Bitcoin Depot (BTM) Operating Margin (2022 - 2025)
Bitcoin Depot's (BTM) quarterly Operating Margin came in at 3.55% in Q4 2025, down 1117.0% year-on-year from 0.35% in Q4 2024, and down 148.91% quarter-over-quarter from 7.25% in Q3 2025.
Bitcoin Depot (BTM) Operating Margin (2022 - 2025) Analysis & Trends
Bitcoin Depot has disclosed Operating Margin across 4 years of filings, most recently posting 3.55% for Q4 2025.
- Operating Margin for Q4 2025 came in at 3.55%, down 1117.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 6.7% (up 248.0% YoY), and the FY2025 annual result was 6.7%, up 248.0% from the prior year.
- Operating Margin came in at 3.55% for Q4 2025 at Bitcoin Depot, down from 7.25% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 10.84% in Q1 2025 to a low of 3.55% in Q4 2025.
- The 4-year median for Operating Margin is 4.14% (2023), against an average of 4.5%.
- Peak annual rise in Operating Margin reached 1033 bps in 2025, while the deepest fall reached 1117 bps in 2025.
- Bitcoin Depot's Operating Margin stood at 2.86% in 2022, then slipped by 11 bps to 2.56% in 2023, then soared by 198 bps to 7.62% in 2024, then sank by 147 bps to 3.55% in 2025.
- The last three Operating Margin figures came in at 3.55% (Q4 2025), 7.25% (Q3 2025), and 9.15% (Q2 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | SOL Strategies | 100,773.79 Bn | 100,773.79 Bn | - | - |
| 2 | Morgan Stanley | 331.35 Bn | 197.82 Bn | - | - |
| 3 | Goldman Sachs | 317.73 Bn | -619.82 Bn | - | - |
| 4 | Schwab Charles | 153.74 Bn | 108.77 Bn | - | - |
| 5 | Robinhood Markets | 75.98 Bn | 71.34 Bn | 960.00 Mn | 28.49% |
| 6 | Interactive Brokers | 38.91 Bn | 49.50 Bn | - | - |
| 7 | LPL Financial Holdings | 22.76 Bn | 21.73 Bn | - | - |
| 8 | Tradeweb Markets | 20.90 Bn | 19.65 Bn | - | 46.50% |
| 9 | Circle Internet | 20.00 Bn | 18.49 Bn | 35.01 Mn | 108.11% |
| 10 | Bitcoin Depot | 3.52 Mn | -62.08 Mn | -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% |