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Mara Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$239M in Q2 2026 · −$1.2B over twelve months

Operating cash flow−$224M
Capital spending−$14.8M
Free cash flow−$239M

Analysis

In Q2 2026, Mara Holdings generated −$224M of operating cash flow and spent $14.8M on capital projects, leaving free cash flow of −$239M. That is $43.8M more than in Q2 2025 (−$282M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$895M; the largest uses were operating cash flow ($895M), net borrowing (+) / repaid (−) ($781M), capital spending ($344M); besides operations, cash came from other investing ($1.5B), other financing ($636M); the cash balance rose by $312M.

Operating cash flow was −$224M against net income of −$611M. The largest differences: depreciation & amortization +$175M, other operating capital −$173M, stock-based pay +$46.7M.

Free cash flow

Mara Holdings: free cash flow by quarterMara Holdings: free cash flow by quarter−$198MQ3 2024−$500MQ4 2024−$254MQ1 2025−$282MQ2 2025−$284MQ3 2025−$389MQ4 2025−$327MQ1 2026−$239MQ2 2026
Operating cash flow less capital spending.
Mara Holdings: operating cash flow against capital spendingMara Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$160M$38.0MQ3 2024−$313M$187MQ4 2024−$215M$38.9MQ1 2025−$163M$119MQ2 2025−$199M$84.8MQ3 2025−$225M$164MQ4 2025−$247M$79.5MQ1 2026−$224M$14.8MQ2 2026
Latest (Q2 2026): Operating cash flow −$224M, Capital spending $14.8M.

Capital allocation, year by year

Mara Holdings: where the cash came from (up) and went (down), by fiscal yearMara Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$19.0MFY2021: Shares issued $312MFY2021: Capital spending −$274M$312MFY2021FY2022: Operating cash flow −$176MFY2022: Net borrowing $49.2MFY2022: Shares issued $361MFY2022: Asset sales $178MFY2022: Capital spending −$41.1M$589MFY2022FY2023: Operating cash flow −$316MFY2023: Net borrowing −$50.0MFY2023: Shares issued $622MFY2023: Capital spending −$27.6MFY2023: Buybacks −$380K$622MFY2023FY2024: Operating cash flow −$677MFY2024: Net borrowing $200MFY2024: Shares issued $1.9BFY2024: Asset sales $3.5MFY2024: Capital spending −$251MFY2024: Acquisitions −$336MFY2024: Buybacks −$37.4M$2.1BFY2024FY2025: Operating cash flow −$803MFY2025: Net borrowing $1.2BFY2025: Shares issued $569MFY2025: Asset sales $3.7MFY2025: Capital spending −$407MFY2025: Acquisitions −$36.4MFY2025: Buybacks −$46.9M$1.7BFY2025
Over these 5 years operating cash flow totalled −$2.0B; the largest uses were operating cash flow ($2.0B) and capital spending ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$421M
Debt$2.4B
Net debt$2.0B
Due within a year$398M
Cash runway4 months

Mara Holdings is burning cash: its operations consume cash, a free cash flow of −$1.2B a year at the current rate against $421M of cash and investments: a runway of about 4 months; $398M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Mara Holdings: debt maturities by year (FY2025)Mara Holdings: debt maturities by year (FY2025)$398MYear 1$1.0BYear 5$2.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $421M of cash and investments now.

Where the cash came from and went

Mara Holdings: sources (+) and uses (−) of cash, Q2 2026Mara Holdings: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$224MOther investing$153MAcquisitions$136MCash drawn (+) / kept (−)−$43.3MCapital spending−$14.8MBuybacks−$7.7MAsset & business sales$1.1MExchange rates−$503KOther financing−$173KPartners$144K
Mara Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Mara Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$1.5BOperating cash flow−$895MNet borrowing (+) / repaid (−)−$781MOther financing$636MCapital spending−$344MCash drawn (+) / kept (−)−$312MShares issued$249MAcquisitions−$61.1MBuybacks−$26.5MNot reconciled−$4.1MAsset & business sales$1.7MPartners$840K

From profit to cash

Mara Holdings: net income to operating cash flow, Q2 2026Mara Holdings: net income to operating cash flow, Q2 2026Net income−$611MDepreciation & amortization$175MStock-based pay$46.7MDeferred taxes−$903KOther operating capital−$173MOperating cash flow−$224M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$224M−$14.8M$136M−$7.7M——−$43.3M−$239M
Q1 2026−$247M−$79.5M−$197M−$7.5M−$1.1B—$169M−$327M
Q4 2025−$225M−$164M—−$3.7M−$786K−$3.3M$279M−$389M
Q3 2025−$199M−$84.8M—−$7.7M−$18.3M$253M−$717M−$284M
Q2 2025−$163M−$119M−$25K−$15.2M—$219M$86.7M−$282M
Q1 2025−$215M−$38.9M−$36.3M−$20.4M$150M$100M$196M−$254M
Q4 2024−$313M−$187M−$59.8M−$8.4M$2.1B$697M−$228M−$500M
Q3 2024−$160M−$38.0M$41K−$5.9M—$321M$91.8M−$198M

Mara Holdings: income statement and cash flow

Mara Holdings, Q2 2026: revenue $175M (-27% year over year), operating margin -298.0%. The chart follows the revenue to costs, profit and cash.

Mara Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.