Filing Flows › Marblegate Capital (MGTE) › Q4 2025
Marblegate Capital (MGTE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
Marblegate Capital (MGTE) reported revenue of $14.2M for the fourth quarter 2025 (Q4 2025), +184% from a year earlier and +19% from the quarter before. Operating margin was -4.3%, net earnings $8.3M (58.0% of revenue).
Marblegate Capital, Q4 2025: revenue $14.2M (+184% year over year), operating margin -4.3%, net earnings $8.3M, operating cash flow $2.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.2M | +19% | +184% |
| Operating profit | −$616K | — | -156% |
| Net earnings | $8.3M | — | — |
| Operating cash flow | $2.3M | +34% | +479% |
What changed
Revenue was $14.2M in Q4 2025, up 184% year over year and up 19% from the previous quarter.
Operating costs exceeded revenue by $616K, an operating margin of -4.3%. Total costs grew 279% against revenue growth of 184%. The fastest-growing cost line was General & admin (+3861%). Net earnings were $8.5M ($8.3M including minority interests, which bore $210K of losses). The effective tax rate was 27.8%. Non-operating items added $12.0M, 105% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.3M (up 479% year over year), 28% of net income including minority interests. Non-cash charges added back $1.2M of depreciation. Working capital and other items used $7.2M. Capital expenditures of −$20.5M left free cash flow of $22.8M.
Questions
What was Marblegate Capital's revenue in the fourth quarter 2025?
Marblegate Capital (MGTE) reported revenue of $14.2M for the fourth quarter 2025 (Q4 2025), +184% from a year earlier and +19% from the quarter before.
Was Marblegate Capital profitable in the fourth quarter 2025?
Operating loss was $616K (-4.3% of revenue) and net earnings $8.3M.
Source: Marblegate Capital 10-K on SEC EDGAR.