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Riot Platforms (RIOT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Riot Platforms (RIOT) Q3 2026 earnings results →

Q3 2026 Revenue up 1% year over year to $181M · 2¢ of every $1 of revenue kept as net profit · operating margin 0.7%

Riot Platforms made $181M in Q3 2026 (+0.7% Y/Y): Bitcoin Mining $116M, Engineering $47.0M, Data Center $18.4M. Operating margin 0.7%, net earnings $4.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$181M

Year over year+0.7%

Operating margin0.7%

Net earnings$4.0M

Operating cash flow−$214M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $181.4M in Q3 2026, up 1% year over year and up 4% from the previous quarter. Bitcoin Mining was the largest line at 64% of revenue. Engineering added $27.9M year over year (up 146%), 2332% of the total change. Bitcoin Mining declined 28%.

Operating profit was $1.2M, a 0.7% margin (down 43.7 points year over year). Operating profit fell $78.8M even though revenue rose $1.2M versus Q3 2025, so costs grew faster than sales. Total costs grew 80% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+270%). Net earnings were $4.0M, down 96% year over year. The effective tax rate was 0.0%. Non-operating items added $2.9M, 70% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$214.3M. Non-cash charges added back $123.9M of depreciation and amortization and $21.1M of share-based compensation. Working capital and other items used $363.4M. Capital expenditures of $49.8M exceeded it, leaving free cash flow of −$264.1M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 4, 2026	$181M	+0.7%	0.7%	$4.0M	−$214M
Q2 2026	10-Q	Aug 10, 2026	$174M	+14%	-137.4%	−$237M	−$90.1M
Q1 2026	10-Q	Apr 30, 2026	$167M	+4%	-298.9%	−$500M	−$183M
Q4 2025	10-K	Mar 2, 2026	$153M	+7%	-447.9%	−$633M	−$106M
Q3 2025	10-Q	Oct 30, 2025	$180M	+113%	44.4%	−$106M	−$114M
Q1 2025	10-Q	May 1, 2025	$161M	+104%	-144.9%	$296M	−$122M

Charts

Latest (Q3 2026): Y/Y +1%, Q/Q +4%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $4.1M, Operating cash flow −$214M.

+102.9% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2024, 2-for-1 split before FY2021.

Cash $278M, short-term investments —, long-term debt $585M at 2024-12-31.

Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.

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