Saturday 17 October 2026 Export MARA’s income statement to Excel — free account

Marathon Digital Holdings, Inc.

Marathon Digital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $907.1 million, up 38.2% from fiscal 2024. In the quarter to June 2026, revenue fell 26.7%, EPS fell 169.9%, free cash flow grew 85.6% and total debt fell 19.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

7.53 0.80 −9.60%

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Market cap: $3.2B
P/E: 0.0×
Fwd P/E: −3.7×
Dividend yield: —
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 7.42

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	4	2	1	2	2	3	3	4	3	3	3	1

Insider Ownership 0.90%

Capital & Financial Ratios $m

Market Cap 3,220.00

Revenue 804.22

Net Income (3,460.37)

Free Cash Flow (1,276.43)

Net Debt 1,650.92

Current Ratio 0.89

Debt/Equity 1.24

P/E ratio 0.00

Fwd P/E (3.71)

P/S ratio 3.57

P/B ratio 1.71

Past 5Y EPS Growth —

This Y EPS Growth (33.89%)

Next Y EPS Growth 79.30%

Next Y revenue growth (22.05%)

Next 5Y EPS Growth 26.09%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 17.69%

10-year low 10-year high

P/B against its own 10 years 24.05%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	997	408	562	435
Receivables	2	6	19	27
Inventory	—	—	—	—
Other	7	20	40	17
	1,030	470	664	527

	2023	2024	2025	Q'26
Payables	11	13	13	10
ST’ Debt	—	—	350	150
Other	—	5	23	18
	34	95	522	592

Compound Annual Growth %

	10y	5y	3y
Sales	47.21%	190.87%	97.50%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	75.32%	61.99%	108.08%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	175	175	—	—	—
’25	214	238	252	202	907
’24	165	145	132	214	656
’23	51	82	98	157	388
’22	52	25	13	28	118
’21	9	29	52	69	159
’20	1	0	1	3	4

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(247)	(224)	—	—	—
’25	(215)	(163)	(199)	(225)	(803)
’24	(88)	(115)	(160)	(313)	(677)
’23	(91)	(51)	(82)	(91)	(316)
’22	(26)	(15)	(43)	(93)	(176)
’21	(3)	(4)	(38)	25	(19)
’20	(1)	(1)	(1)	(4)	(8)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(524)	(41)	—	—	—
’25	(287)	(282)	(284)	(389)	(1,206)
’24	(122)	(132)	(196)	(501)	(927)
’23	(109)	(57)	(84)	(93)	(343)
’22	(33)	65	41	(113)	(39)
’21	(29)	(101)	(2)	(218)	(293)
’20	(1)	(6)	(4)	(19)	(26)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(3.31)	(1.60)	—	—	—
’25	(1.55)	1.84	0.27	(4.52)	(3.69)
’24	1.26	(0.72)	(0.42)	1.62	1.72
’23	0.70	(0.13)	0.00	0.67	1.06
’22	(0.13)	(1.75)	(0.65)	(3.14)	(6.05)
’21	0.87	(1.09)	(0.22)	0.15	(0.36)
’20	(0.12)	(0.13)	(0.06)	(0.10)	(0.13)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	20.64	2.08	1.44	0.86	0.35	10.53	3.11	3.28	13.17	8.95	Analyst estimates 2026–2028 Powerpack
	High	55.04	40.12	20.24	3.97	14.66	83.45	35.48	31.30	34.09	23.45
People
People	Employees	15	3	3	3	3	9	30	60	152	266
	Revenue/emp, $m	2.44	0.17	0.52	0.40	1.45	17.68	3.93	6.46	4.32	3.41
Income, $m
Income, $m	Revenue	37	1	2	1	4	159	118	388	656	907
	Gross margin, %	27.61	(567.98)	(114.53)	(109.43)	(58.71)	73.36	(28.59)	41.51	36.12	37.46
	EBT	(17)	(31)	(13)	(4)	(10)	(5)	(718)	278	617	(1,368)
	EBT margin, %	(47.26)	(6,050.33)	(815.75)	(296.75)	(239.75)	(3.04)	(609.97)	71.64	93.92	(150.84)
	Net income	(29)	(31)	(13)	(4)	(10)	(30)	(694)	261	541	(1,312)
	Depreciation	24	8	4	1	3	15	105	186	429	882
Per share, $
Per share, $	Revenue	38.62	0.32	0.29	0.18	0.05	1.60	1.04	2.11	2.26	2.55
	Earnings	(30.24)	(15.73)	(2.40)	(0.53)	(0.13)	(0.36)	(6.05)	1.41	1.87	(3.69)
	Cash flow	10.72	(6.63)	(1.55)	(0.50)	(0.10)	(0.19)	(1.56)	(1.72)	(2.33)	(2.26)
	Capex	(3.89)	0.00	(1.03)	0.00	(0.22)	(2.76)	1.21	(0.15)	(0.86)	(1.14)
	Free cash flow	6.83	(6.63)	(2.58)	(0.50)	(0.31)	(2.95)	(0.35)	(1.87)	(3.20)	(3.40)
	Book value	(9.79)	4.53	0.55	0.55	3.83	6.87	3.40	8.79	14.26	9.79
	Shares, m	1	2	5	7	81	99	113	184	290	355
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.87	9.00	0.00
	P/S	0.74	54.23	4.90	4.95	195.06	20.51	3.28	10.88	7.41	3.52
	P/B	0.00	3.81	2.62	1.61	2.73	4.79	1.00	2.61	1.18	0.92
	EV/Sales	0.73	47.60	3.91	5.28	162.12	21.40	7.93	9.15	10.52	6.82
	EV/FCF	4.16	(2.11)	(0.44)	(1.75)	(22.14)	(9.65)	(9.40)	(8.79)	(6.82)	(4.66)
Cash, $m
Cash, $m	Operating cash flow	10	(11)	(8)	(3)	(8)	(19)	(176)	(316)	(677)	(803)
	Capex	(4)	0	(6)	0	(18)	(274)	137	(28)	(250)	(403)
	Free cash flow	6	(11)	(14)	(3)	(26)	(293)	(39)	(343)	(927)	(1,206)
Balance, $m
Balance, $m	Working capital	(15)	7	1	0	285	673	251	996	375	142
	Total debt	18	2	1	1	0	729	782	326	2,450	3,556
	Net debt	13	(13)	(2)	0	(144)	142	548	(671)	2,042	2,994
	Shareholders’ equity	(9)	7	3	4	312	682	386	1,616	4,136	3,477
Returns, %
Returns, %	ROA	(87.51)	(187.93)	(126.54)	(59.54)	(6.53)	(3.39)	(52.59)	16.26	12.31	(18.62)
	ROIC	(274.58)	0.00	(551.05)	(67.03)	(3.65)	(0.23)	(45.08)	14.62	3.10	(11.82)
	ROE	(1,691.90)	3,299.84	(248.60)	(107.09)	(6.63)	(6.00)	(129.96)	25.88	18.82	(34.45)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PIPR Piper Sandler Companies	$4.6B	14.2×	16.3×	+24.88% (above 0%: growing)	+58.10% (above 0%: growing)	+58.77% (above 0%: growing)	98.91%	20.27%	Compare
MC Moelis & Company	$4.5B	18.0×	21.5×	+12.05% (above 0%: growing)	+16.36% (above 0%: growing)	+8.25% (above 0%: growing)	100.00%	17.79%	Compare
LAZ Lazard, Inc.	$3.5B	16.3×	14.6×	+1.47% (above 0%: growing)	−94.64% (below 0%: shrinking)	+434.39% (above 0%: growing)	100.00%	4.66%	Compare
PJT PJT Partners Inc.	$3.5B	17.9×	23.7×	+19.52% (above 0%: growing)	+34.65% (above 0%: growing)	+26.53% (above 0%: growing)	33.04%	20.99%	Compare
MARA Marathon Digital Holdings, Inc.	$3.2B	— (loss-making)	— (loss-making)	−26.67% (below 0%: shrinking)	n/m	+85.60% (above 0%: growing)	17.19%	(297.96%)
MIAX Miami International Holdings, Inc.	$3.1B	26.0×	15.2×	+18.26% (above 0%: growing)	+26.97% (above 0%: growing)	+162.65% (above 0%: growing)	36.40%	7.17%	Compare
PURR Hyperliquid Strategies Inc	$2.7B	— (loss-making)	— (loss-making)	+6,940.21% (above 0%: growing)	n/m	−6,672.51% (below 0%: shrinking)	100.00%	7,380.58%	Compare
CLSK Cleanspark, Inc.	$2.4B	— (loss-making)	— (loss-making)	−30.53% (below 0%: shrinking)	n/m	+202.37% (above 0%: growing)	38.06%	(168.40%)	Compare
ETOR eToro Group Ltd.	$2.0B	7.9×	13.7×	−23.93% (below 0%: shrinking)	+71.05% (above 0%: growing)	−32.39% (below 0%: shrinking)	15.03%	4.80%	Compare
Median of peers	$3.3B	17.1×	15.8×	+15.16%	+30.81%	+42.65%	68.49%	12.48%

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Marathon Digital Holdings, Inc. (MARA) key facts

Strength: Marathon Digital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $907.1 million, up 38.2% from fiscal 2024.
Marathon Digital Holdings, Inc. (MARA) is a Capital Markets company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, MARA traded at $7.53, a market capitalization of $3.2 billion.
Return on equity was −34.5% and debt-to-equity 1.24.
Its Piotroski F-score is 3 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.