Mara Holdings (MARA) FY2025 results: revenue $907 million, up 38.2% on the year
Mara Holdings, Inc. (MARA) reported revenue of $907 million for fiscal 2025, the year ended 31 December 2025, up 38.2% on the year before. Net income was -$1.3 billion, and diluted earnings per share $-3.69. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$907 million
+38.2% on the year
FY2018FY2025
Operating margin
-135.0%
46.6% a year earlier
FY2018FY2025
Net income
-$1.3 billion
FY2018FY2025
Diluted EPS
-$3.69
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Q4 revenue fell, full-year rose: Q4 revenue fell 6% to $202.3 million, driven by a 14% lower average bitcoin price. Full-year revenue rose 38% to $907.1 million, mainly on a 53% higher average bitcoin price.
Q4 net loss from bitcoin valuation: Q4 net loss was $1.7 billion, or $4.52 per diluted share, including a $1.5 billion loss on fair value of digital assets. Full-year net loss was $1.3 billion.
Energized hashrate reached 66.4 EH/s: Energized hashrate rose 25% year over year to 66.4 EH/s, below the 75 EH/s target. About 35,000 new miners were deployed, at 18.6 joules per terahash efficiency.
Energy cost per BTC rose: Purchased energy cost per bitcoin for owned sites was $48,611 in Q4 2025, up from $31,608 a year earlier, mainly because network difficulty outpaced hashrate growth.
Bitcoin holdings reached 53,822: The company held 53,822 BTC at year end, valued at about $4.7 billion at $87,498 per bitcoin, including 15,315 BTC loaned or pledged as collateral.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-803
-677
-316
Capital expenditure
407
251
27.6
+62.3%
Free cash flow
-1,210
-928
-343
Free cash flow margin
-133.4%
-141.4%
-88.6%
Cash from investing
-670
-3,229
4.6
Cash from financing
1,628
3,953
556
-58.8%
Depreciation and amortisation
773
429
186
+80.1%
Share-based compensation
172
158
32.6
+9.3%
Buybacks
46.9
37.4
0.4
+25.4%
Diluted shares, weighted
355m
312m
192m
+13.9%
Shares outstanding at period end
379m
340m
243m
+11.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,472
4,129
1,616
-15.9%
Non-controlling interest
5.4
6.9
0.0
-22.3%
Redeemable equity
0.0
n/a
n/a
Deposits
n/a
n/a
67.0
Debt
3,600
2,447
326
+47.1%
Operating lease liabilities
39.7
23.0
0.4
+72.8%
Finance lease liabilities
3.8
3.7
0.0
+2.9%
Other liabilities
166
192
n/a
-13.4%
Total liabilities and equity
7,287
6,801
1,991
+7.1%
Fixed assets
1,491
1,549
672
-3.8%
Goodwill
0.0
82.8
0.0
Intangible assets
1.0
2.7
0.0
-63.6%
Cash and equivalents
547
392
357
+39.7%
Receivables
n/a
n/a
0.0
Other assets
5,248
4,775
962
+9.9%
Total assets
7,287
6,801
1,991
+7.1%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.