Cipher Digital (CIFR) Gross Margin (2023 - 2026)
Cipher Digital's Gross Margin came in at 39.42% for Q2 2026, down 25.39 percentage points from 64.81% a year earlier and down 9.76 percentage points from the prior quarter.
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Analysis
Cipher Digital (CIFR) Gross Margin (2023 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Cipher Digital reported Gross Margin of 56.18%, down 3.86 percentage points year-over-year; for FY2025, it came in at 63.73%, up 4.96 percentage points from FY2024.
- Gross Margin carries a three-year change of -11.64 percentage points (FY2022 to FY2025).
- Going back by year, Gross Margin was 58.77% in FY2024 (-1.56 pp), 60.34% in FY2023 (-15.03 pp) and 75.37% in FY2022.
- The Q2 2026 figure represents the lowest quarterly Gross Margin since Q3 2024.
- Year-over-year, Gross Margin increased in four of the last eight quarters, with an average year-over-year change of -5.77 percentage points.
- The fastest year-over-year change in Gross Margin over five years came in Q3 2025 (a gain of 25.22 percentage points), and the weakest in Q2 2026 (a drop of 25.39 percentage points).
- Business Quant data shows CIFR's Gross Margin at 49.18% (Q1 2026), 59.37% (Q4 2025) and 62.72% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,780.05 Bn | 3,703.20 Bn | 60.48 Bn | 67.20% |
| 2 | International Business Machines | 207.28 Bn | 158.18 Bn | 9.91 Bn | 57.73% |
| 3 | Cloudflare | 113.42 Bn | 96.95 Bn | 499.52 Mn | 71.76% |
| 4 | Equinix | 100.18 Bn | 88.73 Bn | 1.40 Bn | 53.14% |
| 5 | Nebius | 60.05 Bn | 33.49 Bn | 448.70 Mn | 77.06% |
| 6 | CoreWeave | 47.35 Bn | 34.44 Bn | 1.70 Bn | 65.86% |
| 7 | Verisign | 25.30 Bn | 22.51 Bn | 384.60 Mn | 88.50% |
| 8 | Nutanix | 18.96 Bn | 10.65 Bn | 651.35 Mn | 86.03% |
| 9 | Akamai Technologies | 15.57 Bn | 8.98 Bn | 613.75 Mn | 55.81% |
| 10 | Cipher Digital | 6.84 Bn | 3.48 Bn | 9.79 Mn | 39.42% |
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% |
API Access
Cipher Digital Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=CIFR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "CIFR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=CIFR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();