MARA Holdings, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MARA Holdings, Inc. reported revenue of $907.1M (+38.2% year on year) and net income of ($1.3B) (-342.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $907.1M | $656.4M | $387.5M | — |
| Purchased energy costs | $179.0M | — | — | — |
| Operating and maintenance costs | $96.0M | — | — | — |
| Third-party hosting and other energy costs | $292.2M | — | — | — |
| General and administrative | $349.9M | ($272.1M) | ($95.2M) | ($56.7M) |
| Depreciation and amortization | $772.8M | ($403.7M) | ($179.5M) | ($78.7M) |
| Change in fair value of digital assets | $304.6M | $813.8M | — | — |
| Change in fair value of derivative instrument | ($40.4M) | ($2.0M) | — | — |
| Impairment of goodwill and other assets | $109.0M | — | — | — |
| Taxes other than on income | $9.2M | — | — | — |
| Early termination expenses | $5.0M | ($38.1M) | — | — |
| Research and development | $30.1M | ($13.2M) | — | — |
| Restructuring costs | $23.8M | — | — | — |
| Total costs and operating expenses | $2.1B | — | — | — |
| Operating income (loss) | ($1.2B) | $306.1M | $220.9M | ($663.9M) |
| Change in fair value of digital assets - receivable, net | ($121.0M) | $299.8M | — | — |
| Net gain from extinguishment of debt | $1.0M | $13.1M | $82.3M | — |
| Interest income | $55.9M | $16.7M | — | — |
| Interest expense | ($48.4M) | ($13.0M) | ($10.3M) | ($15.0M) |
| Equity in net earnings of unconsolidated affiliate | ($4.7M) | ($1.5M) | ($617.0K) | — |
| Other | ($26.8M) | ($8.4M) | $2.8M | $1.3M |
| Total other income (loss) | ($144.0M) | — | — | — |
| Income (loss) before income taxes | ($1.4B) | $616.5M | $277.6M | ($708.6M) |
| Income tax benefit (expense) | $56.4M | ($75.5M) | ($16.4M) | $21.8M |
| Net income (loss) | ($1.3B) | $541.0M | — | — |
| Less: Net loss attributable to noncontrolling interest | $412.0K | $245.0K | — | — |
| Net income (loss) attributable to MARA | ($1.3B) | $541.3M | $261.2M | ($686.7M) |
| Series A preferred stock accretion to redemption value | $0 | $0 | ($2.1M) | — |
| Net income (loss) attributable to common stockholders | ($1.3B) | $541.3M | $259.1M | — |
| Net income (loss) per share of common stock - basic (in dollars per share) | -$3.69 | $1.87 | $1.41 | -$6.05 |
| Weighted average shares of common stock - basic (in shares) | 355.2M | 290.0M | 183.9M | 113.5M |
| Net income (loss) per share of common stock - diluted (in dollars per share) | -$3.69 | $1.72 | $1.06 | — |
| Weighted average shares of common stock - diluted (in shares) | 355.2M | 311.8M | 192.3M | — |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues | $174.9M | $174.6M | $252.4M | $238.5M |
| Purchased energy costs | $48.8M | $44.7M | $43.1M | $41.7M |
| Operating and maintenance costs | $26.9M | $30.6M | $26.3M | $22.4M |
| Third-party hosting and other energy costs | $69.2M | $70.0M | $75.7M | $69.0M |
| General and administrative | $114.7M | $86.9M | $85.3M | $92.9M |
| Depreciation and amortization | $174.7M | $191.6M | $167.3M | $161.7M |
| Change in fair value of digital assets | $249.6M | $714.7M | ($234.2M) | ($846.0M) |
| Change in fair value of derivative instrument | $1.8M | $41.0M | $4.4M | ($20.3M) |
| Impairment of goodwill and other assets | $0 | — | $0 | $26.3M |
| Taxes other than on income | $1.5M | $2.4M | $2.4M | $2.4M |
| Research and development | $7.2M | $8.2M | $8.7M | $8.5M |
| Restructuring costs | $1.8M | $45.9M | $20.9M | — |
| Total costs and operating expenses (income) | $696.0M | $1.2B | $204.8M | ($441.3M) |
| Operating income (loss) | ($521.1M) | ($1.1B) | $47.6M | $679.8M |
| Change in fair value of digital assets - receivable, net | ($93.5M) | ($303.9M) | $108.9M | $346.5M |
| Net gain from extinguishment of debt | $0 | $70.6M | — | — |
| Interest income | $10.3M | $10.5M | $17.7M | $9.6M |
| Interest expense | ($6.3M) | ($10.7M) | ($12.8M) | ($12.8M) |
| Equity in net earnings of unconsolidated affiliate | ($2.9M) | ($2.2M) | ($1.7M) | ($902.0K) |
| Other | $2.6M | $3.9M | $1.1M | ($5.5M) |
| Total other income (loss) | ($89.7M) | ($231.8M) | $113.2M | $336.9M |
| Income (loss) before income taxes | ($610.7M) | ($1.3B) | $160.8M | $1.0B |
| Income tax benefit (expense) | ($580.0K) | $30.9M | ($37.7M) | ($208.5M) |
| Net income (loss) | ($611.3M) | ($1.3B) | $123.1M | $808.2M |
| Less: Net loss attributable to noncontrolling interests, including redeemable noncontrolling interest | $1.6M | $2.8M | ($6.0K) | $30.0K |
| Net income (loss) available to common stockholders, basic | ($609.7M) | ($1.3B) | $123.1M | $808.2M |
| Net income (loss) per share of common stock - basic (in dollars per share) | -$1.60 | -$3.31 | $0.33 | $2.29 |
| Weighted average shares of common stock - basic (in shares) | 381.6M | 380.2M | 372.1M | 352.9M |
| Net income (loss) per share of common stock - diluted (in dollars per share) | -$1.60 | -$3.31 | $0.27 | $1.84 |
| Weighted average shares of common stock, diluted (in shares) | 381.6M | 380.2M | 470.1M | 440.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $547.1M | $391.8M | $357.3M | $103.7M |
| Restricted cash | $12.0M | $12.0M | $0 | $8.8M |
| Digital assets, current portion | $2.4M | $4.3M | — | — |
| Other receivables | $18.5M | $6.3M | $2.1M | $18.0K |
| Deposits | $19.5M | $18.8M | $7.2M | $2.4M |
| Derivative instrument, current portion | $20.3M | $1.5M | — | — |
| Prepaid expenses and other current assets | $44.3M | $35.6M | $23.5M | $40.8M |
| Total current assets | $664.3M | $470.4M | $1.0B | $277.5M |
| Digital assets, net of current portion | $3.4B | $3.2B | — | — |
| Digital assets - receivable, net | $1.3B | $960.1M | — | — |
| Property and equipment, net | $1.5B | $1.5B | $671.8M | $273.0M |
| Advances to vendors | $7.7M | $121.3M | $95.6M | $488.3M |
| Investments | $133.8M | $111.5M | $106.3M | $37.0M |
| Long-term deposits | $219.1M | $240.7M | $59.8M | — |
| Long-term prepaids | $3.0M | $14.2M | $27.3M | $8.3M |
| Operating lease right-of-use assets | $32.3M | $16.9M | $443.0K | $1.3M |
| Derivative instrument, net of current portion | $29.0M | $7.4M | — | — |
| Goodwill | $0 | $82.8M | — | — |
| Intangible assets, net | $988.0K | $2.7M | — | — |
| Total long-term assets | $6.6B | — | $961.2M | $917.7M |
| TOTAL ASSETS | $7.3B | $6.8B | $2.0B | $1.2B |
| Accounts payable | $12.5M | $12.6M | $11.3M | $1.3M |
| Accrued expenses | $87.0M | $76.9M | $22.0M | $22.3M |
| Notes payable, current portion | $47.8M | — | — | — |
| Line of credit, current portion | $350.0M | — | — | — |
| Operating lease liabilities, current portion | $1.7M | $239.0K | $124.0K | $326.0K |
| Finance lease liability, current portion | $173.0K | $168.0K | — | — |
| Other current liabilities | $22.6M | $5.3M | — | — |
| Total current liabilities | $521.9M | $95.2M | $33.8M | $26.1M |
| Notes payable, net of current portion | $3.2B | $2.2B | $325.7M | $732.3M |
| Line of credit, net of current portion | $0 | — | — | — |
| Operating lease liabilities, net of current portion | $39.7M | $23.0M | $354.0K | $1.0M |
| Finance lease liability, net of current portion | $3.8M | $3.7M | — | — |
| Deferred tax liabilities | $29.9M | $88.5M | $15.3M | — |
| Other long-term liabilities | $12.5M | $8.4M | — | — |
| Total long-term liabilities | $3.3B | $2.6B | $341.3M | $783.2M |
| Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024 | $0.00 | $0.00 | $0.00 | — |
| Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 379,464,892 shares and 340,258,453 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $37000.00 | $34000.00 | $24000.00 | $15000.00 |
| Additional paid-in capital | $4.8B | $4.2B | $2.2B | $1.2B |
| Accumulated deficit | ($1.3B) | ($26.4M) | ($567.6M) | ($840.3M) |
| Total stockholders’ equity attributable to MARA | $3.5B | $4.1B | $1.6B | $385.9M |
| Noncontrolling interest | $5.4M | $6.9M | — | — |
| Total equity | $3.5B | $4.1B | — | — |
| TOTAL LIABILITIES AND EQUITY | $7.3B | $6.8B | $2.0B | $1.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $421.3M | $513.7M | $826.4M | $109.5M |
| Restricted cash | $12.0M | $12.0M | $12.0M | $12.0M |
| Digital assets, current portion | $2.1M | $1.9M | $3.7M | $2.3M |
| Other receivables | $27.5M | $25.6M | $33.1M | $31.0M |
| Deposits | $17.3M | $15.6M | $24.4M | $19.4M |
| Derivative instrument, current portion | $0 | $1.3M | $21.9M | $21.0M |
| Prepaid expenses and other current assets | $47.1M | $41.0M | $40.4M | $41.2M |
| Total current assets | $527.2M | $611.1M | $961.9M | $236.5M |
| Digital assets, net of current portion | $1.5B | $1.7B | $4.0B | $3.7B |
| Digital assets - receivable, net | $540.9M | $680.5M | $2.0B | $1.6B |
| Property and equipment, net | $1.2B | $1.4B | $1.6B | $1.6B |
| Advances to vendors | $7.2M | $292.0K | $107.4M | $6.3M |
| Investments | $128.4M | $131.8M | $137.1M | $134.3M |
| Long-term deposits | $215.4M | $214.5M | $211.4M | $211.3M |
| Long-term prepaids | $1.6M | $3.0M | $12.7M | $12.7M |
| Operating lease right-of-use assets | $34.2M | $34.2M | $32.4M | $33.0M |
| Derivative instrument, net of current portion | $7.6M | $7.0M | $29.7M | $35.0M |
| Goodwill | $89.7M | $90.5M | $82.8M | $82.8M |
| Intangible assets, net | $40.5M | $43.1M | $771.0K | $2.1M |
| Total long-term assets | $3.8B | $4.3B | $8.2B | $7.5B |
| TOTAL ASSETS | $4.3B | $4.9B | $9.2B | $7.7B |
| Accounts payable | $10.5M | $7.8M | $11.4M | $9.8M |
| Accrued expenses | $74.2M | $105.0M | $74.3M | $56.8M |
| Derivative instrument, current portion | $1.1M | — | — | — |
| Notes payable, current portion | $335.4M | $47.9M | — | — |
| Line of credit, current portion | $150.0M | $150.0M | $350.0M | $350.0M |
| Operating lease liabilities, current portion | $3.3M | $2.6M | $1.3M | $1.1M |
| Finance lease liability, current portion | $178.0K | $173.0K | $173.0K | $173.0K |
| Other current liabilities | $17.2M | $17.9M | $22.1M | $23.2M |
| Total current liabilities | $591.8M | $331.5M | $459.4M | $441.0M |
| Notes payable, net of current portion | $1.9B | $2.2B | $3.2B | $2.3B |
| Operating lease liabilities, net of current portion | $40.8M | $41.2M | $39.6M | $39.7M |
| Finance lease liability, net of current portion | $3.9M | $3.8M | $3.8M | $3.8M |
| Deferred tax liabilities | $7.7M | $8.6M | $215.8M | $178.1M |
| Other long-term liabilities | $12.9M | $12.7M | $12.3M | $12.0M |
| Total long-term liabilities | $2.0B | $2.3B | $3.5B | $2.5B |
| Redeemable noncontrolling interest | $82.5M | $85.0M | — | — |
| Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025 | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 381,888,004 shares and 379,464,892 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | $38000.00 | $38000.00 | $37000.00 | $36000.00 |
| Additional paid-in capital | $4.9B | $4.8B | $4.8B | $4.5B |
| Accumulated other comprehensive loss | ($5.5M) | ($4.5M) | — | — |
| Accumulated deficit | ($3.2B) | ($2.6B) | $371.8M | $248.6M |
| Total stockholders’ equity attributable to MARA | $1.7B | $2.2B | $5.2B | $4.8B |
| Noncontrolling interests | $16.4M | $16.2M | $16.7M | $4.6M |
| Total equity | $1.7B | $2.2B | $5.2B | $4.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | ($1.3B) | $541.0M | $261.2M | ($686.7M) |
| Depreciation and amortization | $772.8M | $403.7M | $179.5M | $78.7M |
| Deferred tax (benefit) expense | ($58.6M) | $73.2M | $15.3M | ($22.6M) |
| Change in fair value of digital assets and digital assets - receivable, net | $425.7M | ($1.1B) | — | — |
| Impairment of goodwill and other assets | $109.0M | — | — | — |
| Net gain on investments | ($12.6M) | ($4.2M) | — | — |
| Stock-based compensation | $172.3M | $157.6M | $32.6M | $24.6M |
| Change in fair value of derivative instrument | ($40.4M) | $2.0M | — | — |
| Early termination expenses | $5.0M | $38.1M | — | — |
| Equity in net earnings of unconsolidated affiliate | $4.7M | $1.5M | $617.0K | — |
| Net gain on extinguishment of debt | ($1.0M) | ($13.1M) | ($82.3M) | — |
| Other adjustments from operations, net | $10.9M | $801.0K | $484.0K | $1.0M |
| Revenues from digital assets production | ($897.4M) | ($624.7M) | ($386.0M) | — |
| Other receivables | $1.8M | ($189.6M) | ($23.8M) | ($24.5M) |
| Deposits | $18.2M | — | — | — |
| Prepaid expenses and other assets | $1.7M | $11.8M | ($1.9M) | ($48.9M) |
| Accounts payable and accrued expenses | ($2.9M) | $13.2M | $146.0K | $13.2M |
| Net cash used in operating activities | ($802.7M) | ($677.0M) | ($315.7M) | ($176.5M) |
| Advances to vendors | ($153.2M) | ($817.3M) | ($158.9M) | ($483.8M) |
| Acquisition, net of cash acquired | ($36.4M) | ($335.6M) | — | — |
| Purchase of property and equipment | ($407.1M) | ($250.8M) | ($27.6M) | ($41.1M) |
| Proceeds from sale of property and equipment | $3.7M | $3.5M | $0 | $178.4M |
| Purchase of intangible assets | $0 | ($2.6M) | — | — |
| Proceeds from sale of digital assets | $433.8M | $152.3M | $264.9M | — |
| Payments on hedge settlements | $0 | $0 | ($2.0M) | — |
| Purchase of digital assets | ($473.7M) | ($1.9B) | $0 | — |
| Investment in equity method investments | ($12.6M) | ($21.7M) | — | — |
| Purchase of equity investments | ($24.4M) | ($10.0M) | $0 | ($44.0M) |
| Net cash used in investing activities | ($669.9M) | ($3.2B) | $4.6M | ($390.2M) |
| Proceeds from issuance of common stock, net of issuance costs | $568.6M | $1.9B | $608.4M | $361.5M |
| Proceeds from issuance of Convertible Notes, net of issuance costs | $1.0B | $2.2B | $0 | — |
| Proceeds from issuance of Series A preferred stock, net of issuance costs | $0 | $0 | $13.6M | — |
| Redemption of Series A preferred stock | $0 | $0 | ($15.8M) | — |
| Repurchase of shares in settlement of restricted stock | -46.9M | -34.9M | — | — |
| Line of credit | $150.0M | $200.0M | — | — |
| Repayment of finance lease liabilities | ($168.0K) | ($163.0K) | — | — |
| Repayment of Convertible Notes | ($18.3M) | ($247.3M) | — | — |
| Repayment of term loan borrowings | $0 | $0 | ($50.0M) | — |
| Purchased capped calls | ($39.8M) | — | — | — |
| Contribution from noncontrolling interest | $559.0K | $7.2M | — | — |
| Net cash provided by financing activities | $1.6B | $4.0B | $555.9M | $410.7M |
| Net increase in cash, cash equivalents and restricted cash | $155.4M | $46.5M | $244.8M | ($156.1M) |
| Cash, cash equivalents and restricted cash — beginning of period | $403.8M | $357.3M | $112.5M | $268.6M |
| Cash, cash equivalents and restricted cash — end of period | $559.1M | $403.8M | $357.3M | $112.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($1.9B) | ($1.3B) | $397.9M | $274.8M |
| Depreciation and amortization | $366.2M | $191.6M | $486.9M | $319.6M |
| Deferred tax (benefit) expense | ($32.3M) | ($31.4M) | $127.3M | $89.6M |
| Change in fair value of digital assets and digital assets - receivable, net | $1.4B | $1.0B | ($1.0B) | ($682.3M) |
| Impairment of goodwill and other assets | $0 | — | $26.3M | $26.3M |
| Net gain on investments | $0 | $0 | ($12.4M) | ($12.4M) |
| Stock-based compensation expense | $77.2M | $30.5M | $142.2M | $103.8M |
| Change in fair value of derivative instrument | $42.8M | $41.0M | ($42.7M) | ($47.1M) |
| Restructuring costs | $47.6M | — | — | — |
| Equity in net earnings of unconsolidated affiliate | $5.0M | $2.2M | $2.6M | $915.0K |
| Net gain on extinguishment of debt | ($70.6M) | ($70.6M) | — | — |
| Other adjustments from operations, net | ($19.4M) | ($10.2M) | $14.4M | $4.3M |
| Changes in operating assets and liabilities | ($375.8M) | ($202.7M) | ($700.0M) | ($456.2M) |
| Net cash used in operating activities | ($471.3M) | ($247.5M) | ($578.0M) | ($378.9M) |
| Advances to vendors | ($7.5M) | ($629.0K) | ($215.5M) | ($108.4M) |
| Acquisition, net of cash acquired | ($61.1M) | ($196.8M) | ($36.4M) | ($36.4M) |
| Purchase of property and equipment | ($94.3M) | ($79.5M) | ($242.6M) | ($157.8M) |
| Proceeds from sale of property and equipment | $1.7M | $612.0K | $3.7M | $3.7M |
| Purchase of intangible assets | ($524.0K) | ($535.0K) | — | — |
| Proceeds from sale of digital assets | $1.6B | $1.5B | $182.4M | $14.3M |
| Purchase of digital assets | $0 | $0 | ($282.1M) | ($27.1M) |
| Investment in equity method investments | $82.0K | $2.4M | ($7.7M) | ($5.8M) |
| Purchase of equity investments | $0 | $0 | ($24.4M) | ($19.4M) |
| Net cash provided by (used in) investing activities | $1.5B | $1.2B | ($622.7M) | ($337.0M) |
| Proceeds from issuance of common stock, net of issuance costs | $0 | $0 | $571.9M | $319.3M |
| Repurchase of shares in settlement of restricted stock | -15.1M | -7.5M | -43.2M | -35.5M |
| Borrowings from Line of credit | $150.0M | $150.0M | $150.0M | $150.0M |
| Repayment of finance lease liabilities | ($173.0K) | — | ($168.0K) | ($168.0K) |
| Repayment of Convertible Notes | ($912.8M) | ($912.8M) | ($18.3M) | — |
| Repayment of Line of credit | ($350.0M) | ($350.0M) | — | — |
| Contribution from noncontrolling interest | $281.0K | $137.0K | — | — |
| Proceeds from issuance of noncontrolling interest in subsidiary | $11.8M | $11.8M | — | — |
| Net cash (used in) provided by financing activities | ($1.1B) | ($1.1B) | $1.6B | $433.6M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($4.1M) | ($3.6M) | — | — |
| Net decrease in cash, cash equivalents and restricted cash | ($125.9M) | ($169.1M) | $434.6M | ($282.3M) |
| Cash, cash equivalents and restricted cash — beginning of period | $559.1M | $694.8M | $403.8M | $403.8M |
| Cash, cash equivalents and restricted cash — end of period | $433.3M | $525.7M | $838.4M | $121.5M |
MARA Holdings, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.