Q2 25 EPS
$1.84
BEAT +769.09%
Est. $-0.28
Q2 25 Revenue
$238.5M
BEAT +6.64%
Est. $223.7M
vs S&P Since Q2 25
-41.8%
TRAILING MARKET
MARA -23.3% vs S&P +18.5%
Market Reaction
Did MARA Beat Earnings? Q2 2025 Results
Marathon Digital Holdings delivered a blowout second quarter, posting earnings of $1.84 per diluted share against a consensus estimate of negative $0.28, a beat of more than 769%, while revenue climbed 64.3% year-over-year to $238.50 million, edging … Read more Marathon Digital Holdings delivered a blowout second quarter, posting earnings of $1.84 per diluted share against a consensus estimate of negative $0.28, a beat of more than 769%, while revenue climbed 64.3% year-over-year to $238.50 million, edging past the $223.65 million Wall Street had anticipated. The headline driver was a $1.20 billion unrealized gain on digital assets as bitcoin appreciated to $107,173 by quarter-end, swinging the company from a net loss of $199.70 million in Q2 2024 to net income of $808.20 million. Operationally, MARA expanded its energized hashrate 82% year-over-year to 57.4 EH/s while fleet efficiency reached 18.3 joules per terahash, helping push cost per petahash per day down 24% to $28.70. Bitcoin holdings surged 170% year-over-year to 49,951 BTC, roughly $5.30 billion, as the company leaned into active treasury management rather than passive accumulation. Those forward momentum signals are expected to continue, with management reiterating its 75 EH/s year-end hashrate target and a long-term goal of generating more than 50% of revenues internationally by 2028.
Key Takeaways
- • 50% increase in average bitcoin price contributed $76.6 million to revenue growth
- • 82% year-over-year increase in energized hashrate to 57.4 EH/s
- • 52% increase in total blocks won to 694 from 457 in Q2 2024
- • $1.2 billion unrealized gain on digital assets due to BTC appreciation to $107,173 by quarter-end
- • 24% improvement in cost per petahash per day from $37.8 to $28.7
- • Transition from asset-light to vertically integrated model with 70% owned-and-operated capacity
MARA YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
“We've built MARA at the intersection of two of the fastest-growing industries on Earth: energy and compute. In doing so, we're working to define a new category of company, one that powers the technologies shaping the future.”
— Fred Thiel, Q2 2025 Earnings Press Release
MARA Earnings Trends
MARA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MARA EPS Trend
Earnings per share: estimate vs actual
MARA Revenue Trend
Quarterly revenue: estimate vs actual
MARA Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.51 | $-3.31 | -555.45% | $174.6M | -5.22% |
| Q4 25 MISS FY | $-0.03 | $-4.52 | -17,980.00% | $202.3M | -19.51% |
| FY Full Year | — | — | — | $907.1M | — |
| Q3 25 MISS | $0.35 | $0.27 | -23.58% | $252.4M | -0.81% |
| Q2 25 BEAT | $-0.28 | $1.84 | +769.09% | $238.5M | +6.64% |
| Q1 25 MISS | $0.56 | $-1.55 | -376.00% | $213.9M | -2.92% |
| Q4 24 BEAT FY | $-0.08 | $1.24 | +1,650.00% | $214.4M | +14.58% |
| FY Full Year | $0.26 | $1.72 | +561.54% | $656.4M | +3.93% |
| Q3 24 MISS | $-0.25 | $-0.42 | -68.00% | $131.6M | -13.20% |
| Q2 24 MISS | $-0.14 | $-0.72 | -414.29% | $145.1M | -8.05% |
| Q1 24 BEAT | $0.22 | $1.26 | +472.73% | $165.2M | +0.00% |
| Q4 23 BEAT FY | $0.03 | $0.66 | +2,100.00% | $156.8M | +0.00% |
| FY Full Year | — | $1.06 | — | $387.5M | — |
| Q3 23 BEAT | $-0.11 | $0.35 | +418.18% | $97.8M | -5.04% |
| Q3 16 BEAT | $-3.92 | $-0.21 | +94.64% | $43,113 | — |