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Cipher Digital (CIFR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Cipher Digital (CIFR) Q3 2026 earnings results →
Q3 2026 Revenue down 63% year over year to $26.7M · 118¢ of every $1 of revenue kept as net profit · operating margin -269.3%
Cipher Digital made $26.7M in Q3 2026 (-63% Y/Y): Bitcoin Mining $20.8M, HPC Leasing $5.9M. Operating margin -269.3%, net earnings $31.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $26.7M in Q3 2026, down 63% year over year and up 8% from the previous quarter. Bitcoin Mining was the largest line at 78% of revenue. Bitcoin Mining lost $50.9M year over year (down 71%), 113% of the total change.
Operating costs exceeded revenue by $71.9M, an operating margin of -269.3%. Total costs fell 10% while revenue fell 63%. The fastest-growing cost line was General & admin (+223%). Net earnings were $31.6M. The effective tax rate was -0.2%. Non-operating items added $103.5M, 328% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$131.2M. Non-cash charges added back $18.8M of depreciation and amortization and $26.6M of share-based compensation. Working capital and other items used $208.2M. Capital expenditures of $1,553.0M exceeded it, leaving free cash flow of −$1,684.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $26.7M | -63% | -269.3% | $31.6M | −$131M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $24.8M | -43% | -316.2% | −$268M | −$244M |
| Q1 2026 | 10-Q | May 5, 2026 | $34.8M | -29% | -328.9% | −$114M | $91.5M |
| Q4 2025 | 10-K | Feb 24, 2026 | $59.7M | +41% | -503.4% | −$734M | −$54.4M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $71.7M | +198% | -52.5% | −$3.3M | −$50.1M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $43.6M | +18% | -103.9% | −$45.8M | −$56.2M |
| Q1 2025 | 10-Q | May 6, 2025 | $49.0M | +2% | -77.8% | −$39.0M | −$47.2M |
Charts
In supply chains and themes
AI hosting: neoclouds, miners turned data centers, power · Miners turned AI hosts
Crypto, stablecoins & miners · MinersInteractive views
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📈Investments: gains and what it boughtinteractive
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About Cipher Digital
Unless the context otherwise requires, references in this Annual Report to the “Company,” “Cipher,” “Cipher Digital,” “we,” “us” or “our” refers to Cipher Digital Inc. and its consolidated subsidiaries, unless otherwise indicated. We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations.
In its own words, from its 10-K, filed Feb 24, 2026.
Cipher Digital against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -63% against the peers' median +17%. Operating margin: -269.3% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CIFR Cipher Digital | Q3 2026 | $26.7M | -63% | -269.3% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Cipher Digital 10-Q on SEC EDGAR · CIK 1819989 · Finance Services
Guidance and outlook
13F: who owns CIFR and who is buying
More on CIFR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results