Marathon Digital Holdings, Inc. (MARA) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
MARA Revenue Growth
Revenue Breakdown (FY 2025)
MARA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
MARA Revenue Analysis (2014–2025)
As of May 6, 2026, Marathon Digital Holdings, Inc. (MARA) generated trailing twelve-month (TTM) revenue of $907.1 million, reflecting moderate decline in growth of -5.6% year-over-year. The most recent quarter (Q4 2025) recorded $202.3 million in revenue, down 19.8% sequentially.
Looking at the longer-term picture, MARA's 5-year compound annual growth rate (CAGR) stands at +190.9%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $907.1 million in 2025, representing a new all-time high.
Revenue diversification analysis shows MARA's business is primarily driven by Hosting Services (100%). With over half of revenue concentrated in Hosting Services, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including RIOT, CLSK (+68.0% YoY), and CIFR, MARA has underperformed the peer group in terms of 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 | $907M | -5.6% | +190.9% | -90.6% | |
 RIOT | $647M | - | - | -61.8% | |
 CLSK | $766M | +68.0% | +138.0% | 41.6% | |
 CIFR | $224M | - | - | -76.7% | |
 IREN | $501M | - | - | 3.5% | |
 HUT | $235M | - | - | -136.9% |
MARA Historical Revenue Data (2014–2025)
| 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% |
See MARA's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs MARA Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare MARA vs BRK-A
Side-by-side business, growth, and profitability comparison vs Berkshire Hathaway Inc..
Start ComparisonMARA — Frequently Asked Questions
Quick answers to the most common questions about buying MARA stock.
Is MARA's revenue growth accelerating or slowing?
MARA revenue declined -5.6% year-over-year, contrasting with the 5-year CAGR of +190.9%. TTM revenue fell to $907M. This reverses the prior growth trend.
What is MARA's long-term revenue growth rate?
Marathon Digital Holdings, Inc.'s 5-year revenue CAGR of +190.9% reflects the variable expansion pattern. Current YoY growth of -5.6% is below this long-term average.
How is MARA's revenue distributed by segment?
MARA reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.