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Marathon Digital Holdings MARA Q2 2025 earnings

Reported July 29, 2025 · After market close

Revenue$238.5MMiss by $16.7M
EPS-$0.81Miss by $0.28
Revenue estimate$255.2M
EPS estimate-$0.53

Next report

Nov 3, 2026 (in 2 months)
Revenue estimate$181.3M
EPS estimate-$0.10

Financials

Q2 2025

Income statement

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Revenue$238.5M+64.3%
Operating income$679.8M+393%
Net income$808.2M+505%
EPS (diluted)$1.84+356%

Balance sheet

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Cash & equivalents$121.5M-54.7%
Total debt$2.3B+573%
Total equity$4.8B+81.3%
Total assets$7.7B+148%

Cash flow

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Operating cash flow-$163.4M-41.9%
CapEx$118.9M+591%
Free cash flow-$282.4M-113%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$5.24B-6.7%
Enterprise value$7.41B+30.3%
P/E7.7×-11.7×
P/S6.6×-3.4×

Profitability

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Operating margin38.5%-4.4pp
Net margin85%+33.8pp
FCF margin-154.6%-1,205pp

Returns & leverage

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Return on equity18.3%+0.4pp
Debt / equity0.5×+0.4×
Current ratio0.5×-3.2×

Segments

By product

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Mining participant$11.0M-2.6%
Mining operator - transaction fees$3.0M-38.2%
Hosting services$1.2M-86.6%

FAQ

When did Marathon Digital Holdings report Q2 2025 earnings?
Marathon Digital Holdings (MARA) reported Q2 2025 earnings on July 29, 2025 after market close.
What were Marathon Digital Holdings's Q2 2025 revenue and EPS?
Marathon Digital Holdings reported revenue of $238.5M and eps of $-0.81 for Q2 2025.
Did Marathon Digital Holdings beat estimates in Q2 2025?
Revenue missed the consensus estimate of $255.2M by $16.7M. EPS missed the consensus estimate of $-0.53 by $0.28.
How did Marathon Digital Holdings's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 64.3% from $145.1M a year earlier and eps declined 237.5% from $-0.24.
Where can I find Marathon Digital Holdings's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000950142-25-002027) and the 10-Q periodic report (0001507605-25-000018) directly on SEC EDGAR. The filing index links above go to sec.gov.