Jun 2026 (Q2 FY26) — Aug 6, 2026
MARA Q2 FY26 — Digital Infrastructure Transformation and Power Portfolio Expansion
Read the full callMARA (MARA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MARA earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 175 | −26.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -298.0 | −583.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Price
$7.38 −1.99% · −$0.15
Performance −62.3% 1Y
1Y: $19.57 on 17 Oct 2025 → $7.38. High $20.73 (20 Oct 2025), low $6.73 (5 Feb 2026).
- Previous close
- $7.53
- 52-week range
- $6.73 – $20.73
- One year
- −64.40%
Overview
- Symbol
- MARA
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Call summaries
Mar 2026 (Q1 FY26) — May 11, 2026
MARA Q1 FY26 — Redefining as Digital Infrastructure Company with Strategic Acquisitions and Debt Reduction
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
MARA Q4 FY25 — Strategic Pivot to AI/HPC Infrastructure with Starwood JV
Read the full callEvery analysed call
MARA earnings calls (MARA)
Financials
What the filings say
Net profit, against the quarter before: +524% (quarter to dec 2024 against sep 2024).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 132 | 214 | 214 | 238 | 252 | 202 | 175 | 175 |
| Operating profit | -172 | 341 | -541 | 680 | 48 | -1,411 | -1,061 | -521 |
| Operating margin | −130.8% | 159.1% | −253.0% | 285.0% | 18.9% | −697.2% | −607.9% | −298.0% |
| Other income | -2 | 306 | -112 | 337 | 113 | -483 | -232 | -90 |
| Interest | 2 | 8 | 10 | 13 | 13 | 13 | 11 | 6 |
| Profit before tax | -174 | 647 | -653 | 1,017 | 161 | -1,893 | -1,293 | -611 |
| Tax rate | 28.3% | 18.3% | 18.3% | 20.5% | 23.4% | 9.7% | 2.4% | −0.1% |
| Net profit | -125 | 529 | — | — | — | — | — | — |
| EPS ($ per share) | -0.42 | — | -1.55 | 2.29 | 0.33 | — | -3.31 | -1.60 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -102 | -106 | -116 | -146 | -840 | -568 | -26 | -1,338 |
| Total liabilities | 2 | 3 | 2 | 765 | 809 | 375 | 2,665 | 3,810 |
| Fixed assets | 1 | 4 | 17 | 276 | 273 | 672 | 1,549 | 1,491 |
| Investments | — | — | — | 224 | — | — | — | — |
| Total assets | 5 | 7 | 313 | 1,444 | 1,195 | 1,991 | 6,801 | 7,287 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -8 | -3 | -8 | -19 | -176 | -316 | -677 | -803 |
| Cash from investing | -4 | 1 | -81 | -891 | -390 | 5 | -3,229 | -670 |
| Cash from financing | — | 0 | 230 | 1,037 | 411 | 556 | 3,953 | 1,628 |
| Net cash flow | -12 | -2 | 141 | 127 | -156 | 245 | 46 | 155 |
| Capital expenditure | -5 | -0 | -18 | -274 | -41 | -28 | -251 | -407 |
| Free cash flow | -13 | -3 | -26 | -293 | -218 | -343 | -928 | -1,210 |
MARA revenue by segment
Operator Transaction Fees shrank from 17% to 6% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Operator Transaction Fees | 17% | 164% | 19% | 20% | 12% | 11% | 6% | 8% | -65.7% |
| Hosting Services | 2% | 19% | 8% | 8% | 7% | 10% | 6% | 0% | -100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MARA operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Bitcoin mined | 2,247We mined 2,247 Bitcoin or 25 Bitcoin per day in the first quarter of 2026.Source: earnings call transcript | 2,422During the quarter, we mined 2,422 Bitcoin or 26.6 Bitcoin per day, approximately 64 more Bitcoin than the prior year period.Source: earnings call transcript | +7.8% |
| Bitcoin held | 35.303KWe held a total of 35,303 Bitcoin at the end of the quarter, a decrease of 12,228 from the previous year.Source: earnings call transcript | 35.577KWe held a total of 35,577 Bitcoin at the end of the quarter, valued at approximately $2.1 billion at a $58,524 spot price, down from 49,951 Bitcoins held a year ago.Source: earnings call transcript | +0.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
90 filings between Oct 31, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$7.42M
33 sales by 4 insiders
91% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 12
- Award — granted as compensation
- 45
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Thiel Frederick G | — | $3.61M | Oct 1, 2026 |
| Khan Salman Hassan | — | $2.20M | Sep 17, 2026 |
| Nowaid Zabi | — | $1.49M | Sep 18, 2026 |
| MELLINGER DOUGLAS K | — | $128.6K | Jun 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 9,210 | $103.2K |
| Oct 1, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $308.6K |
| Sep 30, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 52,307 | $592.6K |
| Sep 30, 2026 | Nowaid Zabi General Counsel | Tax withheld | 20,923 | $237.1K |
| Sep 30, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld 10b5-1 plan | 63,101 | $714.9K |
| Sep 18, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8,376 | $101.3K |
| Sep 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $314.9K |
| Sep 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $183.2K |
| Aug 21, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8,376 | $100.5K |
| Aug 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $253.3K |
| Aug 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $147.4K |
| Aug 3, 2026 | Nowaid Zabi General Counsel | Tax withheld | 4,139 | $48.6K |
| Aug 3, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 27,316 | $321.0K |
| Jul 31, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 40,388 | $457.2K |
| Jul 31, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 30,215 | $342.0K |
| Jul 31, 2026 | Nowaid Zabi General Counsel | Tax withheld | 9,745 | $110.3K |
| Jul 30, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 33,569 | $396.8K |
| Jul 30, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 40,497 | $478.7K |
| Jul 30, 2026 | Nowaid Zabi General Counsel | Tax withheld | 13,428 | $158.7K |
| Jul 20, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8,376 | $100.5K |
| Jul 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $299.8K |
| Jul 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $174.4K |
| Jul 1, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 61,515 | $854.4K |
| Jul 1, 2026 | Nowaid Zabi General Counsel | Tax withheld | 20,924 | $290.6K |
| Jul 1, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 63,101 | $876.5K |
| Jun 22, 2026 | MELLINGER DOUGLAS K Director | Sale 10b5-1 plan | 7,000 | $112.0K |
| Jun 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $228.0K |
| Jun 17, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 7,000 | $99.8K |
| Jun 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $391.9K |
| May 18, 2026 | Nowaid Zabi General Counsel | Tax withheld 10b5-1 plan | 4,248 | $48.7K |
| May 18, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $330.1K |
| May 18, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld 10b5-1 plan | 27,316 | $313.0K |
| May 18, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $192.0K |
| May 18, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8,250 | $99.0K |
| Apr 30, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 65,456 | $784.8K |
| Apr 30, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 80,884 | $969.8K |
| Apr 30, 2026 | Nowaid Zabi General Counsel | Tax withheld | 23,781 | $285.1K |
| Apr 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $186.9K |
| Apr 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $321.3K |
| Apr 17, 2026 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 42,090 | $505.1K |
| Apr 1, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 30,820 | $251.5K |
| Apr 1, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 36,230 | $295.6K |
| Apr 1, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 9,452 | $76.0K |
| Apr 1, 2026 | Nowaid Zabi General Counsel | Tax withheld | 12,328 | $100.6K |
| Mar 17, 2026 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16,000 | $146.9K |
| Mar 17, 2026 | Thiel Frederick G Chief Executive Officer | Sale 10b5-1 plan | 27,505 | $252.5K |
| Feb 20, 2026 | Nowaid Zabi General Counsel | Tax withheld | 31,087 | $233.2K |
| Feb 20, 2026 | Thiel Frederick G Chief Executive Officer | Tax withheld | 91,356 | $685.2K |
| Feb 20, 2026 | Khan Salman Hassan Chief Financial Officer | Tax withheld | 77,713 | $582.8K |
| Feb 20, 2026 | Thiel Frederick G Chief Executive Officer | Award | 752,093 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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