Marathon Digital Holdings, Inc. (MARA) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -247.49M | 672.7M | -199.05M | -163.44M | -215.49M | -313.43M | -440.82M | 21.14M | 56.08M | 64.06M | -81.62M | -51.41M | -28.81M | -92.24M | -43.4M | -14.81M | -26.06M | 25.7M | 14.08M | -3.67M |
| Operating CF Margin % | -141.73% | 332.5% | -78.86% | -68.53% | -100.75% | -146.19% | -334.85% | 14.56% | 33.95% | 40.86% | -83.41% | -62.88% | -56.35% | -324.52% | -342.03% | -59.43% | -50.38% | 42.63% | 27.24% | -12.51% |
| Operating CF Growth % | -14.85% | 314.63% | 54.85% | -873.22% | -484.23% | -589.31% | -440.09% | 141.12% | 294.65% | 169.45% | -88.05% | -247.11% | -10.56% | -458.96% | -408.17% | -303.73% | -745.18% | 1627.82% | 1136.99% | -497.65% |
| Net Income | -1.26B | -2.07M | -1.71M | 808.21M | -533.44M | 528.53M | -124.79M | -199.66M | 337.17M | 223.4M | 64.14M | -8.96M | -7.24M | -406.71M | -75.42M | -216.88M | -12.96M | 11.53M | -22.17M | -108.88M |
| Depreciation & Amortization | 191.56M | 285.82M | 167.31M | 161.74M | 157.9M | 137.03M | 101.36M | 107.28M | 81.6M | 70.96M | 53.55M | 37.27M | 17.73M | 13.83M | 26.29M | 24.71M | 18.57M | 6.89M | 4.34M | 2.36M |
| Stock-Based Compensation | 30.51M | 0 | 0 | 54.66M | 49.12M | 54.06M | 0 | 0 | 51.91M | 18.74M | 5.51M | 4.45M | 3.94M | 5.72M | 3.42M | 6.18M | 9.28M | 8.45M | 0 | 4.69M |
| Deferred Taxes | -31.39M | 183.39M | -37.68M | 201.69M | -112.11M | 117.15M | -49.49M | -32M | 37.56M | 14.94M | 73K | 203K | 75K | -22.37M | -5.75M | 9.45M | -4.3M | 23.02M | 0 | 0 |
| Other Non-Cash Items | 1.03B | -513.35M | -83.15M | -1.64B | 473.29M | -777.5M | 64.55M | 138.42M | -451.56M | -267.54M | -101.47M | -24.35M | -8.87M | 391.6M | 21.63M | 189.59M | 26.98M | -3.11M | 60.68M | 125.89M |
| Working Capital Changes | -202.74M | 718.92M | -243.82M | 250.23M | -250.23M | -372.69M | -432.44M | 7.1M | -598K | 3.56M | -103.42M | -60.03M | -34.46M | -74.29M | -13.58M | -27.85M | -63.63M | -21.07M | -28.76M | -27.72M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -9.32M | 0 | -5.68M | 3.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 409.44M | 15.24M | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 13.2M | 0 | 24.59M | -781K | -3.21M | 925K | 6.22M | -3.78M | 5.13M | 13.27M | -4.55M | -1.09M | 11.93M | 892.3K | 1.64M |
| Cash from Investing | 1.19B | -46.7M | -285.65M | -127.16M | -209.85M | -2B | -537.67M | -278M | -416.59M | 4.97M | 33.58M | -24.57M | -72.03M | -22.16M | -34.05M | -125.09M | -209.42M | -519.69M | -99.32M | -33.84M |
| Capital Expenditures | -79.52M | 0 | 0 | -118.92M | -38.86M | -189.16M | -37.99M | -17.22M | -9.09M | -1.8M | -2.5M | -6.05M | -17.27M | -21.28M | -6.08M | -7.22M | -6.53M | -486.64M | 35.83M | -41.11M |
| CapEx % of Revenue | 45.54% | 81.3% | 33.61% | 49.86% | 18.17% | 88.23% | 28.86% | 11.87% | 5.5% | 1.15% | 2.55% | 7.39% | 33.78% | 74.86% | 47.89% | 28.96% | 12.63% | 807.27% | 69.29% | 140.2% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 821.26M | 3.5B | 137.14M | 3.82B | 2.88B | 3.34B | 1.85B | 1.27B | 112.2M | 166.08M | 103.04M | 99.92M | 80.19M | 37M | 37M | 17M | 366.86M | 322.14M | 208.77M | 166.92M |
| Other Investing | 1.47B | -46.7M | -285.65M | -29.46M | -93.96M | -231.01M | -119.7M | -215.11M | -250.17M | -73.63M | -21.46M | -50.27M | -11.56M | -849.67M | 31.54M | -114.86M | -192.39M | -30.06M | -135.61M | 7.29M |
| Cash from Financing | -1.11B | -7.82M | 1.2B | 203.87M | 229.78M | 2.54B | 605.98M | 336.93M | 471.89M | 342.3M | 21.29M | 79.06M | 113.22M | 162.76M | 51.9M | 110.53M | 85.47M | 729.67M | -878.08K | -3.81M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -7.46M | -7.03M | 244.86M | 204.03M | 100.14M | 690.73M | 314.91M | 338.37M | 472.76M | 342.58M | 21.2M | 65.54M | 163.29M | 162.78M | 37.66M | 75.57M | 85.47M | 878.62K | 0 | -14.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7.46M | -3.7M | -7.69M | -15.17M | 0 | -5.89M | -5.85M | -6.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 11.93M | 0 | -39.77M | 0 | -20.36M | 7.28M | -522K | -1.28M | -872K | -280K | 87K | 13.52M | -77K | -28.57K | -8K | -44K | -20 | -25.59K | -878.08K | 11.1M |
| Net Change in Cash | -169.14M | -279.26M | 716.92M | -86.74M | -195.56M | 227.51M | -91.77M | -56.24M | -33.05M | 256.1M | -26.75M | 3.08M | 12.38M | 48.36M | -25.52M | -29.38M | -150.01M | 235.67M | -128.19M | -41.32M |
| Free Cash Flow | -327.01M | 508.23M | -283.88M | -282.36M | -254.34M | -502.58M | -478.81M | 3.92M | 46.99M | 62.26M | -84.12M | -57.46M | -46.08M | -113.52M | -49.48M | -22.03M | -32.59M | -460.94M | 49.91M | -44.78M |
| FCF Margin % | -187.28% | 251.21% | -112.47% | -118.4% | -118.92% | -234.42% | -363.71% | 2.7% | 28.45% | 39.71% | -85.97% | -70.27% | -90.12% | -399.38% | -389.92% | -88.39% | -63.01% | -764.64% | 96.53% | -152.71% |
| FCF Growth % | -28.57% | 201.12% | 40.71% | -7308.53% | -641.21% | -907.27% | -469.23% | 106.82% | 201.98% | 154.84% | -70% | -160.82% | -41.39% | 75.37% | -199.13% | 50.8% | 64.48% | -2729.54% | 467.91% | -2267.63% |
| FCF per Share | -0.86 | 1.43 | -0.60 | -0.64 | -0.74 | -1.20 | -1.62 | 0.01 | 0.18 | 0.27 | -0.44 | -0.34 | -0.29 | -0.91 | -0.42 | -0.20 | -0.32 | -4.49 | 0.50 | -0.45 |
| FCF Conversion (FCF/Net Income) | 0.20x | -0.39x | -1.62x | -0.20x | 0.40x | -0.59x | 3.53x | -0.11x | 0.17x | 0.29x | 209.28x | 5.74x | -0.24x | 0.23x | 0.60x | 0.07x | 2.03x | 2.23x | -0.64x | 0.03x |
| Interest Paid | 0 | 0 | 0 | 3K | 97K | -4K | 0 | 0 | 0 | 0 | 0 | 3.1M | 0 | 6.05M | 0 | 4.46M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 2.05M | 0 | -1.26M | 0 | 0 | 3.52M | 0 | 0 | 782K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |