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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

Aug 6, 2026 (In 1 week)
Revenue estimate$209.4M
EPS estimate$0.17

Financials

Q3 2025

Income statement

See full
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

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

Returns & leverage

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

Segments

By product

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

Versus estimates

Revenue

Q1 2026$174.6MMiss by $7.3MQ4 2025$202.3MMiss by $49.9M
Q3 2025$252.4MBeat by $938.7K
Q2 2025$238.5MMiss by $16.7MQ1 2025$213.9MBeat by $2.8MQ4 2024$214.4MBeat by $30.5M

Diluted EPS

Q1 2026-$0.61Miss by $0.15Q4 2025-$0.46Miss by $0.23
Q3 2025-$0.32Miss by $0.06
Q2 2025-$0.81Miss by $0.28Q1 2025-$0.40Miss by $0.06Q4 2024$1.24Beat by $1.56

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Questions, answered.

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.