MARA Holdings, Inc. (MARA) Financial Statements
Industry: Finance Services
In fiscal 2025, MARA reported revenue of $907.1M, up 38.2% from $656.4M the year before. Net income was -$1.31B (a -144.6% net margin), or -$3.69 per diluted share. Operating margin was -135.0%. Operating activities generated -$802.7M of cash, leaving -$1.21B of free cash flow. At fiscal year end, MARA held $7.29B in total assets against $3.82B in total liabilities, including $547.1M of cash and equivalents.
Open the full interactive MARA financials → Quarterly statements, key ratios, valuation history and price charts.
MARA Key Stats
| Share Price | $9.11 |
|---|---|
| Market Cap | $3.48B |
| Revenue YoY Growth | +38.2% |
| 52-Week Range | $6.73 – $22.84 |
| Shares Outstanding | 381.6 million (basic, 2026 Q2) |
MARA Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $4.4M | $150.5M | $117.8M | $387.5M | $656.4M | $907.1M |
| Cost of Goods Sold | — | — | $151.4M | $402.9M | $815.8M | — |
| Gross Profit | -$2.6M | — | -$33.7M | -$15.3M | -$159.4M | — |
| Operating Income | -$9.8M | -$85.1M | -$663.9M | $220.9M | $306.1M | -$1.22B |
| Pre-Tax Income | -$10.4M | -$13.2M | -$708.6M | $277.6M | $616.5M | -$1.37B |
| Income Tax | — | $23.0M | -$21.8M | $16.4M | $75.5M | -$56.4M |
| Net Income | -$10.4M | -$36.2M | -$686.7M | $261.2M | $541.3M | -$1.31B |
| Diluted EPS | -$0.13 | -$0.36 | — | $1.06 | $1.72 | -$3.69 |
MARA Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $252.4M | $202.3M | $174.6M | $174.9M |
| Net Income | $123.1M | -$1.71B | -$1.26B | -$609.7M |
| Diluted EPS | $0.27 | -$4.81 | -$3.31 | -$1.60 |
MARA Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $141.3M | $268.5M | $103.7M | $357.3M | $391.8M | $547.1M |
| Current Assets | $286.4M | $688.2M | $277.5M | $1.03B | $470.4M | $664.3M |
| Total Assets | $313.3M | $1.45B | $1.20B | $1.99B | $6.80B | $7.29B |
| Current Liabilities | $1.4M | $13.8M | $26.1M | $33.8M | $95.2M | $521.9M |
| Total Long-Term Debt | $1.1M | $728.4M | $732.3M | $325.7M | $2.45B | $3.60B |
| Total Liabilities | $1.5M | $765.2M | $809.3M | $375.1M | $2.67B | $3.82B |
| Shareholders' Equity | $311.7M | $683.0M | $385.9M | $1.62B | $4.13B | $3.47B |
MARA Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$7.8M | -$18.2M | -$176.5M | -$315.7M | -$677.0M | -$802.7M |
| Cash From Investing | -$81.3M | -$891.9M | -$390.2M | $4.6M | -$3.23B | -$669.9M |
| Cash From Financing | $229.7M | $1.04B | $410.7M | $555.9M | $3.95B | $1.63B |
| Free Cash Flow | — | — | -$217.6M | -$343.3M | -$927.8M | -$1.21B |
Figures from MARA's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full MARA financials page for every line item.
MARA Company Profile
| Ticker | MARA |
|---|---|
| Exchange | Nasdaq |
| Industry | Finance Services |
| Headquarters | Hallandale Beach, Florida |
| Incorporated in | Nevada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001507605 |
Frequently Asked Questions
What was MARA's revenue in fiscal 2025?
MARA (MARA) reported revenue of $907.1M for fiscal 2025.
What is MARA's annual revenue history?
MARA's annual revenue by fiscal year: 2020: $4.4M; 2021: $150.5M; 2022: $117.8M; 2023: $387.5M; 2024: $656.4M; 2025: $907.1M.
What was MARA's net income in fiscal 2025?
MARA reported net income of -$1.31B for fiscal 2025.
What was MARA's earnings per share (EPS) in fiscal 2025?
MARA's diluted EPS was -$3.69 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did MARA generate in fiscal 2025?
MARA generated -$1.21B of free cash flow in fiscal 2025.
What was MARA's revenue last quarter?
In its most recent reported quarter (2026 Q2), MARA reported revenue of $174.9M.
How much debt does MARA have?
MARA reported $3.60B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of MARA are outstanding?
MARA reported a weighted average of 381.6 million basic shares outstanding in 2026 Q2.
What is MARA's market cap?
Based on its latest closing price, MARA (MARA) has a market capitalization of about $3.48B.
When does MARA's fiscal year end?
MARA's fiscal year end, as registered with the SEC, is December 31.
Where is MARA headquartered?
MARA lists its business address in Hallandale Beach, Florida in its SEC filings.