Q4 25 EPS
$-4.52
MISS 17,980.00%
Est. $-0.03
Q4 25 Revenue
$202.3M
MISS 19.51%
Est. $251.3M
vs S&P Since Q4 25
+29.2%
BEATING MARKET
MARA +38.7% vs S&P +9.5%
Full Year 2025 Results
FY 25 Revenue
$907.1M
Market Reaction
Did MARA Beat Earnings? Q4 2025 Results
Marathon Digital Holdings delivered a deeply disappointing Q4 2025, missing on both the top and bottom lines as bitcoin price volatility inflicted severe damage on its financials. Revenue fell 5.6% year-over-year to $202.30 million, coming in well sh… Read more Marathon Digital Holdings delivered a deeply disappointing Q4 2025, missing on both the top and bottom lines as bitcoin price volatility inflicted severe damage on its financials. Revenue fell 5.6% year-over-year to $202.30 million, coming in well short of the $251.34 million consensus estimate, while the company swung to a staggering net loss of $1.70 billion, or $4.52 per diluted share, against a $-0.03 consensus, a miss of roughly 17,980%. The primary culprit was a $1.50 billion loss on the fair value of digital assets as bitcoin prices retreated during the quarter, overwhelming operational progress that included a 25% expansion of energized hashrate to 66.4 EH/s. Investors appeared to look past the headline loss, however, focusing instead on MARA's announced joint venture with Starwood Digital Ventures to develop AI and high-performance computing infrastructure across its power-rich sites, targeting more than 1 GW of IT capacity initially. Management frames 2026 as an inflection point, planning to monetize bitcoin opportunistically while selectively deploying AI and HPC workloads where returns justify investment.
Key Takeaways
- • 14% decrease in average price of bitcoin mined drove Q4 revenue decline
- • $1.5 billion loss on fair value of digital assets due to BTC price decline in Q4
- • 53% increase in average bitcoin price mined drove full-year revenue growth of 38%
- • Energized hashrate increased 25% to 66.4 EH/s
- • Accelerated depreciation of $772.8 million for full year including $110.5 million on certain mining rigs
- • Higher global network difficulty outpaced hashrate growth reducing bitcoin mined per unit of energy
MARA YoY Financials
Q4 2025 vs Q4 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 | — |