What is Marathon Digital Holdings's net debt?

Marathon Digital Holdings (MARA) reported net debt of $1.94B in Q1 2026.

How has Marathon Digital Holdings's net debt changed year-over-year?

Marathon Digital Holdings's net debt decreased by 8.9% year-over-year, from $2.13B to $1.94B.

What is the long-term trend for Marathon Digital Holdings's net debt?

Over 5 years (2020 to 2025), Marathon Digital Holdings's net debt has grown at a 85.5% compound annual growth rate (CAGR), from -$141.18M to $3.1B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Marathon Digital Holdings MARA Net debt

Discontinued — last reported Q1 '26

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2×-0.4×

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TDS

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Other financials

Income statement

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Revenue$174.6M-18.4%

Gross profit-$52.8M—

Operating income-$1.1B-96.2%

Net income-$1.3B-137%

EPS (diluted)-$3.31-114%

Balance sheet

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Cash & equivalents$525.7M+152%

Total debt$2.5B+5.4%

Total equity$2.2B-40.1%

Total assets$4.9B-23.2%

Cash flow

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Operating cash flow-$247.5M-14.9%

CapEx$79.5M+105%

Free cash flow-$327.0M-28.6%

Valuation

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Market cap$5.42B-22.0%

Enterprise value$7.36B-17.4%

P/S6.3×-3.6×

Profitability

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Gross margin-24.3%—

Operating margin-201%-785pp

Net margin-235.1%-313pp

FCF margin-147.8%-5.6pp

Returns & leverage

See full

Return on equity-68.5%-83.9pp

Debt / equity1.1×+0.5×

Current ratio1.8×+1.1×

Where this comes from

Calculated from Marathon Digital Holdings’s reported figures.

$2.5Btotal debt−$525.7Mcash and equivalents=$1.94B

The official record: Marathon Digital Holdings’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Marathon Digital Holdings's net debt?: Marathon Digital Holdings (MARA) reported net debt of $1.94B in Q1 2026.
How has Marathon Digital Holdings's net debt changed year-over-year?: Marathon Digital Holdings's net debt decreased by 8.9% year-over-year, from $2.13B to $1.94B.
What is the long-term trend for Marathon Digital Holdings's net debt?: Over 5 years (2020 to 2025), Marathon Digital Holdings's net debt has grown at a 85.5% compound annual growth rate (CAGR), from -$141.18M to $3.1B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.