Marathon Digital Holdings, Inc. (MARA) Income Statement
MARA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMARA revenue and net income
Where MARA's revenue goes
2025Each bar shows an amount and its share of revenue. MARA kept −144.6% of revenue as net income.
MARA profit margins
MARA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +38.2% | +97.5% | +190.9% | +47.2% |
| Gross profit | — | — | — | — |
| Operating income | −368.6% | — | — | — |
| Net income | −342.3% | — | — | — |
| EPS (diluted) | −84.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MARA quarterly EPS vs estimates
Marathon Digital beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.04).
MARA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $907.1M | $656.4M | $387.5M | $117.8M | $159.2M | $4.4M | $1.2M | $1.6M | $519,622 | $36.6M |
| Cost of revenue | $1.34B | $815.8M | $402.9M | $151.4M | $42.4M | $6.9M | $4.0M | $5.3M | $7.8M | $32.0M |
| Gross profit | −$432.9M | −$159.4M | −$15.3M | −$33.7M | $116.8M | −$2.6M | −$2.8M | −$3.8M | −$7.3M | $4.6M |
| Research & development | $30.1M | $13.2M | $2.8M | $98,000 | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $349.9M | $272.1M | $95.2M | $82.8M | $174.4M | $6.4M | $1.0M | $3.2M | $4.2M | $3.9M |
| Total operating expenses | $389.2M | −$465.5M | −$236.3M | $639.9M | $174.4M | $7.3M | $1.5M | $8.3M | $6.9M | $20.2M |
| Operating income | −$822.2M | $306.1M | $220.9M | −$673.5M | −$57.6M | −$9.8M | −$4.2M | −$12.1M | −$14.2M | −$15.6M |
| Interest income | $55.9M | $16.7M | $2.8M | $1.0M | $677,415 | $18,343 | $33,651 | $14,230 | $2,793 | $4,353 |
| Interest expense | $48.4M | $13.0M | $10.3M | $15.0M | $1.6M | $20,984 | $51,915 | $2.4M | $4.9M | $3.1M |
| Income before taxes | −$1.37B | $616.5M | $277.6M | −$718.3M | −$14.5M | −$10.4M | −$3.5M | −$12.7M | −$31.4M | −$17.3M |
| Income taxes | −$56.4M | $75.5M | $16.4M | −$24.2M | $22.6M | $2,000 | $559,777 | $69,134 | −$103,952 | $11.5M |
| Net income | −$1.31B | $541.3M | $261.2M | −$694.0M | −$37.1M | −$10.4M | −$3.5M | −$12.8M | −$31.3M | −$28.7M |
| EBITDA | −$547.1M | $1.06B | $467.5M | −$624.6M | $2.0M | −$7.4M | −$2.4M | −$8.3M | −$24.7M | −$6.7M |
| EPS (diluted) | $0.27 | $1.69 | $0.45 | −$3.09 | $0.89 | −$16.18 | −$32.08 | −$10.71 | −$1.62 | −$21.02 |
| Gross margin | −47.7% | −24.3% | −4.0% | −28.6% | 73.4% | −58.7% | −233.9% | −241.5% | −1,407.5% | 12.6% |
| Operating margin | −90.6% | 46.6% | 57.0% | −572.0% | −36.2% | −225.3% | −357.7% | −772.9% | −2,729.6% | −42.5% |
| Net margin | −144.6% | 82.5% | 67.4% | −589.4% | −23.3% | −239.8% | −296.7% | −820.2% | −6,030.1% | −78.3% |
| 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 | $174.9M | $174.6M | $202.3M | $252.4M | $238.5M | $213.9M | $214.4M | $131.6M | $145.1M | $165.2M | $156.8M | $97.8M |
| Cost of revenue | $48.8M | $337.0M | $443.5M | $43.1M | $41.7M | $43.5M | $267.2M | $198.7M | $93.9M | $6.1M | $146.1M | $113.2M |
| Gross profit | $126.1M | −$162.4M | −$241.1M | $209.3M | $196.8M | $170.4M | −$52.8M | −$67.0M | $51.3M | $159.1M | $10.7M | −$15.3M |
| Research & development | $7.2M | $8.2M | $3.6M | $8.7M | $8.5M | $9.3M | $4.1M | $2.8M | $3.8M | $2.5M | $1.2M | $713,000 |
| Sales, general & admin | $114.7M | $86.9M | $85.8M | $85.3M | $92.9M | $85.9M | $77.9M | $63.7M | $57.1M | $68.9M | $39.3M | $19.4M |
| Total operating expenses | $394.1M | $86.5M | $90.7M | $161.7M | −$483.0M | $711.5M | −$393.8M | $105.2M | $283.6M | −$210.6M | $39.3M | $64.8M |
| Operating income | −$268.0M | −$248.9M | −$331.8M | $47.6M | $679.8M | −$541.1M | $341.0M | −$172.2M | −$232.4M | $369.7M | −$28.6M | −$80.2M |
| Interest income | $10.3M | $10.5M | $16.5M | $17.7M | $9.6M | $12.0M | $8.1M | $3.9M | $2.2M | $2.6M | — | $426,000 |
| Interest expense | $6.3M | $10.7M | $12.8M | $12.8M | $12.8M | $9.9M | $8.0M | $2.3M | $1.4M | $1.3M | $1.2M | $2.5M |
| Income before taxes | −$610.7M | −$1.29B | −$1.89B | $160.8M | $1.02B | −$652.6M | $646.5M | −$173.9M | −$231.3M | $375.2M | $239.5M | −$317,000 |
| Income taxes | $580,000 | −$30.9M | −$183.4M | $37.7M | $208.5M | −$119.2M | $118.3M | −$49.2M | −$31.7M | $38.1M | $16.1M | $73,000 |
| Net income | −$609.7M | −$1.26B | −$1.71B | $123.1M | $808.2M | −$533.2M | $528.5M | −$124.8M | −$199.7M | $337.2M | $223.4M | −$390,000 |
| EBITDA | −$429.8M | −$57.3M | −$1.59B | $340.9M | $1.19B | −$484.8M | $791.6M | −$70.3M | −$122.7M | $458.1M | $311.6M | $55.8M |
| EPS (diluted) | −$0.70 | −$0.63 | −$0.46 | $0.37 | $1.94 | −$1.58 | $1.27 | −$0.20 | −$0.70 | $1.32 | $0.66 | −$0.07 |
| Gross margin | 72.1% | −93.0% | −119.2% | 82.9% | 82.5% | 79.7% | −24.6% | −50.9% | 35.3% | 96.3% | 6.8% | −15.7% |
| Operating margin | −153.2% | −142.5% | −164.0% | 18.9% | 285.0% | −253.0% | 159.1% | −130.8% | −160.1% | 223.8% | −18.2% | −81.9% |
| Net margin | −348.6% | −721.4% | −845.0% | 48.8% | 338.9% | −249.3% | 246.5% | −94.8% | −137.6% | 204.1% | 142.5% | −0.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MARA's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MARA financial results
In fiscal year 2025 (ended December 31, 2025), Marathon Digital reported revenue of $907.1 million, up 38.2% from the year before. It had a net loss of $1.3 billion, a net profit margin of −144.6%. Diluted earnings per share came to $0.27. Over five years revenue grew at an average rate of 190.9% a year.
See the MARA stock overview for the latest quote and news, or the MARA chart for price history and technical indicators.
MARA income statement FAQ
What is Marathon Digital's annual revenue?
Marathon Digital reported total revenue of $907.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 38.2% from $656.4 million the previous year.
Is Marathon Digital profitable?
No. Marathon Digital reported a net loss of $1.3 billion in fiscal 2025, a net profit margin of −144.6%; its operating margin was −90.6%.
What is Marathon Digital's gross margin?
Marathon Digital's gross margin was −47.7% in fiscal 2025: for every $100 of revenue, Marathon Digital kept $-48 after the direct cost of its products and services.
How much does Marathon Digital spend on research and development?
Marathon Digital spent $30.1 million on research and development in fiscal 2025, 3.3% of revenue.
How fast is Marathon Digital growing?
Revenue grew 190.9% a year on average over the last five fiscal years, from $4.4 million to $907.1 million.
What are Marathon Digital's earnings per share?
Marathon Digital earned $0.27 per diluted share in fiscal 2025, compared with $1.69 a year earlier.
When will Marathon Digital report its next earnings?
Marathon Digital is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Marathon Digital's fiscal year end?
Marathon Digital's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.