Q3 25 EPS
$0.27
MISS 23.58%
Est. $0.35
Q3 25 Revenue
$252.4M
MISS 0.81%
Est. $254.5M
vs S&P Since Q3 25
-33.3%
TRAILING MARKET
MARA -22.3% vs S&P +10.9%
Market Reaction
Did MARA Beat Earnings? Q3 2025 Results
Marathon Digital delivered a mixed third quarter, posting revenue of $252.40 million, up 91.7% year-over-year but falling short of the $254.47 million consensus by 0.81%, while earnings per share of $0.27 missed the $0.35 estimate by 23.58%, sending … Read more Marathon Digital delivered a mixed third quarter, posting revenue of $252.40 million, up 91.7% year-over-year but falling short of the $254.47 million consensus by 0.81%, while earnings per share of $0.27 missed the $0.35 estimate by 23.58%, sending shares lower in the session that followed. The primary engine behind the top-line surge was an 88% rise in the average bitcoin price, which alone contributed $113.30 million to the year-over-year revenue increase, complemented by a 5% increase in blocks won and a 64% expansion in energized hashrate to 60.4 EH/s. MARA swung to GAAP net income of $123.10 million, compared to a loss of $124.80 million a year ago, aided substantially by a $343.10 million fair-value gain on digital assets, while Adjusted EBITDA climbed to $395.60 million from $22.30 million. Looking ahead, the company is targeting 75 EH/s by year-end while pivoting toward vertically integrated digital infrastructure through its pending Exaion acquisition and a new partnership with MPLX to develop data center campuses with up to 1.5 GW of potential capacity.
Key Takeaways
- • 88% increase in average bitcoin price contributed $113.3 million to revenue growth
- • 64% year-over-year increase in energized hashrate to 60.4 EH/s
- • 5% increase in blocks won to 633
- • $343.1 million gain on fair value of digital assets boosted net income
- • Cost per petahash per day improved 15% from $37.0 to $31.3
- • Transition from asset-light to vertically integrated model reduced electricity cost per coin
MARA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
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 | — |