Marathon Digital Holdings, Inc. (MARA) Revenue History
Annual and quarterly revenue from 2011 to present
MARA Revenue Over Time (2011–2025)
MARA Revenue Growth History
8 of 12 years with positive growth- FY2011 revenue growth
- N/A
- FY2012 revenue growth
- N/A
- FY2013 revenue growth
- N/A
- FY2014 revenue growth
- +526.2%
- FY2015 revenue growth
- -11.3%
- FY2016 revenue growth
- +93.0%
- FY2017 revenue growth
- -98.6%
- FY2018 revenue growth
- +200.7%
- FY2019 revenue growth
- -24.1%
- FY2020 revenue growth
- +267.6%
- FY2021 revenue growth
- +3553.0%
- FY2022 revenue growth
- -26.0%
- FY2023 revenue growth
- +229.1%
- FY2024 revenue growth
- +69.4%
- FY2025 revenue growth
- +38.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $174.6M | — |
| Q4 2025 | $202.3M | — |
| Q3 2025 | $252.4M | — |
| Q2 2025 | $238.5M | — |
| Q1 2025 | $213.9M | — |
| Q4 2024 | $214.4M | — |
| Q3 2024 | $131.6M | — |
| Q2 2024 | $145.1M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
MARA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
MARA Revenue Analysis (2011–2025)
Current Revenue & Growth
As of June 21, 2026, Marathon Digital Holdings, Inc. (MARA) generated trailing twelve-month (TTM) revenue of $867.8 million, reflecting significant decline in growth of -18.4% year-over-year. The most recent quarter (Q1 2026) recorded $174.6 million in revenue, down 13.7% sequentially.
Historical Growth Trajectory
MARA's 5-year compound annual growth rate (CAGR) stands at +190.9%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +97.5% is below the 5-year average, signalling a growth deceleration in recent years. Marathon Digital Holdings, Inc.'s highest annual revenue of $907.1 million was recorded in 2025, an all-time high.
Revenue by Segment
MARA's revenue is primarily driven by Hosting Services (100%). With over half of revenue concentrated in Hosting Services, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Financial Services sector peers — including RIOT, CLSK (+37.7% YoY), and CIFR — MARA has underperformed the peer group in revenue growth. Compare MARA vs RIOT →
MARA Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MARACurrent | $868M | -18.4% | +190.9% | -90.6% | |
 RIOT | $647M | - | - | -61.8% | |
 CLSK | $766M | +37.7% | +138.0% | 41.6% | |
 CIFR | $224M | - | - | -150.7% | |
 IREN | $501M | - | - | 3.5% | |
 HUT | $15M | - | - | -2104.6% |
MARA Historical Revenue Data (2011–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $907.1M | - | $-432,943,000 | -47.7% | $-822,169,000 | -90.6% |
| 2024 | $656.4M | - | $-159,373,000 | -24.3% | $306.1M | 46.6% |
| 2023 | $387.5M | - | $-15,343,000 | -4.0% | $220.9M | 57.0% |
| 2022 | $117.8M | - | $-33,671,000 | -28.6% | $-673,543,000 | -572.0% |
| 2021 | $159.2M | - | $116.8M | 73.4% | $-57,587,000 | -36.2% |
| 2020 | $4.4M | - | $-2,558,000 | -58.7% | $-9,818,000 | -225.3% |
| 2019 | $1.2M | - | $-2,772,404 | -233.9% | $-4,239,111 | -357.7% |
| 2018 | $1.6M | - | $-3,773,687 | -241.5% | $-12,076,336 | -772.9% |
| 2017 | $520K | - | $-7,313,596 | -1407.5% | $-14,183,490 | -2729.6% |
| 2016 | $36.6M | - | $4.6M | 12.6% | $-15,583,614 | -42.5% |
| 2015 | $19.0M | - | $-3,045,250 | -16.0% | $-25,680,432 | -135.3% |
| 2014 | $21.4M | - | $5.7M | 26.7% | $-6,206,728 | -29.0% |
| 2013 | $3.4M | - | $2.5M | 72.0% | $-3,675,453 | -107.5% |
| 2012 | $0 | - | $-2,676,462 | - | $-5,540,962 | - |
| 2011 | $0 | - | $0 | - | $-30,928 | - |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
15+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MARA — Frequently Asked Questions
Quick answers to the most common questions about buying MARA stock.
Is MARA's revenue growth accelerating or slowing?
MARA revenue is declining -18.4% year-over-year. TTM revenue fell to $868M, contrasting with the 5-year CAGR of +190.9%. The reversal reflects either macro headwinds or company-specific challenges.
What is MARA's revenue history from 2011 to 2026?
Marathon Digital Holdings, Inc. (MARA) revenue history spans 2011 to 2026. TTM revenue as of 2026 is $868M, growing at -18.4% YoY. The 5-year CAGR is +190.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MARA's long-term revenue growth rate (CAGR)?
Marathon Digital Holdings, Inc.'s 5-year revenue CAGR of +190.9% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -18.4% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MARA.
Why does MARA's quarterly revenue fluctuate?
MARA quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Marathon Digital Holdings, Inc.'s revenue data from 2011 to 2026 shows full historical quarterly detail on this page.
How is MARA's revenue distributed by segment?
MARA reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MARA's revenue compare to industry peers?
Marathon Digital Holdings, Inc. (MARA) with TTM revenue of $868M and -18.4% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.