The earnings call presented a largely positive outlook for MARA, highlighting record-breaking financial performance, significant growth in bitcoin holdings, and strategic international expansion. However, concerns were noted about the volatility of bitcoin prices and the operational challenges posed by seasonal curtailment in Texas.

Company Guidance

During the MARA Q2 2025 Earnings Call, the company reported record-breaking financial performance. Key metrics included a 64% increase in revenues, reaching $238.5 million, and a surge in bitcoin holdings by over 170% from the previous year, totaling nearly 50,000 BTC. The market value of these holdings rose by more than $4.2 billion, a 362% increase year-over-year. MARA's energized hashrate expanded by 82% to 57.4 exahash per second. The company achieved a net income of $808.2 million, contrasting with a net loss of $199.7 million the previous year. This performance was bolstered by a 50% increase in average bitcoin price and strategic investments in low-cost, flexible power sources, including a wind-powered data center in Texas. MARA also reported a 52% increase in blocks won compared to the prior year and announced strategic partnerships to support AI infrastructure. The company's cost structure improved, with purchased energy costs per bitcoin at $33,735, among the lowest in the sector.

Record-Breaking Financial Performance

Q2 2025 was a record-breaking quarter for MARA, with revenues increasing by 64% year-over-year to $238.5 million, driven by a 50% increase in the average bitcoin price. This was the highest revenue quarter in the company's history.

Significant Growth in Bitcoin Holdings

Between Q2 2024 and Q2 2025, MARA's bitcoin holdings surged by over 170% from approximately 18,500 BTC to nearly 50,000 BTC. The market value of these holdings increased by more than $4.2 billion, or 362% year-over-year.

Strategic International Expansion

MARA is setting up regional headquarters in Saudi Arabia and France to expand its infrastructure and explore international opportunities, particularly in regions with abundant energy and growing demand for sovereign compute.

Low-Cost Energy Strategy

MARA completed the construction of a new behind-the-meter data center at a wind-powered site in Texas, providing access to low-cost power and improving margin structure.

Positive Net Income

Reported net income of $808.2 million in Q2 2025 compared to a net loss of $199.7 million in Q2 2024, reflecting the impact of bitcoin holdings on the balance sheet.

MARA Holdings (MARA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

MARA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.06 / -	-0.42	―	―	―
Jul 29, 2025	2025 (Q2)	-0.07 / 1.84	-0.72	355.56% (+2.56)
May 08, 2025	2025 (Q1)	-0.52 / -1.55	1.26	-223.02% (-2.81)
Feb 26, 2025	2024 (Q4)	-0.13 / 1.24	0.74	67.57% (+0.50)
Nov 12, 2024	2024 (Q3)	-0.34 / -0.42	0.379	-210.82% (-0.80)
Aug 01, 2024	2024 (Q2)	-0.13 / -0.72	-0.104	-592.31% (-0.62)	―
May 09, 2024	2024 (Q1)	0.02 / 1.26	-0.05	2620.00% (+1.31)	―
Feb 28, 2024	2023 (Q4)	0.04 / 0.74	-3.094	123.92% (+3.83)	―
Nov 08, 2023	2023 (Q3)	-0.11 / 0.38	-0.65	158.31% (+1.03)	―
Aug 08, 2023	2023 (Q2)	-0.06 / -0.10	-1.75	94.06% (+1.65)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MARA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$16.61	$16.55	-0.36%
May 08, 2025	$14.29	$15.76	+10.29%
Feb 26, 2025	$12.45	$13.13	+5.46%
Nov 12, 2024	$25.23	$21.70	-13.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.