Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Cipher Digital Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2023
FY2024
FY2025
Revenue
3.04
127
151
224
Cost of revenue
0.75
50.3
62.4
81.2
Gross profit
2.29
76.5
88.9
143
General and administrative
70.8
27.8
32.7
36.4
Operating income
-0.15
-37.4
-20.1
-43.7
-422
Interest expense
0.14
2
1.71
36.6
Interest income
0.03
0.22
0.16
3.38
19.5
Other non-operating income
-0.02
-2.54
-406
Pre-tax income
-37.2
-22.2
-44.3
-826
Income tax
1.84
3.57
0.32
-3.31
Net income
-0.11
-39.1
-25.8
-44.6
-822
EBITDA
-33
39
58.7
-223
EPS, basic
-0.16
-0.10
-0.14
-2.15
EPS, diluted
-0.16
-0.10
-0.14
-2.15
Shares, basic (weighted)
248
252
323
382
Shares, diluted (weighted)
248
252
323
382
Balance sheet
FY2020
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.28
11.9
74.2
5.59
628
Short-term investments
170
Receivables
0.1
Other current assets
0.3
7.25
3.67
3.39
7.98
Total current assets
1.57
47.7
155
168
2,653
Property, plant and equipment
191
244
481
633
Lease right-of-use assets
5.09
7.08
12.6
11.3
Intangible assets
5
0.6
8.11
8.88
77.4
Other non-current assets
0
3.96
562
Total assets
172
418
566
855
4,292
Accounts payable
0.13
14.3
22.7
40.1
Accrued liabilities
19.4
22.4
69.8
90.1
Short-term debt
0
32.3
37.8
Total current liabilities
0.13
40.3
33.8
132
699
Long-term debt
0
2,712
Lease liabilities
4.49
6.28
9.83
8.55
Total liabilities
0.25
75.6
74.8
173
3,456
Total debt
0
2,712
Paid-in capital
1.45
454
628
863
1,809
Retained earnings
-0.11
-111
-137
-181
-1,004
Treasury stock
-0
-0.01
-0.01
-0.01
Shareholders' equity
1.35
343
491
682
806
Total equity
1.35
343
491
682
806
Total liabilities and equity
172
418
566
855
4,292
Shares outstanding
4.48
248
291
351
405
Cash flow statement
FY2020
FY2022
FY2023
FY2024
FY2025
Net income
-0.11
-39.1
-25.8
-44.6
-822
Depreciation and amortization
4.38
59.1
102
199
Stock-based compensation
41.5
38.5
42.1
52.8
Deferred income tax
1.84
3.37
-0.94
-4.27
Change in receivables
-0.1
-0.52
0.03
Cash from operations
-20.9
-94.2
-87.5
-208
Capital expenditures
-39.2
-20.5
-139
-488
Cash from investing
-174
52.8
-192
-337
Stock issued
132
222
195
Share buybacks
-3.09
-3.9
-27.6
-89.6
Cash from financing
-3.09
116
214
3,189
Net change in cash
-198
74.2
-66.1
2,645
Free cash flow
-60.1
-115
-227
-696
Interest paid
0
0
1.45
Income taxes paid
0.56
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.73 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
56.2%
Gross profit / revenue.
Operating margin
-278.1%
Operating income / revenue.
EBITDA margin
-199.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-587.6%
Pre-tax income / revenue.
Net margin
-585.8%
Net income / revenue.
FCF margin
-779.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-134.2%
Cash from operations / revenue.
Return on equity (ROE)
-199.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.9%
Net income / average total assets.
Return on invested capital (ROIC)
-8.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
47.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
645.7%
Capital expenditures / revenue.
D&A / revenue
78.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
48.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
319.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
60.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
296.5%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y
-478.9%
EBITDA vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
18.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
32.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
401.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
117.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
18.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
15.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.00x
Current assets / current liabilities.
Quick ratio
0.60x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.60x
(Cash + short-term investments) / current liabilities.
Debt / equity
9.69x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
72.6%
Total debt / total assets.
Liabilities / assets
92.2%
Total liabilities / total assets.
Net debt
$4.62B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.47
Revenue / diluted weighted shares.
FCF per share
-$3.64
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.63
Cash from operations / diluted weighted shares.
Book value per share
$1.36
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
38.5x
Market cap / revenue.
P/B
13.1x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
15.2x
Market cap / tangible book value, when positive.
EV/Sales
62.7x
Enterprise value / revenue.
FCF yield
-20.3%
Free cash flow / market cap.
Earnings yield
-15.2%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.8%
(Dividends paid + share buybacks) / market cap.
What was Cipher Digital Inc.'s revenue in fiscal 2025?
Cipher Digital Inc. reported revenue of $223.9M for fiscal 2025, 48% higher than the year before.
Was Cipher Digital Inc. profitable in fiscal 2025?
No. It reported a net loss of $822.2M.
How much free cash flow did Cipher Digital Inc. generate in fiscal 2025?
Cash from operations of $207.9M minus capital expenditures of $487.9M left free cash flow of -$695.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.