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Riot Platforms (RIOT) Financials

Riot Platforms logo
$21.47 +0.52 (+2.48%)
Closing price 09/11/2026 04:00 PM Eastern
Extended Trading
$21.44 -0.03 (-0.14%)
As of 09/11/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Riot Platforms

Annual Income Statements for Riot Platforms

This table shows Riot Platforms' 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		 -8.76 -4.27 -20 -58 -20 -14 -15 -510 -49 109 -663
Consolidated Net Income / (Loss)		 -8.76 -4.27 -20 -60 -20 -14 -15 -510 -49 109 -663
Net Income / (Loss) Continuing Operations		 -8.76 -3.16 -16 -60 -20 -14 -15 -510 -49 109 -663
Total Pre-Tax Income 		-8.76 -3.16 -18 -61 -20 -14 -15 -521 -55 110 -663
Total Operating Income		 -8.75 -5.19 -13 -59 -9.42 -16 -30 -513 -63 154 -622
Total Gross Profit		 0.17 0.10 0.24 2.03 0.74 5.83 131 65 26 114 246
Total Revenue		 0.20 0.10 0.27 7.85 6.84 12 213 259 281 377 647
Operating Revenue		 0.20 0.00 0.27 7.85 6.84 12 213 259 281 377 647
Total Cost of Revenue		 0.03 0.00 0.03 5.82 6.10 6.25 82 194 254 263 402
Operating Cost of Revenue		 0.03 0.00 0.03 5.82 6.10 6.25 82 194 254 263 402
Total Operating Expenses		 8.92 5.29 13 61 10 21 161 578 89 -40 868
Selling, General & Admin Expense		 6.76 4.41 7.31 21 9.16 10 87 67 100 267 299
Depreciation Expense		 - 0.63 0.89 5.27 0.12 4.49 26 108 252 212 347
Other Operating Expenses / (Income)		 - 0.00 - 0.00 0.00 0.00 -18 -89 -269 -542 220
Impairment Charge		 - 0.00 5.22 35 1.54 13 44 539 0.00 0.00 30
Restructuring Charge		 - - - - 0.00 0.00 21 0.08 0.00 5.54 0.19
Other Special Charges / (Income)		 0.00 - - - -0.67 -6.38 -0.25 -47 5.34 17 -28
Total Other Income / (Expense), net		 -0.01 2.03 -4.71 -1.64 -11 1.44 15 -8.60 8.48 -43 -41
Other Income / (Expense), net		 0.01 1.94 -0.00 -1.59 -12 1.44 15 -8.60 8.48 26 -41
Income Tax Expense		 - 0.00 -1.61 -0.70 -0.14 0.00 0.25 -12 -5.09 0.74 -0.15
Basic Earnings per Share		 ($2.26) ($1.05) ($3.30) ($4.33) - ($0.34) ($0.17) ($3.65) ($0.28) $0.40 ($1.95)
Weighted Average Basic Shares Outstanding		 3.88M 4.07M 6.02M 13.40M 19.60M 41.98M 93.45M 139.43M 175.03M 275.98M 340.72M
Diluted Earnings per Share		 ($2.26) ($1.05) ($3.30) ($4.33) - ($0.33) ($0.17) ($3.65) ($0.28) $0.34 ($1.95)
Weighted Average Diluted Shares Outstanding		 3.88M 4.07M 6.02M 13.40M 19.60M 41.98M 93.45M 139.43M 175.03M 318.93M 340.72M
Weighted Average Basic & Diluted Shares Outstanding		 3.88M 4.07M 6.02M 13.40M 19.60M 41.98M 93.45M 166.98M 253.54M 350.21M 379.13M

Quarterly Income Statements for Riot Platforms

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 39 212 -84 -154 136 -296 219 104 -691 -500 -237
Consolidated Net Income / (Loss)		 39 212 -84 -154 136 -296 219 104 -691 -500 -237
Net Income / (Loss) Continuing Operations		 39 212 -84 -154 136 -296 219 104 -691 -500 -237
Total Pre-Tax Income 		39 212 -84 -154 137 -296 220 106 -693 -500 -237
Total Operating Income		 34 204 -117 -122 188 -234 216 80 -684 -500 -239
Total Gross Profit		 15 32 16 12 53 66 62 71 47 32 41
Total Revenue		 79 79 70 85 143 161 153 180 153 167 174
Operating Revenue		 79 79 - - 143 161 153 180 153 167 174
Total Cost of Revenue		 63 47 54 73 89 96 91 109 106 136 133
Operating Cost of Revenue		 63 47 54 73 89 96 91 109 106 136 133
Total Operating Expenses		 -19 -172 133 133 -135 300 -154 -9.29 732 531 281
Selling, General & Admin Expense		 39 58 61 67 81 71 76 70 82 76 82
Depreciation Expense		 62 32 37 60 82 78 83 83 103 98 98
Other Operating Expenses / (Income)		 -120 -262 35 3.35 -318 150 -288 -175 533 357 73
Impairment Charge		 - - - 0.00 - - 0.00 15 - - 28
Restructuring Charge		 - 0.00 0.00 3.08 - 0.08 0.11 0.00 - 0.00 0.00
Other Special Charges / (Income)		 - 0.00 0.07 0.00 - 0.13 -26 -2.74 -0.00 0.00 0.00
Total Other Income / (Expense), net		 5.06 7.71 33 -33 -51 -62 3.63 26 -8.85 -0.32 2.16
Interest & Investment Income		 - - 24 -38 - - 6.14 29 - - 0.00
Other Income / (Expense), net		 5.06 7.71 8.19 5.27 -51 -62 -2.52 -2.79 26 -0.32 2.16
Income Tax Expense		 -0.08 -0.02 - - 0.68 0.44 0.32 1.69 -2.59 0.29 -0.11
Basic Earnings per Share		 $0.21 $0.82 ($0.32) ($0.54) $0.44 ($0.90) $0.65 $0.30 ($2.00) ($1.44) ($0.68)
Weighted Average Basic Shares Outstanding		 175.03M 259.51M 264.63M 286.24M 275.98M 329.51M 336.28M 347.09M 340.72M 347.62M 347.70M
Diluted Earnings per Share		 $0.21 $0.81 ($0.32) ($0.54) $0.39 ($0.90) $0.58 $0.26 ($1.89) ($1.44) ($0.68)
Weighted Average Diluted Shares Outstanding		 175.03M 262.36M 264.63M 286.24M 318.93M 329.51M 382.68M 403.18M 340.72M 347.62M 347.70M
Weighted Average Basic & Diluted Shares Outstanding		 253.54M 288.78M 303.52M 332.33M 350.21M 357.26M 369.62M 371.81M 379.13M 378.15M 375.26M

Annual Cash Flow Statements for Riot Platforms

This table details how cash moves in and out of Riot Platforms' 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		 -1.53 3.52 36 -41 7.22 216 89 -82 367 -246 -42
Net Cash From Operating Activities		 -6.87 -5.52 -4.44 -19 -15 -2.85 -86 0.53 33 -255 -573
Net Cash From Continuing Operating Activities		 -6.87 -4.45 -3.52 -19 -15 -2.85 -86 0.53 33 -255 -573
Net Income / (Loss) Continuing Operations		 -8.76 -3.16 -16 -60 -20 -14 -15 -510 -49 109 -663
Consolidated Net Income / (Loss)		 -8.76 -4.27 -20 -60 -20 -14 -15 -510 -49 109 -663
Depreciation Expense		 0.25 0.09 0.89 5.27 0.12 4.49 26 108 252 212 347
Amortization Expense		 - 0.00 4.75 0.00 2.20 0.27 -0.10 -0.10 -0.10 0.15 3.91
Non-Cash Adjustments To Reconcile Net Income		 1.32 -0.86 8.96 33 9.54 5.14 -95 399 -163 -596 -236
Changes in Operating Assets and Liabilities, net		 0.31 -0.52 -1.70 3.02 -6.97 1.36 -1.67 3.64 -7.01 19 -24
Net Cash From Investing Activities		 5.79 9.35 5.58 -25 -3.25 -41 -491 -355 -415 -1,509 76
Net Cash From Continuing Investing Activities		 5.79 9.37 5.57 -25 -3.25 -41 -491 -355 -415 -1,509 76
Purchase of Property, Plant & Equipment		 0.00 - 0.00 -21 -4.96 -8.14 -147 -152 -194 -240 -205
Acquisitions		 -0.09 -0.03 -0.06 -0.58 -0.04 0.00 -70 -9.53 -0.03 -636 -7.25
Purchase of Investments		 -27 -17 -3.20 -6.41 - - 0.00 0.00 -4.50 -204 0.00
Sale of Property, Plant & Equipment		 0.01 1.81 - - 0.00 0.15 0.00 0.00 6.37 14 6.83
Sale and/or Maturity of Investments		 33 24 7.51 - 0.00 0.00 1.80 1.81 0.00 0.00 106
Other Investing Activities, net		 - - 0.00 -6.33 -1.45 -33 -275 -195 -223 -443 175
Net Cash From Financing Activities		 -0.45 -0.31 35 2.49 26 260 666 272 749 1,518 455
Net Cash From Continuing Financing Activities		 -0.45 -0.31 35 2.49 26 260 666 272 749 1,518 455
Repayment of Debt		 -0.45 -0.31 -0.27 -0.14 -0.95 - 0.00 0.00 -6.14 -21 -9.12
Repurchase of Common Equity		 - 0.00 -0.39 0.00 0.00 -0.45 -5.08 -17 -31 -32 -9.32
Issuance of Debt		 - 0.00 4.75 1.77 3.00 - 0.00 0.00 6.92 594 261
Issuance of Common Equity		 0.00 0.00 38 0.73 24 257 670 305 778 977 213
Cash Interest Paid		 0.10 0.04 0.01 0.01 0.00 - 0.00 0.00 0.08 0.05 15
Cash Income Taxes Paid		 - - 0.00 0.00 0.00 - 0.00 0.00 0.68 0.11 1.04

Quarterly Cash Flow Statements for Riot Platforms

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 307 91 -207 -53 -77 -113 92 76 -97 -27 266
Net Cash From Operating Activities		 45 -58 -43 -56 -98 -122 -231 -114 -106 -183 -90
Net Cash From Continuing Operating Activities		 45 -58 -43 -56 -98 -122 -231 -114 -106 -183 -90
Net Income / (Loss) Continuing Operations		 39 212 -84 -154 136 -296 219 104 -691 -500 -237
Consolidated Net Income / (Loss)		 39 212 -84 -154 136 -296 219 104 -691 -500 -237
Depreciation Expense		 62 32 37 60 82 78 83 83 103 98 98
Amortization Expense		 -0.02 -0.02 -0.02 -0.03 0.23 0.73 1.12 1.00 1.05 1.37 0.86
Non-Cash Adjustments To Reconcile Net Income		 -92 -283 1.76 18 -332 117 -534 -287 467 308 35
Changes in Operating Assets and Liabilities, net		 35 -19 2.87 20 15 -22 -1.37 -16 15 -89 13
Net Cash From Investing Activities		 -182 -194 -326 -205 -783 -59 19 119 -2.51 158 357
Net Cash From Continuing Investing Activities		 -182 -194 -326 -205 -783 -59 19 119 -2.51 158 357
Purchase of Property, Plant & Equipment		 -45 -57 -54 -76 -58 -33 -60 -29 -82 -115 -61
Other Investing Activities, net		 -132 -137 -139 -52 -111 -26 72 57 73 273 418
Net Cash From Financing Activities		 444 344 161 209 804 68 304 71 11 -2.39 -0.50
Net Cash From Continuing Financing Activities		 444 344 161 209 804 68 304 71 11 -2.39 -0.50
Repurchase of Common Equity		 -17 -9.48 -8.77 -0.71 -20 -0.48 -2.94 -4.27 -1.63 -2.39 -0.50
Cash Interest Paid		 0.05 0.01 0.01 0.01 0.01 0.00 1.92 7.97 5.57 7.01 -3.39
Cash Income Taxes Paid		 - 0.00 - - 0.11 0.03 0.84 0.15 0.01 0.03 0.03

Annual Balance Sheets for Riot Platforms

This table presents Riot Platforms' 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		 21 17 52 14 30 280 1,522 1,320 2,051 3,935 3,937
Total Current Assets		 16 14 42 2.31 13 236 565 443 1,009 599 449
Cash & Equivalents		 2.01 5.53 42 0.23 7.44 223 312 230 597 278 234
Restricted Cash		 - - - - - - - - 0.00 73 76
Accounts Receivable		 0.00 - - - - 0.00 15 27 25 27 30
Prepaid Expenses		 0.25 0.22 0.54 1.38 1.35 1.26 7.14 33 29 40 59
Other Current Assets		 - 0.00 0.20 0.71 3.84 0.00 219 153 358 46 50
Plant, Property, & Equipment, net		 1.95 0.01 4.29 0.03 5.05 10 276 693 704 1,339 1,529
Total Noncurrent Assets		 2.50 3.29 5.65 12 13 34 681 184 338 1,997 1,959
Long-Term Investments		 0.97 0.00 3.00 9.41 9.72 0.31 0.31 0.31 13 20 18
Goodwill		 - 0.39 1.19 - - 0.00 336 - 0.00 122 122
Intangible Assets		 0.00 0.55 1.26 1.21 0.46 0.34 14 21 16 34 30
Other Noncurrent Operating Assets		 1.52 - 0.00 0.70 2.52 33 331 162 309 1,822 1,789
Total Liabilities & Shareholders' Equity		 21 17 52 14 30 280 1,522 1,320 2,051 3,935 3,937
Total Liabilities		 4.79 2.12 2.71 9.37 4.15 3.08 174 169 163 792 1,078
Total Current Liabilities		 1.79 1.06 1.04 6.66 3.37 2.40 110 122 121 160 470
Short-Term Debt		 0.30 0.14 0.14 - - - - - 0.26 0.31 254
Accounts Payable		 0.70 0.25 0.41 3.83 0.72 0.72 20 18 23 18 23
Accrued Expenses		 0.24 0.31 0.22 1.53 2.19 1.58 22 65 62 76 143
Current Deferred Revenue		 0.10 0.10 0.10 1.30 0.10 0.10 2.84 2.88 2.46 13 37
Other Current Liabilities		 - - 0.00 0.00 0.37 0.00 65 35 33 54 12
Total Noncurrent Liabilities		 3.00 1.07 1.67 2.71 0.78 0.68 64 47 42 631 609
Long-Term Debt		 1.84 - 0.00 1.70 - - - - 0.53 584 587
Other Noncurrent Operating Liabilities		 - - - - - 0.00 44 29 26 33 22
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 16 15 50 4.49 26 277 1,348 1,151 1,888 3,144 2,858
Total Preferred & Common Equity		 16 15 49 5.79 26 277 1,348 1,151 1,888 3,144 2,858
Preferred Stock		 - 0.00 7.75 0.07 0.02 0.02 0.01 0.00 0.00 0.00 0.00
Total Common Equity		 16 15 41 5.72 26 277 1,348 1,151 1,888 3,144 2,858
Common Stock		 122 125 180 203 243 507 1,595 1,908 2,688 3,834 4,212
Retained Earnings		 -106 -110 -139 -197 -217 -230 -247 -756 -800 -690 -1,354
Other Equity Adjustments		 - 0.00 0.00 0.00 0.00 - - - 0.00 0.00 0.00

Quarterly Balance Sheets for Riot Platforms

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

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 1,250 1,359 1,455 2,611 2,724 2,922 3,719 4,285 4,479 3,438 3,264
Total Current Assets		 366 483 513 785 744 717 450 516 529 463 726
Cash & Equivalents		 158 289 290 688 481 356 164 255 331 206 471
Restricted Cash		 29 - - - - 73 74 75 76 77 77
Accounts Receivable		 20 13 13 14 14 15 20 25 27 67 42
Prepaid Expenses		 22 20 36 34 31 31 45 50 47 76 96
Other Current Assets		 136 160 175 49 61 52 76 48 49 38 38
Plant, Property, & Equipment, net		 717 700 668 822 1,040 1,173 1,307 1,302 1,361 1,586 1,554
Total Noncurrent Assets		 167 177 274 1,004 940 1,032 1,962 2,468 2,590 1,389 983
Long-Term Investments		 0.92 0.82 5.62 12 13 13 19 21 23 17 26
Goodwill		 - - - - - 97 122 122 122 122 122
Intangible Assets		 20 19 17 14 13 11 33 32 31 29 28
Other Noncurrent Operating Assets		 146 157 251 978 914 911 1,788 2,292 2,413 1,221 806
Total Liabilities & Shareholders' Equity		 1,250 1,359 1,455 2,611 2,724 2,922 3,719 4,285 4,479 3,438 3,264
Total Liabilities		 158 118 115 136 139 173 774 989 974 1,043 1,071
Total Current Liabilities		 112 74 71 93 97 126 139 375 359 429 458
Short-Term Debt		 - - - - - 0.66 0.31 253 253 255 255
Accounts Payable		 20 13 8.90 14 5.09 13 7.94 18 13 11 18
Accrued Expenses		 83 27 25 44 54 45 72 70 60 82 101
Current Deferred Revenue		 2.78 5.79 2.56 2.46 2.46 2.52 2.68 0.81 1.98 65 66
Other Current Liabilities		 6.94 29 34 33 35 65 56 33 31 17 18
Total Noncurrent Liabilities		 46 44 44 43 42 47 635 615 616 614 613
Long-Term Debt		 - - - - - 5.60 585 586 587 588 588
Other Noncurrent Operating Liabilities		 29 27 27 28 27 27 37 29 29 26 25
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,092 1,241 1,341 2,475 2,585 2,749 2,945 3,296 3,505 2,395 2,193
Total Preferred & Common Equity		 1,092 1,241 1,341 2,475 2,585 2,749 2,945 3,296 3,505 2,395 2,193
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		 1,092 1,241 1,341 2,475 2,585 2,749 2,945 3,296 3,505 2,395 2,193
Common Stock		 1,904 2,081 2,226 3,063 3,257 3,576 3,931 4,063 4,167 4,249 4,284
Retained Earnings		 -812 -840 -885 -588 -672 -827 -987 -767 -663 -1,854 -2,091
Other Equity Adjustments		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Riot Platforms

This table displays calculated financial ratios and metrics derived from Riot Platforms' 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		 - - - - - - - - - - 371,807,186.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 371,807,186.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -1.78
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -6.12 -3.63 -9.21 -42 -6.59 -11 -21 -359 -44 153 -436
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -31.17% -2.34% 4.09% -11.77%
Earnings before Interest and Taxes (EBIT)		 -8.74 -3.25 -13 -61 -21 -14 -15 -521 -55 110 -663
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.49 -3.16 -7.52 -56 -19 -9.34 11 -413 198 322 -313
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.75 -2.00 -15 -33 -19 -55 -992 -255 -402 -1,793 -584
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1.08 -0.56 5.29 -3.45 9.07 53 1,025 921 1,279 3,224 3,372
Increase / (Decrease) in Invested Capital		 -0.38 -1.64 5.85 -8.74 13 44 972 -104 358 1,945 148
Book Value per Share		 $0.52 $3.31 $4.94 $0.39 $1.06 $5.44 $11.63 $9.82 $9.14 $9.46 $7.69
Tangible Book Value per Share		 $0.52 $3.10 $4.65 $0.31 $1.04 $5.43 $8.61 $9.64 $9.07 $8.99 $7.28
Total Capital		 18 15 50 6.19 26 277 1,348 1,151 1,889 3,728 3,699
Total Debt		 2.14 0.14 0.14 1.70 0.00 0.00 0.00 0.00 0.78 585 841
Total Long-Term Debt		 1.84 0.00 0.00 1.70 0.00 0.00 0.00 0.00 0.53 584 587
Net Debt		 -15 -13 -45 -7.94 -17 -224 -323 -231 -610 80 513
Capital Expenditures (CapEx)		 -0.01 -1.81 0.00 21 4.96 7.99 147 152 187 230 198
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.24 -0.21 -0.17 -4.57 1.82 10 132 92 291 -46 -77
Debt-free Net Working Capital (DFNWC)		 15 13 41 -4.35 9.26 234 455 322 888 439 233
Net Working Capital (NWC)		 15 13 41 -4.35 9.26 234 455 322 888 439 -21
Net Nonoperating Expense (NNE)		 2.63 0.64 11 19 14 3.23 -5.47 151 5.34 43 228
Net Nonoperating Obligations (NNO)		 -15 -15 -44 -7.94 -17 -224 -323 -231 -610 80 513
Total Depreciation and Amortization (D&A)		 0.25 0.09 5.64 5.27 2.32 4.76 26 108 252 212 351
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.24) ($1.05) ($3.30) ($4.33) ($1.02) ($0.30) $0.00 $0.00 ($0.28) $0.40 ($1.95)
Adjusted Weighted Average Basic Shares Outstanding		 3.87M 5.40M 6.02M 13.40M 31.03M 84.12M 0.00 0.00 175.03M 275.98M 340.72M
Adjusted Diluted Earnings per Share		 ($2.24) ($1.05) ($3.30) ($4.33) ($1.02) ($0.30) $0.00 $0.00 ($0.28) $0.34 ($1.95)
Adjusted Weighted Average Diluted Shares Outstanding		 3.87M 5.40M 6.02M 13.40M 31.03M 84.12M 0.00 0.00 175.03M 318.93M 340.72M
Adjusted Basic & Diluted Earnings per Share		 ($2.24) ($1.05) ($3.30) ($4.33) ($1.02) ($0.30) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.87M 4.07M 6.02M 13.40M 19.60M 41.98M 0.00 0.00 253.54M 350.21M 379.13M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.12 -3.63 -5.56 -17 -5.98 -6.24 25 -14 -40 175 -434
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Riot Platforms

This table displays calculated financial ratios and metrics derived from Riot Platforms' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 371,807,186.00 379,125,849.00 378,151,230.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 371,807,186.00 379,125,849.00 378,151,230.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -1.86 -1.32 -0.63
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 31.03% 8.27% -8.76% 63.39% 80.88% 103.52% 118.50% 112.57% - 3.61% 13.89%
EBITDA Growth		 186.04% 232.32% -223.03% -502.79% 116.22% -189.06% 516.40% 386.45% - -84.60% -146.53%
EBIT Growth		 123.90% 1,463.46% -209.42% -92.44% 248.33% -239.82% 296.25% 166.46% - -69.02% -211.07%
NOPAT Growth		 130.23% 758.86% -263.67% -47.21% 444.76% -180.27% 363.44% 192.62% - -113.73% -177.65%
Net Income Growth		 124.63% 1,043.94% -208.35% -92.86% 245.91% -239.94% 359.87% 167.69% - -68.87% -208.07%
EPS Growth		 120.19% 636.36% -100.00% -22.73% 85.71% -211.11% 281.25% 148.15% - -60.00% -217.24%
Operating Cash Flow Growth		 2,914.39% -278.76% -11.44% -813.57% -318.40% -110.98% -444.14% -102.40% - -49.64% 61.03%
Free Cash Flow Firm Growth		 -3,276.93% -273.43% -2,614.78% -1,813.71% -443.71% -138.29% -47.83% -47.02% - 94.61% 169.49%
Invested Capital Growth		 38.85% 96.46% 103.24% 103.28% 152.15% 80.39% 92.53% 84.29% - -8.25% -33.87%
Revenue Q/Q Growth		 51.88% 0.61% -11.70% 21.09% 68.14% 13.21% -5.20% 17.81% - 9.41% 4.20%
EBITDA Q/Q Growth		 749.22% 264.80% -119.29% -100.36% 332.87% -198.89% 237.13% -45.90% - 27.67% 65.44%
EBIT Q/Q Growth		 149.08% 4,455.83% -139.85% -82.87% 188.84% -315.83% 172.19% -63.83% - 24.02% 52.56%
NOPAT Q/Q Growth		 159.49% 49,376.28% -140.17% -3.82% 320.16% -187.42% 231.84% -63.50% - 26.97% 52.10%
Net Income Q/Q Growth		 149.28% 4,380.16% -139.88% -82.79% 188.39% -317.22% 174.05% -52.39% - 27.55% 52.61%
EPS Q/Q Growth		 147.73% 3,950.00% -139.51% -68.75% 172.22% -330.77% 164.44% -55.17% - 23.81% 52.78%
Operating Cash Flow Q/Q Growth		 830.38% -228.46% 26.52% -32.51% -74.60% -24.10% -89.52% 50.71% - -73.08% 50.65%
Free Cash Flow Firm Q/Q Growth		 -431.46% -86.80% -59.35% -9.46% -50.99% 9.52% 1.14% -8.86% - 86.34% 1,374.45%
Invested Capital Q/Q Growth		 22.35% 38.91% 8.89% 9.91% 51.76% -0.68% 16.22% 5.21% - -12.87% -16.24%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.47% 40.60% 23.39% 13.98% 37.52% 40.77% 40.49% 39.26% - 18.86% 23.67%
EBITDA Margin		 128.94% 307.80% -67.26% -111.29% 154.13% -134.63% 194.76% 89.44% - -239.86% -79.56%
Operating Margin		 43.53% 257.19% -167.16% -143.32% 132.02% -144.92% 141.28% 44.42% - -298.93% -137.42%
EBIT Margin		 49.95% 267.04% -120.53% -182.02% 96.18% -183.37% 139.64% 42.87% - -299.12% -136.18%
Profit (Net Income) Margin		 50.05% 267.07% -120.61% -182.06% 95.70% -183.64% 143.45% 57.97% - -299.29% -136.12%
Tax Burden Percent		 100.20% 100.01% 100.07% 100.02% 99.50% 100.15% 99.85% 98.41% - 100.06% 99.96%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 102.88% 137.41% - 100.00% 100.00%
Effective Tax Rate		 -0.20% -0.01% 0.00% 0.00% 0.50% 0.00% 0.15% 1.59% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 11.13% 55.07% -22.73% -19.81% 21.98% -18.70% 27.04% 9.22% - -44.53% -20.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.93% 53.32% -22.19% -4.75% 41.18% 41.12% 23.84% -14.70% - -82.18% -41.07%
Return on Net Nonoperating Assets (RNNOA)		 -2.74% -13.29% 5.46% 1.07% -4.33% -3.36% -0.92% 0.51% - -12.31% -5.19%
Return on Equity (ROE)		 8.39% 41.79% -17.26% -18.74% 17.65% -22.07% 26.12% 9.73% - -56.84% -26.18%
Cash Return on Invested Capital (CROIC)		 -36.54% -55.84% -65.41% -68.13% -79.64% -65.34% -62.05% -51.00% - -11.65% 10.34%
Operating Return on Assets (OROA)		 8.32% 39.66% -16.53% -26.02% 12.10% -26.58% 21.59% 7.38% - -54.61% -24.34%
Return on Assets (ROA)		 8.33% 39.66% -16.55% -26.03% 12.04% -26.62% 22.17% 9.98% - -54.64% -24.33%
Return on Common Equity (ROCE)		 8.39% 41.79% -17.26% -18.74% 17.65% -22.07% 26.12% 9.73% - -56.84% -26.18%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.81% 3.36% 0.45% 0.00% -13.54% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 34 204 -82 -85 187 -164 216 79 -479 -350 -168
NOPAT Margin		 43.62% 257.22% -117.01% -100.32% 131.36% -101.44% 141.08% 43.71% - -209.25% -96.19%
Net Nonoperating Expense Percent (NNEP)		 1.21% 1.76% -0.54% -15.06% -19.20% -59.82% 3.20% 23.92% - 37.65% 20.07%
Return On Investment Capital (ROIC_SIMPLE)		 1.82% - - - 5.02% -4.64% 5.22% 1.81% -12.95% -10.81% -5.52%
Cost of Revenue to Revenue		 80.53% 59.40% 76.61% 86.02% 62.48% 59.23% 59.51% 60.74% - 81.14% 76.33%
SG&A Expenses to Revenue		 49.19% 72.70% 87.39% 78.95% 56.92% 44.27% 49.61% 38.75% - 45.56% 47.06%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 -24.06% -216.59% 190.55% 157.29% -94.50% 185.69% -100.79% -5.16% - 317.79% 161.09%
Earnings before Interest and Taxes (EBIT)		 39 212 -84 -154 137 -296 214 77 -658 -500 -237
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 102 244 -47 -94 220 -217 298 161 -554 -401 -139
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.69 1.02 1.02 0.82 1.08 0.85 1.22 2.01 - 1.96 4.72
Price to Tangible Book Value (P/TBV)		 1.71 1.03 1.03 0.85 1.14 0.89 1.29 2.10 - 2.09 5.07
Price to Revenue (P/Rev)		 11.38 8.82 9.43 7.20 9.01 5.44 7.45 11.04 - 7.17 15.35
Price to Earnings (P/E)		 0.00 17.58 30.43 181.51 31.01 0.00 0.00 42.89 - 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%
Earnings Yield		 0.00% 5.69% 3.29% 0.55% 3.22% 0.00% 0.00% 2.33% - 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.02 1.03 1.03 0.77 1.08 0.86 1.20 1.90 - 1.78 4.32
Enterprise Value to Revenue (EV/Rev)		 9.21 6.37 7.10 5.20 9.22 6.00 8.24 11.68 - 8.00 15.75
Enterprise Value to EBITDA (EV/EBITDA)		 13.08 4.96 7.02 7.97 10.77 0.00 19.35 16.61 - 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 12.72 22.97 131.30 31.53 0.00 0.00 62.79 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 14.78 51.29 0.00 22.77 0.00 130.20 29.71 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 78.14 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 33.22
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.19 0.20 0.25 0.24 - 0.35 0.38
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.19 0.20 0.18 0.17 - 0.25 0.27
Financial Leverage		 -0.28 -0.25 -0.25 -0.23 -0.11 -0.08 -0.04 -0.03 - 0.15 0.13
Leverage Ratio		 1.11 1.08 1.07 1.07 1.19 1.17 1.19 1.18 - 1.34 1.38
Compound Leverage Factor		 1.11 1.08 1.07 1.07 1.19 1.17 1.23 1.63 - 1.34 1.38
Debt to Total Capital		 0.04% 0.00% 0.00% 0.23% 15.68% 16.58% 20.28% 19.33% - 26.02% 27.77%
Short-Term Debt to Total Capital		 0.01% 0.00% 0.00% 0.02% 0.01% 0.01% 6.11% 5.83% - 7.86% 8.39%
Long-Term Debt to Total Capital		 0.03% 0.00% 0.00% 0.20% 15.67% 16.57% 14.17% 13.50% - 18.16% 19.38%
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% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 99.96% 100.00% 100.00% 99.77% 84.32% 83.42% 79.72% 80.67% - 73.98% 72.23%
Debt to EBITDA		 0.00 0.00 0.00 0.03 1.81 -4.21 3.64 1.87 - -1.70 -0.90
Net Debt to EBITDA		 -3.08 0.00 0.00 -3.06 0.25 -1.85 1.84 0.91 - -1.09 -0.29
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.03 1.81 -4.21 2.54 1.31 - -1.18 -0.63
Debt to NOPAT		 -0.02 0.00 0.00 -20.56 3.83 -2.94 24.46 3.35 - -1.35 -0.90
Net Debt to NOPAT		 13.81 0.00 0.00 2,053.04 0.53 -1.29 12.40 1.64 - -0.87 -0.29
Long-Term Debt to NOPAT		 -0.01 0.00 0.00 -18.40 3.83 -2.94 17.09 2.34 - -0.95 -0.63
Altman Z-Score		 11.93 11.55 11.33 7.58 2.67 1.52 2.53 4.37 - 1.66 4.97
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.33 8.47 7.65 5.68 3.74 3.23 1.38 1.47 - 1.08 1.59
Quick Ratio		 5.14 7.58 6.71 4.45 2.74 1.83 0.92 1.00 - 0.63 1.12
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -323 -668 -1,064 -1,164 -1,758 -1,591 -1,572 -1,712 -628 -86 1,093
Operating Cash Flow to CapEx		 98.99% -100.68% -79.37% -74.60% -225.71% -371.48% -383.13% -389.36% - -158.19% -148.42%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.15 0.14 0.14 0.13 0.14 0.15 0.17 - 0.18 0.18
Accounts Receivable Turnover		 10.87 16.86 20.85 22.33 14.53 27.22 27.70 30.42 - 15.18 19.88
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		 0.40 0.37 0.32 0.34 0.37 0.43 0.46 0.50 - 0.45 0.47
Accounts Payable Turnover		 12.23 14.36 25.75 22.15 12.89 29.04 30.12 30.56 - 47.47 26.75
Days Sales Outstanding (DSO)		 33.58 21.65 17.51 16.35 25.11 13.41 13.17 12.00 - 24.05 18.36
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)		 29.85 25.42 14.18 16.48 28.31 12.57 12.12 11.94 - 7.69 13.65
Cash Conversion Cycle (CCC)		 3.72 -3.76 3.33 -0.13 -3.20 0.84 1.06 0.05 - 16.36 4.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,279 1,775 1,933 2,124 3,224 3,202 3,721 3,915 3,372 2,938 2,461
Invested Capital Turnover		 0.26 0.21 0.19 0.20 0.17 0.18 0.19 0.21 - 0.21 0.22
Increase / (Decrease) in Invested Capital		 358 871 982 1,079 1,945 1,427 1,788 1,791 148 -264 -1,260
Enterprise Value (EV)		 2,585 1,827 1,988 1,627 3,473 2,750 4,462 7,444 - 5,229 10,622
Market Capitalization		 3,195 2,528 2,639 2,252 3,393 2,493 4,037 7,034 - 4,686 10,354
Book Value per Share		 $9.14 $9.54 $8.95 $9.06 $9.46 $8.41 $9.23 $9.48 $7.69 $6.32 $5.80
Tangible Book Value per Share		 $9.07 $9.48 $8.91 $8.70 $8.99 $7.97 $8.79 $9.07 $7.28 $5.92 $5.40
Total Capital		 1,889 2,475 2,585 2,755 3,728 3,530 4,134 4,344 3,699 3,237 3,036
Total Debt		 0.78 0.00 0.00 6.26 585 585 838 840 841 842 843
Total Long-Term Debt		 0.53 0.00 0.00 5.60 584 585 586 587 587 588 588
Net Debt		 -610 -700 -652 -625 80 257 425 410 513 543 268
Capital Expenditures (CapEx)		 45 57 54 76 44 33 60 29 82 115 61
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 291 3.95 7.74 -27 -46 1.67 1.07 17 -77 5.31 -26
Debt-free Net Working Capital (DFNWC)		 888 692 647 591 439 311 394 423 233 288 523
Net Working Capital (NWC)		 888 692 647 591 439 310 141 170 -21 33 268
Net Nonoperating Expense (NNE)		 -5.07 -7.81 2.52 69 51 133 -3.62 -26 212 151 70
Net Nonoperating Obligations (NNO)		 -610 -700 -652 -625 80 257 425 410 513 543 268
Total Depreciation and Amortization (D&A)		 62 32 37 60 83 79 84 84 104 99 99
Debt-free, Cash-free Net Working Capital to Revenue		 103.55% 1.38% 2.76% -8.70% -12.26% 0.36% 0.20% 2.66% - 0.81% -3.89%
Debt-free Net Working Capital to Revenue		 316.31% 241.49% 230.89% 188.96% 116.66% 67.70% 72.70% 66.43% - 44.06% 77.48%
Net Working Capital to Revenue		 316.22% 241.49% 230.89% 188.76% 116.58% 67.63% 26.06% 26.69% - 5.10% 39.73%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $0.82 ($0.32) ($0.54) $0.44 ($0.90) $0.65 $0.30 ($2.00) ($1.44) ($0.68)
Adjusted Weighted Average Basic Shares Outstanding		 175.03M 259.51M 264.63M 286.24M 275.98M 329.51M 336.28M 347.09M 340.72M 347.62M 347.70M
Adjusted Diluted Earnings per Share		 $0.21 $0.81 ($0.32) ($0.54) $0.39 ($0.90) $0.58 $0.26 ($1.89) ($1.44) ($0.68)
Adjusted Weighted Average Diluted Shares Outstanding		 175.03M 262.36M 264.63M 286.24M 318.93M 329.51M 382.68M 403.18M 340.72M 347.62M 347.70M
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		 253.54M 288.78M 303.52M 332.33M 350.21M 357.26M 369.62M 371.81M 379.13M 378.15M 375.26M
Normalized Net Operating Profit after Tax (NOPAT)		 24 143 -82 -83 187 -164 190 91 -479 -350 -148
Normalized NOPAT Margin		 30.47% 180.03% -116.94% -97.78% 131.36% -101.35% 124.40% 50.56% - -209.25% -84.96%
Pre Tax Income Margin		 49.95% 267.04% -120.53% -182.02% 96.18% -183.37% 143.65% 58.91% - -299.12% -136.18%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 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% 0.00%
Augmented Payout Ratio		 -62.04% 10.24% 9.32% 93.39% 29.21% -5.76% -14.31% 7.64% - -1.29% -0.66%

Financials Breakdown Chart

Key Financial Trends

Riot Platforms’ financial profile has expanded substantially, but profitability and cash generation remain challenging. Based on the supplied quarterly data, revenue has generally trended higher from $46.3 million in Q3 2022 to $174.2 million in Q2 2026, although results have been volatile. The latest quarter’s revenue increased 4.2% from Q1 2026 and was 3.3% below Q3 2025’s peak of $180.2 million.

Revenue growth has not yet translated into consistent earnings. Riot reported a gross profit of $41.2 million in Q2 2026, up from $31.5 million in Q1, but operating expenses totaled $280.7 million. This produced a $239.4 million operating loss and a $237.2 million net loss, or a loss of $0.68 per basic share. The quarter included $27.9 million of impairment charges, while depreciation, selling and administrative expenses, and other operating expenses remained substantial.

Liquidity improved during the latest quarter. Cash and equivalents increased to $471.4 million from $205.7 million at the end of Q1 2026. Including restricted cash, Riot held approximately $548.9 million of cash resources. Total current assets of $725.7 million exceeded current liabilities of $457.7 million, producing a current ratio of roughly 1.6. However, the cash increase was driven primarily by investing activities rather than the core business.

Operating cash flow remained negative at $90.1 million in Q2 2026, although this was an improvement from negative operating cash flow of $182.7 million in Q1 and $231.3 million in Q2 2025. Capital expenditures were $60.7 million in Q2, down from $115.5 million in Q1. Riot’s balance sheet also reflects considerable investment in infrastructure: net property, plant and equipment stood at $1.55 billion, compared with $821.7 million in Q1 2024.

  • Revenue scale has increased: Quarterly revenue rose from $46.3 million in Q3 2022 to $174.2 million in Q2 2026, indicating meaningful expansion despite volatility.
  • Latest-quarter revenue and gross profit improved sequentially: Revenue increased 4.2% from Q1 2026, while gross profit rose from $31.5 million to $41.2 million.
  • Liquidity strengthened in Q2 2026: Cash and equivalents increased by $265.7 million during the quarter, and current assets exceeded current liabilities by approximately $268.0 million.
  • Operating cash burn moderated: Cash used in operations improved to $90.1 million in Q2 2026 from $182.7 million in Q1 2026 and $231.3 million in Q2 2025.
  • Capital spending declined sequentially: Purchases of property, plant and equipment fell to $60.7 million in Q2 2026 from $115.5 million in Q1, potentially easing near-term cash demands.
  • Investing cash flow was unusually strong: Riot generated $357.0 million from investing activities in Q2 2026, but $417.7 million came from other investing activities. Investors should determine whether this source is recurring before treating it as sustainable cash generation.
  • Debt is significant but manageable relative to equity: Short- and long-term debt totaled approximately $843.0 million at June 30, 2026, compared with $2.19 billion of shareholders’ equity. Continued operating losses could nevertheless make this leverage more burdensome.
  • Riot remains persistently unprofitable: The company reported net losses in Q1 and Q2 2026, Q4 2025, Q1 2025, Q3 2024, Q2 2024, and Q3 2023 based on the supplied periods. Retained earnings were negative $2.09 billion at the latest quarter.
  • Operating expenses substantially exceed gross profit: Q2 2026 operating expenses were nearly seven times gross profit, resulting in a $239.4 million operating loss despite $174.2 million of revenue.
  • Shareholder dilution remains a concern: Basic weighted-average shares increased to 347.7 million in Q2 2026 from 264.6 million in Q2 2024 and 175.0 million in Q4 2023. Prior financing activity frequently included common-stock issuance, which can reduce existing investors’ ownership percentage.

Overall, Riot has built a larger revenue base, expanded its infrastructure and maintained a sizable liquidity position. The key risks are that operating cash flow remains negative, earnings depend heavily on non-cash adjustments and volatile investing activity, and the company continues to rely on a high-cost operating structure. Investors should watch for sustained positive operating cash flow, lower expense growth and stabilization in share count before concluding that the expansion is translating into durable shareholder returns.

09/13/26 11:02 AM ETAI Generated. May Contain Errors.

Riot Platforms Financials - Frequently Asked Questions

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

Riot Platforms' net income appears to be on an upward trend, with a most recent value of -$663.18 million in 2025, rising from -$8.76 million in 2015. The previous period was $109.40 million in 2024. See Riot Platforms' forecast for analyst expectations on what's next for the company.

Riot Platforms' total operating income in 2025 was -$622.17 million, based on the following breakdown:
  • Total Gross Profit: $245.56 million
  • Total Operating Expenses: $867.73 million

Over the last 10 years, Riot Platforms' total revenue changed from $198.09 thousand in 2015 to $647.44 million in 2025, a change of 326,745.4%.

Riot Platforms' total liabilities were at $1.08 billion at the end of 2025, a 36.2% increase from 2024, and a 22,405.4% increase since 2015.

In the past 10 years, Riot Platforms' cash and equivalents has ranged from $225 thousand in 2018 to $597.17 million in 2023, and is currently $233.52 million as of their latest financial filing in 2025.

Over the last 10 years, Riot Platforms' book value per share changed from 0.52 in 2015 to 7.69 in 2025, a change of 1,382.4%.


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Financial statements for NASDAQ:RIOT last updated on 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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Iran War Shock: What I Was Told In That Private Meeting
You’re Being LIED To About The Iran War Forget EVERYTHING you’ve heard about the Iran war. Especially th...
Banyan Hill Publishing | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
Stansberry Research | Sponsoredtc pixel