Filing Flows › Cipher Digital (CIFR) › Q4 2025
Cipher Digital (CIFR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Cipher Digital (CIFR) reported revenue of $59.7M for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and -17% from the quarter before. Operating margin was -503.4%.
Cipher Digital, Q4 2025: revenue $59.7M (+41% year over year), operating margin -503.4%, net loss $734M, operating cash flow −$54.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.7M | -17% | +41% |
| Operating profit | −$301M | — | — |
| Net earnings | −$734M | — | — |
| Operating cash flow | −$54.4M | — | — |
What changed
Revenue was $59.7M in Q4 2025, up 41% year over year and down 17% from the previous quarter.
Operating costs exceeded revenue by $300.6M, an operating margin of -503.4%. Total costs grew 1333% against revenue growth of 41%. The quarter ended with a net loss of $734.2M, wider than the previous quarter's $3.3M loss. Net interest and other expense of $437.7M was the main reason.
Operating cash flow was −$54.4M. Non-cash charges added back $51.9M of depreciation and amortization and $25.0M of share-based compensation. Working capital and other items added $602.9M. Capital expenditures of $225.0M exceeded it, leaving free cash flow of −$279.4M.
Questions
What was Cipher Digital's revenue in the fourth quarter 2025?
Cipher Digital (CIFR) reported revenue of $59.7M for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and -17% from the quarter before.
Was Cipher Digital profitable in the fourth quarter 2025?
Operating loss was $301M (-503.4% of revenue) and net loss $734M.
Source: Cipher Digital 10-K on SEC EDGAR.