Cipher Mining Inc. (CIFR) financials

NASDAQ · Technology · Information Technology Services · 66 employees · CEO Rodney Tyler Page

Price: $7.29 -10.00%
Market cap: $3.03B
Enterprise value: $4.59B
Last report: Q2 '26 filed 2026-08-04
Next report: 2026-11-02 EPS est. -$0.25

Revenue (TTM)$191M+20.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-202.9%-103.7 pp vs a year agoOperating income -$388M

Net income (TTM)-$1.12B-626.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)–– vs a year agoCapex –

Diluted EPS (TTM)-$2.87-558.2% vs a year agoSum of the last 4 quarters

Net cash-$1.53B-1,107.7% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $3.03B
Revenue: $191M
Revenue growth: -5%
Profit margin: -585.8%
P/E: -2.5×
P/S: 15.8×
EV / EBITDA: -5.7×
Free cash flow: –
Net income: -$1.12B
Revenue estimate: $213M
Earnings: 2026-11-02
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-04): revenue missed by 22.0%, EPS missed by 162.7%Revenue $24.8M vs $31.9M expected (-22.0%); EPS -$0.65 vs -$0.25 (-162.7%).
Revenue growth slowing: -43.0% year on yearQ2 '26 revenue $24.8M, against an average of 57.1% over the four quarters before.
Operating margin -202.9% (TTM), -103.7 pp on a year agoOperating income grew -146.0% while revenue grew 20.3%.
Diluted share count up 9.2% in a year409M diluted shares in Q2 '26, 375M a year earlier.
Net debt $1.53BCash + short-term investments $4.06B, debt incl. leases $5.59B; a year ago net debt $127M.
Bitcoin Mining: revenue -43.0%, margin -316.2% (was -103.9%)Fastest-growing reported segment in Q2 '26: operating income -$78.5M on revenue $24.8M (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$24.8M	$43.6M	-43.0%
Gross margin	-131.1%	28.9%	-160.0 pp
Operating income	-$72.6M	-$45.2M	-60.5%
Operating margin	-292.5%	-103.9%	-188.6 pp
Net income	-$268M	-$45.8M	-484.4%
Diluted EPS	-$0.65	-$0.12	-441.7%
Operating cash flow	-$244M	-$56.2M	-333.2%
Capex	$410M	$31.3M	+1,210.9%
Free cash flow	-$654M	-$87.5M	-647.1%
R&D	$0	$0	–
Stock-based compensation	$30.5M	$10.5M	+190.9%

Reported vs consensus

2026-08-04

	Actual	Consensus	vs consensus
Revenue	$24.8M	$31.9M	-22.0%
EPS (as estimated)	-$0.65	-$0.25	-162.7%

From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Bitcoin Mining	$24.8M	-43.0%	100.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Bitcoin Mining	$24.8M	-43.0%	-$78.5M	-73.6%	-316.2%	-103.9%	-$531M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Free cash flow: –
Returned to shareholders / FCF: –

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-2.5×	–	–
EV / EBITDA	-5.7×	25.0× 2 of 5 years	24.6× – 25.4×
EV / Sales	24.0×	25.3× 4 of 5 years	7.7× – 48.6×
Price / FCF	-2.0×	–	–
Price / Book	5.3×	2.9×	0.4× – 7.0×
FCF yield	-49.4%	-47.2%	-179.0% – -12.4%
Return on invested capital	-6.2%	-10.0%	-20.4% – -3.7%
Return on equity	-156.3%	-29.1%	-102.1% – -5.2%

Analysts

Consensus target $30.67 (+320.7%)
range $18.00 – $54.00 · rating Buy

Strong buy0

Buy14

Hold0

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$213M	-5.1%	-$1.30	+39.7%	-5.6×	8
FY2027	$810M	+281.1%	-$0.29	+77.6%	-25.1×	5
FY2028	$1.04B	+27.9%	$0.04	+114.4%	174.4×	3
FY2029	$1.77B	+70.6%	$0.31	+648.5%	23.3×	1
FY2030	$4.07B	+130.1%	$1.21	+286.7%	6.0×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 243 figures Cipher Mining Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$289M	$14.9M	+1,844.0%	$40.1M	$22.7M	+76.5%
Accounts Receivable, Allowance for Credit Loss, Current	$0	–	–	$0	$0	–
Accounts Receivable, Fair Value Disclosure	$222K	$1.58M	-85.9%	$687K	$596K	+15.3%
Accrued Liabilities, Current	$357M	$30.2M	+1,082.1%	$90.1M	$69.8M	+29.0%
Accrued Professional Fees, Current	$5.73M	$4.88M	+17.4%	$3.99M	$8.25M	-51.6%
Additional Paid in Capital	$1.95B	–	–	$1.81B	$863M	+109.6%
Additional Paid in Capital, Common Stock	$1.05B2025-09-30	$871M	+20.9%	$863M2024-12-31	$628M	+37.5%
Allowance for Funds Used During Construction, Capitalized Interest	$16.5M	$0	–	–	–	–
Amortization of Debt Issuance Costs and Discounts	$66.7M	$0	–	$17.9M	$0	–
Amortization of Intangible Assets	$200K	$200K	0.0%	$600K	$500K	+20.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-5.15M	48.2M	-110.7%	202M	24.5M	+722.9%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$30.1M	$11.6M	+160.2%	$51.6M	$41.2M	+25.2%
Asset Retirement Obligation	$33.7M2025-12-31	$20.3M	+66.1%	$33.7M	$20.3M	+66.1%
Asset Retirement Obligation, Accretion Expense	$600K	$600K	0.0%	$2.67M	$1.89M	+41.5%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$10.7M	–	–
Asset Retirement Obligations, Noncurrent	$23.5M	$32.1M	-26.8%	$33.7M	$20.3M	+66.1%
AssetAcquisitionContingentConsiderationLiabilityCurrent	$16.4M	–	–	$14.7M	$0	–
Assets	$7.5B	$1.02B	+636.3%	$4.29B	$855M	+401.7%
Assets Held-for-sale, Not Part of Disposal Group, Current	$0	–	–	$94.9M	$0	–
Assets, Current	$4.13B	$220M	+1,781.1%	$2.65B	$168M	+1,477.2%
Assets, Fair Value Disclosure	$4.63B	$232M	+1,893.7%	$2.75B	$230M	+1,097.9%
Capital Expenditures Incurred but Not yet Paid	$418M	-$22.7M	+1,940.6%	$67.2M	$42.2M	+59.4%
Cash and Cash Equivalents, at Carrying Value	$832M	$62.7M	+1,226.6%	$628M	$5.59M	+11,149.1%
Cash and Cash Equivalents, Fair Value Disclosure	$827M	$21.6M	+3,733.5%	$535M	$4.31M	+12,303.5%
Cash Equivalents, at Carrying Value	$628M2025-12-31	$5.6M	+11,119.6%	$628M	$5.6M	+11,119.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.22B2025-09-30	$39.7M	+2,973.5%	$20M2024-12-31	$86.1M	-76.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$4.56B	$77.1M	+5,814.4%	$2.66B	$20M	+13,238.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$313M	$39.5M	+692.9%	$2.64B	-$66.1M	+4,099.3%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$11.502025-12-31	$11.50	0.0%	$11.50	$11.50	0.0%
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	12025-12-31	1	0.0%	1	1	0.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1B	500M	+100.0%	1B	500M	+100.0%
Common Stock, Shares, Issued	424M	388M	+9.1%	412M	361M	+14.0%
Common Stock, Shares, Outstanding	414M	387M	+7.1%	405M	351M	+15.4%
Common Stock, Value, Issued	$424K	$388K	+9.3%	$412K	$361K	+14.1%
Contract with Customer, Liability	$7.45M2026-03-31	–	–	–	–	–
Cost of Revenue	$15M	$15.3M	-1.9%	$81.2M	$62.4M	+30.2%
CryptoAssetFairValue	$37.8M	$112M	-66.3%	$125M	$92.7M	+35.3%
CryptoAssetMining	$24.9M	$30.8M	-19.0%	$200M	$151M	+31.9%
CryptoAssetPurchase	–	–	–	$2.43M	$0	–
CryptoAssetSale	$56.7M	$31.3M	+80.7%	$215M	$149M	+44.2%
CryptoAssetUnrealizedGainLossOperating	$16.9M	$17.1M	-1.4%	-$41.6M	$11.3M	-467.7%
Current Income Tax Expense (Benefit)	$367K	$1.15M	-67.9%	$956K	$1.26M	-23.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$956K	$1.26M	-23.8%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$474M	–	–	$456M	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$4.27M	-$937K	-355.6%
Deferred Income Tax Expense (Benefit)	$0	-$228K	+100.0%	-$4.27M	-$937K	-355.6%
Deferred Income Tax Liabilities, Net	$02025-12-31	$4.27M	-100.0%	$0	$4.27M	-100.0%
Deferred Tax Assets, Goodwill and Intangible Assets	$3.39M2025-12-31	$3.43M	-1.4%	$3.39M	$3.43M	-1.4%
Deferred Tax Assets, Gross	$116M2025-12-31	$45.2M	+157.6%	$116M	$45.2M	+157.6%
Deferred Tax Assets, Net	$21.4M2025-12-31	$31.7M	-32.7%	$21.4M	$31.7M	-32.7%
Deferred Tax Assets, Operating Loss Carryforwards	$51.2M2025-12-31	$25.5M	+100.6%	$51.2M	$25.5M	+100.6%
Deferred Tax Assets, Property, Plant and Equipment	$47.6M2025-12-31	$5.44M	+775.8%	$47.6M	$5.44M	+775.8%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$4.39M2025-12-31	$2.12M	+107.2%	$4.39M	$2.12M	+107.2%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$2.59M2025-12-31	$3.52M	-26.4%	$2.59M	$3.52M	-26.4%
Deferred Tax Assets, Valuation Allowance	$95.1M2025-12-31	$13.5M	+606.1%	$95.1M	$13.5M	+606.1%
Deferred Tax Liabilities, Derivatives	$12.2M2025-12-31	$18.3M	-33.5%	$12.2M	$18.3M	-33.5%
Deferred Tax Liabilities, Gross	$21.4M2025-12-31	$36M	-40.7%	$21.4M	$36M	-40.7%
Deferred Tax Liabilities, Net	$02025-12-31	$4.27M	-100.0%	$0	$4.27M	-100.0%
Deferred Tax Liabilities, Property, Plant and Equipment	$02025-12-31	$0	–	$0	$0	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02