Hut 8 (HUT) Financials

$98.46 -2.72 (-2.69%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$98.28 -0.18 (-0.19%)

As of 05/8/2026 07:59 PM Eastern

Annual Income Statements for Hut 8

This table shows Hut 8's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	22	332	-226
Consolidated Net Income / (Loss)	22	331	-248
Net Income / (Loss) Continuing Operations	22	338	-248
Total Pre-Tax Income	22	452	-300
Total Operating Income	9.40	461	-322
Total Gross Profit	42	76	127
Total Revenue	96	162	235
Operating Revenue	96	162	235
Total Cost of Revenue	54	87	108
Operating Cost of Revenue	54	87	108
Total Operating Expenses	35	-385	229
Selling, General & Admin Expense	49	73	123
Depreciation Expense	18	48	102
Impairment Charge	1.43	4.47	0.00
Other Special Charges / (Income)	-32	-510	4.59
Total Other Income / (Expense), net	15	-8.63	-198
Interest Expense	1.25	24	30
Interest & Investment Income	13	10	8.73
Other Income / (Expense), net	3.38	4.84	-177
Income Tax Expense	0.19	113	-52
Net Income / (Loss) Discontinued Operations	0.08	-7.04	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.47	-22
Basic Earnings per Share	$0.46	$3.71	($2.14)
Weighted Average Basic Shares Outstanding	47.08M	91.32M	105.33M
Diluted Earnings per Share	$0.44	$3.40	($2.14)
Weighted Average Diluted Shares Outstanding	49.12M	101.05M	105.33M
Weighted Average Basic & Diluted Shares Outstanding	-	103.86M	110.89M

This table shows Hut 8's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.37	11	251	-72	0.65	152	-134	137	50	-280	-220
Consolidated Net Income / (Loss)	-4.37	11	251	-72	0.91	152	-134	137	51	-302	-253
Net Income / (Loss) Continuing Operations	-4.37	11	258	-70	0.91	150	-134	137	51	-302	-253
Total Pre-Tax Income	-4.31	10	263	-72	1.36	260	-155	165	70	-380	-302
Total Operating Income	-0.67	11	267	-87	-1.57	282	-148	188	73	-435	-370
Total Gross Profit	8.18	18	24	15	26	11	3.16	20	51	53	45
Total Revenue	22	38	52	35	44	32	22	41	84	88	71
Operating Revenue	22	38	52	35	44	32	22	41	84	88	71
Total Cost of Revenue	14	20	28	21	18	20	19	22	32	35	26
Operating Cost of Revenue	14	20	28	21	18	20	19	22	32	35	26
Total Operating Expenses	8.84	7.09	-243	101	26	-545	38	-168	55	304	120
Selling, General & Admin Expense	4.17	33	20	18	16	19	21	30	26	46	82
Depreciation Expense	4.49	6.08	11	12	10	14	15	19	28	40	38
Other Special Charges / (Income)	0.19	-32	-275	72	-0.44	-583	2.45	-218	1.47	219	0.00
Total Other Income / (Expense), net	-3.65	-0.88	-4.16	14	1.38	-296	-119	-23	74	-130	-227
Interest Expense	5.72	5.98	6.28	6.01	1.97	9.56	7.47	8.40	8.62	5.59	9.24
Interest & Investment Income	2.08	4.10	4.52	2.44	1.50	1.90	1.37	1.06	2.19	4.11	6.43
Other Income / (Expense), net	0.00	1.00	-2.40	18	1.86	-289	-113	-15	80	-128	-225
Income Tax Expense	0.06	-0.48	4.40	-1.87	0.45	110	-20	28	19	-78	-49
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	-0.17	-0.32	0.26	-0.24	-0.43	0.17	0.50	-22	-33
Basic Earnings per Share	($0.10)	$0.19	$2.90	($0.78)	$0.01	$1.58	($1.30)	$1.32	$0.48	($2.64)	($1.98)
Weighted Average Basic Shares Outstanding	43.20M	47.08M	89.15M	90.19M	91.18M	91.32M	102.85M	104.25M	105.57M	105.33M	111.06M
Diluted Earnings per Share	($0.10)	$0.17	$2.76	($0.78)	$0.01	$1.41	($1.30)	$1.18	$0.43	($2.45)	($1.98)
Weighted Average Diluted Shares Outstanding	43.20M	49.12M	93.70M	90.19M	96.41M	101.05M	102.85M	119.02M	121.76M	105.33M	111.06M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	90.39M	91.08M	93.58M	103.86M	104.22M	105.53M	108.04M	110.89M	112.59M

This table details how cash moves in and out of Hut 8's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	24	55	-37
Net Cash From Operating Activities	-22	-69	-139
Net Cash From Continuing Operating Activities	-22	-69	-139
Net Income / (Loss) Continuing Operations	22	331	-248
Consolidated Net Income / (Loss)	22	331	-248
Depreciation Expense	18	48	102
Amortization Expense	6.98	5.81	3.12
Non-Cash Adjustments To Reconcile Net Income	-74	-556	94
Changes in Operating Assets and Liabilities, net	5.17	103	-91
Net Cash From Investing Activities	87	-188	-754
Net Cash From Continuing Investing Activities	87	-188	-754
Purchase of Property, Plant & Equipment	-2.51	-164	-217
Acquisitions	0.00	-0.29	-1.01
Purchase of Investments	0.00	-6.38	0.00
Sale of Property, Plant & Equipment	0.75	4.85	5.87
Divestitures	23	3.18	1.01
Other Investing Activities, net	66	-26	-543
Net Cash From Financing Activities	-41	312	856
Net Cash From Continuing Financing Activities	-41	312	856
Repayment of Debt	-41	-35	-46
Issuance of Debt	0.00	165	135
Issuance of Common Equity	-	162	757
Other Financing Activities, net	-0.04	20	9.37
Cash Interest Paid	6.00	11	14
Cash Income Taxes Paid	0.70	2.82	1.19

This table details how cash moves in and out of Hut 8's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.37	18	-19	164	-103	13	23	113	-183	8.99	112
Net Cash From Operating Activities	2.20	-22	-26	-16	-4.20	-22	-34	-49	0.77	-57	-27
Net Cash From Continuing Operating Activities	2.20	-22	-26	-16	-4.20	-22	-34	-49	0.77	-57	-27
Net Income / (Loss) Continuing Operations	-4.37	11	251	-72	0.91	152	-134	137	51	-302	-253
Consolidated Net Income / (Loss)	-4.37	11	251	-72	0.91	152	-134	137	51	-302	-253
Depreciation Expense	4.49	6.08	11	12	10	14	15	19	28	40	38
Amortization Expense	1.85	2.01	1.83	1.55	1.67	0.77	0.75	0.73	0.95	0.69	0.85
Non-Cash Adjustments To Reconcile Net Income	-2.81	-43	-283	63	-30	-310	114	-242	-100	322	218
Changes in Operating Assets and Liabilities, net	3.05	2.32	-7.84	-20	13	122	-29	35	22	-118	-31
Net Cash From Investing Activities	15	49	23	12	-96	-128	-58	-43	-350	-302	-51
Net Cash From Continuing Investing Activities	15	49	23	12	-96	-128	-58	-43	-350	-302	-51
Purchase of Property, Plant & Equipment	-0.20	-0.41	-13	-3.56	-110	-37	-63	-45	-39	-69	-37
Acquisitions	-	-	1.05	-	0.74	1.10	-0.90	-	0.78	-0.89	0.00
Sale of Property, Plant & Equipment	-	0.67	4.21	-	0.64	-	2.56	1.82	0.84	0.65	0.00
Divestitures	-	-	-	-	-	-	0.00	-	-	-	64
Other Investing Activities, net	15	26	38	15	13	-92	3.43	0.30	-313	-234	-78
Net Cash From Financing Activities	-15	-9.70	-15	168	-3.25	162	116	205	167	369	191
Net Cash From Continuing Financing Activities	-15	-9.70	-15	168	-3.25	162	116	205	167	369	191
Repayment of Debt	-15	-9.65	-29	-3.43	-2.06	-	0.00	-	-37	-9.11	-8.00
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	-9.96
Issuance of Common Equity	-	-	-	-	-	-	112	205	131	309	231
Other Financing Activities, net	0.00	-0.05	-0.08	21	-1.19	0.38	3.51	-0.03	7.58	-1.68	-22
Cash Interest Paid	-5.54	6.00	1.68	2.06	1.92	5.50	1.78	1.99	2.85	6.94	7.57
Cash Income Taxes Paid	-	0.70	-	-	0.20	1.38	0.00	-	1.56	-0.48	0.04

This table presents Hut 8's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Total Assets	741	1,519	2,754
Total Current Assets	62	257	408
Cash & Equivalents	31	85	45
Restricted Cash	0.45	0.59	2.37
Accounts Receivable	3.34	6.99	31
Prepaid Expenses	18	53	189
Other Current Assets	8.87	110	140
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	679	1,262	2,346
Long-Term Investments	83	88	52
Goodwill	58	53	210
Intangible Assets	17	13	11
Other Noncurrent Operating Assets	522	1,107	2,073
Total Liabilities & Shareholders' Equity	741	1,519	2,754
Total Liabilities	253	538	1,064
Total Current Liabilities	113	154	376
Short-Term Debt	64	65	200
Accounts Payable	44	42	45
Current Deferred Revenue	2.70	6.20	1.46
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.12
Other Current Liabilities	1.97	41	104
Other Current Nonoperating Liabilities	-	0.00	26
Total Noncurrent Liabilities	141	384	689
Long-Term Debt	123	236	210
Noncurrent Deferred & Payable Income Tax Liabilities	0.61	111	130
Other Noncurrent Operating Liabilities	17	38	349
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	488	981	1,689
Total Preferred & Common Equity	488	977	1,422
Preferred Stock	0.00	0.00	0.00
Total Common Equity	488	977	1,422
Common Stock	577	791	1,427
Retained Earnings	-100	232	5.48
Accumulated Other Comprehensive Income / (Loss)	11	-46	-10
Noncontrolling Interest	0.00	3.91	268

This table presents Hut 8's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	999	1,087	1,099	1,572	2,021	2,688	2,610
Total Current Assets	34	196	110	269	411	223	217
Cash & Equivalents	12	175	72	108	216	33	160
Restricted Cash	0.63	0.62	0.63	0.59	6.10	6.14	0.61
Accounts Receivable	7.74	5.86	6.07	4.46	8.50	6.67	7.19
Prepaid Expenses	11	11	28	54	71	40	48
Other Current Assets	3.11	1.09	1.31	101	107	134	0.65
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	965	891	989	1,303	1,610	2,465	2,393
Long-Term Investments	76	79	90	90	91	57	50
Goodwill	56	56	56	53	56	207	209
Intangible Assets	16	15	15	13	13	12	10
Other Noncurrent Operating Assets	817	742	828	1,146	1,451	2,190	2,124
Total Liabilities & Shareholders' Equity	999	1,087	1,099	1,572	2,021	2,688	2,610
Total Liabilities	258	419	387	584	633	1,035	920
Total Current Liabilities	108	117	110	213	227	310	252
Short-Term Debt	67	65	65	65	65	130	200
Accounts Payable	32	41	31	32	44	62	44
Current Deferred Revenue	1.14	0.55	5.64	4.56	6.15	1.96	1.97
Current Deferred & Payable Income Tax Liabilities	2.17	-	-	-	-	-	3.71
Other Current Liabilities	5.81	10	8.57	111	113	116	2.85
Other Current Nonoperating Liabilities	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	150	302	276	371	406	725	667
Long-Term Debt	111	264	232	244	251	217	205
Noncurrent Deferred & Payable Income Tax Liabilities	2.88	2.66	3.15	91	118	188	86
Other Noncurrent Operating Liabilities	37	35	41	36	36	319	376
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	741	668	712	988	1,388	1,654	1,690
Total Preferred & Common Equity	732	660	704	960	1,267	1,442	1,380
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	732	660	704	960	1,267	1,442	1,380
Common Stock	582	589	624	907	1,036	1,178	1,614
Retained Earnings	151	79	79	98	235	285	-214
Accumulated Other Comprehensive Income / (Loss)	-0.35	-7.61	0.31	-44	-4.53	-21	-20
Noncontrolling Interest	8.61	8.19	8.58	28	122	212	310

This table displays calculated financial ratios and metrics derived from Hut 8's official financial filings.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-
Revenue Growth	0.00%	69.07%	44.79%
EBITDA Growth	0.00%	1,291.70%	-175.82%
EBIT Growth	0.00%	3,543.17%	-207.12%
NOPAT Growth	0.00%	3,602.91%	-165.35%
Net Income Growth	0.00%	1,416.75%	-174.83%
EPS Growth	0.00%	672.73%	-162.94%
Operating Cash Flow Growth	0.00%	-209.27%	-103.15%
Free Cash Flow Firm Growth	0.00%	0.00%	-470.28%
Invested Capital Growth	0.00%	97.18%	83.05%
Revenue Q/Q Growth	0.00%	0.00%	31.85%
EBITDA Q/Q Growth	0.00%	0.00%	-195.18%
EBIT Q/Q Growth	0.00%	0.00%	-249.36%
NOPAT Q/Q Growth	0.00%	0.00%	-195.51%
Net Income Q/Q Growth	0.00%	0.00%	-220.53%
EPS Q/Q Growth	0.00%	0.00%	-224.42%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-34.51%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-39.25%
Invested Capital Q/Q Growth	0.00%	30.74%	6.38%
Profitability Metrics	-	-	-
Gross Margin	43.58%	46.64%	54.16%
EBITDA Margin	38.83%	319.59%	-167.36%
Operating Margin	9.78%	283.61%	-136.95%
EBIT Margin	13.30%	286.59%	-212.03%
Profit (Net Income) Margin	22.75%	204.09%	-105.48%
Tax Burden Percent	99.49%	73.34%	82.71%
Interest Burden Percent	171.94%	97.11%	60.14%
Effective Tax Rate	0.87%	25.11%	0.00%
Return on Invested Capital (ROIC)	1.66%	41.34%	-14.39%
ROIC Less NNEP Spread (ROIC-NNEP)	18.64%	27.86%	-24.13%
Return on Net Nonoperating Assets (RNNOA)	2.82%	3.80%	-4.19%
Return on Equity (ROE)	4.48%	45.14%	-18.58%
Cash Return on Invested Capital (CROIC)	0.00%	-24.06%	-73.07%
Operating Return on Assets (OROA)	1.72%	41.19%	-23.34%
Return on Assets (ROA)	2.95%	29.33%	-11.61%
Return on Common Equity (ROCE)	4.48%	45.02%	-16.69%
Return on Equity Simple (ROE_SIMPLE)	4.48%	33.93%	0.00%
Net Operating Profit after Tax (NOPAT)	9.31	345	-225
NOPAT Margin	9.70%	212.41%	-95.87%
Net Nonoperating Expense Percent (NNEP)	-16.98%	13.48%	9.75%
Return On Investment Capital (ROIC_SIMPLE)	1.38%	26.92%	-10.74%
Cost of Revenue to Revenue	56.43%	53.36%	45.84%
SG&A Expenses to Revenue	51.16%	44.90%	52.23%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.27%	-236.97%	97.53%
Earnings before Interest and Taxes (EBIT)	13	465	-499
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	37	519	-394
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.00	1.96	3.49
Price to Tangible Book Value (P/TBV)	0.00	2.11	4.13
Price to Revenue (P/Rev)	0.00	11.81	21.11
Price to Earnings (P/E)	0.00	5.78	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	17.31%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.85	2.73
Enterprise Value to Revenue (EV/Rev)	0.00	12.61	23.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	3.95	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	4.40	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	5.94	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.38	0.31	0.24
Long-Term Debt to Equity	0.25	0.24	0.12
Financial Leverage	0.15	0.14	0.17
Leverage Ratio	1.52	1.54	1.60
Compound Leverage Factor	2.61	1.49	0.96
Debt to Total Capital	27.77%	23.46%	19.53%
Short-Term Debt to Total Capital	9.50%	5.07%	9.52%
Long-Term Debt to Total Capital	18.27%	18.39%	10.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.31%	12.74%
Common Equity to Total Capital	72.23%	76.23%	67.72%
Debt to EBITDA	5.03	0.58	-1.04
Net Debt to EBITDA	1.98	0.24	-0.79
Long-Term Debt to EBITDA	3.31	0.45	-0.53
Debt to NOPAT	20.12	0.87	-1.82
Net Debt to NOPAT	7.93	0.37	-1.38
Long-Term Debt to NOPAT	13.24	0.68	-0.93
Altman Z-Score	0.00	3.55	2.30
Noncontrolling Interest Sharing Ratio	0.00%	0.27%	10.17%
Liquidity Ratios	-	-	-
Current Ratio	0.55	1.67	1.09
Quick Ratio	0.30	0.60	0.20
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-201	-1,145
Operating Cash Flow to CapEx	-1,261.24%	-43.17%	-65.97%
Free Cash Flow to Firm to Interest Expense	0.00	-8.42	-38.07
Operating Cash Flow to Interest Expense	-17.73	-2.88	-4.63
Operating Cash Flow Less CapEx to Interest Expense	-19.13	-9.54	-11.65
Efficiency Ratios	-	-	-
Asset Turnover	0.13	0.14	0.11
Accounts Receivable Turnover	28.79	31.45	12.34
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	1.24	1.72	2.50
Days Sales Outstanding (DSO)	12.68	11.60	29.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	294.71	211.95	146.15
Cash Conversion Cycle (CCC)	-282.03	-200.35	-116.56
Capital & Investment Metrics	-	-	-
Invested Capital	561	1,107	2,027
Invested Capital Turnover	0.17	0.19	0.15
Increase / (Decrease) in Invested Capital	0.00	546	919
Enterprise Value (EV)	0.00	2,048	5,542
Market Capitalization	0.00	1,917	4,963
Book Value per Share	$10.36	$10.44	$13.16
Tangible Book Value per Share	$8.77	$9.73	$11.11
Total Capital	675	1,281	2,100
Total Debt	187	301	410
Total Long-Term Debt	123	236	210
Net Debt	74	127	311
Capital Expenditures (CapEx)	1.76	159	211
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	82	185
Debt-free Net Working Capital (DFNWC)	13	168	233
Net Working Capital (NWC)	-51	103	33
Net Nonoperating Expense (NNE)	-13	14	23
Net Nonoperating Obligations (NNO)	74	127	337
Total Depreciation and Amortization (D&A)	25	54	105
Debt-free, Cash-free Net Working Capital to Revenue	-18.50%	50.63%	78.79%
Debt-free Net Working Capital to Revenue	13.73%	103.37%	98.90%
Net Working Capital to Revenue	-53.04%	63.36%	13.87%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$3.71	($2.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	91.32M	105.33M
Adjusted Diluted Earnings per Share	$0.00	$3.40	($2.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	101.05M	105.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	103.86M	110.89M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-34	-222
Normalized NOPAT Margin	-21.58%	-20.74%	-94.50%
Pre Tax Income Margin	22.87%	278.30%	-127.52%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	10.22	19.53	-16.58
NOPAT to Interest Expense	7.45	14.48	-7.50
EBIT Less CapEx to Interest Expense	8.81	12.87	-23.60
NOPAT Less CapEx to Interest Expense	6.05	7.81	-14.51
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Hut 8's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	110,887,284.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	110,887,284.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.98
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	230.68%	71.53%	101.52%	-16.96%	-57.84%	17.28%	90.95%	179.21%	225.54%
EBITDA Growth	0.00%	0.00%	14,520.41%	-809.43%	146.53%	-58.43%	-188.26%	446.22%	1,360.58%	-283.69%	-126.64%
EBIT Growth	0.00%	0.00%	133,862.28%	-3,645.85%	376.39%	-156.85%	-198.61%	351.00%	53,274.13%	-308.99%	-128.10%
NOPAT Growth	0.00%	0.00%	15,130.88%	-9,371.98%	-124.87%	1,319.55%	-139.39%	357.85%	5,145.05%	-287.68%	-150.84%
Net Income Growth	0.00%	0.00%	1,346.83%	-4,181.73%	120.76%	1,336.25%	-153.58%	290.45%	5,474.01%	-298.56%	-88.46%
EPS Growth	0.00%	0.00%	573.17%	-1,850.00%	110.00%	729.41%	-147.10%	251.28%	4,200.00%	-273.76%	-52.31%
Operating Cash Flow Growth	0.00%	0.00%	-1,900.62%	-308.55%	-291.35%	0.81%	-28.49%	-198.39%	118.32%	-165.06%	19.58%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	34.47%	38.69%	-18.57%	-219.14%	-181.11%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	97.18%	32.35%	87.40%	124.96%	83.05%	71.57%
Revenue Q/Q Growth	5.71%	75.86%	0.00%	-31.94%	24.19%	-27.53%	-31.17%	89.31%	102.21%	5.97%	-19.75%
EBITDA Q/Q Growth	-27.79%	252.87%	0.00%	-110.08%	125.09%	-40.51%	-3,049.49%	178.63%	-5.90%	-388.05%	-6.34%
EBIT Q/Q Growth	-134.30%	1,889.92%	0.00%	-112.75%	102.67%	-468.17%	-3,754.20%	166.17%	-11.54%	-468.77%	-5.68%
NOPAT Q/Q Growth	-171.12%	2,554.40%	0.00%	-123.13%	98.28%	15,594.09%	-163.73%	251.40%	-66.25%	-676.41%	14.83%
Net Income Q/Q Growth	-159.43%	341.93%	0.00%	-128.79%	101.26%	16,638.33%	-188.38%	202.36%	-63.19%	-696.25%	16.12%
EPS Q/Q Growth	-150.00%	270.00%	0.00%	-128.26%	101.28%	14,000.00%	-192.20%	190.77%	-63.56%	-669.77%	19.18%
Operating Cash Flow Q/Q Growth	154.87%	-1,093.49%	0.00%	37.93%	74.30%	-414.99%	-56.42%	-44.13%	101.58%	-7,549.35%	52.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-41.54%	-5.57%	54.77%	3.04%	-32.43%	-104.17%	-21.73%	14.59%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-10.53%	14.06%	30.74%	-0.80%	26.68%	36.92%	6.38%	-7.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.68%	47.14%	45.60%	41.40%	59.85%	35.91%	14.47%	47.27%	61.29%	60.44%	64.03%
EBITDA Margin	26.11%	52.39%	1,067.55%	-158.10%	31.94%	26.23%	-1,123.82%	466.75%	217.21%	-590.43%	-782.39%
Operating Margin	-3.06%	28.56%	515.81%	-246.18%	-3.59%	889.49%	-676.83%	454.88%	87.00%	-491.40%	-521.52%
EBIT Margin	-3.06%	31.19%	1,041.85%	-195.24%	4.20%	-21.35%	-1,195.57%	417.86%	182.79%	-636.12%	-837.72%
Profit (Net Income) Margin	-20.15%	27.73%	484.54%	-205.00%	2.08%	479.54%	-615.72%	332.90%	60.61%	-341.01%	-356.44%
Tax Burden Percent	101.41%	105.58%	95.42%	99.81%	66.72%	58.42%	86.92%	83.29%	72.69%	79.41%	83.80%
Interest Burden Percent	648.57%	84.21%	48.74%	105.20%	74.05%	-3,844.33%	59.25%	95.65%	45.61%	67.50%	50.78%
Effective Tax Rate	0.00%	-4.81%	1.67%	0.00%	33.28%	42.47%	0.00%	16.71%	27.31%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	5.12%	0.00%	0.00%	0.00%	99.60%	-65.09%	49.20%	8.20%	-51.62%	-69.60%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.98%	0.00%	0.00%	0.00%	89.42%	-96.08%	-0.10%	7.06%	-50.48%	-65.58%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.60%	0.00%	0.00%	0.00%	12.20%	-11.11%	0.00%	1.15%	-8.77%	-7.46%
Return on Equity (ROE)	0.00%	5.72%	0.00%	0.00%	0.00%	111.80%	-76.21%	49.20%	9.35%	-60.38%	-77.06%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-24.06%	-35.31%	-43.84%	-59.75%	-73.07%	-78.27%
Operating Return on Assets (OROA)	0.00%	4.04%	0.00%	0.00%	0.00%	-3.07%	-123.20%	37.25%	17.21%	-70.01%	-113.92%
Return on Assets (ROA)	0.00%	3.59%	0.00%	0.00%	0.00%	68.92%	-63.45%	29.68%	5.71%	-37.53%	-48.47%
Return on Common Equity (ROCE)	0.00%	5.72%	0.00%	0.00%	0.00%	111.51%	-74.60%	46.09%	8.48%	-54.24%	-67.34%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.59%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.47	11	262	-61	-1.05	162	-103	156	53	-304	-259
NOPAT Margin	-2.14%	29.94%	507.18%	-172.33%	-2.39%	511.73%	-473.78%	378.89%	63.24%	-343.98%	-365.07%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.14%	26.25%	31.05%	-2.91%	10.18%	30.98%	49.31%	1.14%	-1.13%	-4.02%
Return On Investment Capital (ROIC_SIMPLE)	-	1.69%	-	-	-	12.66%	-7.97%	9.18%	2.64%	-14.50%	-12.38%
Cost of Revenue to Revenue	62.32%	52.86%	54.40%	58.60%	40.15%	64.09%	85.53%	52.73%	38.71%	39.56%	35.97%
SG&A Expenses to Revenue	19.22%	87.45%	38.65%	50.83%	36.98%	59.46%	96.53%	73.02%	30.96%	51.68%	115.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.74%	18.58%	60.46%	287.58%	63.44%	-1,719.91%	176.08%	-407.60%	66.00%	343.64%	169.23%
Earnings before Interest and Taxes (EBIT)	-0.67	12	539	-69	1.84	-6.77	-261	173	153	-563	-595
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.67	20	552	-56	14	8.31	-245	193	181	-522	-556
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	2.05	1.59	1.96	1.26	1.53	2.55	3.49	3.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	2.30	1.76	2.11	1.35	1.62	3.00	4.13	4.48
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	11.81	9.11	13.99	20.60	21.11	18.30
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	5.78	0.00	12.40	17.85	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	17.31%	0.00%	8.06%	5.60%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	1.94	1.49	1.85	1.22	1.48	2.17	2.73	3.03
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	12.61	10.16	14.89	23.20	23.57	20.07
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	3.95	0.00	8.44	10.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	4.40	0.00	11.37	12.39	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	5.94	0.00	11.39	17.53	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.38	0.24	0.49	0.42	0.31	0.31	0.23	0.21	0.24	0.24
Long-Term Debt to Equity	0.00	0.25	0.15	0.39	0.33	0.24	0.25	0.18	0.13	0.12	0.12
Financial Leverage	0.00	0.15	0.12	0.11	0.19	0.14	0.12	0.04	0.16	0.17	0.11
Leverage Ratio	0.00	1.52	1.35	1.63	1.54	1.54	1.49	1.51	1.60	1.60	1.56
Compound Leverage Factor	0.00	1.28	0.66	1.71	1.14	-59.17	0.88	1.45	0.73	1.08	0.79
Debt to Total Capital	0.00%	27.77%	19.34%	32.98%	29.44%	23.46%	23.85%	18.55%	17.36%	19.53%	19.32%
Short-Term Debt to Total Capital	0.00%	9.50%	7.30%	6.51%	6.43%	5.07%	5.01%	3.81%	6.50%	9.52%	9.55%
Long-Term Debt to Total Capital	0.00%	18.27%	12.05%	26.46%	23.01%	18.39%	18.84%	14.74%	10.86%	10.01%	9.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.94%	0.82%	0.85%	0.31%	2.14%	7.13%	10.57%	12.74%	14.81%
Common Equity to Total Capital	0.00%	72.23%	79.72%	66.20%	69.71%	76.23%	74.01%	74.32%	72.06%	67.72%	65.87%
Debt to EBITDA	0.00	5.03	0.00	0.00	0.00	0.58	-77.71	1.29	0.84	-1.04	-0.58
Net Debt to EBITDA	0.00	1.98	0.00	0.00	0.00	0.24	-27.79	0.01	0.61	-0.79	-0.28
Long-Term Debt to EBITDA	0.00	3.31	0.00	0.00	0.00	0.45	-61.39	1.03	0.53	-0.53	-0.29
Debt to NOPAT	0.00	20.12	0.00	0.00	0.00	0.87	-4.30	1.75	1.47	-1.82	-1.06
Net Debt to NOPAT	0.00	7.93	0.00	0.00	0.00	0.37	-1.54	0.02	1.06	-1.38	-0.51
Long-Term Debt to NOPAT	0.00	13.24	0.00	0.00	0.00	0.68	-3.40	1.39	0.92	-0.93	-0.54
Altman Z-Score	0.00	0.00	0.00	1.92	1.84	2.52	0.91	2.46	2.49	2.23	2.62
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	1.16%	1.22%	1.20%	0.27%	2.10%	6.31%	9.30%	10.17%	12.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.55	0.31	1.68	1.00	1.67	1.26	1.81	0.72	1.09	0.86
Quick Ratio	0.00	0.30	0.18	1.55	0.71	0.60	0.53	0.99	0.13	0.20	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-567	-803	-848	-383	-372	-492	-1,005	-1,224	-1,045
Operating Cash Flow to CapEx	1,109.09%	0.00%	-284.45%	-459.40%	-3.86%	-58.51%	-55.70%	-112.04%	2.01%	-83.89%	-74.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-90.34	-133.58	-429.95	-40.10	-49.78	-58.65	-116.68	-218.85	-113.09
Operating Cash Flow to Interest Expense	0.38	-3.65	-4.19	-2.72	-2.13	-2.26	-4.53	-5.81	0.09	-10.26	-2.95
Operating Cash Flow Less CapEx to Interest Expense	0.35	-3.61	-5.67	-3.31	-57.38	-6.13	-12.67	-11.00	-4.36	-22.49	-6.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.13	0.00	0.00	0.00	0.14	0.10	0.09	0.09	0.11	0.14
Accounts Receivable Turnover	0.00	28.79	0.00	0.00	0.00	31.45	21.71	19.29	27.99	12.34	48.81
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	1.24	0.00	0.00	0.00	1.72	2.41	1.84	1.99	2.50	3.01
Days Sales Outstanding (DSO)	0.00	12.68	0.00	0.00	0.00	11.60	16.81	18.92	13.04	29.58	7.48
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	294.71	0.00	0.00	0.00	211.95	151.68	198.12	182.98	146.15	121.27
Cash Conversion Cycle (CCC)	0.00	-282.03	0.00	0.00	0.00	-200.35	-134.87	-179.20	-169.94	-116.56	-113.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	561	830	742	847	1,107	1,098	1,391	1,905	2,027	1,884
Invested Capital Turnover	0.00	0.17	0.00	0.00	0.00	0.19	0.14	0.13	0.13	0.15	0.19
Increase / (Decrease) in Invested Capital	0.00	0.00	830	742	847	546	268	649	1,058	919	786
Enterprise Value (EV)	0.00	0.00	0.00	1,437	1,260	2,048	1,345	2,063	4,136	5,542	5,706
Market Capitalization	0.00	0.00	0.00	1,355	1,117	1,917	1,207	1,938	3,673	4,963	5,202
Book Value per Share	$0.00	$10.36	$8.21	$7.30	$7.73	$10.44	$9.24	$12.16	$13.67	$13.16	$12.44
Tangible Book Value per Share	$0.00	$8.77	$7.40	$6.52	$6.95	$9.73	$8.60	$11.50	$11.59	$11.11	$10.47
Total Capital	0.00	675	918	997	1,010	1,281	1,297	1,704	2,001	2,100	2,095
Total Debt	0.00	187	178	329	297	301	309	316	347	410	405
Total Long-Term Debt	0.00	123	111	264	232	236	244	251	217	210	205
Net Debt	0.00	74	89	74	134	127	111	2.94	251	311	194
Capital Expenditures (CapEx)	0.20	-0.27	9.26	3.56	109	37	61	44	38	68	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-18	-20	-32	-8.18	82	12	26	3.86	185	3.49
Debt-free Net Working Capital (DFNWC)	0.00	13	-7.44	144	65	168	121	249	43	233	164
Net Working Capital (NWC)	0.00	-51	-74	79	-0.23	103	56	184	-87	33	-36
Net Nonoperating Expense (NNE)	3.91	0.84	12	12	-1.95	10	31	19	2.20	-2.63	-6.12
Net Nonoperating Obligations (NNO)	0.00	74	89	74	134	127	111	2.94	251	337	194
Total Depreciation and Amortization (D&A)	6.33	8.09	13	13	12	15	16	20	29	40	39
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-18.50%	0.00%	0.00%	0.00%	50.63%	9.00%	19.11%	2.17%	78.79%	1.23%
Debt-free Net Working Capital to Revenue	0.00%	13.73%	0.00%	0.00%	0.00%	103.37%	91.27%	179.60%	24.39%	98.90%	57.72%
Net Working Capital to Revenue	0.00%	-53.04%	0.00%	0.00%	0.00%	63.36%	42.21%	132.73%	-48.56%	13.87%	-12.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.19	$2.90	($0.78)	$0.01	$1.58	($1.30)	$1.32	$0.48	($2.64)	($1.98)
Adjusted Weighted Average Basic Shares Outstanding	0.00	47.08M	89.15M	90.19M	91.18M	91.32M	102.85M	104.25M	105.57M	105.33M	111.06M
Adjusted Diluted Earnings per Share	$0.00	$0.17	$2.76	($0.78)	$0.01	$1.41	($1.30)	$1.18	$0.43	($2.45)	($1.98)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	49.12M	93.70M	90.19M	96.41M	101.05M	102.85M	119.02M	121.76M	105.33M	111.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	90.39M	91.08M	93.58M	103.86M	104.22M	105.53M	108.04M	110.89M	112.59M
Normalized Net Operating Profit after Tax (NOPAT)	-0.34	-15	262	-10	-0.31	-170	-102	-25	54	-151	-259
Normalized NOPAT Margin	-1.55%	-39.37%	506.82%	-29.52%	-0.70%	-537.92%	-465.91%	-60.69%	64.51%	-171.04%	-365.07%
Pre Tax Income Margin	-19.87%	26.26%	507.78%	-205.38%	3.11%	820.81%	-708.34%	399.66%	83.38%	-429.41%	-425.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.12	1.99	85.82	-11.44	0.93	-0.71	-34.92	20.55	17.72	-100.67	-64.36
NOPAT to Interest Expense	-0.08	1.91	41.78	-10.09	-0.53	16.96	-13.84	18.64	6.13	-54.44	-28.05
EBIT Less CapEx to Interest Expense	-0.15	2.04	84.35	-12.03	-54.31	-4.58	-43.06	15.37	13.26	-112.89	-68.33
NOPAT Less CapEx to Interest Expense	-0.12	1.96	40.31	-10.69	-55.78	13.09	-21.97	13.45	1.68	-66.66	-32.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Hut 8 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hut 8's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Hut 8's net income appears to be on a downward trend, with a most recent value of -$248.00 million in 2025, falling from $21.85 million in 2023. The previous period was $331.41 million in 2024. See where experts think Hut 8 is headed by visiting Hut 8's forecast page.

Hut 8's total operating income in 2025 was -$321.99 million, based on the following breakdown:

Total Gross Profit: $127.34 million
Total Operating Expenses: $229.30 million

Over the last 2 years, Hut 8's total revenue changed from $96.05 million in 2023 to $235.12 million in 2025, a change of 144.8%.

Hut 8's total liabilities were at $1.06 billion at the end of 2025, a 97.7% increase from 2024, and a 320.3% increase since 2023.

In the past 2 years, Hut 8's cash and equivalents has ranged from $30.50 million in 2023 to $85.04 million in 2024, and is currently $44.91 million as of their latest financial filing in 2025.

Over the last 2 years, Hut 8's book value per share changed from 10.36 in 2023 to 13.16 in 2025, a change of 27.1%.

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Financial statements for NASDAQ:HUT last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hut 8 (HUT) Financials

Financials Breakdown Chart

Hut 8 Financials - Frequently Asked Questions

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Hut 8 (HUT) Financials

Annual Income Statements for Hut 8

Quarterly Income Statements for Hut 8

Annual Cash Flow Statements for Hut 8

Quarterly Cash Flow Statements for Hut 8

Annual Balance Sheets for Hut 8

Quarterly Balance Sheets for Hut 8

Annual Metrics And Ratios for Hut 8

Quarterly Metrics And Ratios for Hut 8

Financials Breakdown Chart

Hut 8 Financials - Frequently Asked Questions

When does Hut 8's financial year end?

How has Hut 8's net income changed over the last 2 years?

What is Hut 8's operating income?

How has Hut 8's revenue changed over the last 2 years?

How much debt does Hut 8 have?

How much cash does Hut 8 have?

How has Hut 8's book value per share changed over the last 2 years?

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