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Capital markets · Financial Services · Fiscal year ends Dec 31
Cipher Digital reported revenue of $224M in the fiscal year ended Dec 2025, up 48.0% from the year before. Operating income was −$422M, an operating margin of −188.2%, and net income was −$822M. Operating cash flow of −$208M less capital expenditure of $488M left free cash flow of −$696M. Net debt was $2.1B.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | 3.0 | 127 | 151 | 224 |
| Cost of revenue | – | 0.7 | 50.3 | 62.4 | 81.2 |
| Gross profit | – | 2.3 | 76.5 | 88.9 | 143 |
| Operating income | −0.2 | −37.4 | −20.1 | −43.7 | −422 |
| Interest expense | – | 0.1 | 2.0 | 1.7 | 36.6 |
| Pre-tax income | – | −37.2 | −22.2 | −44.3 | −826 |
| Income tax | – | 1.8 | 3.6 | 0.3 | −3.3 |
| Net income | −0.1 | −39.1 | −25.8 | −44.6 | −822 |
| Diluted EPS | – | −0.16 | −0.10 | −0.14 | −2.15 |
| Diluted shares | – | 248 | 252 | 323 | 382 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.3 | 11.9 | 74.2 | 5.6 | 628 |
| Receivables | – | 0.1 | – | – | – |
| Current assets | 1.6 | 47.7 | 155 | 168 | 2,653 |
| Net PP&E | – | 191 | 244 | 481 | 633 |
| Total assets | 172 | 418 | 566 | 855 | 4,292 |
| Payables | 0.1 | 14.3 | – | 22.7 | 40.1 |
| Deferred revenue | – | – | – | – | 0.0 |
| Current liabilities | 0.1 | 40.3 | 33.8 | 132 | 699 |
| Short-term debt | – | – | 0.0 | 32.3 | 37.8 |
| Long-term debt | – | – | – | 0.0 | 2,712 |
| Total liabilities | 0.3 | 75.6 | 74.8 | 173 | 3,456 |
| Shareholders' equity | 1.3 | 343 | 491 | 682 | 806 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | – | −20.9 | −94.2 | −87.5 | −208 |
| Capital expenditure | – | 39.2 | 20.5 | 139 | 488 |
| Free cash flow | – | −60.1 | −115 | −227 | −696 |
| Depreciation & amortisation | – | 4.4 | 59.1 | 102 | 199 |
| Stock-based compensation | – | 41.5 | 38.5 | 42.1 | 52.8 |
| Share buybacks | – | 3.1 | 3.9 | 27.6 | 89.6 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 4076.6% | 19.3% | 48.0% |
| Gross margin | – | 75.4% | 60.3% | 58.8% | 63.7% |
| Operating margin | – | −1232.2% | −15.9% | −28.9% | −188.2% |
| Net margin | – | −1285.9% | −20.3% | −29.5% | −367.2% |
| Return on equityBlank when equity is negative | −7.9% | −11.4% | −5.2% | −6.5% | −102.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.1% | −9.9% | −3.8% | −6.0% | −11.7% |
| Free cash flow margin | – | −1980.0% | −90.4% | −150.1% | −310.7% |
| Cash conversion (CFO ÷ net income) | – | 0.54x | 3.66x | 1.96x | 0.25x |
| Receivable days | – | 12 | – | – | – |
| Payable days | – | 6971 | – | 133 | 180 |
| Interest cover | – | −273x | −10.1x | −25.6x | −11.5x |
| Debt ÷ equity | – | – | – | 0.05x | 3.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | 26.7 | 2,121 |
| Current ratio | 12.2x | 1.18x | 4.60x | 1.28x | 3.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.