Marathon Digital (MARA) financial statements
Marathon Digital reported revenue of $907M in fiscal 2025, up 42.8% a year over 9 years.
Net income was -$1.3B and the operating margin -135.0%, against -42.5% in 2016.
Free cash flow was -$1.2B, and the company returned $47M in net buybacks.
The diluted share count rose 9260% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marathon Digital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37M | $519,622 | $2M | $1M | $4M | $159M | $118M | $388M | $656M | $907M |
| Cost of revenue | $27M | $3M | $3M | $2M | $7M | $42M | $151M | $403M | $816M | — |
| Gross profit | $10M | -$3M | -$2M | -$1M | -$3M | $117M | -$34M | -$15M | -$159M | — |
| Research and development | — | — | — | — | — | — | $98,000 | $3M | $13M | $30M |
| Selling, general and admin | $840,179 | $831,001 | $1M | $465,783 | $6M | $174M | $57M | $84M | $254M | $350M |
| Operating income | -$16M | -$14M | -$12M | -$4M | -$10M | -$3M | -$674M | $221M | $306M | -$1.2B |
| Interest expense | $3M | $1M | $81,482 | $51,915 | $21,000 | $2M | $15M | $10M | $13M | $48M |
| Pre-tax income | -$17M | -$31M | -$13M | -$4M | -$10M | -$5M | -$718M | $278M | $617M | -$1.4B |
| Income tax | $12M | -$103,952 | $69,134 | — | $2,000 | $25M | -$24M | $16M | $75M | -$56M |
| Net income | -$29M | -$31M | -$13M | -$4M | -$10M | -$30M | -$694M | $261M | $541M | -$1.3B |
| EPS (diluted) | -$7.55 | -$4.80 | -$2.41 | -$0.53 | -$0.13 | -$0.30 | -$6.12 | $1.06 | $1.72 | -$3.69 |
| Diluted shares | 4M | 7M | 5M | 7M | 81M | 99M | 113M | 192M | 312M | 355M |
| Gross margin | 27.6% | -568.0% | -114.5% | -109.4% | -60.7% | 73.4% | -28.6% | -4.0% | -24.3% | — |
| Operating margin | -42.5% | -2729.6% | -772.9% | -357.7% | -225.3% | -1.9% | -572.0% | 57.0% | 46.6% | -135.0% |
| Net margin | -78.3% | -6030.1% | -820.2% | -296.7% | -239.8% | -18.7% | -589.4% | 67.4% | 82.5% | -144.6% |
Balance sheet
Fiscal years, from Marathon Digital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $15M | $3M | $692,963 | $141M | $492M | $104M | $357M | $392M | $547M |
| Receivables | $95,069 | $6,826 | — | — | — | — | — | $0 | — | — |
| Total current assets | $6M | $15M | $3M | $1M | $286M | $684M | $278M | $1.0B | $470M | $664M |
| Property, plant and equipment | $28,329 | $10,011 | $1M | $4M | $17M | $276M | $273M | $672M | $1.5B | $1.5B |
| Goodwill | $222,843 | — | — | — | — | — | — | $0 | $83M | $0 |
| Total assets | $18M | $15M | $5M | $7M | $313M | $1.4B | $1.2B | $2.0B | $6.8B | $7.3B |
| Total current liabilities | $20M | $8M | $2M | $2M | $1M | $11M | $26M | $34M | $95M | $522M |
| Long-term debt | $5M | — | — | — | — | — | $782M | $326M | $2.4B | $3.2B |
| Total liabilities | $28M | $8M | $2M | $3M | $2M | $765M | $809M | $375M | $2.7B | $3.8B |
| Shareholders' equity | -$9M | $7M | $3M | $4M | $312M | $682M | $386M | $1.6B | $4.1B | $3.5B |
| Net debt | $13M | -$15M | -$3M | -$692,963 | -$141M | -$269M | $678M | -$32M | $2.1B | $3.1B |
Cash flow
Fiscal years, from Marathon Digital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10M | -$11M | -$8M | -$3M | -$8M | -$19M | -$176M | -$316M | -$677M | -$803M |
| Capital spending | $8,388 | $7,788 | $5M | $5,225 | $18M | $274M | $41M | $28M | $251M | $407M |
| Free cash flow | $10M | -$11M | -$13M | -$3M | -$26M | -$293M | -$218M | -$343M | -$928M | -$1.2B |
| Stock-based compensation | $2M | $2M | $1M | $933,682 | $1M | $161M | $25M | $33M | $158M | $172M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | -$380,000 | -$37M | -$47M |
| Net borrowing | — | — | — | — | — | $0 | $0 | -$50M | $0 | $0 |
| Free cash flow margin | 27.7% | -2081.6% | -863.4% | -280.4% | -585.6% | -184.0% | -184.8% | -88.6% | -141.4% | -133.4% |
Questions
What was Marathon Digital's revenue in 2025?
$907M in fiscal 2025, from its 10-K filing.
How much free cash flow does Marathon Digital generate?
-$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Marathon Digital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.