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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $152.8M, roughly 1.3× Riot Platforms, Inc.). Riot Platforms, Inc. runs the higher net margin — -452.0% vs -14298.3%, a 13846.3% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -5.6%). Riot Platforms, Inc. produced more free cash flow last quarter ($-774.3M vs $-1.2B). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 10.7%).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
MARA vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $152.8M |
| Net Profit | $-1.7B | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | -11795.9% | -447.9% |
| Net Margin | -14298.3% | -452.0% |
| Revenue YoY | -5.6% | 7.2% |
| Net Profit YoY | -423.5% | -606.3% |
| EPS (diluted) | $-4.25 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $202.3M | $152.8M | ||
| Q3 25 | $252.4M | $180.2M | ||
| Q2 25 | $238.5M | $153.0M | ||
| Q1 25 | $213.9M | $161.4M | ||
| Q4 24 | $214.4M | $142.6M | ||
| Q3 24 | $131.6M | $84.8M | ||
| Q2 24 | $145.1M | $70.0M | ||
| Q1 24 | $165.2M | $79.3M |
| Q4 25 | $-1.7B | $-690.7M | ||
| Q3 25 | $123.1M | $104.5M | ||
| Q2 25 | $808.2M | $219.5M | ||
| Q1 25 | $-533.4M | $-296.4M | ||
| Q4 24 | $528.5M | $136.4M | ||
| Q3 24 | $-124.8M | $-154.4M | ||
| Q2 24 | $-199.7M | $-84.4M | ||
| Q1 24 | $337.2M | $211.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -2613.4% | — | ||
| Q3 24 | -1065.0% | — | ||
| Q2 24 | -587.6% | — | ||
| Q1 24 | -289.4% | — |
| Q4 25 | -11795.9% | -447.9% | ||
| Q3 25 | 18.9% | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | -253.0% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -130.8% | -143.3% | ||
| Q2 24 | -160.1% | -167.2% | ||
| Q1 24 | — | — |
| Q4 25 | -14298.3% | -452.0% | ||
| Q3 25 | 48.8% | 58.0% | ||
| Q2 25 | 338.9% | 143.4% | ||
| Q1 25 | -249.4% | -183.6% | ||
| Q4 24 | 5367.4% | 95.7% | ||
| Q3 24 | -94.8% | -182.1% | ||
| Q2 24 | -137.6% | -120.6% | ||
| Q1 24 | 204.1% | 267.1% |
| Q4 25 | $-4.25 | $-1.89 | ||
| Q3 25 | $0.27 | $0.26 | ||
| Q2 25 | $1.84 | $0.58 | ||
| Q1 25 | $-1.55 | $-0.90 | ||
| Q4 24 | $1.60 | $0.39 | ||
| Q3 24 | $-0.42 | $-0.54 | ||
| Q2 24 | $-0.72 | $-0.32 | ||
| Q1 24 | $1.26 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $547.1M | $233.5M |
| Total DebtLower is stronger | $3.6B | $840.8M |
| Stockholders' EquityBook value | $3.5B | $2.9B |
| Total Assets | $7.3B | $3.9B |
| Debt / EquityLower = less leverage | 1.04× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $233.5M | ||
| Q3 25 | $826.4M | $330.7M | ||
| Q2 25 | $109.5M | $255.4M | ||
| Q1 25 | $196.2M | $163.7M | ||
| Q4 24 | $391.8M | $277.9M | ||
| Q3 24 | $164.3M | $355.7M | ||
| Q2 24 | $256.0M | $481.2M | ||
| Q1 24 | $324.3M | $688.5M |
| Q4 25 | $3.6B | $840.8M | ||
| Q3 25 | $3.2B | $5.3M | ||
| Q2 25 | $2.3B | $5.3M | ||
| Q1 25 | $2.3B | $5.3M | ||
| Q4 24 | $2.4B | $584.6M | ||
| Q3 24 | $618.7M | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $2.9B | ||
| Q3 25 | $5.2B | $3.5B | ||
| Q2 25 | $4.8B | $3.3B | ||
| Q1 25 | $3.7B | $2.9B | ||
| Q4 24 | $4.1B | $3.1B | ||
| Q3 24 | $2.9B | $2.7B | ||
| Q2 24 | $2.6B | $2.6B | ||
| Q1 24 | $2.5B | $2.5B |
| Q4 25 | $7.3B | $3.9B | ||
| Q3 25 | $9.2B | $4.5B | ||
| Q2 25 | $7.7B | $4.3B | ||
| Q1 25 | $6.4B | $3.7B | ||
| Q4 24 | $6.8B | $3.9B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | $3.1B | $2.7B | ||
| Q1 24 | $3.0B | $2.6B |
| Q4 25 | 1.04× | 0.29× | ||
| Q3 25 | 0.63× | 0.00× | ||
| Q2 25 | 0.47× | 0.00× | ||
| Q1 25 | 0.62× | 0.00× | ||
| Q4 24 | 0.59× | 0.19× | ||
| Q3 24 | 0.22× | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-802.7M | $-572.9M |
| Free Cash FlowOCF − Capex | $-1.2B | $-774.3M |
| FCF MarginFCF / Revenue | -598.0% | -506.6% |
| Capex IntensityCapex / Revenue | 201.2% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $-572.9M | ||
| Q3 25 | $-199.0M | $-114.0M | ||
| Q2 25 | $-163.4M | $-231.3M | ||
| Q1 25 | $-215.5M | $-122.1M | ||
| Q4 24 | $-677.0M | $-255.1M | ||
| Q3 24 | $-160.1M | $-56.3M | ||
| Q2 24 | $-115.2M | $-42.5M | ||
| Q1 24 | $-88.3M | $-57.9M |
| Q4 25 | $-1.2B | $-774.3M | ||
| Q3 25 | $-283.9M | $-139.7M | ||
| Q2 25 | $-282.4M | $-291.7M | ||
| Q1 25 | $-254.3M | $-154.9M | ||
| Q4 24 | $-927.8M | $-495.4M | ||
| Q3 24 | $-198.1M | $-127.6M | ||
| Q2 24 | $-132.4M | $-96.1M | ||
| Q1 24 | $-97.4M | $-115.2M |
| Q4 25 | -598.0% | -506.6% | ||
| Q3 25 | -112.5% | -77.5% | ||
| Q2 25 | -118.4% | -190.7% | ||
| Q1 25 | -118.9% | -96.0% | ||
| Q4 24 | -432.8% | -347.5% | ||
| Q3 24 | -150.5% | -150.5% | ||
| Q2 24 | -91.2% | -137.2% | ||
| Q1 24 | -59.0% | -145.2% |
| Q4 25 | 201.2% | 131.8% | ||
| Q3 25 | 33.6% | 14.3% | ||
| Q2 25 | 49.9% | 39.5% | ||
| Q1 25 | 18.2% | 20.4% | ||
| Q4 24 | 117.0% | 168.6% | ||
| Q3 24 | 28.9% | 84.1% | ||
| Q2 24 | 11.9% | 76.5% | ||
| Q1 24 | 5.5% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | -1.09× | ||
| Q2 25 | -0.20× | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
