Cipher Mining Inc. (CIFR) Income Statement
CIFR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCIFR revenue and net income
Where CIFR's revenue goes
2025Each bar shows an amount and its share of revenue. CIFR kept −367.2% of revenue as net income.
CIFR profit margins
CIFR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +48.0% | +319.3% | — | — |
| Gross profit | +126.2% | +202.9% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −142.4% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CIFR quarterly EPS vs estimates
Cipher Mining beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 2, 2026 (estimate $-0.31).
CIFR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $223.9M | $151.3M | $126.8M | $3.0M | $0 | $0 |
| Cost of revenue | $160.3M | $123.2M | $50.3M | $748,000 | $4,867 | — |
| Gross profit | $63.6M | $28.1M | $76.5M | $2.3M | −$4,867 | — |
| Sales, general & admin | $36.4M | $32.7M | $87.2M | $70.8M | $72.1M | — |
| Total operating expenses | $401.0M | $71.8M | $96.6M | $39.7M | $72.1M | $153,657 |
| Operating income | −$337.4M | −$43.7M | −$20.1M | −$37.4M | −$72.2M | −$153,657 |
| Interest income | $19.5M | $3.4M | $164,000 | $215,000 | — | — |
| Interest expense | $36.6M | $1.7M | $2.0M | $137,000 | $26,912 | $0 |
| Income before taxes | −$825.6M | −$44.3M | −$22.2M | −$37.2M | −$72.2M | $1.1M |
| Income taxes | −$3.3M | $318,000 | $3.6M | $1.8M | −$231,103 | −$27,342 |
| Net income | −$822.2M | −$44.6M | −$25.8M | −$39.1M | −$72.2M | $1.1M |
| EBITDA | −$588.4M | $61.1M | $39.7M | −$31.9M | −$72.1M | $1.1M |
| EPS (diluted) | −$0.14 | $0.33 | $0.14 | −$0.46 | −$0.72 | −$0.01 |
| Gross margin | 28.4% | 18.6% | 60.3% | 75.4% | — | — |
| Operating margin | −150.7% | −28.9% | −15.9% | −1,232.2% | — | — |
| Net margin | −367.2% | −29.5% | −20.3% | −1,285.9% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.8M | $34.8M | $34.8M | $71.7M | $43.6M | $49.0M | $42.2M | $24.1M | $36.8M | $48.1M | $43.4M | $30.3M |
| Cost of revenue | $57.4M | $52.7M | $71.7M | $41.2M | $31.0M | $29.2M | $34.9M | $29.8M | $30.6M | $27.9M | $13.3M | $30.1M |
| Gross profit | −$32.6M | −$17.9M | −$36.9M | $30.5M | $12.6M | $19.8M | $7.3M | −$5.7M | $6.2M | $20.3M | $30.1M | $225,000 |
| Sales, general & admin | $16.5M | $11.7M | $11.7M | $8.2M | $9.1M | $9.0M | $9.3M | $8.9M | $8.4M | $6.1M | $22.5M | $6.8M |
| Total operating expenses | $40.1M | $99.1M | $11.7M | $68.1M | $57.8M | $57.9M | −$9.8M | $85.7M | $22.4M | −$26.5M | $14.3M | $19.3M |
| Operating income | −$72.6M | −$64.3M | −$48.6M | −$37.6M | −$45.2M | −$38.1M | $17.1M | −$91.4M | −$16.2M | $46.8M | $15.8M | −$19.1M |
| Interest income | $35.9M | $31.6M | $18.5M | $457,000 | $296,000 | $190,000 | $357,000 | $1.2M | $1.1M | $786,000 | $52,000 | $11,000 |
| Interest expense | $66.7M | $59.2M | $59.2M | $1.3M | $1.1M | $777,000 | $590,000 | $346,000 | $372,000 | $400,000 | $486,000 | $627,000 |
| Income before taxes | −$267.2M | −$113.9M | −$113.9M | −$3.6M | −$44.9M | −$38.8M | $15.5M | −$90.6M | −$14.8M | $45.5M | $15.2M | −$19.7M |
| Income taxes | $367,000 | — | $407,000 | −$303,000 | $917,000 | $144,000 | −$2.0M | −$3.8M | $528,000 | $5.6M | $4.0M | −$1.1M |
| Net income | −$267.5M | −$114.3M | −$114.3M | −$3.3M | −$45.8M | −$39.0M | $17.5M | −$86.8M | −$15.3M | $39.9M | $11.2M | −$18.6M |
| EBITDA | −$181.7M | −$35.1M | −$29.0M | $57.7M | $757,000 | $5.8M | $52.8M | −$61.3M | $6.2M | $63.4M | $32.6M | −$2.6M |
| EPS (diluted) | −$0.65 | −$0.19 | −$0.14 | $0.10 | −$0.12 | $0.02 | $0.14 | −$0.01 | −$0.01 | $0.21 | $0.05 | $0.02 |
| Gross margin | −131.1% | −51.3% | −105.9% | 42.6% | 28.9% | 40.4% | 17.3% | −23.6% | 17.0% | 42.1% | 69.4% | 0.7% |
| Operating margin | −292.5% | −184.5% | −139.6% | −52.5% | −103.9% | −77.8% | 40.5% | −379.2% | −43.9% | 97.2% | 36.5% | −63.0% |
| Net margin | −1,077.1% | −328.1% | −328.1% | −4.6% | −105.1% | −79.6% | 41.5% | −359.9% | −41.5% | 82.9% | 25.9% | −61.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CIFR's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CIFR financial results
In fiscal year 2025 (ended December 31, 2025), Cipher Mining reported revenue of $223.9 million, up 48.0% from the year before. It had a net loss of $822.2 million, a net profit margin of −367.2%. Diluted earnings per share came to −$0.14.
See the CIFR stock overview for the latest quote and news, or the CIFR chart for price history and technical indicators.
CIFR income statement FAQ
What is Cipher Mining's annual revenue?
Cipher Mining reported total revenue of $223.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 48.0% from $151.3 million the previous year.
Is Cipher Mining profitable?
No. Cipher Mining reported a net loss of $822.2 million in fiscal 2025, a net profit margin of −367.2%; its operating margin was −150.7%.
What is Cipher Mining's gross margin?
Cipher Mining's gross margin was 28.4% in fiscal 2025: for every $100 of revenue, Cipher Mining kept $28 after the direct cost of its products and services.
What are Cipher Mining's earnings per share?
Cipher Mining earned $-0.14 per diluted share in fiscal 2025, compared with $0.33 a year earlier.
When will Cipher Mining report its next earnings?
Cipher Mining is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 before the market opens.
When does Cipher Mining's fiscal year end?
Cipher Mining's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.