MARA Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $907.1M | $656.4M | $387.5M | $117.8M | $159.2M |
| Research and development | $30.1M | $13.2M | $2.8M | $98,000 | — |
| Operating expenses | — | $465.5M | $236.3M | $639.9M | $119.8M |
| Operating income | -$1.2B | $306.1M | $220.9M | -$673.5M | -$3.0M |
| Interest expense | $48.4M | $13.0M | $10.3M | $15.0M | $1.6M |
| Pretax income | -$1.4B | $616.5M | $277.6M | -$718.3M | -$4.8M |
| Income tax expense | -$56.4M | $75.5M | $16.4M | -$24.2M | $25.0M |
| Net income | -$1.3B | $541.3M | $261.2M | -$694.0M | -$29.8M |
| Balance Sheet | |||||
| Cash and equivalents | $547.1M | $391.8M | $357.3M | $103.7M | $268.6M |
| Current assets | $664.3M | $470.4M | $1.0B | $277.5M | $684.2M |
| Total assets | $7.3B | $6.8B | $2.0B | $1.2B | $1.4B |
| Current liabilities | $521.9M | $95.2M | $33.8M | $26.1M | $11.2M |
| Total liabilities | — | — | — | — | $765.2M |
| Total debt | $3.6B | $2.5B | $330.7M | $747.5M | $747.5M |
| Stockholders' equity | $3.5B | $4.1B | $1.6B | $385.9M | $682.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$802.7M | -$677.0M | -$315.7M | -$176.5M | -$19.0M |
| Depreciation and amortization | $758.2M | $403.7M | $179.5M | $78.7M | $14.9M |
| Stock-based compensation | $172.3M | $157.6M | $32.6M | $24.6M | $160.8M |
| Capital expenditure | $407.1M | $250.8M | $27.6M | $41.1M | $273.9M |
| Free cash flow | -$1.2B | -$927.8M | -$343.3M | -$217.6M | -$292.8M |
| Share repurchases | $46.9M | $37.4M | $380,000 | $0 | — |
| Impairments | $109.0M | $0 | $0 | $124.3M | $22.3M |
Shares outstanding 381.3M · Free float 95.6%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.