MARA (MARA) Q2 2025 Earnings
How Did MARA Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +1.67%.
Did MARA Beat Earnings? Q2 2025 Results
Yes. MARA reported Q2 2025 earnings of $1.84 a share on Jul 29, 2025, beating the $-0.28 consensus estimate by 769.1%. Revenue was $238.5M against a $223.7M estimate.
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 <a href="https://247wallst.com/investing/2025/07/29/live-coverage-will-marathon-digital-mara-move-higher-after-2q-earnings/">forward momentum signals</a> 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.
- 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
“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.”
MARA CEO, on the earnings call
What Was MARA's Outlook in Q2 2025?
MARA remains on track to reach its year-end energized hashrate target of 75 EH/s. The company expects to energize a new behind-the-meter data center at its Texas wind farm in H2 2025. It is committed to generating more than 50% of revenues from international markets by 2028. As the company transitions more operations to owned-and-operated sites and phases out third-party hosted contracts, it expects unit costs to continue declining. MARA is also exploring hybrid applications for its infrastructure including AI inference and HPC workloads. Post quarter-end, the company closed $950 million of 0.00% Convertible Senior Notes due 2032, providing additional flexibility for bitcoin acquisitions, M&A, and debt repayment.
MARA YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $238.5M | $145.1M | +64.3% |
| Net Income | $808.2M | $133.6M | +504.8% |
MARA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.