MARA Holdings, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-1.31B | $541.3M | $261.2M | $-694.0M | $-29.8M | $-10.4M | $-3.5M | $-12.8M |
| Depreciation & Amortization | $772.8M | $429.2M | $185.5M | $78.7M | $14.9M | $3.1M | — | — |
| Depreciation | $758.2M | $403.7M | $179.5M | $78.7M | $14.9M | $3.0M | $923.3K | $2.0M |
| Amortization | $900.0K | $22.9M | $0 | $0 | $71.2K | $71.2K | $71.2K | $66.0K |
| Stock-Based Compensation | $172.3M | $157.6M | $32.6M | $24.6M | $160.8M | $1.2M | $933.7K | $1.4M |
| Net Cash from Operating Activities | $-802.7M | $-677.0M | $-315.7M | $-176.5M | $-19.0M | $-7.8M | $-3.3M | $-8.2M |
| Investing Activities | ||||||||
| Capital Expenditures | $407.1M | $250.8M | $27.6M | $41.1M | $273.9M | $17.7M | $5.2K | $5.3M |
| Business Acquisitions | $36.4M | $335.6M | $0 | $0 | — | — | — | — |
| Net Cash from Investing Activities | $-669.9M | $-3.23B | $4.6M | $-390.2M | $-891.1M | $-81.3M | $1.2M | $-4.2M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $46.9M | $37.4M | $380.0K | $0 | — | — | — | — |
| Net Cash from Financing Activities | $1.63B | $3.95B | $555.9M | $410.7M | $1.04B | $229.7M | $245.5K | — |
| Net Change in Cash | $155.4M | $46.5M | $244.8M | $-156.1M | $127.2M | $140.6M | $-1.9M | $-12.4M |
| Free Cash Flow | $-1.21B | $-927.8M | $-343.3M | $-217.6M | $-292.8M | $-25.5M | $-3.3M | $-13.5M |