MARA Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-1,312	541.01	261.17	-694.02	-29.81
Depreciation & Amortization	772.77	429.19	185.54	101.49	14.9
Stock-Based Compensation	172.3	157.64	32.64	24.6	160.79
Other Adjustments	442.65	-1,006	-382.8	568.02	-28.56
Change in Receivables	1.81	-9.32	-	-	-
Changes in Accounts Payable	-2.86	13.2	-0.59	13.37	12.38
Changes in Accrued Expenses	-	-	-	-	0.87
Changes in Other Operating Activities	-877.51	-802.51	-411.62	-189.93	-149.53
Operating Cash Flow	-802.73	-677.02	-315.65	-176.48	-18.96
Capital Expenditures	-560.31	-1,068	-186.55	-524.95	-708.92
Sale of Property, Plant & Equipment	3.65	3.51	-	178.37	-
Purchases of Intangible Assets	-	-2.63	-	-	-
Purchases of Investments	-510.74	-1,978	-71.8	-44	-153
Proceeds from Sale of Investments	433.85	152.29	264.95	0.85	0.78
Payments for Business Acquisitions	-36.37	-335.63	-	-	-
Other Investing Activities	-	-	-2	-0.5	-30
Investing Cash Flow	-669.92	-3,229	4.6	-390.23	-891.14
Short-Term Debt Issued	150	200	-	120	77.5
Short-Term Debt Repaid	-	-	-	-	-77.5
Net Short-Term Debt Issued (Repaid)	150	200	-	120	-
Long-Term Debt Issued	1,014	2,179	-	49.25	728.41
Long-Term Debt Repaid	-18.28	-247.35	-50	-120	-
Net Long-Term Debt Issued (Repaid)	995.74	1,931	-50	-70.75	728.41
Issuance of Common Stock	568.56	1,852	608.37	361.49	313.64
Repurchase of Common Stock	-46.92	-37.4	-0.38	-0.08	-4.71
Net Common Stock Issued (Repurchased)	521.64	1,814	607.99	361.41	308.93
Issuance of Preferred Stock	-	-	13.63	-	-
Repurchase of Preferred Stock	-	-	-15.75	-	-
Net Preferred Stock Issued (Repurchased)	-	-	-2.12	-	-
Other Financing Activities	-39.38	6.99	-	-	-
Financing Cash Flow	1,628	3,953	555.86	410.66	1,037
Net Cash Flow	155.36	46.46	244.81	-156.05	127.23
Free Cash Flow	-1,363	-1,745	-502.2	-701.43	-727.88
FCF Margin	-150.26%	-265.87%	-129.60%	-595.68%	-457.32%
Free Cash Flow Per Share	-3.84	-5.60	-2.61	-6.18	-7.33
Levered Free Cash Flow	-2,145	1,786	57.01	-1,939	-131.7
Unlevered Free Cash Flow	-1,842	-1,160	-205.38	-1,251	-848.68

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.