Operating cash flow is deeply negative, with OCF/NI ratios below 1 in most quarters (e.g., 0.77 in 2026Q2), and the company relies on selling investment securities (proceeds of $1.6B in 2026Q2) to fund operations, while buybacks are minimal at $15.1M.
Marathon Digital Holdings, Inc. (MARA) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -1.14B | 94.72M | -677.02M | -315.65M | -176.48M | -18.22M | -7.77M | -3.32M | -8.24M | -10.81M | 10.17M | -2.96M | 4.46M | -1.52M | -1.26M | -34.27K |
| Operating CF Growth % | -120.04% | 113.99% | -114.48% | -78.86% | -868.69% | -134.36% | -134.24% | 59.72% | 23.78% | -206.25% | 443.53% | -166.47% | 393.2% | -20.46% | -3580.46% | - |
| Net Income | -3.46B | -4.7M | 541.01M | 261.17M | -686.74M | -36.17M | -10.45M | -3.52M | -12.81M | -31.33M | -28.83M | -16.94M | -3.15M | -3.45M | -6.93M | 0 |
| Depreciation & Amortization | 819.35M | 772.77M | 426.63M | 179.51M | 78.71M | 14.9M | 3.06M | 1.08M | 2.07M | 1.85M | 7.46M | 10.83M | 5.53M | 1.04M | 8.77K | 0 |
| Deferred Taxes | -211.92M | 56.38M | 73.22M | 15.29M | -22.57M | 23.02M | 1.17M | 385.45K | 0 | 0 | 11.39M | -8.28M | -4.95M | 139.69K | 1.4M | 0 |
| Other Non-Cash Items | 3.8B | -920.92M | -1.7B | -391.92M | 606.1M | -43.05M | 1.09M | -507.86K | 5.82M | 17.33M | 15.82M | 5.18M | 5.03M | -1.63M | 62.79K | -30.93K |
| Working Capital Changes | -1B | 18.9M | -173.89M | -412.35M | -176.57M | -137.7M | -3.82M | -1.69M | -4.74M | -629.24K | 2.38M | 3.76M | 251.91K | 533.25K | -42K | -3.35K |
| Cash from Investing | 2.32B | -669.92M | -3.23B | 4.59M | -390.23M | -891.92M | -81.29M | 1.21M | -4.16M | -7.79K | -3.69M | -58.39K | -7.87M | -3M | -1.86M | 0 |
| Purchase of Investments | -446.6M | 7.69M | -1.98B | -71.8M | -500K | -153M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.17M | -1.37M | 0 |
| Sale/Maturity of Investments | 3.51B | -8.68M | 152.29M | 264.94M | 849.78M | 3M | 2.1M | 1.22M | 1.34M | 0 | 0 | 0 | 0 | 1.18M | 576.48K | 0 |
| Net Investment Activity | 3.06B | -988K | -1.83B | 193.15M | 849.28M | -150M | 2.1M | 1.22M | 1.34M | 0 | 0 | 0 | 0 | 4.35M | -790.15K | 0 |
| Acquisitions | -267.26M | 22.23M | -335.63M | -71.8M | -44M | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 745.42K | 0 |
| Other Investing | -51.09M | -284.09M | 873K | -89.15M | -1.15B | -30M | 0 | 0 | -250K | 0 | -3.68M | 0 | -7.82M | -3.17M | -745.42K | 0 |
| Cash from Financing | -1.03B | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B | 229.69M | 245.49K | 0 | 20.45M | -4.01M | 508.84K | 4.89M | 5.78M | 5.35M | 9.68K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.59M | -46.92M | -34.86M | -15.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -132K | 0 |
| Stock Issued | 249.22M | 568.56M | 1.85B | 621.99M | 361.49M | 312.2M | 222.89M | 255.89K | 0 | 16.07M | 4.65M | 0 | 6.39M | 5.78M | 6.51M | 0 |
| Net Stock Activity | 226.63M | 521.64M | 1.82B | 606.24M | 361.49M | 312.2M | 222.89M | 255.89K | 0 | 16.07M | 4.65M | 0 | 6.39M | 5.78M | 6.38M | 0 |
| Debt Issuance (Net) | -1.79M | 1000K | 1000K | -1000K | 1000K | 1000K | 63K | 0 | 0 | 1000K | -1000K | 490.09K | 1000K | 0 | -1000K | 9.68K |
| Other Financing | -26.77M | -39.77M | 4.61M | -380K | -81K | 313.64M | -500 | -10.4K | 0 | 158.51K | 46.67K | 18.75K | -9.97M | 0 | 50K | 0 |
| Net Change in Cash | 142.66M | 155.36M | 46.46M | 244.81M | -156.05M | 127.2M | 140.63M | -1.86M | -12.4M | 9.95M | 2.44M | -2.53M | 1.47M | 1.26M | 2.23M | -24.6K |
| Exchange Rate Effect | -7.79M | -897.45M | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 317.87K | -31.81K | -16.63K | -1.53K | 0 | 0 | 0 |
| Cash at Beginning | 559.13M | 403.77M | 357.31M | 112.5M | 268.56M | 141.32M | 692.96K | 2.55M | 14.95M | 5M | 2.56M | 5.08M | 3.61M | 2.35M | 129.15K | 24.65K |
| Cash at End | 433.27M | 559.13M | 403.77M | 357.31M | 112.5M | 268.52M | 141.32M | 692.96K | 2.55M | 14.95M | 5M | 2.56M | 5.08M | 3.61M | 2.35M | 55 |
| Interest Paid | 0 | 2.02M | 678K | 7.39M | 11.43M | 0 | 0 | 0 | 0 | 1.54M | 1.92M | 1.98M | 280.78K | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 32.31M | 1.15M | 723K | 7K | 0 | 0 | 0 | 0 | 5.46K | 43.05K | 168.38K | 39.08K | 0 | 0 | 0 |
| Free Cash Flow | -1.57B | -312.35M | -930.48M | -343.26M | -217.59M | -727.14M | -91.16M | -3.32M | -13.74M | -10.82M | 6.48M | -3.02M | -3.41M | -4.7M | -2.33M | -34.27K |
| FCF Growth % | -3.13% | 66.43% | -171.07% | -57.76% | 70.08% | -697.62% | -2642.69% | 75.81% | -27.03% | -266.84% | 314.69% | 11.57% | 27.4% | -101.7% | -6703.68% | - |
Quick answers to the most common questions about buying MARA stock.
Marathon Digital Holdings, Inc. (MARA) generated $94.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Marathon Digital Holdings, Inc. (MARA) reported negative free cash flow of $312.3M in 2025, indicating capital requirements exceeded cash from operations.
Marathon Digital Holdings, Inc. (MARA) spent $407.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Marathon Digital Holdings, Inc. (MARA) spent $46.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Bitcoin price volatility
Metrics are mathematically derived from official filings.
Negative Earnings Undermine Capital Generation
MARA's operating cash flow turned deeply negative, with OCF/NI ratios below 1 in most quarters, indicating that reported losses are consuming cash rather than generating capital, as per recent financial statements.
The company's operating cash flow has been consistently negative since 2025Q1, with the exception of 2024Q2 and 2024Q1, and the magnitude of losses has grown substantially, reaching -$471.3 million in 2026Q2. This suggests that the company is not generating organic capital to support growth or absorb potential shocks. The negative OCF/NI ratios, such as -1.62 in 2025Q3, indicate that non-cash adjustments are not offsetting cash outflows, which may signal deteriorating earnings quality.
Securities Sales Drive Cash Inflows
MARA has been a net seller of investment securities, with sale proceeds totaling $1.6 billion in 2026Q2 and $1.5 billion in 2026Q1, while purchases were negligible, as reported in quarterly filings.
The company appears to be liquidating its investment portfolio to fund operations, as evidenced by the large sale proceeds and minimal purchases. This trend may indicate a need for liquidity to cover operating losses and other cash requirements. The lack of reinvestment suggests a strategic shift away from holding securities, possibly to focus on core operations or to manage balance sheet risk.
Minimal Loan Activity Reflects Non-Bank Model
Loan loss provisions have been volatile, ranging from $4.8 million to $430.6 million, but loan-related cash flows are not separately disclosed, indicating that MARA's operations are not traditional lending, as per financial data.
The absence of loan origination or repayment cash flows in the statement suggests that MARA's business model is not reliant on interest income from loans. The large provisions, particularly in 2025Q4 and 2026Q1, may be tied to digital asset impairments rather than credit losses, which warrants further investigation into the nature of these charges.
No Dividends, Minimal Buybacks
MARA has not paid dividends and has only engaged in minimal buybacks, totaling $15.1 million in 2026Q2 and $7.5 million in 2026Q1, suggesting a focus on preserving cash, as per recent filings.
The lack of capital return to shareholders is consistent with the company's negative earnings and cash flow position. The small buyback amounts may be aimed at offsetting dilution from employee stock compensation, but they are not material relative to the company's market cap. Investors should monitor whether the company will need to raise capital to fund operations, given the persistent cash burn.
Deposit Flows Not Applicable
MARA does not report deposit flows, as it is not a depository institution, and its cash flow statement is dominated by digital asset-related activities, according to the provided data.
The absence of deposit data is expected given the company's classification as a capital markets firm. The cash flow statement instead reflects the company's reliance on selling securities and managing digital asset holdings. This highlights the need to analyze the company's liquidity through its balance sheet and investment activities rather than traditional banking metrics.
Cash Flow Statement Hides Asset Impairments
The cash flow statement may not fully capture the impact of digital asset impairments, as non-cash charges like the $430.6 million provision in 2025Q4 are not reflected in operating cash flows, based on reported figures.
The large provisions for loan losses, which are likely related to digital asset impairments, are non-cash items that reduce net income but do not affect operating cash flow directly. This suggests that the company's cash flow statement may understate the economic deterioration of its asset base. Additionally, the company's reliance on selling securities to generate cash may not be sustainable if the investment portfolio is depleted. Investors should scrutinize the balance sheet for unrealized losses and the sustainability of the company's liquidity position.