Cipher Digital (CIFR) Gross Margin (2023 - 2026)
Cipher Digital's Gross Margin came in at 42.46% for Q3 2026, down 20.26 percentage points from 62.72% a year earlier but up 3.04 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 Sep 30, 2026, Cipher Digital reported Gross Margin of 50.46%, down 13.14 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 five-year range for quarterly Gross Margin is 37.50% (Q3 2024) to 69.58% (Q1 2025).
- Year-over-year, Gross Margin has declined for three consecutive quarters, with an average year-over-year change of -5.86 percentage points over the last eight quarters.
- 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 39.42% (Q2 2026), 49.18% (Q1 2026) and 59.37% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,944.62 Bn | 3,880.11 Bn | 62.56 Bn | 67.79% |
| 2 | International Business Machines | 231.10 Bn | 185.71 Bn | 9.71 Bn | 56.80% |
| 3 | Equinix | 100.11 Bn | 88.01 Bn | 1.31 Bn | 51.11% |
| 4 | Cloudflare | 96.02 Bn | 78.46 Bn | 557.23 Mn | 71.21% |
| 5 | Nebius | 31.44 Bn | 4.87 Bn | 448.70 Mn | 77.06% |
| 6 | Verisign | 27.82 Bn | 25.17 Bn | 393.20 Mn | 88.76% |
| 7 | CoreWeave | 25.57 Bn | 12.66 Bn | 1.70 Bn | 65.86% |
| 8 | Nutanix | 15.68 Bn | 7.37 Bn | 651.35 Mn | 86.03% |
| 9 | GoDaddy | 14.30 Bn | 9.69 Bn | 843.00 Mn | 62.83% |
| 10 | Cipher Digital | 2.72 Bn | -108.93 Mn | 11.34 Mn | 42.46% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 42.46% |
| 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();