Marathon Digital (MARA) Financials

$12.44 -0.85 (-6.40%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$12.35 -0.09 (-0.72%)

As of 05/15/2026 07:59 PM Eastern

Annual Income Statements for Marathon Digital

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-17	-29	-50	-13	-3.52	-10	-30	-694	259	541	-1,311
Consolidated Net Income / (Loss)	-17	-29	-50	-13	-3.52	-10	-30	-694	261	541	-1,312
Net Income / (Loss) Continuing Operations	-17	-29	-50	-13	-3.52	-10	-30	-694	261	541	-1,312
Total Pre-Tax Income	-25	-17	-31	-13	-3.52	-10	-4.85	-718	278	617	-1,368
Total Operating Income	-26	-16	-14	-12	-4.24	-9.82	-2.99	-674	221	306	-1,224
Total Gross Profit	-3.05	4.63	-7.83	-3.77	-0.29	-2.56	117	-34	492	1,051	35
Total Revenue	19	37	0.00	1.56	1.19	4.36	159	118	388	656	907
Operating Revenue	19	37	-	1.56	1.19	4.36	159	118	388	656	907
Total Cost of Revenue	22	32	7.83	5.34	1.48	6.92	42	151	-105	-395	872
Operating Cost of Revenue	22	32	7.83	5.34	1.48	6.92	42	151	-105	-395	872
Total Operating Expenses	23	20	6.33	8.30	3.95	7.26	120	640	271	743	1,300
Selling, General & Admin Expense	6.02	2.64	3.63	2.59	0.89	6.40	174	57	84	254	350
Research & Development Expense	-	-	-	-	-	-	-	0.10	2.81	13	30
Depreciation Expense	-	-	-	-	-	-	-	-	180	429	773
Other Operating Expenses / (Income)	-	1.28	-	3.49	2.61	-0.02	0.00	126	5.44	8.34	9.17
Impairment Charge	5.79	16	2.70	2.22	0.45	0.87	22	541	0.00	0.00	109
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	24
Other Special Charges / (Income)	-	-	-	-	-	0.00	-77	-84	0.00	38	5.00
Total Other Income / (Expense), net	0.58	-1.73	-35	-0.67	0.72	-0.63	-1.86	-45	57	308	-104
Interest Expense	5.66	3.14	7.84	2.26	-0.13	0.02	1.57	15	-72	-0.13	47
Interest & Investment Income	0.00	0.00	0.00	0.01	0.03	0.00	0.00	-30	2.19	15	51
Other Income / (Expense), net	6.25	1.41	-28	1.58	0.56	-0.61	-0.29	0.26	-17	293	-107
Income Tax Expense	-8.16	12	-0.10	0.07	0.00	0.00	25	-24	16	75	-56
Preferred Stock Dividends Declared	-	-	-	-	-	-	0.00	0.00	2.12	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.16	-	-	-	-	-	0.00	0.00	-0.25	-0.41
Basic Earnings per Share	-	($7.55)	($4.80)	($2.41)	($0.53)	($0.13)	($0.30)	($6.12)	$1.41	$1.87	($3.69)
Weighted Average Basic Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	113.47M	183.86M	289.96M	355.17M
Diluted Earnings per Share	-	($7.55)	($4.80)	($2.41)	($0.53)	-	($0.30)	($6.12)	$1.06	$1.72	($3.69)
Weighted Average Diluted Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	113.47M	192.29M	311.84M	355.17M
Weighted Average Basic & Diluted Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	167.25M	267.64M	345.82M	380.23M

This table shows Marathon Digital'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	-0.39	152	337	-200	-125	529	-533	808	123	-1,710	-1,260
Consolidated Net Income / (Loss)	-0.39	152	337	-200	-125	528	-533	808	123	-1,710	-1,262
Net Income / (Loss) Continuing Operations	-0.39	152	337	-200	-125	528	-533	808	123	-1,710	-1,262
Total Pre-Tax Income	-0.32	168	375	-231	-174	647	-653	1,017	161	-1,893	-1,293
Total Operating Income	-80	185	370	-232	-172	341	-541	680	48	-1,411	-1,061
Total Gross Profit	-15	11	563	-58	-70	-53	-75	-56	-60	463	-162
Total Revenue	98	157	165	145	132	214	214	238	252	202	175
Operating Revenue	98	157	165	-	-	214	214	-	252	-	175
Total Cost of Revenue	113	146	-397	203	202	267	289	295	312	-261	337
Operating Cost of Revenue	113	146	-397	203	202	267	289	295	312	-261	337
Total Operating Expenses	65	-174	178	174	102	-394	466	-736	-108	1,887	899
Selling, General & Admin Expense	19	38	69	53	59	78	86	93	85	86	87
Research & Development Expense	0.71	1.24	2.47	3.85	2.81	4.11	9.30	8.55	8.72	3.56	8.25
Other Operating Expenses / (Income)	45	-351	2.51	111	30	-965	370	-864	-227	1,097	758
Restructuring Charge	-	-	-	-	-	-	0.00	-	21	-	46
Total Other Income / (Expense), net	80	-17	-9.73	1.08	-1.73	304	-112	337	113	-469	-232
Interest Expense	-80	1.21	1.26	1.37	2.34	-3.72	9.94	13	13	12	-60
Interest & Investment Income	-0.22	2.30	3.83	2.36	1.76	9.95	12	8.73	16	14	8.36
Other Income / (Expense), net	0.00	-18	-12	0.09	-1.15	290	-114	341	110	-472	-300
Income Tax Expense	0.07	16	38	-32	-49	118	-119	209	38	-183	-31
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	-0.24	-0.03	0.01	-0.14	-2.78
Basic Earnings per Share	$0.00	$0.73	$1.30	($0.72)	($0.42)	$1.71	($1.55)	$2.29	$0.33	($4.76)	($3.31)
Weighted Average Basic Shares Outstanding	179.60M	183.86M	259.10M	278.67M	294.94M	289.96M	344.10M	352.90M	372.07M	355.17M	380.16M
Diluted Earnings per Share	($0.34)	$0.75	$1.26	($0.72)	($0.42)	$1.60	($1.55)	$1.84	$0.27	($4.25)	($3.31)
Weighted Average Diluted Shares Outstanding	183.74M	192.29M	267.91M	278.67M	294.94M	311.84M	344.10M	440.91M	470.13M	355.17M	380.16M
Weighted Average Basic & Diluted Shares Outstanding	222.63M	267.64M	272.96M	294.47M	321.83M	345.82M	351.93M	370.46M	378.18M	380.23M	381.27M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-2.53	2.44	9.95	-12	-1.86	141	127	-156	245	46	155
Net Cash From Operating Activities	-2.96	10	-11	-8.24	-3.32	-7.77	-19	-176	-316	-677	-803
Net Cash From Continuing Operating Activities	-2.96	10	1.47	-8.24	-3.32	-7.77	-19	-176	-316	-677	-803
Net Income / (Loss) Continuing Operations	-17	-29	-31	-13	-3.52	-10	-30	-694	261	541	-1,312
Consolidated Net Income / (Loss)	-17	-29	-31	-13	-3.52	-10	-30	-694	261	541	-1,312
Depreciation Expense	0.01	0.00	0.03	2.00	0.92	3.06	15	79	186	429	773
Non-Cash Adjustments To Reconcile Net Income	14	21	30	3.46	-0.37	-1.01	107	615	-751	-924	714
Changes in Operating Assets and Liabilities, net	-11	10	-2.11	-3.25	-0.50	0.62	-111	-203	-11	-723	-978
Net Cash From Investing Activities	-0.06	-3.69	-0.01	-4.16	1.21	-81	-891	-390	4.60	-3,229	-670
Net Cash From Continuing Investing Activities	-0.06	-3.69	-0.01	-4.16	1.21	-81	-891	-390	4.60	-3,229	-670
Purchase of Property, Plant & Equipment	-0.06	-0.01	-0.01	-5.25	-0.01	-18	-274	-41	-28	-251	-407
Acquisitions	0.00	-3.68	0.00	-0.25	-	0.00	0.00	-0.50	-72	-360	-49
Purchase of Investments	-	-	-	-	0.00	0.00	-153	-44	0.00	-9.96	-24
Sale of Property, Plant & Equipment	-	-	-	-	-	0.00	0.00	178	0.00	3.51	3.65
Other Investing Activities, net	-	0.00	-	1.34	1.22	-64	-464	-483	104	-2,612	-193
Net Cash From Financing Activities	0.51	-4.01	20	0.00	0.25	230	1,037	411	556	3,953	1,628
Net Cash From Continuing Financing Activities	0.51	-4.01	20	0.00	0.25	230	1,037	411	556	3,953	1,628
Repayment of Debt	-16	-8.71	-1.27	-	0.00	0.00	-78	-120	-50	-48	132
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-16	0.00	0.00
Repurchase of Common Equity	-	-	-	0.00	-0.01	-	-	0.00	-0.38	-37	-47
Payment of Dividends	-	-	-	-	-	-	-	-	0.00	7.15	0.56
Issuance of Debt	20	0.00	5.49	-	0.00	0.06	806	169	0.00	2,179	1,014
Issuance of Preferred Equity	-	-	-	-	-	-	0.00	0.00	14	0.00	0.00
Issuance of Common Equity	0.00	4.65	16	0.00	0.26	223	312	361	608	1,852	569
Other Financing Activities, net	-2.84	0.05	0.14	-	0.00	6.74	-3.27	-0.08	0.00	0.00	-40

This table details how cash moves in and out of Marathon Digital'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	-27	256	-33	-56	-92	228	-196	-87	717	-279	-169
Net Cash From Operating Activities	-82	-91	-88	-115	-160	-313	-215	-163	-199	-225	-247
Net Cash From Continuing Operating Activities	-82	-91	-88	-115	-160	-313	-215	-163	-199	-225	-247
Net Income / (Loss) Continuing Operations	-0.39	152	337	-200	-125	528	-533	808	123	-1,710	-1,262
Consolidated Net Income / (Loss)	-0.39	152	337	-200	-125	528	-533	808	123	-1,710	-1,262
Depreciation Expense	54	71	82	88	101	137	158	162	167	286	192
Non-Cash Adjustments To Reconcile Net Income	-32	-564	-415	176	5.74	-691	549	-1,109	-288	1,561	1,016
Changes in Operating Assets and Liabilities, net	-103	249	-92	-199	-143	-289	-389	-25	-202	-362	-193
Net Cash From Investing Activities	34	4.97	-417	-278	-538	-1,997	-210	-127	-286	-47	1,190
Net Cash From Continuing Investing Activities	34	4.97	-417	-278	-538	-1,997	-210	-127	-286	-47	1,190
Purchase of Property, Plant & Equipment	-2.50	-1.80	-9.09	-17	-38	-187	-39	-119	-85	-164	-80
Acquisitions	-4.03	-5.04	-187	-103	-8.31	-62	-39	-3.07	-1.89	-4.85	-197
Purchase of Investments	-	-	-8.00	-0.01	-1.96	0.00	-19	-0.00	-5.00	-0.00	2.36
Sale of Property, Plant & Equipment	-	-	0.00	-	-	1.31	3.47	0.20	-0.02	-	0.61
Other Investing Activities, net	40	12	-213	-158	-492	-1,750	-116	-5.38	-194	122	1,464
Net Cash From Financing Activities	21	342	472	337	606	2,538	230	204	1,202	-7.26	-1,108
Net Cash From Continuing Financing Activities	21	342	472	337	606	2,538	230	204	1,202	-7.26	-1,108
Repayment of Debt	-	-	-	-0.16	-	-47	0.00	-	-18	150	-1,263
Repurchase of Common Equity	-	-	-17	-6.58	-5.85	-5.89	-20	-15	-7.69	-3.70	-7.46
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	0.14
Issuance of Debt	-	-	0.00	-	-	1,887	150	-	1,015	-151	150
Issuance of Common Equity	37	343	489	345	321	704	100	219	253	-3.33	0.00
Other Financing Activities, net	0.09	-0.28	-0.87	-1.28	-0.52	0.13	0.00	-	-40	-	12
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.00	-	-	-	-3.64

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	47	18	15	5.19	6.62	313	1,444	1,195	1,991	6,801	7,287
Total Current Assets	4.78	5.52	15	3.02	1.49	286	684	278	1,030	470	664
Cash & Equivalents	2.56	5.00	15	2.55	0.69	141	269	104	357	392	547
Restricted Cash	-	-	-	-	-	0.00	0.00	8.80	0.00	12	12
Accounts Receivable	0.14	0.10	0.01	-	0.00	75	27	0.02	0.00	6.35	19
Prepaid Expenses	0.34	0.43	0.09	0.46	0.80	2.40	35	41	26	36	44
Other Current Assets	1.75	-	-	0.00	0.00	68	354	165	647	25	42
Plant, Property, & Equipment, net	0.06	0.03	0.01	1.03	3.75	17	276	273	672	1,549	1,491
Total Noncurrent Assets	42	13	0.00	1.14	1.37	9.62	484	604	289	4,781	5,132
Goodwill	4.48	0.22	-	-	-	-	-	-	0.00	83	0.00
Intangible Assets	25	12	0.00	1.14	1.07	1.00	0.93	-	0.00	2.71	0.99
Other Noncurrent Operating Assets	0.01	0.20	-	0.00	0.30	8.62	483	604	289	4,696	5,131
Total Liabilities & Shareholders' Equity	47	18	15	5.19	6.62	313	1,444	1,195	1,991	6,801	7,287
Total Liabilities	35	28	7.67	2.27	2.97	1.51	762	809	375	2,665	3,810
Total Current Liabilities	17	20	7.67	2.27	1.85	1.44	11	26	34	95	522
Short-Term Debt	10	13	1.76	1.00	-	-	-	-	-	0.00	398
Accounts Payable	6.53	7.22	1.96	1.24	1.24	1.00	7.77	1.31	11	13	13
Accrued Expenses	-	-	-	-	-	-	2.61	22	22	77	87
Other Current Liabilities	-	0.00	3.94	0.04	0.61	0.44	0.00	1.50	0.12	5.75	24
Total Noncurrent Liabilities	18	7.11	0.00	0.00	1.12	0.06	751	783	341	2,570	3,288
Long-Term Debt	12	4.67	-	0.00	1.00	0.06	728	782	326	2,447	3,202
Capital Lease Obligations	-	-	-	-	-	-	-	-	0.00	3.71	3.82
Noncurrent Deferred & Payable Income Tax Liabilities	1.04	-	-	-	-	0.00	23	0.00	15	89	30
Other Noncurrent Operating Liabilities	3.33	1.44	-	0.00	0.12	-	0.00	1.02	0.35	31	52
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	13	-9.29	7.39	2.92	3.65	312	682	386	1,616	4,136	3,477
Total Preferred & Common Equity	13	-9.12	7.39	2.92	3.65	312	682	386	1,616	4,129	3,472
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	13	-9.12	7.39	2.92	3.65	312	682	386	1,616	4,129	3,472
Common Stock	43	50	97	105	110	428	836	1,226	2,184	4,155	4,810
Retained Earnings	-29	-58	-89	-102	-106	-116	-154	-840	-568	-26	-1,338
Accumulated Other Comprehensive Income / (Loss)	-1.27	-1.06	-0.45	-0.45	-0.45	-0.45	0.00	-	-	-	0.00
Noncontrolling Interest	0.00	-0.16	-	-	-	-	-	-	0.00	6.91	5.37

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,476	1,304	1,373	1,384	2,957	3,117	3,580	6,444	7,721	9,153	4,949
Total Current Assets	240	386	422	433	1,641	372	239	292	236	962	611
Cash & Equivalents	55	125	114	101	324	256	164	196	109	826	514
Restricted Cash	80	0.00	14	0.00	-	12	12	12	12	12	12
Accounts Receivable	-	0.17	0.76	1.19	8.37	19	2.79	8.63	31	33	26
Prepaid Expenses	26	60	52	36	33	28	17	28	41	40	41
Other Current Assets	176	201	242	294	1,276	57	44	47	43	50	19
Plant, Property, & Equipment, net	404	715	784	742	802	930	1,092	1,566	1,634	1,555	1,406
Total Noncurrent Assets	735	203	167	209	506	1,816	2,249	4,587	5,851	6,637	2,932
Goodwill	-	-	-	-	31	45	45	83	83	83	90
Intangible Assets	0.00	-	-	-	22	2.19	1.98	2.43	2.15	0.77	43
Other Noncurrent Operating Assets	735	203	167	209	454	1,768	2,173	4,478	5,766	6,553	2,798
Total Liabilities & Shareholders' Equity	1,476	1,304	1,373	1,384	2,957	3,117	3,580	6,444	7,721	9,153	4,949
Total Liabilities	851	758	763	364	480	475	725	2,716	2,925	3,978	2,616
Total Current Liabilities	46	24	28	38	71	99	60	368	441	459	331
Short-Term Debt	-	-	-	-	-	-	-	300	350	350	198
Accounts Payable	19	3.24	7.15	15	33	29	13	6.49	9.84	11	7.84
Accrued Expenses	2.14	18	20	22	32	67	37	46	57	74	105
Other Current Liabilities	22	0.34	0.17	0.15	5.62	3.19	10	16	24	24	21
Total Noncurrent Liabilities	805	734	735	326	409	375	665	2,347	2,484	3,519	2,285
Long-Term Debt	781	733	734	325	326	327	619	2,299	2,251	3,248	2,218
Capital Lease Obligations	-	-	-	-	-	4.83	4.83	3.71	3.82	3.82	3.82
Noncurrent Deferred & Payable Income Tax Liabilities	23	0.08	-	-	53	21	0.00	0.00	178	216	8.62
Other Noncurrent Operating Liabilities	1.13	0.91	0.42	0.39	30	23	41	45	52	52	54
Commitments & Contingencies	0.00	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	16	-	-	-	-	-	-	-	85
Total Equity & Noncontrolling Interests	625	546	594	1,020	2,477	2,643	2,856	3,729	4,796	5,175	2,248
Total Preferred & Common Equity	625	546	594	1,020	2,477	2,643	2,856	3,725	4,792	5,158	2,232
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	625	546	594	1,020	2,477	2,643	2,856	3,725	4,792	5,158	2,232
Common Stock	1,058	1,393	1,461	1,823	2,707	3,073	3,411	4,284	4,543	4,787	4,834
Retained Earnings	-432	-848	-867	-803	-230	-430	-555	-560	249	372	-2,597
Accumulated Other Comprehensive Income / (Loss)	-0.45	0.00	-	-	-	-	-	-	-	-	-4.54
Noncontrolling Interest	-	-	-	-	-	-	-	3.95	4.56	17	16

This table displays calculated financial ratios and metrics derived from Marathon Digital's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	378,184,353.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	378,184,353.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-3.47
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-18	-11	-9.93	-8.45	-2.97	-6.87	-2.09	-471	208	269	-857
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-40.36%	10.70%	4.07%	-12.10%
Earnings before Interest and Taxes (EBIT)	-19	-14	-42	-11	-3.68	-10	-3.28	-673	203	597	-1,332
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.60	-6.72	-36	-6.14	-2.60	-7.36	12	-568	386	1,026	-559
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.51	18	-0.50	-16	-5.55	-173	-974	-385	-320	-4,349	-1,196
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33	3.63	-5.80	1.37	3.95	170	1,143	1,057	1,584	6,202	6,522
Increase / (Decrease) in Invested Capital	-10	-29	-9.43	7.17	2.59	167	972	-86	528	4,617	339
Book Value per Share	$0.85	($0.61)	$0.84	$0.11	$0.46	$5.92	$6.65	$3.30	$7.26	$12.83	$9.18
Tangible Book Value per Share	($1.16)	($1.44)	$0.84	$0.07	$0.33	$5.90	$6.64	$3.30	$7.26	$12.56	$9.18
Total Capital	35	8.63	9.15	3.92	4.65	312	1,411	1,168	1,942	6,605	7,081
Total Debt	23	18	1.76	1.00	1.00	0.06	728	782	326	2,470	3,604
Total Long-Term Debt	12	4.67	0.00	0.00	1.00	0.06	728	782	326	2,470	3,206
Net Debt	20	13	-13	-1.55	0.31	-141	460	670	-32	2,066	3,045
Capital Expenditures (CapEx)	0.06	0.01	0.01	5.25	0.01	18	274	-137	28	247	403
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.31	-6.69	-5.81	-0.81	-1.05	144	404	139	639	-29	-19
Debt-free Net Working Capital (DFNWC)	-1.76	-1.70	9.14	1.74	-0.36	285	673	251	996	375	540
Net Working Capital (NWC)	-12	-15	7.38	0.74	-0.36	285	673	251	996	375	142
Net Nonoperating Expense (NNE)	-1.04	18	40	4.36	0.55	3.58	28	223	-53	-272	455
Net Nonoperating Obligations (NNO)	20	13	-13	-1.55	0.31	-141	461	671	-32	2,066	3,045
Total Depreciation and Amortization (D&A)	11	7.46	5.41	4.36	1.08	3.06	15	105	183	429	773
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($19.04)	$0.00	($19.20)	($2.40)	($0.53)	($0.13)	($0.36)	($6.05)	$0.00	$1.87	($3.69)
Adjusted Weighted Average Basic Shares Outstanding	935.45K	1.21M	1.63M	6.38M	8.46M	98.80M	103.05M	113.47M	0.00	289.96M	355.17M
Adjusted Diluted Earnings per Share	($19.04)	$0.00	($19.20)	($2.40)	($0.53)	($0.13)	($0.36)	$0.00	$0.00	$1.72	($3.69)
Adjusted Weighted Average Diluted Shares Outstanding	935.45K	1.21M	1.63M	6.38M	8.46M	98.80M	103.05M	167.25M	0.00	311.84M	355.17M
Adjusted Basic & Diluted Earnings per Share	($19.04)	$0.00	($19.20)	($2.40)	($0.53)	($0.13)	($0.36)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	888.05K	948.63K	1.63M	5.32M	6.66M	81.41M	99.34M	167.25M	0.00	345.82M	380.23M
Normalized Net Operating Profit after Tax (NOPAT)	-14	0.50	-8.04	-6.90	-2.65	-6.26	-40	-151	208	302	-760
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Marathon Digital'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	-	-	-	-	-	-	-	-	-	378,184,353.00	380,234,635.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	378,184,353.00	380,234,635.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-4.52	-3.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	671.07%	451.67%	223.08%	77.52%	34.54%	36.76%	29.47%	64.31%	91.73%	-	-18.36%
EBITDA Growth	-179.24%	160.04%	218.84%	-486.46%	-173.29%	223.23%	-207.05%	1,047.59%	545.80%	-	-135.52%
EBIT Growth	-83.07%	140.54%	201.13%	-3,746.02%	-115.03%	278.55%	-275.67%	539.43%	190.90%	-	-107.98%
NOPAT Growth	-82.08%	158.14%	172.31%	-3,730.51%	-114.85%	66.51%	-214.01%	432.17%	130.23%	-	-96.19%
Net Income Growth	99.46%	138.75%	184.06%	-2,127.84%	-31,897.18%	247.95%	-258.21%	504.79%	198.67%	-	-136.65%
EPS Growth	45.16%	122.12%	75.00%	-928.57%	-23.53%	113.33%	-223.02%	355.56%	164.29%	-	-113.55%
Operating Cash Flow Growth	-90.39%	1.69%	3.41%	-124.02%	-96.14%	-243.80%	-143.93%	-41.91%	-24.34%	-	-14.85%
Free Cash Flow Firm Growth	96.87%	-78.71%	-729.23%	-2,815.76%	-7,685.59%	-1,104.22%	-310.47%	-144.19%	-111.11%	-	128.58%
Invested Capital Growth	-2.21%	49.94%	113.61%	122.32%	165.27%	291.46%	147.79%	169.00%	140.34%	-	-30.95%
Revenue Q/Q Growth	19.68%	60.21%	5.38%	-12.14%	-9.30%	62.86%	-0.24%	11.50%	5.84%	-	-13.69%
EBITDA Q/Q Growth	-180.02%	1,024.05%	156.43%	-127.58%	43.41%	1,192.88%	-161.04%	351.64%	-72.53%	-	26.71%
EBIT Q/Q Growth	-1,227.81%	308.11%	253.46%	-162.76%	25.76%	466.37%	-199.42%	262.59%	-84.56%	-	27.67%
NOPAT Q/Q Growth	-1,221.25%	398.23%	226.37%	-148.97%	25.89%	331.14%	-235.92%	242.67%	-93.26%	-	24.75%
Net Income Q/Q Growth	95.65%	39,029.74%	286.23%	-159.22%	37.50%	523.34%	-200.98%	251.51%	-84.76%	-	26.17%
EPS Q/Q Growth	-385.71%	320.59%	2,000.00%	-157.14%	41.67%	480.95%	-196.88%	218.71%	-85.33%	-	22.12%
Operating Cash Flow Q/Q Growth	-58.76%	-11.69%	3.10%	-30.37%	-39.00%	-95.79%	31.25%	24.15%	-21.79%	-	-10.12%
Free Cash Flow Firm Q/Q Growth	-146.01%	-1,187.77%	-130.58%	-68.19%	-31.90%	-99.18%	7.10%	-0.05%	-14.03%	-	186.84%
Invested Capital Q/Q Growth	2.30%	27.24%	55.96%	9.51%	22.06%	87.77%	-1.27%	18.89%	9.05%	-	-35.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-15.66%	6.83%	-1.82%	-25.19%	-50.91%	-24.62%	-145.75%	-23.64%	-23.75%	-	-92.98%
EBITDA Margin	-26.34%	151.92%	273.23%	-85.76%	-53.51%	359.06%	-219.71%	495.86%	128.72%	-	-670.03%
Operating Margin	-81.92%	118.05%	223.79%	-160.12%	-130.82%	159.07%	-252.97%	285.04%	18.85%	-	-607.91%
EBIT Margin	-81.92%	106.41%	223.96%	-159.97%	-130.93%	294.55%	-293.54%	428.04%	62.44%	-	-779.74%
Profit (Net Income) Margin	-0.40%	96.85%	204.10%	-137.56%	-94.79%	246.41%	-249.41%	338.89%	48.78%	-	-722.96%
Tax Burden Percent	123.03%	90.43%	89.86%	86.31%	71.74%	81.71%	81.74%	79.49%	76.57%	-	97.61%
Interest Burden Percent	0.40%	100.65%	101.42%	99.63%	100.92%	102.38%	103.95%	99.60%	102.04%	-	94.99%
Effective Tax Rate	0.00%	9.57%	10.14%	0.00%	0.00%	18.29%	0.00%	20.51%	23.43%	-	0.00%
Return on Invested Capital (ROIC)	-11.80%	31.33%	55.61%	-32.28%	-24.11%	21.91%	-29.06%	36.24%	2.36%	-	-71.36%
ROIC Less NNEP Spread (ROIC-NNEP)	0.96%	26.47%	57.25%	-43.32%	-25.37%	46.46%	-42.01%	57.27%	7.76%	-	-95.58%
Return on Net Nonoperating Assets (RNNOA)	0.51%	8.45%	11.46%	-8.92%	-4.40%	16.43%	-16.17%	19.60%	3.10%	-	-67.62%
Return on Equity (ROE)	-11.29%	39.78%	67.07%	-41.21%	-28.51%	38.34%	-45.22%	55.84%	5.46%	-	-138.97%
Cash Return on Invested Capital (CROIC)	-18.63%	-24.22%	-49.25%	-64.45%	-82.61%	-111.71%	-94.84%	-86.61%	-75.05%	-	13.02%
Operating Return on Assets (OROA)	-14.85%	25.88%	52.73%	-40.25%	-31.59%	43.98%	-44.03%	63.06%	9.01%	-	-118.78%
Return on Assets (ROA)	-0.07%	23.56%	48.05%	-34.61%	-22.87%	36.79%	-37.41%	49.93%	7.04%	-	-110.13%
Return on Common Equity (ROCE)	-11.29%	39.78%	67.07%	-41.01%	-28.51%	38.30%	-45.20%	55.81%	5.45%	-	-136.56%
Return on Equity Simple (ROE_SIMPLE)	-27.70%	0.00%	19.36%	10.93%	5.76%	0.00%	-8.85%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-56	167	332	-163	-121	279	-379	540	36	-987	-743
NOPAT Margin	-57.35%	106.75%	201.10%	-112.08%	-91.58%	129.97%	-177.08%	226.58%	14.44%	-	-425.54%
Net Nonoperating Expense Percent (NNEP)	-12.76%	4.86%	-1.64%	11.04%	1.26%	-24.54%	12.96%	-21.04%	-5.40%	-	24.22%
Return On Investment Capital (ROIC_SIMPLE)	-	8.62%	-	-	-	4.22%	-5.98%	7.30%	0.42%	-13.94%	-15.92%
Cost of Revenue to Revenue	115.66%	93.17%	101.82%	125.19%	150.91%	124.62%	245.75%	123.64%	123.75%	-	192.98%
SG&A Expenses to Revenue	19.86%	24.25%	44.38%	39.35%	48.41%	36.35%	40.15%	38.97%	33.79%	-	49.74%
R&D to Revenue	0.73%	0.79%	1.49%	2.65%	2.14%	1.91%	4.35%	3.58%	3.45%	-	4.72%
Operating Expenses to Revenue	66.26%	-111.22%	-225.62%	134.93%	79.92%	-183.69%	119.76%	-308.68%	-42.61%	-	514.93%
Earnings before Interest and Taxes (EBIT)	-80	167	370	-232	-172	632	-628	1,021	158	-1,882	-1,362
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-26	238	451	-124	-70	770	-470	1,183	325	-1,596	-1,170
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	3.24	2.44	2.12	1.67	1.31	1.07	1.15	1.31	-	1.39
Price to Tangible Book Value (P/TBV)	1.45	3.24	2.49	2.16	1.70	1.33	1.09	1.17	1.33	-	1.48
Price to Revenue (P/Rev)	5.72	13.50	12.05	9.94	7.98	8.22	5.64	6.91	7.36	-	3.58
Price to Earnings (P/E)	0.00	20.19	12.66	19.43	29.03	9.97	0.00	8.13	7.30	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	4.95%	7.90%	5.15%	3.45%	10.03%	0.00%	12.30%	13.70%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.37	3.28	2.45	2.10	1.58	1.20	1.04	1.10	1.20	-	1.21
Enterprise Value to Revenue (EV/Rev)	6.58	13.41	12.05	10.05	8.72	11.38	9.04	10.03	10.38	-	5.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.46	8.65	10.47	10.50	7.28	69.51	5.72	5.31	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	25.54	13.33	24.98	38.68	12.51	0.00	9.26	7.98	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	25.01	14.37	25.27	29.15	27.81	0.00	32.11	22.89	-	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
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	-	7.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.20	0.13	0.13	0.22	0.60	0.70	0.54	0.70	-	1.04
Long-Term Debt to Equity	0.32	0.20	0.13	0.13	0.22	0.60	0.62	0.47	0.63	-	0.95
Financial Leverage	0.53	0.32	0.20	0.21	0.17	0.35	0.38	0.34	0.40	-	0.71
Leverage Ratio	1.74	1.59	1.41	1.38	1.28	1.53	1.52	1.46	1.59	-	1.88
Compound Leverage Factor	0.01	1.60	1.43	1.38	1.29	1.57	1.57	1.45	1.62	-	1.79
Debt to Total Capital	24.18%	16.77%	11.63%	11.14%	17.92%	37.39%	41.10%	35.19%	41.03%	-	50.91%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.74%	4.73%	3.99%	-	4.16%
Long-Term Debt to Total Capital	24.18%	16.77%	11.63%	11.14%	17.92%	37.39%	36.37%	30.46%	37.05%	-	46.75%
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%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.06%	0.06%	0.19%	-	2.13%
Common Equity to Total Capital	75.82%	83.23%	88.37%	88.86%	82.08%	62.51%	58.83%	64.75%	58.78%	-	46.96%
Debt to EBITDA	-1.31	0.84	0.47	0.61	1.25	2.41	28.37	1.86	2.00	-	-1.96
Net Debt to EBITDA	-0.90	-0.08	0.00	0.12	0.90	2.01	26.10	1.77	1.54	-	-1.54
Long-Term Debt to EBITDA	-1.31	0.84	0.47	0.61	1.25	2.41	25.10	1.61	1.81	-	-1.80
Debt to NOPAT	-1.24	1.57	0.77	1.47	3.48	9.19	-6.15	10.45	8.64	-	-1.98
Net Debt to NOPAT	-0.85	-0.15	0.00	0.28	2.50	7.69	-5.66	9.96	6.63	-	-1.55
Long-Term Debt to NOPAT	-1.24	1.57	0.77	1.47	3.48	9.19	-5.44	9.04	7.80	-	-1.82
Altman Z-Score	1.97	9.04	8.66	6.95	3.81	1.68	0.53	1.68	1.30	-	-0.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.48%	0.00%	0.12%	0.06%	0.06%	0.21%	-	1.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.33	30.51	23.07	3.75	4.00	4.94	0.79	0.54	2.09	-	1.84
Quick Ratio	2.68	10.58	4.68	2.77	2.79	4.18	0.56	0.32	1.87	-	1.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-28	-360	-982	-1,652	-2,178	-4,339	-4,031	-4,033	-4,599	-1,327	1,152
Operating Cash Flow to CapEx	-3,268.68%	-5,070.30%	-972.05%	-668.78%	-421.34%	-169.22%	-609.00%	-137.68%	-234.59%	-	-313.63%
Free Cash Flow to Firm to Interest Expense	0.00	-296.79	-781.80	0.00	-930.10	0.00	-405.45	-314.20	-360.40	-	0.00
Operating Cash Flow to Interest Expense	0.00	-75.09	-70.33	0.00	-68.35	0.00	-21.68	-12.73	-15.60	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-76.58	-77.57	0.00	-84.58	0.00	-25.24	-21.98	-22.25	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.24	0.24	0.25	0.24	0.15	0.15	0.15	0.14	-	0.15
Accounts Receivable Turnover	0.00	0.00	117.46	57.94	300.50	0.00	82.97	32.08	51.19	-	50.65
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	0.45	0.82	0.66	0.66	0.65	0.59	0.60	0.62	0.69	-	0.58
Accounts Payable Turnover	17.53	63.67	28.48	33.85	50.01	68.27	87.45	94.65	161.77	-	128.32
Days Sales Outstanding (DSO)	0.00	0.00	3.11	6.30	1.21	0.00	4.40	11.38	7.13	-	7.21
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	20.82	5.73	12.81	10.78	7.30	5.35	4.17	3.86	2.26	-	2.84
Cash Conversion Cycle (CCC)	-20.82	-5.73	-9.71	-4.48	-6.08	-5.35	0.23	7.52	4.87	-	4.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,245	1,584	2,471	2,706	3,303	6,202	6,123	7,279	7,938	6,522	4,228
Invested Capital Turnover	0.21	0.29	0.28	0.29	0.26	0.17	0.16	0.16	0.16	-	0.17
Increase / (Decrease) in Invested Capital	-28	528	1,314	1,489	2,058	4,617	3,652	4,573	4,635	339	-1,895
Enterprise Value (EV)	1,705	5,198	6,045	5,677	5,224	7,470	6,375	8,006	9,544	-	5,098
Market Capitalization	1,481	5,229	6,043	5,613	4,776	5,397	3,977	5,518	6,765	-	3,103
Book Value per Share	$5.85	$7.26	$9.25	$9.35	$9.70	$12.83	$10.77	$13.62	$13.92	$9.18	$5.87
Tangible Book Value per Share	$5.85	$7.26	$9.06	$9.18	$9.54	$12.56	$10.52	$13.37	$13.70	$9.18	$5.52
Total Capital	1,345	1,942	2,803	2,974	3,479	6,605	6,331	7,401	8,776	7,081	4,753
Total Debt	325	326	326	331	624	2,470	2,602	2,604	3,601	3,604	2,420
Total Long-Term Debt	325	326	326	331	624	2,470	2,302	2,254	3,251	3,206	2,222
Net Debt	224	-32	1.82	63	447	2,066	2,394	2,483	2,763	3,045	1,894
Capital Expenditures (CapEx)	2.50	1.80	9.09	17	38	185	35	119	85	164	79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	293	639	1,245	4.71	3.33	-29	15	24	14	-19	-48
Debt-free Net Working Capital (DFNWC)	394	996	1,570	273	180	375	223	145	853	540	478
Net Working Capital (NWC)	394	996	1,570	273	180	375	-77	-205	503	142	280
Net Nonoperating Expense (NNE)	-56	16	-4.96	37	4.23	-250	155	-268	-87	722	519
Net Nonoperating Obligations (NNO)	225	-32	-6.00	63	447	2,066	2,394	2,483	2,763	3,045	1,894
Total Depreciation and Amortization (D&A)	54	71	81	108	102	138	158	162	167	286	192
Debt-free, Cash-free Net Working Capital to Revenue	113.16%	164.83%	248.29%	0.83%	0.56%	-4.36%	2.16%	3.00%	1.54%	-	-5.54%
Debt-free Net Working Capital to Revenue	152.21%	257.04%	312.94%	48.28%	29.99%	57.16%	31.69%	18.22%	92.75%	-	55.03%
Net Working Capital to Revenue	152.21%	257.04%	312.94%	48.28%	29.99%	57.16%	-10.86%	-25.62%	54.67%	-	32.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.73	$1.30	($0.72)	($0.42)	$1.71	($1.55)	$2.29	$0.33	($4.76)	($3.31)
Adjusted Weighted Average Basic Shares Outstanding	179.60M	183.86M	259.10M	278.67M	294.94M	289.96M	344.10M	352.90M	372.07M	355.17M	380.16M
Adjusted Diluted Earnings per Share	$0.35	$0.75	$1.26	($0.72)	($0.42)	$1.60	($1.55)	$1.84	$0.27	($4.25)	($3.31)
Adjusted Weighted Average Diluted Shares Outstanding	189.51M	192.29M	267.91M	278.67M	294.94M	311.84M	344.10M	440.91M	470.13M	355.17M	380.16M
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	222.63M	267.64M	272.96M	294.47M	321.83M	345.82M	351.93M	370.46M	378.18M	380.23M	381.27M
Normalized Net Operating Profit after Tax (NOPAT)	-56	292	-87	-159	-113	678	-379	561	56	-987	-711
Normalized NOPAT Margin	-57.35%	186.00%	-52.77%	-109.35%	-86.10%	316.26%	-177.08%	235.34%	22.30%	-	-407.14%
Pre Tax Income Margin	-0.32%	107.10%	227.14%	-159.38%	-132.13%	301.57%	-305.13%	426.32%	63.71%	-	-740.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	137.41	294.57	0.00	-73.60	0.00	-63.16	79.53	12.35	-	0.00
NOPAT to Interest Expense	0.00	137.85	264.50	0.00	-51.48	0.00	-38.10	42.10	2.86	-	0.00
EBIT Less CapEx to Interest Expense	0.00	135.93	287.34	0.00	-89.82	0.00	-66.71	70.28	5.70	-	0.00
NOPAT Less CapEx to Interest Expense	0.00	136.36	257.26	0.00	-67.70	0.00	-41.66	32.85	-3.79	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.03%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	6.44%	-11.74%	6.97%	5.30%	-	-1.63%

Financials Breakdown Chart

Key Financial Trends

Summary of MARA's recent quarterly performance shows a mix of volatility and selective positives. Below are the key trends from the last four years of quarterly data, focused on what may matter most for retail investors.

Profitability rebound in mid-2025: Q2 2025 net income to common was about $808.2 million with basic EPS of $2.29, and Q3 2025 net income to common was about $123.1 million with basic EPS of $0.33.
Gross profit rebound in Q4 2025: Total Gross Profit rose to about $463.3 million, marking a sharp swing from preceding quarters that were negative on gross profit.
Strong near-term liquidity in mid-2025: Cash & equivalents stood at about $826.4 million at the end of Q3 2025, providing a liquidity cushion.
Debt level relatively stable but manageable: Long-Term Debt around $3.25 billion (roughly $3.246B in Q3 vs $3.265B in Q2 2025), indicating a modest improvement in debt load over that period.
Financing activity provided meaningfully in Q3 2025: Net Cash From Financing Activities was about $1.20 billion, helping fund operations and investing activities.
Revenue volatility with a 2025 range: Quarterly revenue generally hovered in the $210–$250 million range (Q2 2025: $238.5M; Q3 2025: $252.4M; Q4 2025: $202.3M; Q1 2025: $213.9M), reflecting Bitcoin/crypto cycle dynamics rather than steady growth.
Earnings per share showing volatility: Positive in Q2 2025 (EPS $2.29) and Q3 2025 (EPS $0.33) but negative in Q1 2025 and especially Q4 2025 (Q4 2025 EPS around -$4.76), underscoring profitability swings.
Significant Q4 2025 loss driven by large non-operating hits: Net income to common for Q4 2025 was about -$1.71 billion, aided by substantial negative “Other Income / (Expense), net” and related items.
Ongoing cash burn from core operations: Net cash from continuing operating activities was negative across the latest quarters (e.g., Q3 2025: -$199.0 million; Q4 2025: -$224.7 million), indicating cash burn despite occasional profitability.
Large operating expense burden in Q4 2025: Total Operating Expenses were about $1.887 billion, which overwhelmed gross profit and contributed to the big pretax and net losses for the period.

05/17/26 05:13 PM ETAI Generated. May Contain Errors.

Marathon Digital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marathon Digital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Marathon Digital's net income appears to be on an upward trend, with a most recent value of -$1.31 billion in 2025, rising from -$16.94 million in 2015. The previous period was $541.01 million in 2024. View Marathon Digital's forecast to see where analysts expect Marathon Digital to go next.

Marathon Digital's total operating income in 2025 was -$1.22 billion, based on the following breakdown:

Total Gross Profit: $35.20 million
Total Operating Expenses: $1.30 billion

Over the last 10 years, Marathon Digital's total revenue changed from $18.98 million in 2015 to $907.09 million in 2025, a change of 4,679.8%.

Marathon Digital's total liabilities were at $3.81 billion at the end of 2025, a 42.9% increase from 2024, and a 10,926.4% increase since 2015.

In the past 10 years, Marathon Digital's cash and equivalents has ranged from $692.96 thousand in 2019 to $547.13 million in 2025, and is currently $547.13 million as of their latest financial filing in 2025.

Over the last 10 years, Marathon Digital's book value per share changed from 0.85 in 2015 to 9.18 in 2025, a change of 976.7%.

Related Companies

Financial statements for NASDAQ:MARA last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Marathon Digital (MARA) Financials

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Marathon Digital (MARA) Financials

Annual Income Statements for Marathon Digital

Quarterly Income Statements for Marathon Digital

Annual Cash Flow Statements for Marathon Digital

Quarterly Cash Flow Statements for Marathon Digital

Annual Balance Sheets for Marathon Digital

Quarterly Balance Sheets for Marathon Digital

Annual Metrics And Ratios for Marathon Digital

Quarterly Metrics And Ratios for Marathon Digital

Financials Breakdown Chart

Key Financial Trends

Marathon Digital Financials - Frequently Asked Questions

When does Marathon Digital's fiscal year end?

How has Marathon Digital's net income changed over the last 10 years?

What is Marathon Digital's operating income?

How has Marathon Digital's revenue changed over the last 10 years?

How much debt does Marathon Digital have?

How much cash does Marathon Digital have?

How has Marathon Digital's book value per share changed over the last 10 years?

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