Marathon Digital Holdings, Inc. (MARA) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2024)
MARA's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
MARA Revenue Analysis (2014–2025)
As of March 1, 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 IREN, BMNR, and WULF. Compare MARA vs IREN →
Peer Comparison
Compare MARA's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MARACurrent | $907M | -5.6% | +190.9% | -135.0% | |
| IREN | $501M | - | - | 3.5% | |
| BMNR | $6M | - | - | 7288.1% | |
| WULF | $140M | - | - | -54.4% | |
| CIFR | $224M | - | - | -76.7% | |
| RIOT | $377M | - | - | 40.8% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $907.1M | - | $0 | - | $-1,224,250,000 | -135.0% |
| 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% |
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Start ComparisonFrequently Asked Questions
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.