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Capital markets · Financial Services · Fiscal year ends Dec 31
Riot Platforms reported revenue of $647M in the fiscal year ended Dec 2025, up 71.9% from the year before. Operating income was −$622M, an operating margin of −96.1%, and net income was −$663M. Operating cash flow of −$573M less capital expenditure of $201M left free cash flow of −$774M. Net debt was $607M.
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 | 213 | 259 | 281 | 377 | 647 |
| Selling, general & admin | 87.4 | 67.5 | 100 | 267 | 299 |
| Operating income | −29.9 | −513 | −63.0 | 154 | −622 |
| Interest expense | 0.3 | – | – | – | – |
| Pre-tax income | −15.2 | −521 | −54.6 | 110 | −663 |
| Income tax | 0.3 | −11.7 | −5.1 | 0.7 | −0.2 |
| Net income | −15.4 | −510 | −49.5 | 109 | −663 |
| Diluted EPS | −0.17 | −3.65 | −0.28 | 0.34 | −1.95 |
| Diluted shares | 93.5 | 139 | 175 | 319 | 341 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 312 | 230 | 597 | 278 | 234 |
| Receivables | 15.4 | 26.9 | 24.7 | 27.1 | 29.8 |
| Current assets | 565 | 443 | 1,009 | 599 | 449 |
| Net PP&E | 276 | 693 | 704 | 1,339 | 1,529 |
| Goodwill | 336 | – | – | 122 | 122 |
| Total assets | 1,522 | 1,320 | 2,051 | 3,935 | 3,937 |
| Payables | 20.0 | 18.4 | 23.2 | 17.6 | 23.4 |
| Deferred revenue | 27.9 | 8.4 | 4.1 | 9.6 | 37.1 |
| Current liabilities | 110 | 122 | 121 | 160 | 470 |
| Short-term debt | – | – | 0.3 | 0.3 | 254 |
| Long-term debt | – | – | 0.5 | 584 | 587 |
| DepositsBanks | 266 | 42.4 | – | – | – |
| Total liabilities | 174 | 169 | 163 | 792 | 1,078 |
| Shareholders' equity | 1,348 | 1,151 | 1,888 | 3,144 | 2,858 |
| Backlog (remaining obligations) | 27.2 | 29.2 | 22.3 | 85.9 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −86.1 | 0.5 | 33.1 | −255 | −573 |
| Capital expenditure | 147 | 148 | 194 | 240 | 201 |
| Free cash flow | −233 | −148 | −161 | −495 | −774 |
| Depreciation & amortisation | 26.1 | 106 | 247 | 206 | 343 |
| Stock-based compensation | 68.5 | 24.6 | 32.2 | 125 | 126 |
| Acquisitions | 40.9 | – | – | – | – |
| Share buybacks | 5.1 | 10.1 | 14.0 | 11.6 | 4.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.5% | 8.3% | 34.2% | 71.9% |
| Operating income growth (YoY) | – | – | – | – | −505.1% |
| EPS growth (YoY) | – | – | – | – | −673.5% |
| Operating margin | −14.0% | −197.8% | −22.5% | 40.8% | −96.1% |
| Net margin | −7.2% | −196.6% | −17.6% | 29.0% | −102.4% |
| Return on equityBlank when equity is negative | −1.1% | −44.3% | −2.6% | 3.5% | −23.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.1% | −42.8% | −3.3% | 4.1% | −17.9% |
| Free cash flow margin | −109.4% | −57.1% | −57.2% | −131.5% | −119.6% |
| Cash conversion (CFO ÷ net income) | 5.58x | −0.00x | −0.67x | −2.33x | 0.86x |
| Receivable days | 26 | 38 | 32 | 26 | 17 |
| Interest cover | −101x | – | – | – | – |
| Debt ÷ equity | – | – | 0.00x | 0.19x | 0.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −596 | 307 | 607 |
| Current ratio | 5.14x | 3.65x | 8.33x | 3.74x | 0.96x |
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.