Revenue is dominated by volatile non-interest income, but the core banking function is destroying value with a net interest margin that has been negative since 2025Q1, reaching -0.4% in 2026Q2.
Cipher Mining Inc. (CIFR) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Net Interest Income | -74.09M | -17.08M | 1.68M | -1.83M | 78K | -25.09K | 27.34K |
| NII Growth % | -14627.91% | -1119.09% | 191.34% | -2452.56% | 410.87% | -191.77% | - |
| Net Interest Margin % | -0.99% | -0.4% | 0.2% | -0.32% | 0.02% | -0.01% | 15.8% |
| Interest Income | 86.44M | 19.48M | 3.38M | 164K | 215K | 4.33K | 27.34K |
| Interest Expense | 160.54M | 36.56M | 1.71M | 2M | 137K | 25.09K | 0 |
| Loan Loss Provision | 68.75M | 123.79M | 121.45M | 48.31M | 611K | -20.22K | 0 |
| Non-Interest Income | 104.65M | 204.46M | 147.89M | 126.68M | 2.82M | -4.33K | -27.34K |
| Non-Interest Income % | 342.51% | 109.12% | 98.88% | 101.47% | 97.31% | 14.72% | - |
| Total Net Revenue | 30.55M | 187.38M | 149.56M | 124.84M | 2.9M | -29.42K | 0 |
| Revenue Growth % | -80.41% | 25.29% | 19.8% | 4204.93% | 9956.57% | - | - |
| Non-Interest Expense | 349.63M | 401M | 71.81M | 96.65M | 39.71M | 72.15M | 153.66K |
| Efficiency Ratio | 1144.3% | 214% | 48.01% | 77.42% | 1369.31% | -245214.28% | - |
| Operating Income | -387.82M | -337.4M | -43.7M | -20.11M | -37.42M | -72.15M | -153.66K |
| Operating Margin % | -1269.3% | -180.06% | -29.22% | -16.11% | -1290.38% | 245230.82% | - |
| Operating Income Growth % | - | -672.11% | -117.25% | 46.25% | 48.14% | -46856.41% | - |
| Pretax Income | -1.12B | -825.56M | -44.32M | -22.21M | -37.21M | -72.15M | 1.11M |
| Pretax Margin % | -3675.24% | -440.57% | -29.63% | -17.79% | -1283.21% | 245233.38% | - |
| Income Tax | -3.6M | -3.31M | 318K | 3.57M | 1.84M | 0 | 0 |
| Effective Tax Rate % | 0.32% | 0.4% | -0.72% | -16.06% | -4.94% | 0% | 0% |
| Net Income | -1.12B | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | 1.11M |
| Net Margin % | -3663.46% | -438.8% | -29.84% | -20.65% | -1346.66% | 245233.38% | - |
| Net Income Growth % | -626.84% | -1742.15% | -73.16% | 33.99% | 45.87% | -6589.01% | - |
| Net Income (Continuing) | -1.12B | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M | 1.11M |
| EPS (Diluted) | -2.73 | -2.15 | -0.14 | -0.10 | -0.16 | -0.36 | -0.01 |
| EPS Growth % | -558.19% | -1435.71% | -40% | 37.5% | 55.56% | - | - |
| EPS (Basic) | - | -2.15 | -0.14 | -0.10 | -0.16 | -0.36 | -0.01 |
| Diluted Shares Outstanding | 409.38M | 381.6M | 323.1M | 252.44M | 248.23M | 218.03M | 214.78M |
Quick answers to the most common questions about buying CIFR stock.
For fiscal year 2025, Cipher Mining Inc. (CIFR) reported total revenue of $187.4M.
Cipher Mining Inc. (CIFR) reported a net loss of $822.2M for the fiscal year ending 2025.
Cipher Mining Inc. (CIFR) reported an operating income of $-337.4M, resulting in an operating profit margin of -180.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cipher Mining Inc. (CIFR) generated $63.6M in gross profit for the year, representing a gross profit margin of 33.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative operating margins and cash burn
Metrics are mathematically derived from official filings.
Net Interest Income Collapse Signals Funding Shift
Net interest income has swung from a modest positive contributor to a significant drag, declining from $842K in 2024Q3 to a loss of $30.9M in 2026Q2, suggesting a major shift in the company's cash and debt structure.
The dramatic reversal in NII, from a small positive to a material quarterly loss, indicates the company is now paying substantially more on its liabilities than it earns on its assets. This is likely driven by the deployment of its large cash balance into higher-yielding but potentially illiquid assets, or the assumption of new debt to fund fleet expansion. The trend warrants close monitoring as it directly erodes the company's net revenue base.
Negative Net Interest Margin Reflects Structural Loss
The net interest margin has been persistently negative since 2025Q1, reaching -0.4% in 2026Q2, indicating the core banking-like function of the balance sheet is destroying value rather than generating spread income.
A negative NIM for a financial institution is a critical red flag, suggesting the cost of funds consistently exceeds the yield on earning assets. For Cipher, this likely reflects the high cost of financing its capital-intensive mining operations against a backdrop of volatile and often negative operating income. This structural margin compression is a fundamental headwind to achieving overall profitability.
Provision Volatility Masks Underlying Credit Risk
Loan loss provisions have been highly erratic, swinging from a $39.9M expense in 2025Q3 to a $9.3M benefit in 2026Q2, which suggests the underlying credit quality of the company's exposures is difficult to assess and may be subject to significant re-evaluation.
The wild swings in provision expense, including periods of negative provisions (benefits), are atypical and suggest either large, lumpy adjustments to previous estimates or the treatment of specific asset impairments. This volatility makes it challenging to model a normalized credit cost run-rate and introduces significant noise into the net income line, obscuring the true operational performance.
2025Q4 Marked a Severe Deterioration in Earnings
The fourth quarter of 2025 represents a clear inflection point where net income collapsed to a loss of $734.2M, driven by a massive operating loss of $228.9M, signaling a potential step-change in the company's cost structure or asset valuations.
The Q4 2025 results show a dramatic deterioration from the prior quarter's near-breakeven net loss, with the operating loss expanding over six-fold. This appears to be driven by a combination of factors, including a sharp drop in non-interest income and a significant provision expense. This quarter likely marks the recognition of substantial non-cash charges, such as asset impairments or depreciation, and sets a new, more challenging baseline for future performance.
Core Mining Economics Masked by Non-Operating Noise
The company's reported results are heavily distorted by non-cash items and volatile non-interest income, making it difficult to assess the true cash-generating ability of its core Bitcoin mining operations.
The income statement is dominated by large swings in non-interest income and provision expenses, which likely include non-cash impairments and mark-to-market adjustments. This obscures the underlying performance of the mining business, which should be evaluated on a cash cost basis (electricity cost per Bitcoin mined). Investors should focus on cash flow from operations and the all-in cost to mine a Bitcoin, as the GAAP net income figure is currently an unreliable indicator of operational health.