Cipher Digital (CIFR) Gross Margin (2023 - 2026)
Cipher Digital (CIFR) posted Gross Margin of 39.42% for Q2 2026, down 19.84% on a QoQ basis from 49.18% in Q1 2026, and down 2539.0% year-over-year from 1.62% in Q2 2025.
Powered by 
Analysis
Cipher Digital (CIFR) Gross Margin (2023 - 2026) Analysis & Trends
Cipher Digital has reported Gross Margin for 4 years, with the latest figure at 39.42% in Q2 2026.
- On a quarterly basis, Gross Margin fell 2539.0% year-over-year to 39.42% in Q2 2026; TTM through Jun 2026 was 56.18%, a 386.0% decrease from a year earlier, with the FY2025 full-year figure at 63.73%, up 496.0% from the prior year.
- Gross Margin was 39.42% for Q2 2026 at Cipher Digital, down from 49.18% in the prior quarter.
- The five-year high for Gross Margin was 69.58% in Q1 2025, with the low at 37.5% in Q3 2024.
- Average Gross Margin over 4 years is 57.74%, with a median of 60.29% recorded in 2024.
- The sharpest annual moves came in 2025 and 2026: Gross Margin surged 2522 bps in 2025, then plunged 2539 bps in 2026.
- Over 4 years, Gross Margin stood at 69.39% in 2023, then retreated by 18 bps to 56.9% in 2024, then climbed by 4 bps to 59.37% in 2025, then sank by 34 bps to 39.42% in 2026.
- The last three Gross Margin figures came in at 39.42% (Q2 2026), 49.18% (Q1 2026), and 59.37% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 102.92 Bn | 100.69 Bn | 1.40 Bn | 53.14% |
| 2 | Terawulf | 8.33 Bn | 5.57 Bn | 32.37 Mn | 72.30% |
| 3 | Applied Digital | 7.46 Bn | 3.49 Bn | 97.29 Mn | 37.60% |
| 4 | Cipher Digital | 6.94 Bn | 2.92 Bn | 9.79 Mn | 39.42% |
| 5 | GDS Holdings | 6.17 Bn | 3.98 Bn | 97.89 Mn | 21.51% |
| 6 | Core Scientific | 5.88 Bn | 3.94 Bn | 70.04 Mn | 42.66% |
| 7 | Vnet | 1.75 Bn | 757.22 Mn | 74.45 Mn | 18.18% |
| 8 | Sify Technologies | 1.55 Bn | 1.55 Bn | 51.65 Mn | 39.59% |
| 9 | WhiteFiber | 745.81 Mn | 685.44 Mn | 18.88 Mn | 65.45% |
| 10 | Vulcan Infrastructure & Power | 445.09 Mn | 441.89 Mn | -1.25 Mn | -36.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 39.42% |
| Mar 31, 2026 | 49.18% |
| Dec 31, 2025 | 59.37% |
| Sep 30, 2025 | 62.72% |
| Jun 30, 2025 | 64.81% |
| Mar 31, 2025 | 69.58% |
| Dec 31, 2024 | 56.90% |
| Sep 30, 2024 | 37.50% |
| Jun 30, 2024 | 61.20% |
| Mar 31, 2024 | 69.21% |
| Dec 31, 2023 | 69.39% |
| Sep 30, 2023 | 57.07% |
| Jun 30, 2023 | 49.18% |
| Mar 31, 2023 | 62.82% |