Q1 26 EPS
$-3.31
MISS 555.45%
Est. $-0.51
Q1 26 Revenue
$174.6M
MISS 5.22%
Est. $184.2M
vs S&P Since Q1 26
-16.9%
TRAILING MARKET
MARA -13.2% vs S&P +3.7%
Market Reaction
Did MARA Beat Earnings? Q1 2026 Results
Marathon Digital Holdings delivered a deeply disappointing Q1 2026, missing both top and bottom lines as falling bitcoin prices and a massive mark-to-market hit overwhelmed the company's expanding mining operations. Revenue slid 18.4% year over year … Read more Marathon Digital Holdings delivered a deeply disappointing Q1 2026, missing both top and bottom lines as falling bitcoin prices and a massive mark-to-market hit overwhelmed the company's expanding mining operations. Revenue slid 18.4% year over year to $174.60 million, short of the $184.21 million consensus, while the company posted a loss of $3.31 per diluted share, a dramatic miss against the $-0.51 estimate, as a $1.00 billion unfavorable mark-to-market adjustment on digital assets drove a net loss of $1.30 billion for the quarter. The stock dropped sharply in the wake of the report, reflecting investor concern over the widening losses. Yet MARA is aggressively repositioning itself, with roughly 90% of its non-hosted mining capacity under consideration for conversion to AI and critical IT compute sites through its Starwood partnership, and a pending acquisition of the 505 MW Long Ridge Energy facility that management expects to generate positive EBITDA upon closing in the second half of 2026, signaling a deliberate pivot away from pure-play bitcoin mining toward digital infrastructure.
Key Takeaways
- • 18% decrease in average bitcoin price contributed approximately $33.1 million to revenue decline
- • 22% decline in BTC price from December 31, 2025 to March 31, 2026 resulted in $1.0 billion unfavorable mark-to-market on digital assets
- • Energized hashrate grew 33% year-over-year to 72.2 EH/s
- • Cost per petahash per day improved 3% to $27.6
- • Restructuring costs of $45.9 million during the quarter
- • Higher global network difficulty outpaced hashrate growth reducing bitcoin mined per unit of energy
MARA YoY Financials
Q1 2026 vs Q1 2025, 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 |
|---|---|---|---|---|---|
| Q2 26 MISS Includes a $343.0 million unrealized loss related to fair value of digital assets (bitcoin mark-to-market), $15.4 million acquisition and integration costs, $10.2 million litigation settlement, and $28.1 million accelerated depreciation of certain mining rigs | $-0.44 | $-1.60 | -267.82% | $174.9M | -16.56% |
| 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% |