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Marathon Digital Holdings MARA Q4 2025 Annual earnings

Reported February 26, 2026 · After market close

Revenue$202.3MMiss by $49.9M
EPS-$0.46Miss by $0.23
Revenue estimate$252.2M
EPS estimate-$0.23

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$202.3M-5.6%
Operating income-$1.4B-514%
Net income-$1.7B-423%
EPS (diluted)-$4.59-375%

Balance sheet

See full
Cash & equivalents$547.1M+39.7%
Total debt$3.6B+47.4%
Total equity$3.5B-15.9%
Total assets$7.3B+7.1%

Cash flow

See full
Operating cash flow-$224.7M+28.3%
CapEx$164.5M-11.8%
Free cash flow-$389.2M+22.1%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$3.4B-40.3%
Enterprise value$6.49B-16.5%
P/S3.7×-4.9×

Profitability

See full
Operating margin-135%-182pp
Net margin-144.6%-227pp
FCF margin-133.4%-7.1pp

Returns & leverage

See full
Return on equity-34.5%-53.4pp
Debt / equity1.1×+0.5×
Current ratio1.3×-3.7×

Segments

By product

See full
Mining participant$9.5M—
Mining operator - transaction fees$1.3M-92.0%
Hosting Services$1.2M-36.8%

Versus estimates

Revenue

Q1 2026$174.6MMiss by $7.3M
Q4 2025$202.3MMiss by $49.9M
Q3 2025$252.4MBeat by $938.7KQ2 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 $0.15
Q4 2025-$0.46Miss by $0.23
Q3 2025-$0.32Miss by $0.06Q2 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 Q4 2025 earnings?
Marathon Digital Holdings (MARA) reported Q4 2025 earnings on February 26, 2026 after market close.
What were Marathon Digital Holdings's Q4 2025 revenue and EPS?
Marathon Digital Holdings reported revenue of $202.3M and eps of $-0.46 for Q4 2025.
Did Marathon Digital Holdings beat estimates in Q4 2025?
Revenue missed the consensus estimate of $252.2M by $49.9M. EPS missed the consensus estimate of $-0.23 by $0.23.
How did Marathon Digital Holdings's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 5.6% from $214.4M a year earlier.
Where can I find Marathon Digital Holdings's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001493152-26-008063) and the 10-K periodic report (0001507605-26-000007) directly on SEC EDGAR. The filing index links above go to sec.gov.