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Marathon Digital Holdings MARA Q3 2025 earnings

Reported November 4, 2025 · After market close

Revenue$252.4MBeat by $938.7K
EPS-$0.32Miss by $0.06
Revenue estimate$251.5M
EPS estimate-$0.26

Next report

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

Financials

Q3 2025

Income statement

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Revenue$252.4M+91.7%
Operating income$47.6M+128%
Net income$123.1M+199%
EPS (diluted)$0.27+164%

Balance sheet

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Cash & equivalents$838.4M+376%
Total debt$3.3B+420%
Total equity$5.2B+80.6%
Total assets$9.2B+156%

Cash flow

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Operating cash flow-$199.0M-24.3%
CapEx$84.8M+123%
Free cash flow-$283.9M-43.3%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$6.76B+41.6%
Enterprise value$9.22B+76.1%
P/E7.3×-21.7×
P/S7.4×-0.6×

Profitability

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Operating margin57.4%+32.3pp
Net margin100.8%+73.3pp
FCF margin-143.7%+269pp

Returns & leverage

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Return on equity23.1%+14.6pp
Debt / equity0.6×+0.4×
Current ratio2.1×-1.9×

Segments

By product

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Mining participant$13.5M-0.5%
Mining operator - transaction fees$2.1M-26.3%
Hosting services$1.2M+245%

FAQ

When did Marathon Digital Holdings report Q3 2025 earnings?
Marathon Digital Holdings (MARA) reported Q3 2025 earnings on November 4, 2025 after market close.
What were Marathon Digital Holdings's Q3 2025 revenue and EPS?
Marathon Digital Holdings reported revenue of $252.4M and eps of $-0.32 for Q3 2025.
Did Marathon Digital Holdings beat estimates in Q3 2025?
Revenue beat the consensus estimate of $251.5M by $938.7K. EPS missed the consensus estimate of $-0.26 by $0.06.
How did Marathon Digital Holdings's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 91.7% from $131.6M a year earlier and eps grew 15.8% from $-0.38.
Where can I find Marathon Digital Holdings's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001507605-25-000026) and the 10-Q periodic report (0001507605-25-000028) directly on SEC EDGAR. The filing index links above go to sec.gov.