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Hut 8 (HUT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Hut 8 (HUT) Q3 2026 earnings results →
Q3 2026 Revenue down 15% year over year to $71.1M · 184¢ of every $1 of revenue kept as net profit · operating margin 447.7%
Hut 8 made $71.1M in Q3 2026 (-15% Y/Y): High Performance Computing Colocation and Cloud $68.4M, Digital Infrastructure $1.4M, Power $1.3M. Operating margin 447.7%, net earnings $131M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $71.1M in Q3 2026, down 15% year over year and down 5% from the previous quarter. High Performance Computing Colocation and Cloud was the largest line at 96% of revenue. Power lost $7.1M year over year (down 85%), 57% of the total change.
Operating profit was $318.2M, a 447.7% margin (up 360.7 points year over year). Net earnings were $131.1M, up 162% year over year. The effective tax rate was 21.4%.
Operating cash flow was $27.8M (up 3512% year over year), 15% of net income including minority interests. Non-cash charges added back $40.1M of depreciation and amortization and $64.7M of share-based compensation. Working capital and other items used $266.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $71.1M | -15% | 447.7% | $131M | $27.8M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $74.9M | +81% | -275.4% | −$177M | −$5.6M |
| Q1 2026 | 10-Q | May 6, 2026 | $71.0M | +226% | -521.5% | −$253M | −$27.2M |
| Q4 2025 | 10-K | Feb 25, 2026 | $88.5M | +179% | -491.4% | −$302M | −$57.4M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $83.5M | +91% | 87.0% | $50.1M | $770K |
| Q2 2025 | 10-Q | Aug 7, 2025 | $41.3M | +17% | 454.9% | $137M | −$48.8M |
| Q1 2025 | 10-Q | May 8, 2025 | $21.8M | -58% | -676.8% | −$134M | −$33.8M |
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About Hut 8
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform consists of three layers: Power, Digital Infrastructure, and Compute. Together, these layers form a vertically integrated foundation for next-generation, energy-intensive technology applications. This structure enables us to participate selectively across the infrastructure value chain, including securing power and interconnections, developing and operating digital infrastructure assets that leverage that power, and deploying compute capacity on or alongside that infrastructure.
In its own words, from its 10-K, filed Feb 25, 2026.
Hut 8 against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -15% against the peers' median +17%. Operating margin: 447.7% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HUT Hut 8 | Q3 2026 | $71.1M | -15% | 447.7% |
| 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: Hut 8 10-Q on SEC EDGAR · CIK 1964789 · Finance Services
Guidance and outlook
13F: who owns HUT and who is buying
More on HUT
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results