 and creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 24, 2026. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive income (loss), and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other future annual or interim period. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the cumulative network incentive rate the Company expects to earn during the annual measurement period, and valuation of income taxes. Actual results could differ materially from these estimates. Business Risks and Uncertainties Prior to the quarter ended March 31, 2026, the Company incurred net losses in each quarter since its inception, with the exception of the quarter ended June 30, 2024, which was primarily due to the forfeiture of the Executive Chairman Long-Term Incentive Award. As of March 31, 2026, the Company had an accumulated deficit of $804.0 million. The Company believes that its cash and cash equivalents of $674.8 million and short-term investments of $37.3 million as of March 31, 2026 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 7,834	$ (8,260)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	8,854	5,331
Share-based compensation expense	20,017	25,915
Non-cash operating leases expense	769	535
Accretion of discount on short-term investments	(34)	(396)
Other	(671)	364
Changes in operating assets and liabilities:
Accounts receivable	(4,631)	1,312
Network incentives receivable	(18,810)	1,836
Settlements receivable	(14,418)	1,795
Prepaid expenses and other assets	(1,531)	(2,543)
Accounts payable	(1,058)	1,023
Revenue share payable	35,618	16,016
Accrued expenses and other liabilities	(34,115)	(31,837)
Operating lease liabilities	(1,191)	(1,104)
Net cash (used in) provided by operating activities	(3,367)	9,987
Cash flows from investing activities:
Maturities of short-term investments	25,134	22,186
Capitalization of internal-use software	(7,798)	(6,059)
Purchases of property and equipment	(1,279)	(1,266)
Net cash provided by investing activities	16,057	14,861
Cash flows from financing activities:
Repurchase of common stock	(39,207)	(111,310)
Change in funds payable and amounts due to customers	(26,593)	0
Taxes paid related to net share settlement of restricted stock units	(8,789)	(7,101)
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	51	1,444
Net cash used in financing activities	(74,538)	(116,967)
Net decrease in cash, cash equivalents, and restricted cash	(61,848)	(92,119)
Cash, cash equivalents, and restricted cash- Beginning of period	1,017,931	931,516
Cash, cash equivalents, and restricted cash - End of period	956,083	839,397
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	674,790	830,897
Restricted cash	280,398	8,500
Restricted cash, included in Other assets	895	0
Total cash, cash equivalents, and restricted cash	956,083	839,397
Supplemental disclosures of non-cash investing and financing activities:
Contingent and holdback considerations, not yet paid	5,026	0
Repurchase of common stock, including excise tax, accrued and not yet paid	3,874	1,006
Share-based compensation capitalized to internal-use software	2,606	2,522
Purchase of property and equipment accrued and not yet paid	$ 87	$ 1,142

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	392,940,000	399,392,000
Common stock, shares, outstanding (in shares)	392,940,000	399,392,000
Class B
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	32,808,000	32,864,000
Common stock, shares, outstanding (in shares)	32,808,000	32,864,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	223,769	$	—	$	—	$	223,769
Money market funds	99,159		—		—		99,159
Commercial paper	—		46,145		—		46,145
Certificates of deposit	—		33,302		—		33,302
Corporate debt securities	—		8,612		—		8,612
Short-term investments
U.S. treasury securities	32,021		—		—		32,021


Asset-backed securities	—		5,246		—		5,246


Restricted cash
Money market funds	48,340		—		—		48,340
Total assets measured at fair value	$	403,289	$	93,305	$	—	$	496,594


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	292,381	$	—	$	—	$	292,381
Money market funds	96,042		—		—		96,042
Commercial paper	—		41,450		—		41,450
Certificates of deposit	—		35,213		—		35,213
Corporate debt securities	—		16,059		—		16,059
Short-term investments
U.S. treasury securities	56,087		—		—		56,087


Asset-backed securities	—		6,396		—		6,396



Restricted cash
Money market funds	45,786		—		—		45,786
Total assets measured at fair value	$	490,296	$	99,118	$	—	$	589,414

Goodwill and Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill consisted of the following:


Balance as of December 31, 2025	$	154,706

Foreign currency adjustment	(744)
Balance as of March 31, 2026	$	153,962

Schedule of Intangible Assets

The following table presents the Intangible assets resulting from the Company’s business combinations as of the dates presented:


	March 31, 2026		December 31, 2025
Finite-lived intangible assets:
Developed technology	$	41,000	$	41,000
Customer relationships (1)	6,890		7,059
Total finite-lived intangible assets, gross	47,890		48,059
Accumulated amortization	(20,844)		(18,554)
Total finite-lived Intangible assets, net	27,046		29,505
Indefinite-lived intangible assets:
EMI licenses (1)	21,360		21,883
Total intangible assets, net	$	48,406	$	51,388

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

Net Income (Loss) Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding, adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items are anti-dilutive.

The Company calculated basic and diluted net income (loss) per share attributable to common stockholders as follows:


	Three Months Ended March 31,
	2026				2025
	Class A		Class B		Class A		Class B
Numerator
Net income (loss) attributable to common stockholders, basic	$	7,233	$	601	$	(7,711)	$	(549)
Net income (loss) attributable to common stockholders, diluted	$	7,218	$	616	$	(7,711)	$	(549)
Denominator
Weighted-average shares used in computing basic net income (loss) share attributable to common stockholders	395,739		32,863		467,927		33,295
Effect of dilutive potential shares of common stock	3,713		1,256		—		—
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders	399,452		34,119		467,927		33,295

Net income (loss) per share attributable to common stockholders, basic	$	0.02	$	0.02	$	(0.02)	$	(0.02)
Net income (loss) per share attributable to common stockholders, diluted	$	0.02	$	0.02	$	(0.02)	$	(0.02)

As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.



	Three Months Ended March 31, 2025
	Class A	Class B
Warrants to purchase Class B common stock	—	1,900
Stock options, restricted stock, and employee stock purchase plan	48,609	5,169
Total	48,609	7,069

Three Months Ended March 31, 2026

Class A

Class B

Stock options, restricted stock, and employee stock purchase plan

14,217

1,891

Short-term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Schedule of Short-term Investments

The amortized cost, unrealized gain, and estimated fair value of the Company's short-term investments consisted of the following:


	March 31, 2026
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	31,988	$	33	$	32,021


Asset-backed securities	5,231		15		5,246


Total short-term investments	$	37,219	$	48	$	37,267


	December 31, 2025
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	55,955	$	132	$	56,087


Asset-backed securities	6,364		32		6,396

Total short-term investments	$	62,319	$	164	$	62,483

Schedule of Available-for-Sale Securities Reconciliation

The following table summarizes the stated maturities of the Company’s short-term investments:


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	33,897	$	33,937	$	55,955	$	56,087
Due after one year through five years	3,322		3,330		6,364		6,396
Total	$	37,219	$	37,267	$	62,319	$	62,483

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		504,296,000
Beginning balance at Dec. 31, 2024	$ 1,085,018	$ 50	$ 1,883,190	$ (314)	$ (797,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock, including excise tax (in shares)		(26,225,000)
Repurchase and retirement of common stock, including excise tax	(112,316)	$ (2)	(112,314)
Share-based compensation	28,437		28,437
Issuance of common stock net settlement of restricted stock units (in shares)		2,527,000
Issuance of common stock upon net settlement of restricted stock units	(7,101)		(7,101)
Issuance of common stock upon exercise of options (in shares)		380,000
Issuance of common stock upon exercise of options	1,444		1,444
Change in accumulated other comprehensive income (loss)	38			38
Net loss	(8,260)				(8,260)
Ending balance (in shares) at Mar. 31, 2025		480,978,000
Ending balance at Mar. 31, 2025	987,260	$ 48	1,793,656	(276)	(806,168)
Beginning balance (in shares) at Dec. 31, 2025		432,256,000
Beginning balance at Dec. 31, 2025	761,957	$ 43	1,572,238	1,509	(811,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock, including excise tax (in shares)		(9,408,000)
Repurchase and retirement of common stock, including excise tax	(39,575)		(39,575)
Share-based compensation	22,623		22,623
Issuance of common stock net settlement of restricted stock units (in shares)		2,867,000
Issuance of common stock upon net settlement of restricted stock units	(8,789)		(8,789)
Issuance of common stock upon exercise of options (in shares)		33,000
Issuance of common stock upon exercise of options	51		51
Change in accumulated other comprehensive income (loss)	(1,819)			(1,819)
Net loss	7,834				7,834
Ending balance (in shares) at Mar. 31, 2026		425,748,000
Ending balance at Mar. 31, 2026	$ 742,282	$ 43	$ 1,546,548	$ (310)	$ (803,999)

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Business Risks and Uncertainties
Accumulated deficit	$ (803,999)	$ (811,833)
Cash and cash equivalents	674,790	$ 709,443	$ 830,897
Short-term investments	$ 37,300

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 193	$ 235

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing, and primarily earns revenue from processing card transactions for its customers. As such, the Company operates as a single operating segment and reporting unit.

The CODM assesses performance and decides how to allocate resources based on consolidated net income or loss as the measure of profit and loss and consolidated total assets. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses net income or loss in the annual budgeting process and subsequent monitoring of budget versus actual results as well as in assessing the return on consolidated total assets.

The following is the information used by the CODM in assessing segment performance:


	Three Months Ended March 31,
	2026		2025
Net revenue	$	165,798	$	139,073
Cost of revenue	48,206		40,394
Gross profit	117,592		98,679
Significant expenses:
Employee compensation and benefits	58,001		60,135
Share based compensation	20,017		25,915
Technology	18,090		14,811
Depreciation and amortization	8,854		5,331
Professional services	4,631		5,695
Occupancy	1,179		917
Marketing and advertising	1,160		469
Other operating expenses	3,566		3,944

Income (loss) from operations	2,094		(18,538)
Interest income	5,363		10,487
Other income	570		26
Income tax expense	193		235
Segment and consolidated net income (loss)(1)	$	7,834	$	(8,260)

Net revenue outside of the United States, based on the billing address of the customer, was 17% and 11%, for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, tangible long lived assets outside of the US were not material and not used by the CODM in assessing and evaluating financial performance and allocating resources.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details