Marathon Holdings reported $202.3 million in revenue for the fourth quarter of 2025, down 6% from $214.4 million a year earlier. The company said the decline was driven mainly by a 14% drop in the average price of bitcoin it mined during the quarter. At the same time, MARA posted a $1.7 billion net loss, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the same quarter of 2024.
Lower bitcoin output weighed on the quarter
For the full year ended Dec. 31, 2025, Marathon generated $907.1 million in revenue, up from $656.4 million in 2024. The company said the annual increase was largely tied to a 53% rise in the average price of bitcoin mined, which added $301.4 million to revenue. That gain was partly offset by a $28.4 million decline linked to lower bitcoin production and a $22.3 million reduction in other revenue, mainly from weaker hosting services.
In the fourth quarter, Marathon produced an average of 21.9 BTC per day, down from 27.1 BTC a year earlier. That translated into 481 fewer BTC mined during the period. For all of 2025, the miner produced 8,799 BTC, compared with 9,430 BTC in 2024. The company also said the number of blocks won fell 15% from the fourth quarter of the prior year.
Depreciation and bitcoin valuation changes drove the loss
The earnings swing was much sharper than the revenue decline. Marathon said operating income dropped by $1.5 billion, largely because of higher depreciation and amortization expense. That included $772.8 million in accelerated depreciation and $425.7 million in unfavorable bitcoin mark-to-market adjustments. The company also recorded $82.8 million in goodwill impairment.
For the full year, Marathon reported a $1.3 billion net loss, versus net income of $541 million in 2024. The figures show that weaker mining output was only part of the pressure. Balance sheet valuation changes and heavier non-cash charges also hit results.
Company pushes deeper into energy and digital infrastructure
In its fourth-quarter shareholder letter, Marathon said it is shifting from “a pure-play Bitcoin miner” to “an energy and digital infrastructure company.” The company said its partnership with Starwood Digital Ventures will cover the development, financing, and operation of next-generation digital infrastructure aimed at enterprise, hyperscale, and AI customers across its power-rich portfolio.
Marathon said recent bitcoin price declines, along with the impact of its joint venture with Starwood, led it to prioritize capital allocation toward what it described as the highest-value near-term opportunities. Even so, the company maintained that bitcoin remains a core part of its strategy. During 2025, it increased hashrate from 53.2 EH/s to 66.4 EH/s and said its bitcoin holdings remain a liquid balance sheet asset that supports strategic optionality and liquidity management.
On market conditions, Marathon said the timing of any recovery in bitcoin prices is difficult to predict, but its long-term conviction in the asset class has not changed. The company added that recent volatility reflects broader macro uncertainty rather than weaker bitcoin fundamentals.