Filing Flows › Mara Holdings (MARA) › Q4 2025
Mara Holdings (MARA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Mara Holdings (MARA) reported revenue of $202M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -20% from the quarter before. Operating margin was -697.2%, net loss $1.7B (845.1% of revenue).
Mara Holdings, Q4 2025: revenue $202M (-6% year over year), operating margin -697.2%, net loss $1.7B, operating cash flow −$225M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | -20% | -6% |
| Operating profit | −$1.4B | -3064% | -514% |
| Net earnings | −$1.7B | -1489% | -423% |
| Operating cash flow | −$225M | — | — |
What changed
Revenue was $202.3M in Q4 2025, down 6% year over year and down 20% from the previous quarter.
Operating costs exceeded revenue by $1,410.6M, an operating margin of -697.2%. The quarter ended with a net loss of $1,709.8M, after a profit of $123.1M the previous quarter.
Operating cash flow was −$224.7M. Non-cash charges added back $285.8M of depreciation and amortization and $30.1M of share-based compensation. Working capital and other items added $1,169.2M. Capital expenditures of $164.5M exceeded it, leaving free cash flow of −$389.2M.
Questions
What was Mara Holdings' revenue in the fourth quarter 2025?
Mara Holdings (MARA) reported revenue of $202M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -20% from the quarter before.
Was Mara Holdings profitable in the fourth quarter 2025?
Operating loss was $1.4B (-697.2% of revenue) and net loss $1.7B.
Source: Mara Holdings 10-K on SEC EDGAR.