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Capital markets · Financial Services · Fiscal year ends Dec 31
MARA reported revenue of $59M in the fiscal year ended Dec 2025, down 39.2% from the year before. Operating income was −$1.2B, an operating margin of −2085.5%, and net income was −$1.3B. Operating cash flow of −$803M less capital expenditure of $407M left free cash flow of −$1.2B. Net debt was $3.1B.
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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 24.2 | 9.9 | 57.7 | 96.5 | 58.7 |
| Cost of revenue | 42.4 | 151 | 403 | 816 | – |
| Gross profit | 117 | −33.7 | −345 | −719 | – |
| Research & development | – | 0.1 | 2.8 | 13.2 | 30.1 |
| Operating income | −3.0 | −674 | 221 | 306 | −1,224 |
| Interest expense | 1.6 | 15.0 | 10.4 | 13.0 | 48.4 |
| Pre-tax income | −4.8 | −718 | 278 | 617 | −1,368 |
| Income tax | 25.0 | −24.2 | 16.4 | 75.5 | −56.4 |
| Net income | −29.8 | −694 | 261 | 541 | −1,311 |
| Diluted EPS | −0.30 | −6.12 | 1.06 | 1.72 | −3.69 |
| Diluted shares | 99.3 | 113 | 192 | 312 | 355 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 269 | 104 | 357 | 392 | 547 |
| Receivables | 30.0 | – | 0.0 | – | – |
| Current assets | 684 | 278 | 1,030 | 470 | 664 |
| Net PP&E | 276 | 273 | 672 | 1,549 | 1,491 |
| Goodwill | – | – | 0.0 | 82.8 | 0.0 |
| Total assets | 1,444 | 1,195 | 1,991 | 6,801 | 7,287 |
| Payables | 7.8 | 1.3 | 11.3 | 12.6 | 12.5 |
| Current liabilities | 11.3 | 26.1 | 33.8 | 95.2 | 522 |
| Short-term debt | – | 0.0 | 0.0 | 0.0 | 398 |
| Long-term debt | 728 | 782 | 326 | 2,447 | 3,202 |
| DepositsBanks | 34.5 | 43.3 | 67.0 | – | – |
| Total liabilities | 765 | 809 | 375 | 2,665 | 3,810 |
| Shareholders' equity | 682 | 386 | 1,616 | 4,129 | 3,472 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −19.0 | −176 | −316 | −677 | −803 |
| Capital expenditure | 274 | 41.1 | 27.6 | 251 | 407 |
| Free cash flow | −293 | −218 | −343 | −928 | −1,210 |
| Depreciation & amortisation | 14.9 | 78.7 | 186 | 429 | 773 |
| Stock-based compensation | 161 | 24.6 | 32.6 | 158 | 172 |
| Acquisitions | – | 0.0 | 0.0 | 336 | 36.4 |
| Share buybacks | – | 0.0 | 0.4 | 37.4 | 46.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −59.2% | 483.8% | 67.3% | −39.2% |
| Operating income growth (YoY) | – | – | – | 38.6% | −499.9% |
| EPS growth (YoY) | – | – | – | 62.3% | −314.5% |
| Gross margin | 482.1% | −340.7% | −598.2% | −745.1% | – |
| Operating margin | −12.3% | −6815.2% | 382.9% | 317.1% | −2085.5% |
| Net margin | −123.1% | −7022.4% | 452.6% | 560.7% | −2234.1% |
| Return on equityBlank when equity is negative | −4.4% | −179.8% | 16.2% | 13.1% | −37.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.2% | −57.6% | 11.3% | 4.6% | −18.1% |
| Free cash flow margin | −1209.0% | −2201.6% | −594.9% | −961.3% | −2060.8% |
| Cash conversion (CFO ÷ net income) | 0.64x | 0.25x | −1.21x | −1.25x | 0.61x |
| Receivable days | 452 | – | 0 | – | – |
| Payable days | 67 | 3 | 10 | 6 | – |
| Interest cover | −1.90x | −45.0x | 21.3x | 23.6x | −25.3x |
| Debt ÷ equity | 1.07x | 2.03x | 0.20x | 0.59x | 1.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 460 | 678 | −31.7 | 2,055 | 3,053 |
| Current ratio | 60.8x | 10.6x | 30.5x | 4.94x | 1.27x |
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.