Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.6M | $520K | $1.56M | $1.19M | $4.36M | $24.2M | $9.88M | $57.7M | $96.5M | $58.7M |
| Revenue growth | — | -98.6% | 200.7% | -24.1% | 267.6% | 455.9% | -59.2% | 483.8% | 67.3% | -39.2% |
| Operating income | -$15.6M | -$14.2M | -$12.1M | -$4.24M | -$9.82M | -$2.99M | -$674M | $221M | $306M | -$1.22B |
| Operating margin | -42.5% | -2729.6% | -772.9% | -357.7% | -225.3% | -12.3% | -6815.2% | 382.9% | 317.1% | -2085.5% |
| Net income | -$28.7M | -$31.3M | -$12.8M | -$3.52M | -$10.4M | -$29.8M | -$694M | $261M | $541M | -$1.31B |
| Net margin | -78.3% | -6030.1% | -820.2% | -296.7% | -239.8% | -123.1% | -7022.4% | 452.6% | 560.7% | -2234.1% |
| EPS (diluted) | -$1.89 | -$4.80 | -$2.41 | -$0.53 | -$0.13 | -$0.30 | -$6.12 | $1.06 | $1.72 | -$3.69 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.2M | -$10.8M | -$8.24M | -$3.32M | -$7.77M | -$19.0M | -$176M | -$316M | -$677M | -$803M |
| Capital expenditures | $8.39K | $7.79K | $5.25M | $5.22K | $17.7M | $274M | $41.1M | $27.6M | $251M | $407M |
| Free cash flow | $10.2M | -$10.8M | -$13.5M | -$3.32M | -$25.5M | -$293M | -$218M | -$343M | -$928M | -$1.21B |
| Share buybacks | — | — | — | — | — | — | $0.00 | $380K | $37.4M | $46.9M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.00M | $14.9M | $2.55M | $693K | $141M | $269M | $104M | $357M | $392M | $547M |
| Total assets | $18.3M | $15.1M | $5.19M | $6.62M | $313M | $1.44B | $1.20B | $1.99B | $6.80B | $7.29B |
| Total liabilities | $27.6M | $7.67M | $2.27M | $2.97M | $1.51M | $765M | — | — | — | — |
| Long-term debt | — | $1.76M | $999K | $999K | — | $728M | $782M | $326M | $2.45B | $3.20B |
| Shareholders' equity | -$9.29M | $7.39M | $2.92M | $2.16M | $312M | $682M | $386M | $1.62B | $4.13B | $3.47B |
| Retained earnings | -$57.9M | -$89.3M | -$102M | -$106M | -$116M | -$154M | -$840M | -$568M | -$26.4M | -$1.34B |
| Shares (wtd avg diluted) | 15.2M | 12.5M | 6.38M | 6.66M | 81.4M | 99.3M | 113M | 192M | 312M | 355M |
Every figure is extracted from MARA Holdings, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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