Filing Flows › Mara Holdings (MARA) › Q3 2025
Mara Holdings (MARA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Mara Holdings (MARA) reported revenue of $252M for the third quarter 2025 (Q3 2025), +92% from a year earlier and +6% from the quarter before. Operating margin was 18.9%, net earnings $123M (48.8% of revenue).
Mara Holdings, Q3 2025: revenue $252M (+92% year over year), operating margin 18.9%, net earnings $123M, operating cash flow −$199M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $252M | +6% | +92% |
| Operating profit | $47.6M | -93% | — |
| Net earnings | $123M | -85% | — |
| Operating cash flow | −$199M | — | — |
What changed
Revenue was $252.4M in Q3 2025, up 92% year over year and up 6% from the previous quarter.
Operating profit was $47.6M, a 18.9% margin (up 149.7 points year over year). Total costs fell 33% while revenue rose 92%. The fastest-growing cost line was Research & development (+210%). Net earnings were $123.1M. The effective tax rate was 23.4%. Non-operating items added $113.2M, 70% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$199.0M. Non-cash charges added back $167.3M of depreciation and amortization and $38.5M of share-based compensation. Working capital and other items used $528.0M. Capital expenditures of $84.8M exceeded it, leaving free cash flow of −$283.9M.
Questions
What was Mara Holdings' revenue in the third quarter 2025?
Mara Holdings (MARA) reported revenue of $252M for the third quarter 2025 (Q3 2025), +92% from a year earlier and +6% from the quarter before.
Was Mara Holdings profitable in the third quarter 2025?
Operating profit was $47.6M (18.9% of revenue) and net earnings $123M.
Source: Mara Holdings 10-Q on SEC EDGAR.