Marqeta (MQ)
Market Price (9/6/2026): $16.55 | Market Cap: $436.4 MilSector: Information Technology | Industry: Systems Software
Marqeta (MQ)
Market Price (9/6/2026): $16.55Market Cap: $436.4 MilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -157% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -76% Attractive yieldFCF Yield is 38% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -102% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Key risksMQ key risks include [1] heavy revenue concentration with its largest customer, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -157% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -76% |
| Attractive yieldFCF Yield is 38% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -102% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Key risksMQ key risks include [1] heavy revenue concentration with its largest customer, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
Marqeta (MQ) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Decelerated Fiscal Q3 Guidance. Marqeta reported better-than-expected results for fiscal Q2 2026, which ended June 30, 2026, with a GAAP EPS of $0.07 significantly beating the consensus estimate of $0.01, and revenue increasing 17% year-over-year to $176 million, surpassing expectations. Total Processing Volume (TPV) also demonstrated strong growth, rising 32% year-over-year to $120 billion. Despite these positive indicators, management's guidance for fiscal Q3 2026 projected a net revenue growth of 6-8%, a deceleration from Q2 levels, which introduced a cautious outlook for near-term growth.
2. Impact of Customer Concentration and Strategic Diversification. Marqeta continued to face challenges related to customer concentration, with its largest customer, Block (Cash App), accounting for 41% of net revenue in fiscal Q2 2026. While the company is actively working to diversify its customer base and reduce reliance on this single client, including a projected initial ~10% decline in new issuance from Cash App in fiscal Q3 2026, this ongoing concentration contributes to perceived risk. Concerns about a potential deceleration in the Buy Now Pay Later (BNPL) vertical due to tougher comparisons also added to investor caution.
Show more
Marqeta (MQ) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Decelerated Fiscal Q3 Guidance. Marqeta reported better-than-expected results for fiscal Q2 2026, which ended June 30, 2026, with a GAAP EPS of $0.07 significantly beating the consensus estimate of $0.01, and revenue increasing 17% year-over-year to $176 million, surpassing expectations. Total Processing Volume (TPV) also demonstrated strong growth, rising 32% year-over-year to $120 billion. Despite these positive indicators, management's guidance for fiscal Q3 2026 projected a net revenue growth of 6-8%, a deceleration from Q2 levels, which introduced a cautious outlook for near-term growth.
2. Impact of Customer Concentration and Strategic Diversification. Marqeta continued to face challenges related to customer concentration, with its largest customer, Block (Cash App), accounting for 41% of net revenue in fiscal Q2 2026. While the company is actively working to diversify its customer base and reduce reliance on this single client, including a projected initial ~10% decline in new issuance from Cash App in fiscal Q3 2026, this ongoing concentration contributes to perceived risk. Concerns about a potential deceleration in the Buy Now Pay Later (BNPL) vertical due to tougher comparisons also added to investor caution.
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Updated on 9/1/2026
Marqeta (MQ) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Decelerated Fiscal Q3 Guidance. Marqeta reported better-than-expected results for fiscal Q2 2026, which ended June 30, 2026, with a GAAP EPS of $0.07 significantly beating the consensus estimate of $0.01, and revenue increasing 17% year-over-year to $176 million, surpassing expectations. Total Processing Volume (TPV) also demonstrated strong growth, rising 32% year-over-year to $120 billion. Despite these positive indicators, management's guidance for fiscal Q3 2026 projected a net revenue growth of 6-8%, a deceleration from Q2 levels, which introduced a cautious outlook for near-term growth.
2. Impact of Customer Concentration and Strategic Diversification. Marqeta continued to face challenges related to customer concentration, with its largest customer, Block (Cash App), accounting for 41% of net revenue in fiscal Q2 2026. While the company is actively working to diversify its customer base and reduce reliance on this single client, including a projected initial ~10% decline in new issuance from Cash App in fiscal Q3 2026, this ongoing concentration contributes to perceived risk. Concerns about a potential deceleration in the Buy Now Pay Later (BNPL) vertical due to tougher comparisons also added to investor caution.
3. Balancing Strategic Growth Initiatives with Market Caution. During the period, Marqeta announced several strategic partnerships and product expansions, such as extending its collaboration with Expensify into the UK and EU, enhancing its Google Wallet integration for kids, partnering with Riskified for improved fraud prevention, and enabling stablecoin spending. These initiatives underscore the company's commitment to innovation and international expansion. However, the positive sentiment from these developments was counterbalanced by a consensus "Hold" rating from analysts, with 75% suggesting holding the stock and average price targets around $20.70, indicating a cautious market sentiment that kept the stock price largely stable.
Show less
Marqeta (MQ) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Decelerated Fiscal Q3 Guidance. Marqeta reported better-than-expected results for fiscal Q2 2026, which ended June 30, 2026, with a GAAP EPS of $0.07 significantly beating the consensus estimate of $0.01, and revenue increasing 17% year-over-year to $176 million, surpassing expectations. Total Processing Volume (TPV) also demonstrated strong growth, rising 32% year-over-year to $120 billion. Despite these positive indicators, management's guidance for fiscal Q3 2026 projected a net revenue growth of 6-8%, a deceleration from Q2 levels, which introduced a cautious outlook for near-term growth.
2. Impact of Customer Concentration and Strategic Diversification. Marqeta continued to face challenges related to customer concentration, with its largest customer, Block (Cash App), accounting for 41% of net revenue in fiscal Q2 2026. While the company is actively working to diversify its customer base and reduce reliance on this single client, including a projected initial ~10% decline in new issuance from Cash App in fiscal Q3 2026, this ongoing concentration contributes to perceived risk. Concerns about a potential deceleration in the Buy Now Pay Later (BNPL) vertical due to tougher comparisons also added to investor caution.
3. Balancing Strategic Growth Initiatives with Market Caution. During the period, Marqeta announced several strategic partnerships and product expansions, such as extending its collaboration with Expensify into the UK and EU, enhancing its Google Wallet integration for kids, partnering with Riskified for improved fraud prevention, and enabling stablecoin spending. These initiatives underscore the company's commitment to innovation and international expansion. However, the positive sentiment from these developments was counterbalanced by a consensus "Hold" rating from analysts, with 75% suggesting holding the stock and average price targets around $20.70, indicating a cautious market sentiment that kept the stock price largely stable.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 2.2% change in MQ stock from 5/31/2026 to 9/5/2026 was primarily driven by a 360.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.22 | 16.58 | 2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 652 | 677 | 3.9% |
| Net Income Margin (%) | 0.3% | 1.5% | 360.6% |
| P/E Multiple | 801.3 | 42.1 | -94.7% |
| Shares Outstanding (Mil) | 107 | 26 | 306.4% |
| Cumulative Contribution | 2.2% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MQ | 2.2% | |
| Market (SPY) | 1.8% | 13.5% |
| Sector (XLK) | -2.0% | -16.9% |
Fundamental Drivers
The 7.9% change in MQ stock from 2/28/2026 to 9/5/2026 was primarily driven by a 315.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.36 | 16.58 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 625 | 677 | 8.4% |
| P/S Multiple | 2.7 | 0.6 | -76.0% |
| Shares Outstanding (Mil) | 109 | 26 | 315.1% |
| Cumulative Contribution | 7.9% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MQ | 7.9% | |
| Market (SPY) | 12.6% | 14.2% |
| Sector (XLK) | 35.1% | -4.2% |
Fundamental Drivers
The -34.9% change in MQ stock from 8/31/2025 to 9/5/2026 was primarily driven by a -51.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.46 | 16.58 | -34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 553 | 677 | 22.4% |
| P/S Multiple | 1.3 | 0.6 | -51.4% |
| Shares Outstanding (Mil) | 29 | 26 | 9.4% |
| Cumulative Contribution | -34.9% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MQ | -34.9% | |
| Market (SPY) | 20.4% | 20.1% |
| Sector (XLK) | 43.3% | 4.3% |
Fundamental Drivers
The -32.6% change in MQ stock from 8/31/2023 to 9/5/2026 was primarily driven by a -83.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.60 | 16.58 | -32.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 844 | 677 | -19.8% |
| P/S Multiple | 3.9 | 0.6 | -83.5% |
| Shares Outstanding (Mil) | 135 | 26 | 410.4% |
| Cumulative Contribution | -32.6% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MQ | -32.6% | |
| Market (SPY) | 77.1% | 25.8% |
| Sector (XLK) | 117.2% | 16.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MQ Return | -44% | -64% | 14% | -46% | 25% | -11% | -86% |
| Peers Return | -9% | -25% | 39% | 31% | -26% | 2% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MQ Win Rate | 29% | 25% | 58% | 25% | 58% | 56% | |
| Peers Win Rate | 40% | 43% | 62% | 58% | 43% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MQ Max Drawdown | - | -68% | -51% | -53% | -35% | -23% | |
| Peers Max Drawdown | -38% | -44% | -23% | -23% | -42% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FISV, FIS, GPN, WEX, PAY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | MQ | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.7% | -7.8% |
| % Gain to Breakeven | 14.6% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -39.5% | -6.7% |
| % Gain to Breakeven | 65.3% | 7.1% |
| Time to Breakeven | 158 days | 31 days |
In The Past
Marqeta's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MQ | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -39.5% | -6.7% |
| % Gain to Breakeven | 65.3% | 7.1% |
| Time to Breakeven | 158 days | 31 days |
In The Past
Marqeta's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Marqeta (MQ)
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Marqeta (MQ) operates a modern cloud-based platform centered around an open Application Programming Interface (API) that revolutionizes card issuing and transaction processing. The company essentially provides the foundational technology for businesses to create, manage, and process payments for custom card programs with speed and flexibility.
Marqeta's core offerings are card issuing and transaction processing services, which enable its clients to build innovative payment experiences. Its primary customer base includes developers, technical product managers, and entrepreneurs. The company serves a wide array of markets and verticals, most notably commerce disruptors, digital banks, large tech companies, and traditional financial institutions, empowering them to embed and control payment functionality directly into their products and services.
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Here are a few brief analogies for Marqeta:
- Stripe for issuing payment cards.
- The Amazon Web Services (AWS) for creating and managing payment cards.
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- Card Issuing Services: Marqeta provides the technology and infrastructure for businesses to issue their own physical or virtual payment cards.
- Transaction Processing Services: Marqeta offers services to process and manage payment transactions made with the cards issued through its platform.
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Marqeta (MQ) sells primarily to other companies (B2B). Its major customers and notable partners include:
- Block, Inc. (SQ) - A significant and long-standing customer, particularly for its Cash App and Square business products.
- Affirm Holdings, Inc. (AFRM) - Utilizes Marqeta's platform for its virtual card programs, enabling "Buy Now, Pay Later" functionality.
- DoorDash, Inc. (DASH) - Employs Marqeta's technology for its DashPass cards and to power payments for its drivers.
- JPMorgan Chase & Co. (JPM) - Partners with Marqeta for modern card issuance solutions, particularly within its commercial card division.
- Google (Alphabet Inc.) (GOOGL) - Leverages Marqeta's platform for certain Google Pay initiatives and virtual card programs.
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- Visa (V)
- Mastercard (MA)
- Alphabet Inc. (GOOGL)
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Mike Milotich, Chief Executive Officer
Mike Milotich was appointed Chief Executive Officer and a Director of Marqeta on September 8, 2025. He previously served as interim CEO and CFO from February 2025 to September 2025, and as Chief Financial Officer from February 2022 to February 2025. Prior to joining Marqeta, Mr. Milotich was the Senior Vice President of Corporate Finance and Investor Relations at Visa. He also held business analysis roles at PayPal and American Express.
Patti Kangwankij, Chief Financial Officer
Patti Kangwankij was appointed Marqeta's Chief Financial Officer, effective February 9, 2026. She previously served as CFO of Roofstock, a private real estate technology company. Before Roofstock, Ms. Kangwankij held various senior finance and strategy roles at Stripe, including Head of Payments Finance and Strategy. She began her career in investment banking at JPMorgan Chase, where she spent nearly 15 years, serving as Managing Director and CFO for both the Co-Branded Credit Card and Merchant Services businesses.
Jason Gardner, Chairperson of the Payments Innovation Committee
Jason Gardner is the Founder of Marqeta, Inc. and served as CEO from 2010-2023. He transitioned to Executive Chairman from January 2023 to June 2024, and since June 2024, he serves as Chairperson of the Payments Innovation Committee, guiding Marqeta's approach to innovation and technology. Marqeta is Mr. Gardner's third company; he co-founded PropertyBridge, which was acquired by MoneyGram International in 2007.
Todd Pollak, Chief Revenue Officer
Todd Pollak is Marqeta's Chief Revenue Officer, responsible for leading the company's go-to-market teams and overseeing its revenue strategy. Before joining Marqeta, Mr. Pollak spent four years at Ancestry as Chief Commercial Officer. Prior to Ancestry, he spent 13 years at Google, serving as managing director in the financial and retail sectors.
Crystal Sumner, Executive Team Member
Crystal Sumner brings over a decade of experience leading and scaling legal, compliance, and administrative organizations. She applies her deep legal and regulatory background to bring innovative products and services to global markets amidst an evolving regulatory landscape.
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Here are the key risks to Marqeta's business:
- Customer Concentration: Marqeta faces significant risk due to its reliance on a small number of customers for a large portion of its revenue, with Block (NYSE: SQ) being its largest client. In the first quarter of 2022, Block accounted for 66% of Marqeta's net revenue, and 73% in 2021. More recently, one customer reportedly generated 46% of revenue. The agreements with Block for Cash App and Square Card were set to expire in March 2024 and December 2024, respectively, and there is a risk that Block could cancel or reduce its business before the contract terms expire. The potential loss or reduction of business from Block or other key clients could have a material adverse effect on Marqeta's financial results and stock price.
- Regulatory, Operational, and Cybersecurity Risks related to Banking as a Service (BaaS): Marqeta operates within the Banking as a Service (BaaS) sector and manages restricted client cash for card and e-money programs, which requires strict adherence to regulatory requirements. The BaaS sector has experienced increased regulatory scrutiny, and there have been instances of partners facing investigations, such as an FBI probe into Sutton Bank, one of Marqeta's banking partners, for alleged anti-money laundering (AML) failures. Rapid growth in customer balances, tighter regulations, or operational failures could lead to capital strain, financial loss, operational disruptions, or reputational damage due to fraud, processing errors, or cybersecurity incidents. The evolving regulatory landscape and the potential for stricter compliance demands or issues with banking partners pose a significant threat to Marqeta's business model.
- Intense Competition and Market Evolution: The payment processing industry is highly competitive, with challenges from established legacy providers, modern API-based competitors such as Stripe and Adyen, and emerging fintech startups. Competitors like Stripe and Adyen have expanded their offerings to include card-issuing capabilities, directly encroaching on Marqeta's core market. These competitors could offer bundled products that are more attractive, potentially affecting Marqeta's long-term growth. Marqeta must continuously innovate and differentiate its offerings to maintain its competitive edge, as failure to compete successfully could negatively impact its business and financial condition.
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Marqeta (symbol: MQ) operates within significant addressable markets related to card issuing, transaction processing, and the broader fintech and embedded finance ecosystems.
The company's estimated total addressable market (TAM) is currently $45 trillion globally, projected to expand to $80 trillion by 2030. This projection aligns with research commissioned by Marqeta, indicating that the global modern card issuing market alone is expected to grow to an $80 trillion opportunity within the next decade.
Specifically for card-based payments, the U.S. card market had a transaction volume of approximately $6.7 trillion in 2020, while the international card market was around $23 trillion as of July 2021. The total card volume in markets where Marqeta operates is estimated to exceed $15 trillion as of 2026. Marqeta's platform is designed to capitalize on these substantial markets.
Furthermore, Marqeta is positioned within the rapidly growing embedded finance market, which is projected to reach over $7 trillion in volume by 2026, expanding at a compound annual growth rate (CAGR) of 20%. The global fintech market, encompassing Marqeta's services, was valued at approximately USD 394.88 billion in 2025 and is anticipated to reach USD 1,760.18 billion by 2034, demonstrating an 18.20% CAGR. North America held the largest share of this market in 2025, at 32.30%.
The global fintech-as-a-service platform market, another relevant segment, was valued at around USD 379.62 billion in 2024 and is predicted to grow to approximately USD 2095.51 billion by 2034, with an estimated CAGR of 18.63% between 2025 and 2034. North America dominated this market in 2021, holding over 35.6% of the global market share.
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Here are 3-5 expected drivers of future revenue growth for Marqeta (MQ) over the next 2-3 years:
- Growth in Total Processing Volume (TPV): Marqeta anticipates continued growth in its Total Processing Volume, which is a fundamental driver of its revenue. The company reported a full-year TPV of $383 billion in 2025, marking a 31% increase over 2024, indicating sustained momentum in processing transactions across its platform. This growth is fueled by strong demand for modern card issuing across various use cases.
- International Expansion, particularly in Europe: Marqeta is strategically focusing on expanding its presence internationally, with a particular emphasis on the European market. The acquisition of TransactPay is a key component of this strategy, positioning Marqeta for larger opportunities in the region. European TPV in 2025 was eight times the size of 2022, highlighting the significant growth achieved in this market.
- Expansion and Adoption of Value-Added Services: A significant driver of future revenue growth is the increased adoption and enhancement of Marqeta's higher-margin value-added services. These services contributed over 7% of gross profit, and 18 of the top 20 customers have adopted them. Marqeta plans to further enhance these offerings to boost profitability.
- Acquisition of New Customers and Launch of New Programs: Marqeta aims to drive revenue growth through the acquisition of new customers and the launch of additional programs with both new and existing clients. The company has launched 40 new logos since 2024 and over 30 new programs for its top customers in the last two years. New customer cohorts are expected to contribute significantly to revenue in the coming years.
- Growth in Credit Offerings and Embedded Finance: Marqeta is actively exploring and expanding its credit offerings to enhance profitability, particularly within the rapidly growing embedded finance market. This includes new initiatives such as a consumer credit co-brand partnership and an agreement to integrate American Express as a new network option. The company's support for Visa Flexible Credential also facilitates the migration of Buy Now, Pay Later (BNPL) options to wallets and cards, creating greater ecosystem efficiency. Marqeta has also observed strong demand in commercial credit, especially from aggregator marketplaces.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In December 2025, Marqeta's board approved a new share repurchase program authorizing the company to buy back up to $100 million of its Class A common stock. This program is separate from a previously completed 2025 program.
- Marqeta authorized up to $300 million in share repurchases in February 2025. By June 30, 2025, the company had repurchased 42,497,301 shares for $193.11 million under this authorization.
- For the full year 2025, Marqeta repurchased 84.8 million shares at an average price of $4.59, resulting in a reduction of nearly 17% of the outstanding shares as of the 2024 year-end. As of December 31, 2025, over $91 million remained on the latest buyback authorization.
Share Issuance
- Marqeta went public in June 2021, which involved a significant issuance of shares.
- The company operates an Employee Stock Purchase Plan (ESPP) which reserves shares for issuance. The number of shares reserved automatically increases each January 1 by the lesser of 12,000,000 shares or 1% of the total Class A and Class B common stock outstanding on the immediately preceding December 31.
Outbound Investments
- In August 2025 (initially announced in February 2025), Marqeta completed the acquisition of TransactPay, a BIN Sponsorship provider. This acquisition was aimed at strengthening Marqeta's card program management capabilities in the UK and European Economic Area.
- In early 2023, Marqeta acquired the credit card program management platform Power Finance for $275 million in cash. This marked the company's first acquisition and integrated a rewards engine and tools to embed credit products.
Capital Expenditures
- Marqeta's capital expenditures were $4.91 million in 2025, $2.32 million in 2024, $2.74 million in 2023, $2.38 million in 2022, and $4.91 million in 2021.
- In Q4 2025, capital expenditures were -$157K, reflecting a decrease from the prior quarter.
- The primary focus of these capital expenditures is generally on long-term assets and infrastructure.
Peer Outperformance in Systems Software
MQ has trailed 73% of its 67 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that MQ has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
35%
of 85 industry peers · -32.6% return
3Y
32%
of 74 industry peers · -35.6% return
5Y
27%
of 67 industry peers · -84.6% return
No Systems Software peer with a comparable growth profile has beaten MQ by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is MQ's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.1% | 179.7% | 288.0% | TTMI 806% · FLEX 677% · JBL 408% |
| Semiconductor Materials & Equipment | 27 | 130.8% | 66.9% | 100.2% | AEHR 928% · AXTI 528% · KLAC 470% |
| Technology Distributors | 9 | 30.2% | 66.3% | 83.9% | CLMB 351% · AVT 164% · SNX 119% |
| Communications Equipment | 36 | 19.3% | 79.7% | 67.7% | AAOI 1267% · LITE 890% · ANET 754% |
| Electronic Components | 26 | 49.9% | 62.7% | 60.4% | CLS 3241% · BELFA 1279% · COHR 358% |
| Semiconductors | 55 | 21.1% | 20.9% | 18.4% | POET 1845% · MU 1312% · NVDA 912% |
| Technology Hardware, Storage & Peripherals | 21 | 37.2% | 77.3% | 16.9% | DELL 1079% · STX 992% · SMCI 942% |
| Internet Services & Infrastructure | 6 | 19.8% | 40.5% | 13.7% | DOCN 53% · GDDY 35% · VRSN 35% |
| Electronic Equipment & Instruments | 27 | -7.3% | 8.8% | -8.2% | PI 197% · OSIS 108% · ACFN 98% |
| IT Consulting & Other Services | 28 | -23.8% | -11.8% | -28.6% | CHRN 533058% · APLD 1150% · TSSI 665% |
| Application Software | 123 | -23.9% | -14.3% | -46.5% | VIDA 199900% · INLX 4861% · PLTR 554% |
| Systems Software ← | 68 | -9.9% | 0.1% | -57.6% | PAYS 447% · QNC 392% · PANW 327% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Marqeta Stock Pre-Market (+7.5%): Q4 Beat Over-shadow by Weak 2026 Guidance | 02/26/2026 | |
| Marqeta Earnings Notes | 12/28/2026 | |
| How Low Can Marqeta Stock Really Go? | 10/17/2025 | |
| How Does Marqeta Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Marqeta (MQ) Operating Cash Flow Comparison | 08/08/2025 | |
| Marqeta (MQ) Revenue Comparison | 08/08/2025 | |
| Marqeta (MQ) Net Income Comparison | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.45 |
| Mkt Cap | 14.2 |
| Rev LTM | 6,511 |
| Op Inc LTM | 851 |
| FCF LTM | 495 |
| FCF 3Y Avg | 1,028 |
| CFO LTM | 960 |
| CFO 3Y Avg | 1,468 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.3% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 22.9% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 10.6% |
| Op Inc Chg 3Y Avg | 9.2% |
| Op Mgn LTM | 13.2% |
| Op Mgn 3Y Avg | 17.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 24.0% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 17.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.2 |
| P/S | 2.1 |
| P/Op Inc | 10.0 |
| P/EBIT | 10.2 |
| P/E | 14.6 |
| P/CFO | 11.2 |
| Total Yield | 3.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.7% |
| D/E | 0.9 |
| Net D/E | 0.3 |
Price Behavior
Price Behavior
| Market Price | $16.58 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 06/09/2021 | |
| Distance from 52W High | -32.6% | |
| 50 Days | 200 Days | |
| DMA Price | $16.63 | $16.98 |
| DMA Trend | down | up |
| Distance from DMA | -0.3% | -2.4% |
| 3M | 1YR | |
| Volatility | 45.6% | 41.2% |
| Downside Capture | 55.94 | 95.02 |
| Upside Capture | 74.97 | 28.91 |
| Correlation (SPY) | 10.9% | 19.9% |
MQ Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.41 | 0.30 | 0.44 | 0.42 | 0.64 | 0.89 |
| Up Beta | 0.90 | -1.56 | -0.94 | -0.24 | 0.48 | 0.74 |
| Down Beta | -2.41 | -0.75 | 0.81 | 1.06 | 0.96 | 1.08 |
| Up Capture | 132% | 115% | 77% | 42% | 15% | 37% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 31 | 64 | 115 | 357 |
| Down Capture | 355% | 154% | 80% | 50% | 95% | 101% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 30 | 57 | 125 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | -32.3% | 41.1% | -0.84 | - |
| Sector ETF (XLK) | 43.4% | 26.2% | 1.34 | 4.3% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 20.3% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | -9.4% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -10.8% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 18.0% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | -30.7% | 64.5% | -0.29 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 34.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 40.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 0.8% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 3.6% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 34.3% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 26.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | -18.1% | 64.1% | -0.32 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 34.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 40.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 0.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 4.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 33.0% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 26.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -7.1% | -13.2% | -6.2% |
| 5/5/2026 | -7.7% | -10.9% | -10.0% |
| 2/24/2026 | -7.2% | -2.6% | 0.7% |
| 11/5/2025 | 8.9% | 12.3% | 4.9% |
| 8/6/2025 | 20.2% | 14.4% | 8.3% |
| 5/7/2025 | 9.8% | 19.8% | 33.7% |
| 2/26/2025 | 21.1% | 17.1% | 22.2% |
| 11/4/2024 | -42.5% | -30.4% | -35.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 11 | 12 | 10 |
| Median Positive | 13.3% | 17.1% | 8.4% |
| Median Negative | -7.7% | -12.1% | -14.7% |
| Max Positive | 21.1% | 37.3% | 44.6% |
| Max Negative | -42.5% | -30.4% | -35.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -7.1% | -13.2% | -6.2% |
| 5/5/2026 | -7.7% | -10.9% | -10.0% |
| 2/24/2026 | -7.2% | -2.6% | 0.7% |
| 11/5/2025 | 8.9% | 12.3% | 4.9% |
| 8/6/2025 | 20.2% | 14.4% | 8.3% |
| 5/7/2025 | 9.8% | 19.8% | 33.7% |
| 2/26/2025 | 21.1% | 17.1% | 22.2% |
| 11/4/2024 | -42.5% | -30.4% | -35.0% |
| 8/7/2024 | 8.5% | 5.3% | -0.4% |
| 5/7/2024 | 0.2% | -4.1% | -8.6% |
| 2/28/2024 | -10.9% | -20.9% | -18.7% |
| 11/7/2023 | 18.7% | 17.4% | 15.3% |
| 8/8/2023 | 11.7% | 18.5% | 29.8% |
| 5/9/2023 | -4.5% | -0.9% | 8.4% |
| 2/28/2023 | -22.4% | -18.1% | -31.6% |
| 11/9/2022 | 14.9% | 7.5% | 6.4% |
| 8/10/2022 | -24.5% | -29.5% | -29.0% |
| 5/11/2022 | 18.9% | 37.3% | 44.6% |
| 3/9/2022 | -4.6% | -4.3% | 1.9% |
| 11/10/2021 | -5.4% | -3.7% | -29.4% |
| 8/11/2021 | -8.5% | -15.7% | -10.6% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 11 | 12 | 10 |
| Median Positive | 13.3% | 17.1% | 8.4% |
| Median Negative | -7.7% | -12.1% | -14.7% |
| Max Positive | 21.1% | 37.3% | 44.6% |
| Max Negative | -42.5% | -30.4% | -35.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 06/10/2021 | 424B4 |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Revenue Growth | Reported | 6.0% | 7.0% | -8.0% | Lower New | Actual: 15.0% for Q2 2026 | ||
| Q3 2026 Gross Profit Growth | Reported | 5.0% | 6.0% | -9.0% | Lower New | Actual: 15.0% for Q2 2026 | ||
| Q3 2026 Adjusted EBITDA Growth | Reported | 20.0% | 22.5% | 11.5% | Higher New | Actual: 11.0% for Q2 2026 | ||
| 2026 Net Revenue Growth | Reported | 12.0% | 12.5% | -0.5% | Lowered | Guidance: 13.0% for 2026 | ||
| 2026 Gross Profit Growth | Reported | 11.0% | 11.5% | 0.5% | Raised | Guidance: 11.0% for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Revenue Growth | Reported | 14.0% | 15.0% | 16.0% | -3.0% | Lower New | Guidance: 18.0% for Q1 2026 | |
| Q2 2026 Gross Profit Growth | Reported | 14.0% | 15.0% | 16.0% | -3.0% | Lower New | Guidance: 18.0% for Q1 2026 | |
| Q2 2026 Adjusted EBITDA Growth | Reported | 10.0% | 11.0% | 12.0% | -36.5% | Lower New | Guidance: 47.5% for Q1 2026 | |
| 2026 Net Revenue Growth | Reported | 12.0% | 13.0% | 14.0% | 0 | Affirmed | Guidance: 13.0% for 2026 | |
| 2026 Gross Profit Growth | Reported | 10.0% | 11.0% | 12.0% | 0 | Affirmed | Guidance: 11.0% for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Revenue Growth | Reported | 17.0% | 18.0% | 19.0% | -5.0% | Lower New | Actual: 23.0% for Q4 2025 | |
| Q1 2026 Gross Profit Growth | Reported | 17.0% | 18.0% | 19.0% | 0 | Same New | Actual: 18.0% for Q4 2025 | |
| Q1 2026 Adjusted EBITDA Growth | Reported | 45.0% | 47.5% | 50.0% | ||||
| 2026 Net Revenue Growth | Reported | 12.0% | 13.0% | 14.0% | ||||
| 2026 Gross Profit Growth | Reported | 10.0% | 11.0% | 12.0% | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Revenue Growth | Reported | 22.0% | 23.0% | 24.0% | 7.0% | Higher New | Actual: 16.0% for Q3 2025 | |
| Q4 2025 Gross Profit Growth | Reported | 17.0% | 18.0% | 19.0% | 2.0% | Higher New | Actual: 16.0% for Q3 2025 | |
| Q4 2025 Adjusted EBITDA Margin | Reported | 15.0% | 15.5% | 16.0% | 3.0% | Higher New | Actual: 12.5% for Q3 2025 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sumner, Crystal | See Remarks | Direct | Sell | 9022026 | 16.27 | 1,250 | 20,338 | 2,399,516 | Form |
| 2 | Cummings, Martha | Direct | Sell | 8172026 | 16.47 | 713 | 11,743 | 190,113 | Form | |
| 3 | Cummings, Martha | Direct | Sell | 7162026 | 16.22 | 713 | 11,565 | 198,792 | Form | |
| 4 | Pollak, Todd | Chief Revenue Officer | Direct | Sell | 7022026 | 16.88 | 18,750 | 316,447 | 3,122,417 | Form |
| 5 | Sumner, Crystal | See Remarks | Direct | Sell | 6162026 | 3.89 | 5,056 | 19,656 | 2,312,894 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sumner, Crystal | See Remarks | Direct | Sell | 9022026 | 16.27 | 1,250 | 20,338 | 2,399,516 | Form |
| 2 | Cummings, Martha | Direct | Sell | 8172026 | 16.47 | 713 | 11,743 | 190,113 | Form | |
| 3 | Cummings, Martha | Direct | Sell | 7162026 | 16.22 | 713 | 11,565 | 198,792 | Form | |
| 4 | Pollak, Todd | Chief Revenue Officer | Direct | Sell | 7022026 | 16.88 | 18,750 | 316,447 | 3,122,417 | Form |
| 5 | Sumner, Crystal | See Remarks | Direct | Sell | 6162026 | 3.89 | 5,056 | 19,656 | 2,312,894 | Form |
| 6 | Atkinson, Najuma | Direct | Sell | 6162026 | 3.80 | 10,889 | 41,355 | 677,611 | Form | |
| 7 | Cummings, Martha | Direct | Sell | 6162026 | 3.80 | 14,831 | 56,333 | 197,041 | Form | |
| 8 | Paul, Elaine | Direct | Sell | 6162026 | 3.80 | 18,148 | 68,906 | 135,177 | Form | |
| 9 | Sumner, Crystal | See Remarks | Direct | Sell | 5182026 | 3.85 | 5,055 | 19,448 | 1,951,385 | Form |
| 10 | Cummings, Martha | Direct | Sell | 5182026 | 3.85 | 2,853 | 10,981 | 117,045 | Form | |
| 11 | Atkinson, Najuma | Direct | Sell | 4212026 | 4.44 | 9,259 | 41,122 | 679,560 | Form | |
| 12 | Sumner, Crystal | See Remarks | Direct | Sell | 4162026 | 4.12 | 5,056 | 20,816 | 2,109,042 | Form |
| 13 | Cummings, Martha | Direct | Sell | 4162026 | 4.12 | 2,853 | 11,751 | 137,007 | Form | |
| 14 | Cummings, Martha | Direct | Sell | 3182026 | 3.98 | 2,853 | 11,357 | 143,767 | Form | |
| 15 | Sumner, Crystal | See Remarks | Direct | Sell | 3182026 | 3.98 | 5,055 | 20,126 | 2,059,658 | Form |
| 16 | Linville, Judson C | Direct | Buy | 3022026 | 3.93 | 25,570 | 100,383 | 409,147 | Form | |
| 17 | Sumner, Crystal | See Remarks | Direct | Sell | 2182026 | 4.00 | 5,056 | 20,212 | 1,247,075 | Form |
| 18 | Cummings, Martha | Direct | Sell | 2182026 | 4.00 | 2,853 | 11,410 | 155,849 | Form | |
| 19 | Sumner, Crystal | See Remarks | Direct | Sell | 1162026 | 4.41 | 5,055 | 22,312 | 1,399,224 | Form |
| 20 | Cummings, Martha | Direct | Sell | 1162026 | 4.41 | 2,853 | 12,589 | 184,544 | Form | |
| 21 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 69,043 | 345,222 | 1,466,699 | Form | |
| 22 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 36,100 | 180,518 | 1,500,085 | Form | |
| 23 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 113,366 | 567,034 | 1,517,881 | Form | |
| 24 | Sumner, Crystal | See Remarks | Direct | Sell | 12172025 | 4.85 | 5,056 | 24,521 | 1,561,922 | Form |
| 25 | Gardner, Jason M | See Footnote | Sell | 12162025 | 5.00 | 58,157 | 290,785 | 1,571,970 | Form | |
| 26 | Atkinson, Najuma | Direct | Sell | 12162025 | 5.00 | 10,000 | 50,000 | 657,026 | Form | |
| 27 | Cummings, Martha | Direct | Sell | 12152025 | 4.95 | 12,712 | 62,903 | 221,065 | Form | |
| 28 | Sumner, Crystal | See Remarks | Direct | Sell | 11172025 | 4.92 | 5,055 | 24,864 | 1,341,049 | Form |
| 29 | Sumner, Crystal | See Remarks | Direct | Sell | 10172025 | 4.79 | 5,056 | 24,234 | 1,331,062 | Form |
| 30 | Sumner, Crystal | See Remarks | Direct | Sell | 9112025 | 6.00 | 45,500 | 272,950 | 1,696,213 | Form |
| 31 | Gardner, Jason M | See Footnote | Sell | 9032025 | 6.26 | 31,627 | 197,874 | 96,145,969 | Form |
Investor Activity (13F)
Updated Sep 6, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/5/2026