MARA Holdings, Inc. (MARA)

MARA Holdings Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	804.22	907.09	656.38	387.51	117.75	159.16
Revenue Growth	0.73%	38.20%	69.38%	229.08%	-26.02%	3553.04%
Gross Profit Gross Profit Growth	322.67	435.81	300.94	175.19	45.04	131.67
Operating Income Operating Income Growth	-2,539	-1,014	346.22	220.91	-372.78	-2.99
Net Income Net Income Growth	-3,456	-1,311	541.25	259.05	-694.02	-29.81
Earnings Per Share EPS Growth	-9.32	-3.69	1.72	1.06	-6.12	-0.30
EPS Growth	-	-	62.77%	-	-	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operator - Transaction Fees Operator - Transaction Fees Growth	5.43	9.21	32.88	32.6	5.23	3.32
Participant Participant Growth	51.11	44.83	32	25.1	4.65	20.9
Hosting Services Hosting Services Growth	-	4.67	31.64	-	-	-
Operator - Block Rewards and Other Operator - Block Rewards and Other Growth	746.46	848.39	559.85	329.81	107.87	134.94
Revenue (Total) Revenue (Total) Growth	804.22	907.09	656.38	387.51	117.75	159.16

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	421.27	547.13	391.77	357.31	103.71	268.56
Total Debt Total Debt Growth	2,466	3,645	2,474	326.13	783.51	728.41
Net Cash (Debt) Net Cash Growth	-2,045	-3,098	-2,082	31.18	-679.81	-459.85
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-5.51	-8.72	-6.68	0.16	-5.99	-4.63

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	-895.05	-802.73	-677.02	-315.65	-176.48	-18.96
Capital Expenditures CapEx Growth	-395.96	-560.31	-1,068	-186.55	-524.95	-708.92
Free Cash Flow Free Cash Flow Growth	-1,291	-1,363	-1,745	-502.2	-701.43	-727.88
Free Cash Flow Growth	-	-	-	-	-	-

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	40.12%	48.05%	45.85%	45.21%	38.25%	82.73%
Operating Margin	-315.76%	-111.82%	52.75%	57.01%	-316.58%	-1.88%
Pretax Margin	-452.17%	-150.84%	93.92%	71.64%	-609.97%	-3.04%
Profit Margin	-429.71%	-144.58%	82.46%	66.85%	-589.39%	-18.73%
FCF Margin	-160.53%	-150.26%	-265.88%	-129.60%	-595.68%	-457.32%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 23, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	-	-	9.97	20.19	-	-
Forward PE	6.34	29.61	54.97	32.10	165.23	10.95
PS Ratio	5.41	3.74	8.22	13.50	3.39	21.19

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Aug 6, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Aug 21, 2026

Data Sources Report a data error