Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (13,925)	$ 27,287	$ (222,962)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share-based compensation expense	104,788	136,562	127,525
Depreciation and amortization	27,163	17,460	10,741
Non-cash operating leases expense	2,266	1,756	2,527
Amortization of premium on short-term investments	(755)	(3,232)	(4,495)
Executive chairman long-term performance award	0	(144,617)	53,214
Non-cash postcombination compensation expense	0	0	32,430
Other	558	1,669	736
Changes in operating assets and liabilities:
Accounts receivable	(8,864)	(11,202)	(4,556)
Settlements receivable	(1,834)	13,719	(11,894)
Network incentives receivable	5,717	(12,969)	(11,146)
Prepaid expenses and other assets	(2,092)	462	7,900
Accounts payable	(81)	(350)	(1,956)
Revenue share payable	31,127	19,754	31,451
Accrued expenses and other liabilities	22,710	15,112	14,983
Operating lease liabilities	(4,155)	(3,241)	(3,394)
Net cash provided by operating activities	162,623	58,170	21,104
Cash flows from investing activities:
Restricted cash acquired in business combination	229,650	0	0
Maturities of short-term investments	120,885	92,000	501,534
Cash paid for business acquisition, net of cash acquired	(45,663)	0	(135,777)
Capitalization of internal-use software	(28,425)	(18,794)	(11,889)
Purchases of short-term investments	(3,501)	0	(892,430)
Purchases of property and equipment	(1,835)	(2,418)	(762)
Sales of short-term investments	0	0	577,934
Realized loss on investments	0	0	(94)
Net cash provided by investing activities	271,111	70,788	38,516
Cash flows from financing activities:
Repurchase of common stock	(391,366)	(154,425)	(190,420)
Taxes paid related to net share settlement of restricted stock units	(36,973)	(35,407)	(26,662)
Change in funds payable and amounts due to customers	77,256	0	0
Proceeds from shares issued in connection with employee stock purchase plan	2,101	2,715	3,066
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	1,663	203	5,289
Payment of acquisition-related contingent consideration	0	0	(53,067)
Net cash used in financing activities	(347,319)	(186,914)	(261,794)
Increase (decrease) in cash, cash equivalents, and restricted cash	86,415	(57,956)	(202,174)
Cash, cash equivalents, and restricted cash - Beginning of period	931,516	989,472	1,191,646
Cash, cash equivalents, and restricted cash - End of period	1,017,931	931,516	989,472
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	709,443	923,016	980,972
Restricted cash	307,593	8,500	8,500
Restricted cash, included in Other assets	895	0	0
Total cash, cash equivalents, and restricted cash	1,017,931	931,516	989,472
Supplemental disclosures of cash flow information:
Cash paid for operating lease liabilities	4,995	4,581	4,239
Cash paid for income taxes	595	396	430
Supplemental disclosures of non-cash investing and financing activities:
Share-based compensation capitalized to internal-use software	11,176	7,059	4,492
Contingent and holdback considerations, not yet paid	6,030	0	0
Operating lease right-of-use assets in exchange for lease liabilities	5,345	577	0
Repurchase of common stock, including excise tax, accrued and not yet paid	3,506	906	991
Purchase of property and equipment accrued and not yet paid	$ 1,192	$ 2,129	$ 113

Marqeta, Inc. 10-K