MARA Holdings (MARA) Operating Expenses (2011 - 2026)
MARA Holdings (MARA) recorded Operating Expenses of $695.95 million in Q2 2026, compared with -$441.29 million a year earlier and down 43.7% from the prior quarter.
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Analysis
MARA Holdings (MARA) Operating Expenses (2011 - 2026) Analysis & Trends
On a TTM basis, MARA Holdings' Operating Expenses came in at $3.75 billion as of Jun 30, 2026, up 663.9% year-over-year; for FY2025, it came in at $2.13 billion, up 508.5% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 211.6% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $350.27 million in FY2024 (+110.2%), $166.6 million in FY2023 (-74.0%), $639.87 million in FY2022 (+434.3%) and $119.76 million in FY2021.
- Quarterly Operating Expenses has ranged from -$441.29 million in Q2 2025 to $1.61 billion in Q4 2025 over the past five years.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 914.4% in Q2 2022, against a decline of 73.9% in Q3 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $1.24 billion (Q1 2026), $1.61 billion (Q4 2025) and $204.82 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.67 Bn | 7.89 Bn | - | 7.26 Bn |
| 2 | Block | 46.56 Bn | 17.86 Bn | 3.17 Bn | 2.72 Bn |
| 3 | Coinbase Global | 45.63 Bn | 2.44 Bn | - | 1.33 Bn |
| 4 | Corpay | 26.17 Bn | 16.06 Bn | - | 260.40 Mn |
| 5 | Fiserv | 25.31 Bn | 21.98 Bn | 2.90 Bn | 4.28 Bn |
| 6 | Global Payments | 22.57 Bn | 361.32 Mn | 2.03 Bn | 2.98 Bn |
| 7 | Guidewire Software | 14.23 Bn | 10.79 Bn | 269.68 Mn | 207.36 Mn |
| 8 | Bitmine Immersion Technologies | 11.95 Bn | 9.33 Bn | 40.81 Mn | 52.67 Mn |
| 9 | Chime Financial | 11.27 Bn | 7.06 Bn | 594.87 Mn | 573.55 Mn |
| 10 | MARA Holdings | 2.88 Bn | 572.29 Mn | - | 695.95 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 695.95 Mn |
| Mar 31, 2026 | 1.24 Bn |
| Dec 31, 2025 | 1.61 Bn |
| Sep 30, 2025 | 204.82 Mn |
| Jun 30, 2025 | -441.29 Mn |
| Mar 31, 2025 | 754.95 Mn |
| Dec 31, 2024 | -126.63 Mn |
| Sep 30, 2024 | 303.87 Mn |
| Jun 30, 2024 | 377.54 Mn |
| Mar 31, 2024 | -204.51 Mn |
| Dec 31, 2023 | 228.49 Mn |
| Sep 30, 2023 | 64.83 Mn |
| Jun 30, 2023 | -4.67 Mn |
| Mar 31, 2023 | -122.05 Mn |
| Dec 31, 2022 | 395.78 Mn |
| Sep 30, 2022 | 16.65 Mn |
| Jun 30, 2022 | 181.68 Mn |
| Mar 31, 2022 | 45.54 Mn |
| Dec 31, 2021 | -15.84 Mn |
| Sep 30, 2021 | 63.88 Mn |
API Access
MARA Holdings 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=MARA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MARA", "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=MARA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();