Filing Flows › Mara Holdings (MARA) › Q2 2025
Mara Holdings (MARA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Mara Holdings (MARA) reported revenue of $238M for the second quarter 2025 (Q2 2025), +64% from a year earlier and +12% from the quarter before. Operating margin was 285.0%, net earnings $808M (338.9% of revenue).
Mara Holdings, Q2 2025: revenue $238M (+64% year over year), operating margin 285.0%, net earnings $808M, operating cash flow −$163M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $238M | +12% | +64% |
| Operating profit | $680M | — | — |
| Net earnings | $808M | — | — |
| Operating cash flow | −$163M | — | — |
What changed
Revenue was $238.5M in Q2 2025, up 64% year over year and up 12% from the previous quarter.
Operating profit was $679.8M, a 285.0% margin (up 445.2 points year over year). Net earnings were $808.2M. The effective tax rate was 20.5%. Non-operating items added $336.9M, 33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$163.4M. Non-cash charges added back $161.7M of depreciation and amortization and $54.7M of share-based compensation. Working capital and other items used $1,188.0M. Capital expenditures of $118.9M exceeded it, leaving free cash flow of −$282.4M.
Questions
What was Mara Holdings' revenue in the second quarter 2025?
Mara Holdings (MARA) reported revenue of $238M for the second quarter 2025 (Q2 2025), +64% from a year earlier and +12% from the quarter before.
Was Mara Holdings profitable in the second quarter 2025?
Operating profit was $680M (285.0% of revenue) and net earnings $808M.
Source: Mara Holdings 10-Q on SEC EDGAR.