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Mara Holdings (MARA) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Mara Holdings (MARA) Q2 2026 earnings results →
Q2 2026 Revenue down 27% year over year to $175M · 350¢ of every $1 of revenue lost · operating margin -298.0%
Mara Holdings made $175M in Q2 2026 (-27% Y/Y). Operating margin -298.0%, net loss $611M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
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What changed this quarter
Revenue was $174.9M in Q2 2026, down 27% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $521.1M, an operating margin of -298.0%. The quarter ended with a net loss of $611.3M, narrower than the previous quarter's $1,262.4M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $609.7M.
Operating cash flow was −$223.8M. Non-cash charges added back $174.7M of depreciation and amortization and $46.7M of share-based compensation. Working capital and other items added $166.2M. Capital expenditures of $14.8M exceeded it, leaving free cash flow of −$238.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $175M | -27% | -298.0% | −$611M | −$224M |
| Q1 2026 | 10-Q | May 11, 2026 | $175M | -18% | -607.9% | −$1.3B | −$247M |
| Q4 2025 | 10-K | Mar 2, 2026 | $202M | -6% | -697.2% | −$1.7B | −$225M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $252M | +92% | 18.9% | $123M | −$199M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $238M | +64% | 285.0% | $808M | −$163M |
| Q1 2025 | 10-Q | May 8, 2025 | $214M | +30% | -253.0% | −$533M | −$215M |
| Q4 2024 | 10-K | Mar 3, 2025 | $214M | +37% | 159.1% | $529M | −$313M |
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Mara Holdings
MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio. In parallel, we are in the process of developing artificial intelligence (“AI”) inference and high-performance computing (“HPC”) capabilities. We operate across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts (“GW”) of total capacity.
In its own words, from its 10-K, filed Mar 2, 2026.
Mara Holdings against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -27% against the peers' median +17%. Operating margin: -298.0% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MARA Mara Holdings | Q2 2026 | $175M | -27% | -298.0% |
| 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: Mara Holdings 10-Q on SEC EDGAR · CIK 1507605 · Finance Services
13F: who owns MARA and who is buying
More on MARA
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results