Cipher Digital (CIFR) Operating Expenses (2020 - 2026)
Cipher Digital (CIFR) recorded Operating Expenses of $35.08 million in Q2 2026, down 33.8% from $52.98 million a year earlier but up 17.6% from the prior quarter.
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Analysis
Cipher Digital (CIFR) Operating Expenses (2020 - 2026) Analysis & Trends
On a TTM basis, Cipher Digital's Operating Expenses came in at $195.07 million as of Jun 30, 2026, up 3.4% year-over-year; for FY2025, it was $235.38 million, up 74.3% from FY2024.
- Annual Operating Expenses has increased for four straight years, with a five-year compound annual growth rate of 333.6% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $135.06 million in FY2024 (+55.4%), $86.9 million in FY2023 (+15.5%), $75.24 million in FY2022 (+4.3%) and $72.15 million in FY2021.
- Quarterly Operating Expenses has ranged from $2.28 million in Q3 2021 to $69.21 million in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Expenses rose in six of the last eight quarters, with growth averaging 50.9%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 678.1% in Q3 2022, against a decline of 66.2% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $29.84 million (Q1 2026), $62.68 million (Q4 2025) and $67.47 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,946.19 Bn | 3,869.35 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 235.76 Bn | 236.43 Bn | 9.71 Bn | - |
| 3 | Cloudflare | 105.62 Bn | 89.15 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 98.61 Bn | 87.16 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 43.13 Bn | 16.57 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 32.82 Bn | 19.92 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 27.30 Bn | 24.66 Bn | 393.20 Mn | 146.50 Mn |
| 8 | Nutanix | 19.68 Bn | 11.37 Bn | 651.35 Mn | 581.36 Mn |
| 9 | Akamai Technologies | 14.30 Bn | 7.71 Bn | 613.75 Mn | 1.02 Bn |
| 10 | Cipher Digital | 3.51 Bn | 155.81 Mn | 9.79 Mn | 35.08 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 35.08 Mn |
| Mar 31, 2026 | 29.84 Mn |
| Dec 31, 2025 | 62.68 Mn |
| Sep 30, 2025 | 67.47 Mn |
| Jun 30, 2025 | 52.98 Mn |
| Mar 31, 2025 | 52.25 Mn |
| Dec 31, 2024 | 45.99 Mn |
| Sep 30, 2024 | 37.42 Mn |
| Jun 30, 2024 | 28.67 Mn |
| Mar 31, 2024 | 23.18 Mn |
| Dec 31, 2023 | 23.62 Mn |
| Sep 30, 2023 | 23.03 Mn |
| Jun 30, 2023 | 23.08 Mn |
| Mar 31, 2023 | 17.18 Mn |
| Dec 31, 2022 | 23.36 Mn |
| Sep 30, 2022 | 17.77 Mn |
| Jun 30, 2022 | 29.33 Mn |
| Mar 31, 2022 | 17.40 Mn |
| Dec 31, 2021 | 69.21 Mn |
| Sep 30, 2021 | 2.28 Mn |
API Access
Cipher Digital Operating Expenses 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=operating-expenses&ticker=CIFR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=CIFR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();