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Nasdaq · Financials

MARA Holdings, Inc. (MARA)

As-reported financials and SEC filings for MARA Holdings, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About MARA Holdings, Inc.

MARA Holdings, Inc. is an energy and digital infrastructure company that focuses on acquiring, managing, and allocating energy for high-value uses, primarily through Bitcoin mining. The company operates approximately 1.9 gigawatts of capacity across 18 data centers on four continents and is developing artificial intelligence inference and high-performance computing capabilities. MARA serves clients in the technology industry by providing energy-optimized compute infrastructure and operates a large fleet of Bitcoin mining rigs to produce bitcoin.

Snapshot

Revenue
$907.1M
Revenue growth (YoY)
38.2%
Net income
$-1.31B
Diluted EPS
$-3.69
Gross margin
—
Operating margin
—
Net margin
—
FCF margin
—
ROE
-37.7%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$3.73B
Long-term debt / equity
0.92×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at MARA Holdings

  • Revenue grew 38.2% to $907M in FY2025, slower than the 69.4% the year before.
  • Operating margin is -135.0% in FY2025, -122.6 pp against -12.3% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $175M, down 26.7% from Q2 FY2025.
  • Free cash flow was negative $1.2B in FY2025.
  • Net income turned to a $1.3B loss in FY2025, from a $541M profit in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where MARA Holdings’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+38.2%
82nd percentile of 418
ROE-37.7%
10th percentile of 373
Long-term debt / equity0.92×
76th percentile of 192
Short interest2.21d
27th percentile of 416

MARA Holdings’s return on equity of -37.7% ranks in the 10th percentile of the 373 Financials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 8 insider sales totaling $1.5M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 6 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+6 quant / multi-strat
Initiated / added
5
2 new, 3 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$226.3M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$144.1M10.4MAdded
Two Sigma InvestmentsquantQ2 2026$35.7M2.6MNew
Millennium ManagementquantQ2 2026$17.1M1.2MAdded
Renaissance TechnologiesquantQ2 2026$15.4M1.1MNew
AQR Capital ManagementquantQ2 2026$13.5M972.6KAdded
Citadel AdvisorsquantQ2 2026$462,10633.3KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
8
$1.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-01
filed 2026-10-02
Frederick G. ThielChief Executive OfficerSell27.5K$11.22$309K
2026-09-18
Zabi NowaidGeneral CounselSell8.4K$12.10$101K
2026-09-17
filed 2026-09-18
Frederick G. ThielChief Executive OfficerSell27.5K$11.45$315K
2026-09-17
filed 2026-09-18
Salman Hassan KhanChief Financial OfficerSell16.0K$11.45$183K
2026-08-21
Zabi NowaidGeneral CounselSell8.4K$12.00$101K
2026-08-17
filed 2026-08-19
Frederick G. ThielChief Executive OfficerSell27.5K$9.21$253K
2026-08-17
filed 2026-08-19
Salman Hassan KhanChief Financial OfficerSell16.0K$9.21$147K
2026-07-20
Zabi NowaidGeneral CounselSell8.4K$12.00$101K
2026-07-17
filed 2026-07-20
Frederick G. ThielChief Executive OfficerSell27.5K$10.90$300K
2026-07-17
filed 2026-07-20
Salman Hassan KhanChief Financial OfficerSell16.0K$10.90$174K
2026-06-22
filed 2026-06-24
Douglas K. MellingerDirectorSell7.0K$16.00$112K
2026-06-17
filed 2026-06-22
Frederick G. ThielChief Executive OfficerSell27.5K$14.25$392K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
100.8M
settled 2026-09-30
Change vs prior
-3.7%
vs previous settlement
Days to cover
2.21
at avg daily volume
Avg daily volume
45.6M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-30100.8M-3.7%2.21
2026-09-15104.6M-5.0%2.38
2026-08-31110.1M-0.2%1.95
2026-08-14110.3M+3.6%3.06
2026-07-31106.4M-3.5%2.02
2026-07-15110.3M+3.1%2.48
2026-06-30106.9M+4.3%2.33
2026-06-15102.6M+4.0%2.70

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$907.1M$656.4M$387.5M$9.9M$24.2M
Gross profit—
Operating income$-1.22B$306.1M$220.9M$-673.5M$-3.0M
Net income$-1.31B$541.3M$261.2M$-694.0M$-29.8M
Diluted EPS$-3.69$1.72$1.06$-6.12$-0.30

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$547.1M$391.8M$357.3M$103.7M$268.6M
Current assets$664.3M$470.4M$1.03B$277.5M$684.2M
Total assets$7.29B$6.80B$1.99B$1.20B$1.44B
Current liabilities$521.9M$95.2M$33.8M$26.1M$11.3M
Long-term debt$3.20B$2.45B$325.7M$782.2M$728.4M
Total liabilities$765.2M
Total equity$3.48B$4.14B$1.62B$385.9M$682.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-802.7M$-677.0M$-315.7M$-176.5M$-19.0M
Capital expenditure$407.1M$250.8M$27.6M$41.1M$273.9M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$174.9M-26.7%$-611.3M$-1.60
Q1 FY2026$174.6M-18.4%$-1.26B$-3.31
Q4 FY2025-5.6%—
Q3 FY2025$252.4M91.7%$123.1M$0.27
Q2 FY2025$238.5M64.3%$808.2M$1.84
Q1 FY2025$213.9M29.5%$-533.4M$-1.55
Q4 FY202436.8%
Q3 FY2024$131.6M34.5%$-124.8M$-0.42

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industryFinance Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2013
SEC CIK1507605

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-11
View on EDGAR →
8-K2026-09-25
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-08-04
View on EDGAR →
8-K2026-07-09
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.