Cipher Mining Inc. (CIFR) Cash Flow Statement
Where CIFR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$207.9M
- Capital expenditures
- $487.9M 217.9% of revenue
- Free cash flow
- −$695.9M −310.7% margin
- Returned to shareholders
- $89.6M
- Change in cash
- $2.64B cash at year-end $2.66B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CIFR operating cash flow, capex and free cash flow
CIFR cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$321,6402020 | −$207.9M2025 | — | |
| Capital expenditures | $130.9M2020 | $487.9M2025 | +30.1%/yr | |
| Free cash flow | −$321,6402020 | −$695.9M2025 | — | |
| Free cash flow margin | −8,193.4%2022 | −310.7%2025 | +7,882.6 pts | |
| Stock-based compensation | $63.8M2021 | $52.8M2025 | −4.6%/yr | |
| Share buybacks (net) | $23.2M2021 | $89.6M2025 | +40.1%/yr | |
| Capex / revenue | 7,504.7%2022 | 217.9%2025 | −7,286.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CIFR cash flow by activity
CIFR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CIFR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$822.2M | −$44.6M | −$25.8M | −$39.1M | −$72.2M | $1.1M |
| Depreciation & amortization | $200.6M | $103.7M | $59.9M | $5.2M | $4,867 | $60 |
| Stock-based compensation | $52.8M | $42.1M | $38.5M | $41.5M | $63.8M | — |
| Change in working capital | −$68.0M | $18.3M | −$10.7M | $822,000 | −$23.5M | −$167,983 |
| Other non-cash items | $428.9M | −$207.0M | −$156.1M | −$29.3M | $199,947 | −$1.3M |
| Cash from operating activities | −$207.9M | −$87.5M | −$94.2M | −$20.9M | −$31.7M | −$321,640 |
| Investing activities | ||||||
| Capital expenditures | −$487.9M | −$139.5M | −$55.0M | −$227.9M | −$120.0M | −$130.9M |
| Investments (net) | $179.8M | −$192.1M | $52.8M | $54.0M | −$190,091 | −$190,091 |
| Acquisitions & other investing | −$28.4M | $139.5M | $55.0M | $0 | $15,841 | −$38.9M |
| Cash from investing activities | −$336.6M | −$192.1M | $52.8M | −$173.9M | −$120.1M | −$170.0M |
| Financing activities | ||||||
| Dividends paid | — | — | −$3.4M | — | — | — |
| Share repurchases & issuance (net) | −$89.6M | −$27.6M | −$3.9M | −$3.1M | −$23.2M | — |
| Net borrowing (repayment) | $3.12B | $19.5M | −$12.9M | $0 | — | — |
| Shares issued | $245.5M | $225.2M | $135.8M | $0 | $0 | $0 |
| Other financing | −$82.7M | −$3.5M | $1 | $0 | $384.9M | $171.6M |
| Cash from financing activities | $3.19B | $213.5M | $115.7M | −$3.1M | $361.6M | $171.6M |
| Summary | ||||||
| Net change in cash | $2.64B | −$66.1M | $74.2M | −$197.9M | $209.8M | $1.3M |
| Cash at end of period | $2.66B | $20.0M | $86.1M | $11.9M | $209.8M | $1.3M |
| Free cash flow | −$695.9M | −$227.0M | −$149.3M | −$248.8M | −$151.6M | −$321,640 |
| Free cash flow margin | −310.7% | −150.1% | −117.7% | −8,193.4% | — | — |
| Capex / revenue | 217.9% | 92.2% | 43.4% | 7,504.7% | — | — |
| Operating cash flow / net income | — | — | — | — | — | −0.29 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$267.5M | −$114.3M | −$734.2M | −$3.3M | −$45.8M | −$39.0M | $17.5M | −$86.8M | −$15.3M | $39.9M | $11.2M | −$17.7M |
| Depreciation & amortization | $18.8M | $19.6M | $52.3M | $60.0M | $44.5M | $43.8M | $36.7M | $29.0M | $20.6M | $17.5M | $16.9M | $16.5M |
| Stock-based compensation | $30.5M | $27.0M | $25.0M | $8.2M | $10.5M | $9.1M | $10.3M | $10.2M | $13.3M | $8.3M | $9.8M | $10.7M |
| Change in working capital | −$239.8M | $93.4M | −$21.1M | −$6.9M | −$19.2M | −$20.9M | $308,000 | $19.4M | $2.0M | −$3.3M | −$23.7M | $4.8M |
| Other non-cash items | $214.5M | $65.8M | $623.6M | −$108.1M | −$46.2M | −$40.4M | −$93.7M | $21.7M | −$45.9M | −$89.1M | −$140.9M | −$6.5M |
| Cash from operating activities | −$243.5M | $91.5M | −$54.4M | −$50.1M | −$56.2M | −$47.2M | −$29.0M | −$6.5M | −$25.4M | −$26.6M | −$126.6M | $7.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$410.3M | −$554.0M | −$230.1M | −$45.1M | −$31.3M | −$100.0M | −$75.2M | −$176.5M | −$39.6M | −$12.6M | −$17.5M | −$2.2M |
| Investments (net) | $56.7M | $66.8M | $29.5M | $28.9M | −$93.2M | −$17.3M | $3.0M | −$132.8M | −$31.4M | −$31.0M | $93.7M | −$6.5M |
| Acquisitions & other investing | $30.8M | $13.0M | −$4.6M | −$4.7M | $31.3M | $100.0M | $75.2M | $176.5M | $39.6M | $12.6M | $17.5M | $2.2M |
| Cash from investing activities | −$322.8M | −$474.2M | −$205.2M | −$21.0M | −$93.2M | −$17.3M | $3.0M | −$132.8M | −$31.4M | −$31.0M | $93.7M | −$6.5M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$3.1M | — |
| Share repurchases & issuance (net) | $3.8M | −$3.8M | −$82.3M | −$3.0M | −$4.0M | −$1.1M | −$16.9M | −$3.5M | −$4.1M | −$3.2M | −$678,000 | −$2.1M |
| Net borrowing (repayment) | $795.9M | $1.97B | $1.71B | $1.27B | $140.6M | −$911,000 | $23.1M | −$1.2M | — | — | — | — |
| Shares issued | $129.2M | $0 | $76.6M | $32.1M | $52.3M | $84.5M | $0 | $61.9M | $97.1M | $66.2M | $124.2M | $8.8M |
| Other financing | −$49.0M | $0 | $1.5M | −$83.0M | $0 | −$345,000 | $0 | −$619,000 | −$2.5M | −$2.8M | −$4.7M | −$6.3M |
| Cash from financing activities | $879.8M | $1.96B | $1.70B | $1.22B | $188.9M | $82.1M | $6.2M | $56.6M | $90.6M | $60.2M | $115.7M | $366,000 |
| Summary | ||||||||||||
| Net change in cash | $313.4M | $1.58B | $1.44B | $1.14B | $39.5M | $17.6M | −$19.8M | −$82.8M | $33.9M | $2.6M | $82.8M | $1.6M |
| Cash at end of period | $4.56B | $4.25B | $2.66B | $1.22B | $62.7M | $37.6M | $20.0M | $39.7M | $122.6M | $88.7M | $86.1M | $3.3M |
| Free cash flow | −$653.8M | −$462.5M | −$284.6M | −$95.2M | −$87.5M | −$147.3M | −$104.2M | −$183.0M | −$64.9M | −$39.3M | −$144.2M | $9.9M |
| Free cash flow margin | −2,632.4% | −1,327.5% | −816.8% | −132.7% | −200.9% | −300.8% | −246.7% | −759.4% | −176.4% | −81.6% | −332.0% | 32.6% |
| Capex / revenue | 1,651.9% | 1,590.2% | 660.6% | 62.9% | 71.8% | 204.3% | 178.1% | 732.2% | 107.5% | 26.3% | 40.3% | 7.2% |
| Operating cash flow / net income | — | — | — | — | — | — | −1.65 | — | — | −0.67 | −11.27 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CIFR cash generation
In fiscal 2025 (ended December 31, 2025), Cipher Mining generated -$207.9 million of cash from operations and spent $487.9 million on capital expenditures, leaving free cash flow of -$695.9 million, −310.7% of revenue. It returned $89.6 million to shareholders through dividends ($0) and net share buybacks ($89.6 million). Cash and equivalents rose by $2.6 billion over the year.
Related: CIFR income statement, CIFR balance sheet. See the CIFR stock overview for the latest quote and news.
CIFR cash flow FAQ
What is Cipher Mining's free cash flow?
Cipher Mining's free cash flow was -$695.9 million in fiscal 2025: -$207.9 million of operating cash flow minus $487.9 million of capital expenditures It was -$227.0 million a year earlier..
How much cash does Cipher Mining generate from operations?
Cipher Mining generated -$207.9 million of cash from operating activities in fiscal 2025.
How much does Cipher Mining spend on capital expenditures?
Cipher Mining spent $487.9 million on capital expenditures in fiscal 2025, 217.9% of revenue, compared with $139.5 million the year before.
How much stock does Cipher Mining buy back?
Cipher Mining spent $89.6 million on net share repurchases in fiscal 2025.