Marathon Digital Holdings, Inc. (MARA) financials
NASDAQ · Financial Services · Financial - Capital Markets · 266 employees · CEO Frederick G. Thiel
- Price
- $6.77 -5.51%
- Market cap
- $2.62B
- Enterprise value
- $4.66B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-03 EPS est. -$0.39
Revenue (TTM)$804M+0.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-99.6%-138.1 pp vs a year agoOperating income -$801M
Net income (TTM)-$3.46B-609.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$1.57B-3.1% vs a year agoCapex $423M
Diluted EPS (TTM)-$9.45-943.7% vs a year agoSum of the last 4 quarters
Net cash-$2.04B+19.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $2.62B EV $4.66B
- Revenue
- $804M Trailing 12 months
- Revenue growth
- -16% FY2026 consensus
- Profit margin
- -429.7% Net income / revenue, TTM
- P/E
- -0.7× Forward -1.4× (FY2026)
- P/S
- 3.3× Price / sales, TTM
- EV / EBITDA
- -2.7× TTM
- Free cash flow
- -$1.57B Trailing 12 months
- Net income
- -$3.46B Trailing 12 months
- Revenue estimate
- $765M FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $183M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue missed by 16.5%, EPS missed by 1,060.4%Revenue $175M vs $209M expected (-16.5%); EPS -$1.60 vs $0.17 (-1,060.4%).
- Revenue growth slowing: -26.7% year on yearQ2 '26 revenue $175M, against an average of 33.0% over the four quarters before.
- Operating margin -99.6% (TTM), -138.1 pp on a year agoOperating income grew -360.5% while revenue grew 0.7%.
- Capex 52.6% of revenue (a year ago 48.2%)$423M invested in the last 4 quarters (+9.9% on a year earlier). Free cash flow -$1.57B.
- Diluted share count down 13.5% in a year382M diluted shares in Q2 '26, 441M a year earlier.
- Net debt $2.04BCash + short-term investments $423M, debt incl. leases $2.47B; a year ago net debt $2.54B.
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 | $175M | $238M | -26.7% |
| Gross margin | 72.1% | 82.5% | -10.4 pp |
| Operating income | -$268M | $680M | -139.4% |
| Operating margin | -153.2% | 285.0% | -438.3 pp |
| Net income | -$610M | $808M | -175.4% |
| Diluted EPS | -$1.60 | $1.84 | -187.0% |
| Operating cash flow | -$471M | -$163M | -188.3% |
| Capex | $94.3M | $119M | -20.7% |
| Free cash flow | -$566M | -$282M | -100.3% |
| R&D | $7.17M | $8.55M | -16.1% |
| Stock-based compensation | $77.2M | $54.7M | +41.2% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $175M | $209M | -16.5% |
| EPS (as estimated) | -$1.60 | $0.17 | -1,060.4% |
From the report of 2026-08-06 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 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Hosting Services | $0 | -100.0% | – | $3.44M | -23.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$1.14B
- Capex
- -$423M
- Buybacks
- -$22.6M
- Dividends
- $0
- Acquisitions
- -$267M
- Net debt issued
- -$1.23B
- Stock-based compensation
- $176M
- Free cash flow
- -$1.57B
- Returned to shareholders / FCF
- -1.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & 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) | -0.7× | 12.8× 2 of 5 years | 9.0× – 16.7× |
| EV / EBITDA | -2.7× | 640.5× 3 of 5 years | 6.6× – 1,905.9× |
| EV / Sales | 5.8× | 12.2× | 6.9× – 23.4× |
| Price / FCF | -1.7× | – | – |
| Price / Book | 1.6× | 2.1× | 0.9× – 4.8× |
| FCF yield | -59.9% | -23.0% | -56.1% – -7.9% |
| Return on invested capital | -18.0% | -11.2% | -55.7% – 10.6% |
| Return on equity | -110.4% | -38.8% | -179.8% – 16.2% |
Analysts
Consensus target $12.50 (+84.6%)
range $10.00 – $17.00 · rating Buy
Strong buy0
Buy9
Hold9
Sell2
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 | $765M | -15.6% | -$4.83 | -30.9% | -1.4× | 4 |
| FY2027 | $962M | +25.7% | -$0.96 | +80.0% | -7.0× | 4 |
| FY2028 | $714M | -25.8% | -$1.49 | -54.7% | -4.5× | 4 |
| FY2029 | $1.48B | +106.9% | -$1.11 | +25.3% | -6.1× | 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.
Every reported line
All 294 figures Marathon Digital Holdings, 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 | $10.5M | $9.84M | +6.6% | $12.5M | $12.6M | -0.1% |
| Accrued Liabilities, Current | $74.2M | $56.8M | +30.6% | $87M | $76.9M | +13.1% |
| Accrued Professional Fees, Current | $12.1M2025-12-31 | $15.2M | -20.3% | $12.1M | $15.2M | -20.3% |
| Accrued Utilities, Current | $17.9M2025-12-31 | $17.9M | -0.1% | $17.9M | $17.9M | -0.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.41B | $883M | +59.8% | $1.2B | $594M | +101.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.49M | – | – | -$451K2021-12-31 | -$451K | 0.0% |
| Additional Paid in Capital | $4.87B | $4.54B | +7.3% | $4.81B | $4.16B | +15.7% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | -$2.12M2023-12-31 | – | – |
| Advances to Affiliate | $7.17M | $6.26M | +14.6% | $7.65M | $121M | -93.7% |
| Amortization of Intangible Assets | $2.1M | $300K | +600.0% | $900K | $22.9M | -96.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 82.7M | 324K | +25,392.7% | 96.8M | 324K | +29,731.7% |
| Asset Impairment Charges | $0 | $26.3M | -100.0% | $109M | $0 | – |
| Asset Retirement Obligation | $12.5M2025-12-31 | $8.41M | +48.2% | $12.5M | $8.41M | +48.2% |
| Asset Retirement Obligation, Accretion Expense | $200K | $300K | -33.3% | $804K | $531K | +51.4% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $3.25M | $7.88M | -58.8% |
| Assets | $4.35B | $7.72B | -43.7% | $7.29B | $6.8B | +7.1% |
| Assets, Current | $527M | $236M | +123.0% | $664M | $470M | +41.2% |
| Assets, Noncurrent | $3.82B | $7.48B | -48.9% | $6.62B | $6.33B | +4.6% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | – | – | – | -$4.38M | $15K | -29,300.0% |
| Business Combination, Contingent Consideration, Liability | $25.3M | $15.3M | +65.0% | $13.8M | $8.14M | +69.1% |
| Cash and Cash Equivalents, at Carrying Value | $421M | $109M | +284.8% | $547M | $392M | +39.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $433M | $121M | +256.7% | $559M | $404M | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $433M | $121M | +256.7% | $559M | $404M | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $43.3M | -$86.7M | +149.9% | $155M | $46.5M | +234.4% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 800M | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Issued | 382M | 362M | +5.4% | 379M | 340M | +11.5% |
| Common Stock, Shares, Outstanding | 382M | 362M | +5.4% | 379M | 340M | +11.5% |
| Common Stock, Value, Issued | $38K | $36K | +5.6% | $37K | $34K | +8.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$4.09M | -$30K | -13,530.0% | -$164K2016-12-31 | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$616M | $808M | -176.2% | $261M2023-12-31 | -$694M | +137.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$620M | $808M | -176.7% | -$28.6M2016-12-31 | -$17.8M | -60.6% |
| Contractual Obligation | $64.6M | $145M | -55.4% | $322M | – | – |
| Contractual Obligation, to be Paid, Remainder of Fiscal Year | $83.9M2025-09-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year One | $42M2025-12-31 | – | – | $42M | – | – |
| Cost, Depreciation and Amortization | $175M | $162M | +8.0% | $773M | $429M | +80.1% |
| CryptoAssetCost | $1.95B | $3.43B | -43.1% | $4.36B | $2.82B | +54.5% |
| CryptoAssetFairValue | $2.09B | $5.36B | -61.1% | $4.71B | $4.2B | +12.3% |
| CryptoAssetFairValueCurrent | $2.08M | $2.26M | -7.8% | $2.39M | $4.33M | -44.7% |
| CryptoAssetFairValueNoncurrent | $1.54B | $3.69B | -58.2% | $3.37B | $3.22B | +4.5% |
| CryptoAssetMining | – | – | – | $3.132024-04-19 | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $159K | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $2.27M | $2.28M | -0.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.11M | $2.28M | -7.3% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $29.5M | $350M | -91.6% | $48.2M | $45.9M | +4.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$263M | $142M | -285.2% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$273M | $151M | -280.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$58.6M | $73.2M | -180.1% |
| Deferred Income Tax Liabilities, Net | $7.72M | $178M | -95.7% | $29.9M | $88.5M | -66.3% |
| Deferred Income Taxes and Tax Credits | -$903K | $202M | -100.4% | -$58.6M | $73.2M | -180.1% |
| Deferred Other Tax Expense (Benefit) | – | – | – | $214M | -$78M | +375.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$9.84M | $9.09M | -208.2% |
| Deferred Tax Assets, Capital Loss Carryforwards | $02025-12-31 | $283K | -100.0% | $0 | $283K | -100.0% |
| Deferred Tax Assets, Derivative Instruments | $4.26M2025-12-31 | $4.24M | +0.3% | $4.26M | $4.24M | +0.3% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $23.6M2025-12-31 | $5.84M | +305.1% | $23.6M | $5.84M | +305.1% |
| Deferred Tax Assets, Gross | $352M2025-12-31 | $177M | +98.8% | $352M | $177M | +98.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $138M2025-12-31 | $177M | -22.2% | $138M | $177M | -22.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $258M2025-12-31 | $120M | +114.5% | $258M | $120M | +114.5% |
| Deferred Tax Assets, Property, Plant and Equipment | $27.8M2025-12-31 | $10.5M | +165.4% | $27.8M | $10.5M | +165.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $3.95M2025-12-31 | $2.2M | +79.2% | $3.95M | $2.2M | +79.2% |
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