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NasdaqCM · Financials · Financials

MARA Holdings Inc (MARA) financial statements and cash flow.

Revenue, profitability, balance-sheet strength, and cash generation for MARA. Market data source · as of 2026-06-30.

Section freshness

Price Sep 4, 4:00 PM EDT · Statements Jun 29, 8:00 PM EDT

Financial read

MARA latest financial snapshot.

Start with the latest reported values below. Deeper quarterly and annual statement tables follow when supplied.

Revenue

$13.81M

-9.3% YoY

Free cash flow

-$238.55M

+27.1% QoQ

Balance sheet coverage

MARA balance sheet summary

Assets, liabilities, liquidity, debt, and equity sit beside income and cash-flow tables so the statement history reads as one model-ready dataset.

20 quarterly · 4 annual rows · Market data source · as of 2026-06-30

Open balance sheet table

Latest period

Q2 FY2026

20 quarterly · 4 annual rows

Assets / liabilities

$4.35B

Liabilities —

Cash / debt

$421.27M

Net cash -$2.00B

Equity / working capital

$1.66B

Working capital -$64.63M

Financial statements

MARA statement coverage.

Income statement, balance sheet, and cash-flow figures for MARA, with quarterly and annual history in the tables below.

Data last updated

Jun 29, 2026

Income periods

Balance-sheet periods

Cash-flow periods

Quarterly and annual MARA statements, sourced from Market data source · as of 2026-06-30.

Financial statement period

MARA statement history

Market data source · as of 2026-06-30 · Data last updated: Jun 29, 2026

ProfitabilityIncome statementRevenue, expenses, margins, and income quality20 quarterly periods Capital structureBalance sheetAssets, liabilities, debt, equity, and share count20 quarterly periods Cash generationCash flowOperating cash flow, CapEx, FCF, buybacks, and dividends20 quarterly periods

Income statement

Quarterly and annual rows for revenue, operating leverage, earnings quality, and margin direction.

8 / 20 Quarterly

Period	Revenue	Operating income	Net income	Net margin	Revenue QoQ	Net income QoQ
Q2 FY2026	$13.81M	-$521.07M			-20.7%
Q1 FY2026	$17.41M	-$1.06B			+45.6%
Q4 FY2025	$11.96M	-$1.41B			-28.8%
Q3 FY2025	$16.79M	$47.59M			+10.2%
Q2 FY2025	$15.23M	$679.78M			+3.5%
Q1 FY2025	$14.72M	-$541.06M			+26.4%
Q4 FY2024	$11.64M	$341.03M	$528.53M	4539.84%	-30.6%	+523.5%
Q3 FY2024	$16.77M	-$172.22M	-$124.79M	-743.99%	-32.7%	+37.5%

Balance sheet

Balance-sheet history for assets, liabilities, liquidity, debt, equity, and shares outstanding.

8 / 20 Quarterly

Period	Cash	Current assets	Current liabilities	Total assets	Total debt	Total equity	Debt QoQ
Q2 FY2026	$421.27M	$527.19M	$591.83M	$4.35B	$2.42B	$1.66B	+0.1%
Q1 FY2026	$513.65M	$611.11M	$331.47M	$4.95B	$2.42B	$2.23B	-32.9%
Q4 FY2025	$547.13M	$664.27M	$521.88M	$7.29B	$3.60B	$3.47B
Q3 FY2025	$826.39M	$961.92M	$459.37M	$9.15B		$5.16B
Q2 FY2025	$109.47M	$236.46M	$441.02M	$7.72B		$4.79B
Q1 FY2025	$196.22M	$291.83M	$368.37M	$6.44B		$3.72B
Q4 FY2024	$391.77M	$470.37M	$95.20M	$6.80B	$2.45B	$4.13B
Q3 FY2024	$164.26M	$239.37M	$59.79M	$3.58B		$2.86B

Cash flow

Operating cash generation, capital expenditure, free cash flow, buybacks, dividends, and cash movement.

8 / 20 Quarterly

Period	Operating cash flow	CapEx	Free cash flow	Net income	Buybacks	FCF QoQ
Q2 FY2026	-$223.77M	$14.78M	-$238.55M		$7.68M	+27.1%
Q1 FY2026	-$247.49M	$79.52M	-$327.01M		$7.46M	+16.0%
Q4 FY2025	-$224.75M	$164.47M	-$389.22M		$3.70M	-37.1%
Q3 FY2025	-$199.05M	$84.83M	-$283.88M		$7.69M	-0.5%
Q2 FY2025	-$163.44M	$118.92M	-$282.36M		$15.17M	-11.0%
Q1 FY2025	-$215.49M	$38.86M	-$254.34M		$20.36M	+49.1%
Q4 FY2024	-$313.43M	$186.52M	-$499.95M	$528.53M	$8.44M	-152.4%
Q3 FY2024	-$160.09M	$37.99M	-$198.08M	-$124.79M	$5.85M	-49.6%

Valuation and returns

Enterprise value: $6.37B; TECHi computed

Return on equity: 32.59%; Market data source

Return on assets: 12.45%; Market data source

Debt / equity: 1.46; Current ratio 0.89

Ratio values use provider-attributed fields when available and otherwise fall back to TECHi statement math from the visible rows on this page.

Annual revenue and income multiples

Annual sales and income multiple reads use the latest annual statement when available, then fall back to trailing-twelve-month statement math from the visible quarterly rows.

Annual revenue base: $58.70M; Annual statement 2025-12-31

Market cap / annual revenue: 74.42; Live market value divided by annual revenue

Annual sales and income multiple

EV / annual revenue108.43

Market capitalization bridge

Market cap / annual revenue74.42

TTM valuation multiples

TTM revenue: $59.98M; Trailing twelve months

TTM EBIT: -$2.95B; TTM operating income

Market cap / TTM revenue: 72.85; Live market value divided by trailing twelve months revenue

EV / TTM revenue: 106.14; Enterprise value divided by trailing twelve months revenue

Live market value is matched against trailing-twelve-month statement bases first so the multiple moves with the tape instead of anchoring to stale fiscal-year rows.

Revenue, net income, and free cash flow

Revenue$13.81MFree cash flow-$238.55M

Q1 FY2025Q4 FY2025Q2 FY2026

Quarterly statement rows, shown on one common dollar scale so margin compression and cash conversion stand out quickly.

Efficiency

Growth vs cost pressure

Revenue growth YoY-9.3%

Cash conversion

FCF margini-2065.28%

CapEx / revenuei572.91%

Quarterly margin heatmap

Gross margin

Q1 FY2025

—

Q2 FY2025

—

Q3 FY2025

—

Q4 FY2025

—

Q1 FY2026

—

Q2 FY2026

—

Operating margin

Q1 FY2025

-3675.45%

Q2 FY2025

4462.82%

Q3 FY2025

283.40%

Q4 FY2025

-11795.91%

Q1 FY2026

-6096.00%

Q2 FY2026

-3772.86%

Net margin

Q1 FY2025

—

Q2 FY2025

—

Q3 FY2025

—

Q4 FY2025

—

Q1 FY2026

—

Q2 FY2026

—

Latest quarter expense mix

R&D$7.17M

Profit bridge

EBIT-$521.07M

Pretax income-$610.74M

Tax expense$580,000

Other income statement lines

Income before tax-$610.74M

Income tax expense$580,000

Balance sheet · Q2 FY2026

Cash & equivalents: $421.27M

Total debt: $2.42B

Net cash: -$2.00B; Net debt position

Total equity: $1.66B

Balance sheet detail

Current assets: $527.19M

Current liabilities: $591.83M

Property, plant & equipment: $1.22B

Current debt: $485.40M

Long-term debt: $1.93B

Debt and liquidity

Debt / revenuei40.31

Cash / debt0.17

Quick ratioi0.71

Cash + short-term investments + receivables / current liabilities

Cash generation

Operating cash flow: -$223.77M

Capital expenditure: $14.78M

Free cash flow: -$238.55M

Capital returned: $7.68M; Buybacks + dividends paid

Cash-flow detail

Investing cash flow: $275.26M

Financing cash flow: -$7.71M

Buybacks: $7.68M

Net buybacks: $7.68M; Repurchases less stock issuance

Cash flow read

MARA is consuming cash this period.

Negative free cash flow can be deliberate (heavy capex on a growth project) or stress (operating cash flow turning south). Compare -$223.77M of operating cash flow against $14.78M of capex to see which side is moving.

Frequently asked

Common questions.

What financial data is available for MARA?

The MARA Financials page renders only the current income-statement, balance-sheet, cash-flow, or fund rows supplied for MARA Holdings Inc. Missing modules and empty line items are omitted.

How current are MARA's financial statements?

Each visible statement row keeps its reported period and provider attribution. The route redirects to the main quote when no usable financial or fund data remains.