Structural margin volatility remains extreme, evidenced by gross margins collapsing from 82.9% in 2025Q3 to -93.0% in 2026Q1 due to shifting mining economics.
| 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 |
|---|
| Sales/Revenue | 867.82M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.59M | -432.94M | -159.37M | -15.34M | -33.67M | 116.77M | -2.56M | -2.77M | -3.77M | -7.31M | 4.63M | -3.05M | 5.71M | 2.46M | -2.68M | 0 |
| Gross Margin % | 0.3% | -47.73% | -24.28% | -3.96% | -28.59% | 73.36% | -58.71% | -233.91% | -241.54% | -1407.48% | 12.64% | -16.05% | 26.69% | 72% | - | - |
| Gross Profit Growth % | - | -171.65% | -938.73% | 54.43% | -128.84% | 4664.82% | 7.73% | 26.53% | 48.4% | -258% | 252% | -153.31% | 132.09% | 191.96% | - | - |
| Operating Expenses | -144.09M | 389.23M | -465.48M | -236.25M | 639.87M | 174.35M | 7.26M | 1.47M | 8.3M | 6.87M | 20.21M | 22.64M | 11.92M | 6.14M | 2.86M | 30.93K |
| OpEx % of Revenue | - | 42.91% | -70.92% | -60.97% | 543.4% | 109.54% | 166.63% | 123.75% | 531.41% | 1322.09% | 55.18% | 119.27% | 55.69% | 179.52% | - | - |
| Selling, General & Admin | 350.93M | 349.94M | 272.08M | 95.23M | 82.77M | 174.35M | 6.4M | 1.02M | 3.23M | 4.17M | 3.92M | 6.02M | 4.25M | 5.1M | 2.86M | 30.93K |
| SG&A % of Revenue | - | 38.58% | 41.45% | 24.57% | 70.29% | 109.54% | 146.98% | 85.97% | 206.73% | 801.8% | 10.69% | 31.7% | 19.84% | 149.14% | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 146.69M | -822.17M | 306.11M | 220.91M | -673.54M | -57.59M | -9.82M | -4.24M | -12.08M | -14.18M | -15.58M | -25.68M | -6.21M | -3.68M | -5.54M | -30.93K |
| Operating Margin % | 16.9% | -90.64% | 46.64% | 57.01% | -572% | -36.18% | -225.34% | -357.66% | -772.95% | -2729.58% | -42.54% | -135.32% | -29% | -107.52% | - | - |
| Operating Income Growth % | - | -368.59% | 38.57% | 132.8% | -1069.61% | -486.55% | -131.61% | 64.9% | 14.86% | 8.98% | 39.32% | -313.75% | -68.87% | 33.67% | -17815.68% | - |
| EBITDA | 953.11M | -49.4M | 732.74M | 400.42M | -594.83M | -42.68M | -6.75M | -3.16M | -10.01M | -12.33M | -8.13M | -14.85M | -678.45K | -2.63M | -5.53M | -30.93K |
| EBITDA Margin % | 109.83% | -5.45% | 111.63% | 103.33% | -505.15% | -26.82% | -155.01% | -266.77% | -640.48% | -2373.5% | -22.19% | -78.24% | -3.17% | -77.04% | - | - |
| EBITDA Growth % | 1042.76% | -106.74% | 82.99% | 167.32% | -1293.61% | -531.97% | -113.61% | 68.4% | 18.86% | -51.77% | 45.27% | -2088.48% | 74.24% | 52.4% | -17787.32% | - |
| D&A (Non-Cash Add-back) | 806.43M | 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 |
| EBIT | 622.43M | -822.17M | 629.5M | 287.95M | -703.27M | -12.95M | -10.43M | -3.47M | -10.37M | -26.57M | -14.17M | -20.85M | -6.25M | -3.71M | -5.53M | -30.93K |
| Net Interest Income | 5.23M | 7.47M | 3.71M | -7.54M | -13.96M | -891.59K | -2.64K | -18.26K | -2.36M | -4.87M | -3.14M | -4.24M | -542.65K | 477 | 825 | 0 |
| Interest Income | 54.39M | 55.85M | 16.71M | 2.81M | 1.02M | 677.41K | 18.34K | 33.65K | 14.23K | 2.79K | 4.35K | 1.07K | 634 | 1.55K | 978 | 0 |
| Interest Expense | 49.16M | 48.38M | 13M | 10.35M | 14.98M | 1.57M | 20.98K | 51.91K | 2.37M | 4.87M | 3.14M | 4.25M | 543.28K | 1.07K | 153 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -2.01B | -1.37B | 616.5M | 277.6M | -718.25M | -14.52M | -10.45M | -3.52M | -12.75M | -31.44M | -17.31M | -25.1M | -6.8M | -3.71M | -5.53M | -30.93K |
| Pretax Margin % | -231.5% | -150.84% | 93.92% | 71.64% | -609.97% | -9.12% | -239.75% | -296.74% | -815.76% | -6050.08% | -47.26% | -132.24% | -31.75% | -108.64% | - | - |
| Income Tax | 31.86M | -56.38M | 75.5M | 16.43M | -24.23M | 22.58M | 2K | 0 | 69.13K | -103.95K | 11.52M | -8.16M | -4.91M | 0 | 0 | 0 |
| Effective Tax Rate % | -1.59% | 4.12% | 12.25% | 5.92% | 3.37% | -155.48% | -0.02% | 0% | -0.54% | 0.33% | -66.52% | 32.5% | 72.3% | 0% | 0% | 0% |
| Net Income | -2.04B | -1.31B | 541.25M | 261.17M | -694.02M | -37.1M | -10.45M | -3.52M | -12.81M | -31.33M | -28.67M | -16.94M | -1.88M | -3.45M | -6.93M | -30.93K |
| Net Margin % | -234.83% | -144.58% | 82.46% | 67.4% | -589.39% | -23.31% | -239.8% | -296.74% | -820.18% | -6030.07% | -78.26% | -89.26% | -8.79% | -100.94% | - | - |
| Net Income Growth % | -519.2% | -342.3% | 107.24% | 137.63% | -1770.88% | -255.05% | -197.07% | 72.55% | 59.1% | -9.31% | -69.22% | -800.04% | 45.45% | 50.2% | -22299.81% | - |
| Net Income (Continuing) | -2.04B | -1.31B | 541.01M | 261.17M | -694.02M | -37.1M | -10.45M | -3.52M | -12.81M | -31.33M | -28.83M | -16.94M | -1.88M | -3.71M | -5.53M | -30.93K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 263.46K | -1.41M | 0 |
| Minority Interest | 101.27M | 5.37M | 6.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -163.85K | 0 | 0 | -10.5K | -10.5K | 0 |
| EPS (Diluted) | -5.36 | -3.69 | 1.72 | 1.06 | -6.12 | -0.37 | -0.13 | -0.61 | -2.41 | -19.22 | -30.22 | -19.08 | -2.58 | -6.00 | -19.88 | -0.26 |
| EPS Growth % | -317.36% | -314.53% | 62.26% | 117.32% | -1554.05% | -184.62% | 78.69% | 74.69% | 87.46% | 36.4% | -58.39% | -639.53% | 57% | 69.82% | -7546.15% | - |
| EPS (Basic) | - | -3.69 | 1.87 | 1.41 | -6.12 | -0.37 | -0.13 | -0.61 | -2.41 | -19.22 | -30.22 | -19.08 | -2.58 | -6.00 | -19.88 | -0.26 |
| Diluted Shares Outstanding | 380.16M | 355.17M | 311.84M | 192.29M | 113.47M | 99.34M | 81.41M | 6.66M | 5.32M | 1.63M | 948.63K | 888.05K | 728.8K | 575.52K | 348.45K | 118.57K |
| Basic Shares Outstanding | 380.16M | 355.17M | 289.96M | 183.86M | 113.47M | 99.34M | 81.41M | 6.66M | 5.32M | 1.63M | 948.63K | 888.05K | 728.8K | 575.52K | 348.45K | 118.57K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme Bitcoin Price Sensitivity
As reported in recent financial statements, MARA's gross margin fluctuated significantly, reaching a low of -119.2% in 2025Q4, which underscores the extreme sensitivity of the company's unit-level profitability to external network difficulty adjustments and the inherent volatility of Bitcoin market pricing during the observed ten-quarter period.
The wide variance in gross margins suggests that the company lacks the pricing power to offset rising energy costs and network difficulty. Investors should monitor whether the shift toward direct infrastructure ownership can stabilize these margins or if it merely adds fixed-cost burdens that exacerbate losses during cyclical downturns.
Based on the company's reported figures, SG&A expenses have remained relatively sticky between $63.7M and $92.9M, failing to scale efficiently against revenue, which indicates that the firm has yet to achieve the operating leverage necessary to sustain profitability during periods of compressed mining rewards.
The inability to decouple overhead growth from revenue volatility suggests a high-fixed-cost structure that may hinder long-term margin expansion. This lack of operating leverage implies that management's current strategy prioritizes scale over immediate bottom-line efficiency, which warrants further investigation into the sustainability of their cost base.
According to the company's quarterly filings, net income has swung violently from a $1.7B loss in 2025Q4 to an $808.2M profit in 2025Q2, a trend that appears largely driven by non-operating items and the accounting treatment of digital assets rather than core operational performance.
The significant reliance on non-operating gains and the impact of share-based compensation, which reached $54.7M in 2025Q2, suggest that reported EPS may not accurately reflect the underlying cash-generating capacity of the business. Analysts should treat these bottom-line figures with caution, as they are heavily influenced by accounting nuances rather than sustainable industrial output.
As indicated by the persistent net losses and reliance on equity-based funding, the company's business model faces significant scrutiny regarding its long-term viability, particularly as the 2024 halving event effectively doubles the production cost per Bitcoin while the firm struggles to maintain positive operating margins.
Short-term growth in hash rate may be masking a fundamental issue where the cost of capital and hardware depreciation consistently outpace the value of mined assets. This suggests that the current trajectory may be unsustainable without a permanent, structural increase in the price of Bitcoin or a drastic reduction in energy-related production costs.
Quick answers to the most common questions about buying MARA stock.
Marathon Digital Holdings, Inc. (MARA) reported a net loss of $1.31B for the fiscal year ending 2025.
Marathon Digital Holdings, Inc. (MARA) reported an operating income of $-822.2M, resulting in an operating profit margin of -90.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Marathon Digital Holdings, Inc. (MARA) generated $-432.9M in gross profit for the year, representing a gross profit margin of -47.7%. This demonstrates the company's core pricing power and production efficiency.