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MARA Holdings, Inc. (MARA)
NASDAQ: MARA · Real-Time Price · USD
6.99
-0.21 (-2.92%)
At close: Nov 13, 2026, 4:00 PM EST
6.90
-0.09 (-1.29%)
After-hours: Nov 13, 2026, 7:17 PM EST

MARA Holdings Financials Overview

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits
Chart
Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Revenue
716.04907.09656.38387.51117.75159.16
Revenue Growth
-22.10%38.20%69.38%229.08%-26.02%3553.04%
Gross Profit
233.6435.81300.94175.1945.04131.67
Operating Income
-2,402-1,014346.22220.91-372.78-2.99
Net Income
-2,945-1,311541.25259.05-694.02-29.81
Earnings Per Share
-7.81-3.691.721.06-6.12-0.30
EPS Growth
--62.77%---

Revenue by Segment
Chart
Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Operator - Transaction Fees
4.299.2132.8832.65.233.32
Participant
51.2344.833225.14.6520.9
Hosting Services
-4.6731.64---
Operator - Block Rewards and Other
660.93848.39559.85329.81107.87134.94
Revenue (Total)
716.04907.09656.38387.51117.75159.16

Cash & Debt
Chart
Fiscal Year
CurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Cash & Investments
946.55547.13391.77357.31103.71268.56
Total Debt
3,0803,6452,474326.13783.51728.41
Net Cash (Debt)
-2,133-3,098-2,08231.18-679.81-459.85
Net Cash Growth
------
Net Cash Per Share
-5.65-8.72-6.680.16-5.99-4.63

Cash Flow & CapEx
Chart
Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Operating Cash Flow
-867.49-802.73-677.02-315.65-176.48-18.96
Capital Expenditures
-317.05-560.31-1,068-186.55-524.95-708.92
Free Cash Flow
-1,185-1,363-1,745-502.2-701.43-727.88
Free Cash Flow Growth
------

Margins
Chart
Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Gross Margin
32.62%48.05%45.85%45.21%38.25%82.73%
Operating Margin
-335.50%-111.82%52.75%57.01%-316.58%-1.88%
Pretax Margin
-442.18%-150.84%93.92%71.64%-609.97%-3.04%
Profit Margin
-411.23%-144.58%82.46%66.85%-589.39%-18.73%
FCF Margin
-165.43%-150.26%-265.88%-129.60%-595.68%-457.32%

Valuation
Chart
Fiscal Year
CurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingNov '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
PE Ratio
--9.9720.19--
Forward PE
-29.6154.9732.10165.2310.95
PS Ratio
3.763.748.2213.503.3921.19