The earnings call highlighted MARA's record-breaking financial performance and strategic expansions, including significant growth in bitcoin holdings and infrastructure investments. However, concerns were raised about market frothiness and operational challenges in the bitcoin mining sector. Overall, while there are positive achievements, the acknowledgment of market risks and operational hurdles presents a balanced outlook.

Company Guidance -

Q3 2025

During the MARA Q2 2025 earnings call, the company reported record-breaking financial performance, with revenues increasing by 64% to $238.5 million compared to the previous year. Their bitcoin holdings surged by over 170%, reaching nearly 50,000 BTC, while the market value of these holdings rose by $4.2 billion, a 362% year-over-year increase. MARA achieved an 82% increase in their energized hash rate, now at 57.4 exahash per second. The company also reported net income of $808.2 million, a significant turnaround from a net loss of $199.7 million the previous year. Their purchased energy cost per bitcoin was among the lowest in the sector at $33,735 per coin, with a 24% year-over-year improvement in daily cost per petahash. The company highlighted strategic initiatives, such as partnerships to develop AI infrastructure, construction of a wind-powered data center, and a convertible notes offering to bolster their balance sheet, emphasizing their position as a leading bitcoin holder and infrastructure innovator.

Record-Breaking Financial Performance

In Q2 2025, MARA reported record-breaking financial performance with revenues increasing by 64% to $238.5 million, driven primarily by a 50% increase in the average bitcoin price. Net income for the quarter was $808.2 million, compared to a net loss of $199.7 million in the same period last year.

Significant Bitcoin Holdings Growth

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

Strategic Partnerships and Infrastructure Expansion

MARA announced strategic partnerships with TAE Power Solutions and Pado AI. They completed the construction of a new behind-the-meter data center at a wind-powered site in Texas, and established regional headquarters in Saudi Arabia and an entity in France for European operations.

Convertible Notes Offering

MARA issued $950 million of 0% convertible senior notes due 2032 to bolster their balance sheet, providing flexibility for strategic actions like bitcoin purchases, M&A, or debt repayment.

Marathon Digital Holdings (MARA) Earnings, Revenues Date & History

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MARA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.02 / -	-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.