Mara Holdings Inc (MARA)
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Fiscal Year End Date: 12/31
(Values in U.S. thousands)
| 12-2025 | 12-2024 | 12-2023 | 12-2022 | 12-2021 | |
| Cash Flows From Operating Activities | |||||
| Net Income | -1,311,892 | 541,008 | 261,173 | -694,022 | -29,813 |
| Depreciation Amortization | 881,798 | 429,185 | 185,539 | 105,435 | 14,904 |
| Income taxes - deferred | -58,646 | 73,217 | 15,286 | -24,968 | 24,968 |
| Accounts receivable | 1,813 | -9,319 | N/A | N/A | N/A |
| Accounts payable and accrued liabilities | -2,855 | 13,198 | -589 | 13,369 | 12,382 |
| Other Working Capital | -878,548 | -798,630 | -412,206 | -176,563 | -136,277 |
| Other Operating Activity | 565,605 | -925,681 | -364,854 | 600,271 | 94,872 |
| Operating Cash Flow | $-802,725 | $-677,022 | $-315,651 | $-176,478 | $-18,964 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -403,417 | -247,319 | -27,611 | 137,263 | -273,851 |
| Net Acquisitions | -36,369 | -335,630 | N/A | N/A | N/A |
| Purchase Of Investment | -37,007 | -31,610 | -71,795 | -44,500 | -3,000 |
| Sale Of Investment | N/A | N/A | N/A | 849 | -150,000 |
| Purchase Sale Intangibles | N/A | -2,633 | N/A | N/A | N/A |
| Other Investing Activity | -193,127 | -2,614,500 | 104,001 | -483,840 | -464,285 |
| Investing Cash Flow | $-669,920 | $-3,229,059 | $4,595 | $-390,228 | $-891,136 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | 150,000 | 200,000 | N/A | 120,000 | 77,500 |
| Debt Issued | 1,014,022 | 2,178,679 | N/A | 49,250 | 728,406 |
| Debt Repayment | -18,447 | -247,511 | -50,000 | -120,000 | N/A |
| Common Stock Issued | 568,563 | 1,851,621 | 608,365 | 361,486 | 313,641 |
| Common Stock Repurchased | -46,921 | -37,404 | -380 | 0 | N/A |
| Other Financing Activity | -39,211 | 7,154 | -2,121 | -81 | -82,214 |
| Financing Cash Flow | $1,628,006 | $3,952,539 | $555,864 | $410,655 | $1,037,333 |
| Beginning Cash Position | 403,771 | 357,313 | 112,505 | 268,556 | 141,323 |
| End Cash Position | 559,132 | 403,771 | 357,313 | 112,505 | 268,556 |
| Net Cash Flow | $155,361 | $46,458 | $244,808 | $-156,051 | $127,233 |
| Free Cash Flow | |||||
| Operating Cash Flow | -802,725 | -677,022 | -315,651 | -176,478 | -18,964 |
| Capital Expenditure | -407,071 | -250,825 | -27,611 | -41,108 | -273,851 |
| Free Cash Flow | -1,209,796 | -927,847 | -343,262 | -217,586 | -292,815 |