Filing Flows › Hut 8 (HUT) › Q4 2025
Hut 8 (HUT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Hut 8 (HUT) reported revenue of $88.5M for the fourth quarter 2025 (Q4 2025), +179% from a year earlier and +6% from the quarter before. Operating margin was -491.4%, net loss $302M (341.0% of revenue).
Hut 8, Q4 2025: revenue $88.5M (+179% year over year), operating margin -491.4%, net loss $302M, operating cash flow −$57.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $88.5M | +6% | +179% |
| Operating profit | −$435M | -699% | — |
| Net earnings | −$302M | -702% | — |
| Operating cash flow | −$57.4M | -7549% | — |
What changed
Revenue was $88.5M in Q4 2025, up 179% year over year and up 6% from the previous quarter. High Performance Computing, Colocation and Cloud was the largest line at 93% of revenue.
Operating costs exceeded revenue by $434.9M, an operating margin of -491.4%. The quarter ended with a net loss of $301.8M, after a profit of $50.6M the previous quarter. Minority interests bore $22.1M of it: to shareholders the quarter was a loss of $279.7M.
Operating cash flow was −$57.4M. Non-cash charges added back $39.7M of depreciation and amortization and $40.1M of share-based compensation. Working capital and other items added $164.6M. Capital expenditures of $55.0M exceeded it, leaving free cash flow of −$112.4M.
Questions
What was Hut 8's revenue in the fourth quarter 2025?
Hut 8 (HUT) reported revenue of $88.5M for the fourth quarter 2025 (Q4 2025), +179% from a year earlier and +6% from the quarter before.
Was Hut 8 profitable in the fourth quarter 2025?
Operating loss was $435M (-491.4% of revenue) and net loss $302M.
Source: Hut 8 10-K on SEC EDGAR.