MARA (MARA) Q3 2026 Earnings
Net income includes an $885.3 million unrealized gain related to the fair value of digital assets (bitcoin mark-to-market), versus a $343.1 million gain in Q3 2025.
How Did MARA Stock React to Q3 2026 Earnings?
Did MARA Beat Earnings? Q3 2026 Results
Yes. MARA reported Q3 2026 earnings of $1.28 a share on Nov 9, 2026, beating the $-0.10 consensus estimate by 1,380.0%. Revenue was $164.2M against a $176.1M estimate.
MARA Holdings delivered a headline earnings beat in Q3 2026 that was driven almost entirely by a paper gain on its bitcoin holdings rather than operating performance. The company posted GAAP EPS of $1.28, clearing the consensus estimate of negative $0.10 by 1,380%, but that figure included an $885.30 million unrealized mark-to-market gain on digital assets, up from a $343.10 million gain a year earlier, which accounted for the overwhelming bulk of reported net income. On the revenue line, the picture was weaker: sales of $164.23 million missed the $176.13 million consensus by 6.76% and fell 34.9% year over year, as a 37% drop in the average price of bitcoin mined sliced $94.80 million from the top line. MARA is actively repositioning away from pure bitcoin mining, and management is targeting two data center leases before year-end, the pending Long Ridge gas plant acquisition, and Exaion's $3 billion-plus contract pipeline as the pillars of a future infrastructure revenue stream, even as it cautioned that lease signings could slip into 2027.
- 37% decline in average price of bitcoin mined lowered revenue by $94.8 million
- Higher bitcoin production added $11.7 million to revenue; 24.4 BTC per day vs 23.3 BTC
- $885.3 million unrealized bitcoin mark-to-market gain drove net income and Adjusted EBITDA
- Energized hashrate up 18% to 71.2 EH/s, primarily from miner efficiency improvements
- Cost per petahash per day improved 2% to $30.8; improved 20% over eight quarters
- G&A down 11% primarily on $9.8 million lower stock-based compensation
- Depreciation down 10% as certain mining rigs reached end of useful lives
- Loaned 1,408 BTC generating approximately $2.5 million of interest income
What Is MARA's Outlook?
MARA targets signing two data center leases before year-end 2026, though it cautioned the timing could slip into next year. It expects the Long Ridge acquisition to close by year-end. Long Ridge's authorized output is expected to rise from 485 MW to its full 505 MW nameplate in the first half of 2027, with roughly 70% of output under long-term contracts. Management expects the plant to generate significant adjusted EBITDA. Exaion's non-committed pipeline exceeds $3 billion in contract value, with about $1 billion targeted for delivery by end-2027. Third-party hosting arrangements covering about 29% of energy capacity expire from Q3 2027 through Q1 2028, which is expected to eliminate hosting costs and improve cost per kWh. MARA intends to keep monetizing bitcoin to fund AI infrastructure, satisfy convertible note puts exercisable next year, and pursue potential share repurchases. It expects its power portfolio to exceed 4 GW, with a path to 4.8 GW, subject to closing Long Ridge and energizing Matagorda.
MARA YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $164.2M | $252.4M | −34.9% |
| Operating Income | $176.5M | $47.6M | +271.0% |
| Net Income | $632.1M | $123.1M | +413.3% |
MARA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.