Filing Flows › Riot Platforms (RIOT) › Q3 2025
Riot Platforms (RIOT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Riot Platforms (RIOT) reported revenue of $180M for the third quarter 2025 (Q3 2025), +113% from a year earlier and +18% from the quarter before. Operating margin was 44.4%, net loss $106M (58.9% of revenue).
Riot Platforms, Q3 2025: revenue $180M (+113% year over year), operating margin 44.4%, net loss $106M, operating cash flow −$114M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $180M | +18% | +113% |
| Operating profit | $80.1M | — | — |
| Net earnings | −$106M | -136% | — |
| Operating cash flow | −$114M | — | — |
What changed
Revenue was $180.2M in Q3 2025, up 113% year over year and up 18% from the previous quarter. Bitcoin Mining was the largest line at 89% of revenue. Bitcoin Mining added $93.3M year over year (up 138%), 98% of the total change. Other declined 93%.
Operating profit was $80.1M, a 44.4% margin (up 187.7 points year over year). Total costs fell 51% while revenue rose 113%. The quarter ended with a net loss of $106.2M, narrower than the previous quarter's $219.8M loss. Minority interests bore $210.6M of it: to shareholders the quarter was a profit of $104.5M. Net interest and other expense of $186.2M was the main reason.
Operating cash flow was −$114.0M. Non-cash charges added back $82.9M of depreciation and amortization and $32.9M of share-based compensation. Working capital and other items used $123.6M. Capital expenditures of $25.7M exceeded it, leaving free cash flow of −$139.7M.
Questions
What was Riot Platforms' revenue in the third quarter 2025?
Riot Platforms (RIOT) reported revenue of $180M for the third quarter 2025 (Q3 2025), +113% from a year earlier and +18% from the quarter before.
Was Riot Platforms profitable in the third quarter 2025?
Operating profit was $80.1M (44.4% of revenue) and net loss $106M.
Source: Riot Platforms 10-Q on SEC EDGAR.