Companies /Financial Services

Marathon Digital Holdings Inc

NASDAQ: MARA Capital Markets
$11.43
▼ $0.49 (−4.11%) today
Markets closed · 8:01am ET

Q4 2025 Earnings

Reported Feb 26, 2026, 4:23pm ET · SEC source
$-4.52
Miss −17,980.00%
EPS · est. $-0.03
$202.3M
Miss −19.51%
Revenue · est. $251.3M
−3.5%
Trailing market
MARA vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−12%−6%0+6%Feb 26Feb 27report 4:23pm ETearnings−0.7%−4.9%
−12%−6%0+6%Feb 26Feb 27earnings−0.7%−4.9%
MARA −4.9%S&P 500 −0.7%
−12%−6%0+6%Feb 26Feb 27report 4:23pm ETearnings−0.6%−4.9%
−12%−6%0+6%Feb 26Feb 27earnings−0.6%−4.9%
MARA −4.9%NASDAQ −0.6%
−18%−12%−6%0Feb 25Mar 6report 4:23pm ETearnings−2.3%−17.8%
−18%−12%−6%0Feb 25Mar 6earnings−2.3%−17.8%
MARA −17.8%S&P 500 −2.3%
−18%−12%−6%0Feb 25Mar 6report 4:23pm ETearnings−1.4%−17.8%
−18%−12%−6%0Feb 25Mar 6earnings−1.4%−17.8%
MARA −17.8%NASDAQ −1.4%
+5.80%
Day of report
+5.70%
Next session
−10.40%
One week
−8.72%
30 days

S&P 500 over the same 30 days: −5.20%.

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 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 $-0.025 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

Forward Guidance & Outlook

MARA views 2026 as an inflection point with infrastructure in place, upgrades underway, the Starwood partnership advancing select assets toward hyperscale tenancy, and Exaion expanding enterprise AI capabilities. The company expects to continue monetizing bitcoin opportunistically to enhance financial flexibility, provide liquidity, and fund capital projects. Bitcoin mining remains central while AI and HPC workloads are selectively deployed where returns justify investment. MARA is prioritizing capital allocation toward the highest-value near-term opportunities given the recent decline in Bitcoin price. Discussions with MPLX regarding integrated power and data campuses in West Texas continue as a longer-term initiative.

MARA YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$60.0M$120.0M$180.0M$214.4M$202.3MRevenue
$0$60.0M$120.0M$180.0MRevenue

MARA Revenue by Segment

Bitcoin Mining$202.3M−6.0%
Mining

Figures from SEC filings and company reports. Not investment advice.