Bitcoin Depot (BTM) Operating Margin (2022 - 2025)
Bitcoin Depot (BTM) posted Operating Margin of 3.55% for Q4 2025, down 148.91% sequentially from 7.25% in Q3 2025, and down 1117.0% YoY from 0.35% in Q4 2024.
Bitcoin Depot (BTM) Operating Margin (2022 - 2025) Analysis & Trends
Bitcoin Depot (BTM) has 4 years of Operating Margin data on file, last reported at 3.55% in Q4 2025.
- Quarterly Operating Margin fell 1117.0% year-over-year to 3.55% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 6.7% (up 248.0% YoY) and the FY2025 annual result came in at 6.7%, up 248.0% from the prior year.
- Operating Margin fell to 3.55% in Q4 2025 per BTM's latest filing, from 7.25% in the prior quarter.
- The five-year high for Operating Margin was 10.84% in Q1 2025, with the low at 3.55% in Q4 2025.
- Average Operating Margin over 4 years is 4.5%, with a median of 4.14% recorded in 2023.
- The widest YoY moves for Operating Margin: up 1033 bps in 2025, down 1117 bps in 2025.
- Bitcoin Depot's Operating Margin stood at 2.86% in 2022, then fell by 11 bps to 2.56% in 2023, then soared by 198 bps to 7.62% in 2024, then slumped by 147 bps to 3.55% in 2025.
- Business Quant data shows BTM's Operating Margin at 3.55% in Q4 2025, 7.25% in Q3 2025, and 9.15% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Morgan Stanley | 330.70 Bn | 197.17 Bn | - | - |
| 2 | Goldman Sachs | 309.79 Bn | -627.76 Bn | - | - |
| 3 | Schwab Charles | 167.21 Bn | 122.24 Bn | - | - |
| 4 | Futu Holdings | 111.36 Bn | 109.19 Bn | 733.58 Mn | 149.71% |
| 5 | Robinhood Markets | 97.69 Bn | 93.05 Bn | 960.00 Mn | 28.49% |
| 6 | LPL Financial Holdings | 23.49 Bn | 22.47 Bn | - | - |
| 7 | Tradeweb Markets | 21.59 Bn | 20.34 Bn | - | 46.50% |
| 8 | Circle Internet | 15.14 Bn | 13.62 Bn | 35.01 Mn | 108.11% |
| 9 | Iren | 14.46 Bn | 12.24 Bn | 144.76 Mn | -161.28% |
| 10 | Bitcoin Depot | - | - | -368.45 Mn | -3.55% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -3.55% |
| Sep 30, 2025 | 7.25% |
| Jun 30, 2025 | 9.15% |
| Mar 31, 2025 | 10.84% |
| Dec 31, 2024 | 7.62% |
| Sep 30, 2024 | 4.05% |
| Jun 30, 2024 | 4.66% |
| Mar 31, 2024 | 0.50% |
| Dec 31, 2023 | 2.56% |
| Sep 30, 2023 | 4.14% |
| Jun 30, 2023 | 5.35% |
| Mar 31, 2023 | 5.30% |
| Dec 31, 2022 | 2.86% |
| Sep 30, 2022 | 2.78% |
| Jun 30, 2022 | 3.94% |