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Marathon Digital

Marathon Digital (MARA) Q2 2026 Earnings

Reported Aug 6, 2026 at 4:05 PM ET · SEC Source

Q2 26 EPS GAAP

$-1.60

MISS 267.82%

Est. $-0.44

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

Q2 26 Revenue

$174.9M

MISS 16.56%

Est. $209.6M

vs S&P Since Q2 26

+1.1%

BEATING MARKET

MARA +0.1% vs S&P -1.0%

Market Reaction

Did MARA Beat Earnings? Q2 2026 Results

MARA Holdings, Inc. Delivered a deeply disappointing second quarter, missing on both the top and bottom lines as a sharp decline in bitcoin prices weighed heavily on results. Revenue fell 26.7% year-over-year to $174.90 million, well short of the $20… Read more MARA Holdings, Inc. Delivered a deeply disappointing second quarter, missing on both the top and bottom lines as a sharp decline in bitcoin prices weighed heavily on results. Revenue fell 26.7% year-over-year to $174.90 million, well short of the $209.62 million consensus estimate, while GAAP EPS came in at a loss of $1.60 per diluted share, missing the $-0.44 consensus by 267.82%. The quarter's GAAP figures included a $343.00 million unrealized loss on the fair value of digital assets, $28.10 million in accelerated depreciation on certain mining rigs, $15.40 million in acquisition and integration costs, and a $10.20 million litigation settlement. The bitcoin mark-to-market charge alone tells much of the story, representing a stark reversal from the comparable period a year prior. Despite the losses, MARA continued expanding its hashrate infrastructure and is pivoting aggressively toward AI data center workloads, having secured rights to a 2 GW powered land site in Texas post-quarter; management expects to sign at least one AI infrastructure lease before year-end and complete the pending Long Ridge acquisition upon FERC approval.

Key Takeaways

  • • 28% decrease in bitcoin average price year-over-year drove revenue decline despite 3% more BTC mined
  • • $343.0 million unrealized bitcoin mark-to-market loss drove net loss
  • • 22% increase in energized hashrate to 70.3 EH/s
  • • Cost per petahash per day improved 4% to $27.7
  • • Purchased energy cost per BTC increased to $38,690 from $33,735 due to higher power costs and network difficulty

MARA Forward Guidance & Outlook

MARA expects H2 2026 to focus on execution: completing the Long Ridge acquisition (pending FERC approval), advancing lease discussions across the Digital Infrastructure portfolio with confidence in signing at least one lease before year-end, expanding Exaion's international presence, and commercializing technology initiatives. The company expects quarterly G&A run-rate (excluding stock-based compensation and acquisition costs) to trend lower as savings from a previously announced reduction in force are realized. Third-party hosting arrangements are set to expire beginning Q3 2027 through Q1 2028, which is expected to eliminate third-party hosting costs and improve cost per kWh. MARA plans to host an Investor Day later in 2026. The company expects to continue monetizing bitcoin opportunistically to fund operations and capital projects.

24/7 Wall St

MARA YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MARA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 24 Q4 25
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