Cipher Digital Inc.
CIFR Nasdaq Finance Services Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$224M
48.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−188.2%
159.4 pts
Net income
Profit after all expenses, interest and tax.
−$822M
Free cash flow
Cash from operations minus capital spending.
−$696M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−11.4%
6.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.85 EPS (TTM)
What Cipher Digital Inc. does
No business description yet.
- Legal name
- Cipher Digital Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001819989-26-000009
0001819989
Revenue and margins
Cipher Digital Inc. had $224M of revenue in fiscal 2025, up 48.0% on the year before.
FY20
Revenue —
FY22
Revenue —
FY23
Revenue $127M
FY24
Revenue $151M
FY25
Revenue $224M
Q3 '23
Revenue $30.3M
Q4 '23
Revenue $43.4M
Q1 '24
Revenue $48.1M
Q2 '24
Revenue $36.8M
Q3 '24
Revenue $24.1M
Q4 '24
Revenue $42.2M
Q1 '25
Revenue $49.0M
Q2 '25
Revenue $43.6M
Q3 '25
Revenue $71.7M
Q4 '25
Revenue $59.7M
Q1 '26
Revenue $34.8M
Q2 '26
Revenue $24.8M
FY20
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross 60.3%
Operating −15.9%
Net −20.3%
FCF −90.4%
FY24
Gross 58.8%
Operating −28.9%
Net −29.5%
FCF −150.1%
FY25
Gross 63.7%
Operating −188.2%
Net −367.2%
FCF −310.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 57.1%
Operating −63.0%
Net −61.4%
FCF −75.8%
Q4 '23
Gross 69.4%
Operating 35.0%
Net 24.4%
FCF −81.6%
Q1 '24
Gross 69.2%
Operating 97.2%
Net 82.9%
FCF −71.7%
Q2 '24
Gross 61.2%
Operating −43.9%
Net −41.5%
FCF −90.2%
Q3 '24
Gross 37.5%
Operating −379.2%
Net −359.9%
FCF −345.0%
Q4 '24
Gross 56.9%
Operating 40.5%
Net 41.5%
FCF −180.2%
Q1 '25
Gross 69.6%
Operating −77.8%
Net −79.6%
FCF −300.1%
Q2 '25
Gross 64.8%
Operating −103.9%
Net −105.1%
FCF −401.2%
Q3 '25
Gross 62.7%
Operating −52.5%
Net −4.6%
FCF −130.9%
Q4 '25
Gross 59.4%
Operating −503.5%
Net −1,229.6%
FCF −469.5%
Q1 '26
Gross 49.2%
Operating −328.9%
Net −328.1%
FCF −1,327.5%
Q2 '26
Gross 39.4%
Operating −316.2%
Net −1,077.1%
FCF −2,632.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$0.1M
FY22
Net income —
FY23
Net income −$25.8M
FY24
Net income −$44.6M
FY25
Net income −$822M
Q3 '23
Net income −$18.6M
Q4 '23
Net income $10.6M
Q1 '24
Net income $39.9M
Q2 '24
Net income −$15.3M
Q3 '24
Net income −$86.8M
Q4 '24
Net income $17.5M
Q1 '25
Net income −$39.0M
Q2 '25
Net income −$45.8M
Q3 '25
Net income −$3.3M
Q4 '25
Net income −$734M
Q1 '26
Net income −$114M
Q2 '26
Net income −$268M
FY20
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS −$0.10
FY24
Diluted EPS −$0.14
FY25
Diluted EPS −$2.15
Q3 '23
Diluted EPS −$0.07
Q4 '23
Diluted EPS $0.04
Q1 '24
Diluted EPS $0.13
Q2 '24
Diluted EPS −$0.05
Q3 '24
Diluted EPS −$0.26
Q4 '24
Diluted EPS $0.04
Q1 '25
Diluted EPS −$0.11
Q2 '25
Diluted EPS −$0.12
Q3 '25
Diluted EPS −$0.01
Q4 '25
Diluted EPS −$1.91
Q1 '26
Diluted EPS −$0.28
Q2 '26
Diluted EPS −$0.65
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity −7.9%
Return on assets −0.1%
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital −3.8%
Return on equity −6.2%
Return on assets −5.2%
FY24
Return on capital −4.9%
Return on equity −7.6%
Return on assets −6.3%
FY25
Return on capital −11.4%
Return on equity −110.6%
Return on assets −31.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$696M in fiscal 2025, −310.7% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow −$115M
FY24
Free cash flow −$227M
FY25
Free cash flow −$696M
Q3 '23
Free cash flow −$23.0M
Q4 '23
Free cash flow −$35.4M
Q1 '24
Free cash flow −$34.5M
Q2 '24
Free cash flow −$33.2M
Q3 '24
Free cash flow −$83.2M
Q4 '24
Free cash flow −$76.1M
Q1 '25
Free cash flow −$147M
Q2 '25
Free cash flow −$175M
Q3 '25
Free cash flow −$93.8M
Q4 '25
Free cash flow −$280M
Q1 '26
Free cash flow −$462M
Q2 '26
Free cash flow −$654M
FY20
Cash from operations —
Capital spending —
FY22
Cash from operations —
Capital spending —
FY23
Cash from operations −$94.2M
Capital spending $20.5M
FY24
Cash from operations −$87.5M
Capital spending $139M
FY25
Cash from operations −$208M
Capital spending $488M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$18.5M
Capital spending $4.4M
Q4 '23
Cash from operations −$47.9M
Capital spending −$12.5M
Q1 '24
Cash from operations −$26.6M
Capital spending $7.9M
Q2 '24
Cash from operations −$25.4M
Capital spending $7.9M
Q3 '24
Cash from operations −$6.5M
Capital spending $76.6M
Q4 '24
Cash from operations −$29.0M
Capital spending $47.1M
Q1 '25
Cash from operations −$47.2M
Capital spending $99.7M
Q2 '25
Cash from operations −$56.2M
Capital spending $119M
Q3 '25
Cash from operations −$50.1M
Capital spending $43.8M
Q4 '25
Cash from operations −$54.4M
Capital spending $226M
Q1 '26
Cash from operations $91.5M
Capital spending $554M
Q2 '26
Cash from operations −$244M
Capital spending $410M
Cash from operations
Capital spending
Dividends, buybacks and share count
Cipher Digital Inc. returned $89.6M to shareholders in fiscal 2025. The diluted share count rose 18.1%.
FY20
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $3.9M
FY24
Dividends —
Buybacks $27.6M
FY25
Dividends —
Buybacks $89.6M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $2.1M
Q4 '23
Dividends —
Buybacks $0.7M
Q1 '24
Dividends —
Buybacks $3.2M
Q2 '24
Dividends —
Buybacks $4.1M
Q3 '24
Dividends —
Buybacks $3.5M
Q4 '24
Dividends —
Buybacks $16.9M
Q1 '25
Dividends —
Buybacks $1.1M
Q2 '25
Dividends —
Buybacks $3.2M
Q3 '25
Dividends —
Buybacks $3.0M
Q4 '25
Dividends —
Buybacks $82.3M
Q1 '26
Dividends —
Buybacks $3.8M
Q2 '26
Dividends —
Buybacks $45.2M
Dividends
Buybacks
FY20
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.25B
FY24
Diluted shares 0.32B
FY25
Diluted shares 0.38B
Balance sheet
Cash, debt and the ratios that show how comfortably Cipher Digital Inc. can carry it.
FY20
Cash $171M
Debt —
FY22
Cash $11.9M
Debt —
FY23
Cash $74.2M
Debt $14.5M
FY24
Cash $5.6M
Debt $43.5M
FY25
Cash $628M
Debt $2.8B
Cash
Debt
| Fiscal year end | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $171M | $11.9M | $74.2M | $5.6M | $628M |
| Debt incl. finance leases | — | — | $14.5M | $43.5M | $2.8B |
| Net debt / EBITDA | — | — | −1.5x | 0.6x | — |
| Debt / equity | — | — | 0.0x | 0.0x | 3.4x |
| Interest coverage | — | — | −10.1x | −25.6x | −11.5x |
| Current ratio | 12.2x | 1.2x | 4.6x | 1.3x | 3.8x |
| Quick ratio | 12.2x | 1.2x | 4.6x | 1.3x | 3.8x |
| Total assets | $172M | $418M | $566M | $855M | $4.3B |
| Total liabilities | $0.3M | $75.6M | $74.8M | $173M | $3.5B |
| Shareholders' equity | $1.3M | $343M | $491M | $682M | $806M |
| Net debt (− = net cash) | — | — | −$59.6M | $37.9M | $2.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | — | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | — | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 1 | — / 4 | 0 / 9 | 3 / 9 |
| Accruals ratio | — | 13.9% | 6.0% | −23.9% |
| Altman Z'' | 5.66 | 7.28 | 3.37 | 1.81 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | — | — | $127M | $151M | $224M |
| Gross profit | — | — | $76.5M | $88.9M | $143M |
| Operating income | −$0.2M | — | −$20.1M | −$43.7M | −$422M |
| Interest expense | — | — | $2.0M | $1.7M | $36.6M |
| Pretax income | — | — | −$22.2M | −$44.3M | −$826M |
| Income tax | — | — | $3.6M | $0.3M | −$3.3M |
| Net income | −$0.1M | — | −$25.8M | −$44.6M | −$822M |
| Diluted EPS | — | — | −$0.10 | −$0.14 | −$2.15 |
| Diluted shares | — | — | 0.25B | 0.32B | 0.38B |
| Cash flow | |||||
| Cash from operations | — | — | −$94.2M | −$87.5M | −$208M |
| Capital expenditure | — | — | $20.5M | $139M | $488M |
| Free cash flow | — | — | −$115M | −$227M | −$696M |
| Depreciation and amortization | — | — | $59.1M | $102M | $199M |
| Stock-based compensation | — | — | $38.5M | $42.1M | $52.8M |
| Share buybacks | — | — | $3.9M | $27.6M | $89.6M |
| Dividends and buybacks | — | — | $3.9M | $27.6M | $89.6M |
| Balance sheet | |||||
| Cash and short-term investments | $171M | $11.9M | $74.2M | $5.6M | $628M |
| Total debt | — | — | $0.0M | $32.3M | $2.7B |
| Finance lease liabilities | — | $14.8M | $14.5M | $11.1M | $7.3M |
| Current assets | $1.6M | $47.7M | $155M | $168M | $2.7B |
| Current liabilities | $0.1M | $40.3M | $33.8M | $132M | $699M |
| Property and equipment, net | — | $191M | $244M | — | — |
| Intangible assets | $5.0M | $0.6M | $8.1M | $8.9M | $77.4M |
| Total assets | $172M | $418M | $566M | $855M | $4.3B |
| Total liabilities | $0.3M | $75.6M | $74.8M | $173M | $3.5B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.3M | $343M | $491M | $682M | $806M |
| Margins | |||||
| Gross margin | — | — | 60.3% | 58.8% | 63.7% |
| Operating margin | — | — | −15.9% | −28.9% | −188.2% |
| EBITDA margin | — | — | 30.7% | 38.8% | −99.4% |
| Net margin | — | — | −20.3% | −29.5% | −367.2% |
| FCF margin | — | — | −90.4% | −150.1% | −310.7% |
| Returns | |||||
| Return on capital | — | — | −3.8% | −4.9% | −11.4% |
| Return on capital employed | −0.1% | — | −3.8% | −6.0% | −11.7% |
| Return on equity | −7.9% | — | −6.2% | −7.6% | −110.6% |
| Return on assets | −0.1% | — | −5.2% | −6.3% | −31.9% |
| Return on tangible equity | — | — | −5.3% | −6.6% | −112.9% |
| Growth | |||||
| Revenue growth | — | — | — | 19.3% | 48.0% |
| Share count change | — | — | — | 28.0% | 18.1% |
| Financial health | |||||
| Net debt / EBITDA | — | — | −1.5x | 0.6x | — |
| Debt / equity | — | — | 0.0x | 0.0x | 3.4x |
| Interest coverage | — | — | −10.1x | −25.6x | −11.5x |
| Current ratio | 12.2x | 1.2x | 4.6x | 1.3x | 3.8x |
| Quick ratio | 12.2x | 1.2x | 4.6x | 1.3x | 3.8x |
| Capital allocation | |||||
| Capex / revenue | — | — | 16.1% | 92.2% | 217.9% |
| Stock comp / revenue | — | — | 30.3% | 27.9% | 23.6% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 0.0 | 3.0 |
| Altman Z'' | 5.7 | — | 7.3 | 3.4 | 1.8 |
| Accruals ratio | — | — | 13.9% | 6.0% | −23.9% |
Source: SEC EDGAR XBRL filings (CIK 0001819989). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.