Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARA Holdings, 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
36.6
0.52
1.56
1.19
4.36
159
118
388
656
907
Cost of revenue
26.5
3.47
3.35
2.48
7
42.4
151
403
816
Gross profit
10.1
-2.95
-1.79
-1.3
-2.64
117
-33.7
-15.3
-159
Research and development
0.1
2.81
13.2
30.1
General and administrative
0.84
0.83
1.37
0.47
6.4
174
56.6
83.6
254
350
Operating expenses
52.2
14.7
13.6
5.42
7.26
120
640
-236
-465
Operating income
-15.6
-14.2
-12.1
-4.24
-9.82
-2.99
-674
221
306
-1,224
Interest expense
3.14
1.31
0.08
0.05
0.02
1.57
15
10.4
13
48.4
Interest income
0
0
0.01
0.03
0.02
0.68
1.02
2.81
16.7
55.9
Other non-operating income
-1.73
-3.17
-0.67
0.72
-0.61
71.9
0.26
56.7
310
-144
Pre-tax income
-17.3
-31.4
-12.7
-3.52
-10.4
-4.85
-718
278
617
-1,368
Income tax
11.5
-0.1
0.07
0
25
-24.2
16.4
75.5
-56.4
Net income to minority interests
-0.16
0
0
-0.25
-0.41
Net income
-28.7
-31.3
-12.8
-3.52
-10.4
-29.8
-694
261
541
-1,311
EBITDA
-15.6
-14.2
-10.1
-3.32
-6.75
11.9
-595
406
735
-451
EPS, basic
-6.33
-16.07
-2.01
-0.44
-0.11
-0.30
-6.12
1.41
1.87
-3.69
EPS, diluted
-6.33
-16.07
-2.01
-0.44
-0.11
-0.30
-6.12
1.06
1.72
-3.69
Shares, basic (weighted)
4.53
1.95
6.38
8
97.7
99.3
113
184
290
355
Shares, diluted (weighted)
4.53
1.95
6.38
8
97.7
99.3
113
192
312
355
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5
14.9
2.55
0.69
141
269
104
357
392
547
Short-term investments
224
Receivables
0.1
0.01
30
0
Other current assets
0.43
0.09
0.46
0.8
2.4
35.1
40.8
25.6
35.6
44.3
Total current assets
5.52
15
3.02
1.49
286
684
278
1,030
470
664
Property, plant and equipment
0.03
0.01
1.03
3.75
17.2
276
273
672
1,549
1,491
Lease right-of-use assets
0.3
0.2
1.28
0.44
16.9
32.3
Goodwill
0.22
0
82.8
0
Intangible assets
12.3
1.14
1.07
1
0.93
0
2.71
0.99
Other non-current assets
0.2
Total assets
18.3
15.1
5.19
6.62
313
1,444
1,195
1,991
6,801
7,287
Accounts payable
7.22
1.96
1.24
1.24
1
7.77
1.31
11.3
12.6
12.5
Accrued liabilities
2.61
22.3
22.3
76.9
87
Short-term debt
13.2
0
0
0
398
Total current liabilities
20.5
7.67
2.27
1.85
1.44
11.3
26.1
33.8
95.2
522
Long-term debt
4.67
1
728
782
326
2,447
3,202
Lease liabilities
0.12
1.02
0.35
23
39.7
Other non-current liabilities
0.04
0
8.41
12.5
Total liabilities
27.6
7.67
2.27
2.97
1.51
765
809
375
2,665
3,810
Total debt
17.8
1.76
1
1
728
782
326
2,447
3,600
Paid-in capital
49.9
97.1
105
110
428
836
1,226
2,184
4,155
4,810
Retained earnings
-57.9
-89.3
-102
-106
-116
-146
-840
-568
-26.4
-1,338
Other comprehensive income
-1.06
-0.45
-0.45
-0.45
-0.45
-0.45
0
Shareholders' equity
-9.29
7.39
2.92
3.65
312
682
386
1,616
4,129
3,472
Minority interests
-0.16
0
6.91
5.37
Total equity
-9.29
7.39
2.92
3.65
312
689
386
1,616
4,136
3,477
Total liabilities and equity
18.3
15.1
5.19
6.62
313
1,444
1,195
1,991
6,801
7,287
Shares outstanding
1.39
3.73
7.66
10.2
98.4
103
146
243
340
379
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-28.8
-31.3
-12.8
-3.52
-10.4
-29.8
-694
261
541
-1,312
Depreciation and amortization
0
0.03
2
0.92
3.06
14.9
78.7
186
429
773
Stock-based compensation
1.95
1.98
1.43
0.93
1.18
161
24.6
32.6
158
172
Deferred income tax
11.4
-0.06
9.08
25
-25
15.3
73.2
-58.6
Change in receivables
0.03
0.09
0
0
-9.32
Change in payables
0.68
-1.25
-0.73
0
-0.02
12.4
13.4
-0.59
13.2
-2.86
Cash from operations
10.2
-10.8
-8.24
-3.32
-7.77
-19
-176
-316
-677
-803
Capital expenditures
-0.01
-0.01
-5.25
-0.01
-17.7
-274
-41.1
-27.6
-251
-407
Acquisitions
0
0
-336
-36.4
Purchases of investments
-150
Cash from investing
-3.69
-0.01
-4.16
1.21
-81.3
-891
-390
4.6
-3,229
-670
Debt issued
77.5
120
0
0
Debt repaid
-77.5
-120
-50
0
0
Stock issued
4.65
0.26
223
312
361
608
1,852
569
Share buybacks
0
-0.38
-37.4
-46.9
Cash from financing
-4.01
20.4
0.25
230
1,037
411
556
3,953
1,628
Exchange rate effect
-0.03
0.32
0
Net change in cash
2.44
9.95
-12.4
-1.86
141
127
-156
245
46.5
155
Free cash flow
10.2
-10.8
-13.5
-3.32
-25.5
-293
-218
-343
-928
-1,210
Interest paid
1.92
1.54
0
11.4
7.39
0.68
32.3
Income taxes paid
0.04
0.01
0
0.01
0.72
1.15
2
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 $12.55 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-366.3%
Operating income / revenue.
EBITDA margin
-265.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-452.2%
Pre-tax income / revenue.
Net margin
-429.7%
Net income / revenue.
FCF margin
-154.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-111.3%
Cash from operations / revenue.
Return on equity (ROE)
-208.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-79.5%
Net income / average total assets.
Return on invested capital (ROIC)
-63.6%
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%.
R&D / revenue
3.4%
Research and development expense / revenue.
Stock-based pay / revenue
18.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
42.7%
Capital expenditures / revenue.
D&A / revenue
100.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
38.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
97.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
190.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
-499.9%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-161.4%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-342.3%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-314.5%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-15.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
108.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
61.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
7.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
82.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
87.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
13.9%
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
46.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
29.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.89x
Current assets / current liabilities.
Quick ratio
0.71x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.71x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.46x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
55.6%
Total debt / total assets.
Liabilities / assets
61.4%
Total liabilities / total assets.
Net debt
$2.00B
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
$2.11
Revenue / diluted weighted shares.
FCF per share
-$3.25
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.35
Cash from operations / diluted weighted shares.
Book value per share
$4.35
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.03x
Market cap / revenue.
P/B
2.92x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.17x
Market cap / tangible book value, when positive.
EV/Sales
8.51x
Enterprise value / revenue.
FCF yield
-25.5%
Free cash flow / market cap.
Earnings yield
-71.3%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.5%
(Dividends paid + share buybacks) / market cap.
What was MARA Holdings, Inc.'s revenue in fiscal 2025?
MARA Holdings, Inc. reported revenue of $907.1M for fiscal 2025, 38.2% higher than the year before.
Was MARA Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $1.31B.
How much free cash flow did MARA Holdings, Inc. generate in fiscal 2025?
Cash from operations of $802.7M minus capital expenditures of $407.1M left free cash flow of -$1.21B.
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.