Marqeta (MQ) Cost of Revenue (2020 - 2026)
Marqeta (MQ) posted quarterly Cost of Revenue of $3.6 million for Q1 2026, down 91.17% year-over-year from $40.4 million in Q1 2025, and up 103.1% quarter-over-quarter from -$115.1 million in Q4 2025.
Marqeta (MQ) Cost of Revenue (2020 - 2026) Analysis & Trends
Marqeta (MQ) has reported Cost of Revenue for 7 consecutive years, with $3.6 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Cost of Revenue fell 91.17% year-over-year to $3.6 million; the TTM figure through Mar 2026 stood at -$16.4 million (down 107.02% YoY), while the FY2025 annual figure was $20.4 million, down 86.85% from the prior year.
- Cost of Revenue grew to $3.6 million in Q1 2026 per MQ's latest filing, from -$115.1 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $146.5 million in Q2 2023 and bottomed at -$293.1 million in Q4 2023.
- Historically, Cost of Revenue has averaged $9.6 million across 5 years, with a median of $40.4 million in 2025.
- Annual changes were most pronounced in 2022 — Cost of Revenue jumped 2977.31% — and 2025, when it plunged 180.08%.
- Marqeta's Cost of Revenue stood at -$285.0 million in 2022, then declined by 2.84% to -$293.1 million in 2023, then soared by 149.03% to $143.7 million in 2024, then slumped by 180.08% to -$115.1 million in 2025, then jumped by 103.1% to $3.6 million in 2026.
- Business Quant data shows MQ's Cost of Revenue at $3.6 million in Q1 2026, -$115.1 million in Q4 2025, and $48.7 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,576.39 Bn | 3,443.64 Bn | 60.48 Bn | 29.53 Bn |
| 2 | Palantir Technologies | 412.58 Bn | 403.17 Bn | 1.64 Bn | 296.87 Mn |
| 3 | Oracle | 407.66 Bn | 375.77 Bn | - | - |
| 4 | Palo Alto Networks | 299.27 Bn | 296.16 Bn | 2.03 Bn | 974.00 Mn |
| 5 | Fortinet | 115.83 Bn | 111.76 Bn | 1.64 Bn | 404.70 Mn |
| 6 | Cloudflare | 106.65 Bn | 102.48 Bn | 499.52 Mn | 196.54 Mn |
| 7 | Synopsys | 76.61 Bn | 74.41 Bn | 1.77 Bn | 637.38 Mn |
| 8 | CoreWeave | 51.53 Bn | 45.99 Bn | 1.70 Bn | 879.00 Mn |
| 9 | Block | 47.55 Bn | 41.12 Bn | 3.17 Bn | 3.45 Bn |
| 10 | Marqeta | 1.63 Bn | 928.54 Mn | 121.87 Mn | 54.12 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 54.12 Mn |
| Jun 30, 2026 | 54.12 Mn |
| Mar 31, 2026 | 3.57 Mn |
| Mar 31, 2026 | 3.57 Mn |
| Dec 31, 2025 | -115.08 Mn |
| Dec 31, 2025 | -115.08 Mn |
| Sep 30, 2025 | 48.75 Mn |
| Sep 30, 2025 | 48.75 Mn |
| Jun 30, 2025 | 46.33 Mn |
| Jun 30, 2025 | 46.33 Mn |
| Mar 31, 2025 | 40.39 Mn |
| Mar 31, 2025 | 40.39 Mn |
| Dec 31, 2024 | 143.71 Mn |
| Dec 31, 2024 | 143.71 Mn |
| Sep 30, 2024 | 4.12 Mn |
| Sep 30, 2024 | 4.12 Mn |
| Jun 30, 2024 | 45.92 Mn |
| Jun 30, 2024 | 45.92 Mn |
| Mar 31, 2024 | 33.81 Mn |
| Mar 31, 2024 | 33.81 Mn |