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NASDAQ · FINANCE SERVICES · LARGE CAP

Mara Holdings, Inc. MARA

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$907.1M
▲ 38.2% YoY
$-1.3B
▼ 342.3% YoY
$-1.2B

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

It operates across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts of total capacity. As of December 31, 2025, the company had a total workforce of approximately 266 full-time employees located in the United States and the United Arab Emirates. Previously known as Marathon Digital Holdings, Inc., the company changed its name to MARA Holdings, Inc. on August 29, 2024.

Written from the business description in MARA Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 907.1M
Revenue, FY2025 · full 15-year series below
Revenue $B Net income $B
FY2025 · Revenue 0.9 · Net income -1.3
0.4B0.8B-0.5B-1.0B
201120142017202020232025
Compound annual growth
+97.5%
+190.9%
+47.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +190.9% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−145 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -135.0% · Net -144.6%
-1000%-2000%
201120182025
ROE
FY2025 · ROE -34.5%
-100%-200%
201120182025
Three returns, three denominators.

Each USD of equity lost 35 cents this year.

Cash & shareholders

USD 0.00
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -1.2
-0.5B-1.0B
201120182025
Net buybacks $B Dividends $B
FY2025 · Dividends · · Net buybacks -0.5
-1B-2B
2022202320242025

Total assetsUSD 7.3B
EquityUSD 3.5B
CashUSD 547.1M
Gross debtUSD 3.6B
Net debtUSD 3.1B
Current ratio1.27×

Net debt stands at 88% of equity.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
MARA, 15-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.90.70.40.10.20.00.00.00.00.00.00.00.00.0◌
Operating income $B−1.20.30.2−0.7−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.50.70.4−0.60.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0◌
Income tax $B−0.10.10.0−0.00.00.0◌0.0−0.00.0−0.0−0.0◌◌◌
Net income $B−1.30.50.3−0.7−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−1.2−0.9−0.3−0.2−0.3−0.0−0.0−0.0−0.00.0−0.00.0−0.0◌◌
EPS, diluted $−3.691.721.06−6.12−0.30−0.13−0.53−2.41−4.80−7.55−1.19−0.27◌◌0.00
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————
ROE %−34.518.826.1−130.0−6.0−6.6−107.1−248.6——−91.7−17.3−42.8——
Shares out B0.380.340.240.150.100.080.010.030.010.020.010.010.010.050.01

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 58 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. Eight checks were skipped: the balance sheet is not tagged before 2011. Six checks were skipped: cost of revenue is not tagged before 2013. Five checks were skipped: the share count is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityFinance Services
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2011

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