RIOT Nasdaq Finance Services Financials FY2016βFY2025
Riot Platforms, Inc. had $647M of revenue in fiscal 2025, up 71.9% on the year before. Over five years, revenue changed +121.7% a year on average.
Last close Β· Oct 23, 2026
$12.53
2.8%Hi! I read Riot Platforms, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+71.9%
Yes. Sales grew 71.9% last year.
Does it make a profit?
β102.4%
No. It lost money last year.
Does profit turn into cash?
β119.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Riot Platforms, Inc. had $647M of revenue in fiscal 2025, up 71.9% on the year before. Over five years, revenue changed +121.7% a year on average. Its operating margin was β96.1%, down 136.9Β pts: of every 100 in sales, about β96 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Riot Platforms, Inc. lost $663M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$774M in fiscal 2025, β119.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Riot Platforms, Inc. returned $4.3M to shareholders in fiscal 2025. The diluted share count rose 6.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $9.5M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.5M
2 insiders
Of sales under plans
100%
$9.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Ryan D. WernerSVP, CAO | Sold plan | 47,733 | $22.23 | $1.1M | Form 4 |
| Jul 7, 2026 | Ryan D. WernerSVP, CAO | Sold plan | 17,828 | $21.52 | $0.4M | Form 4 |
| Jun 22, 2026 | Jason LesCEO, Director | Sold plan | 62,703 | $30.09 | $1.9M | Form 4 |
| Jun 22, 2026 | Ryan D. WernerSVP, CAO | Sold plan | 25,375 | $30.00 | $0.8M | Form 4 |
| May 27, 2026 | Ryan D. WernerSVP, CAO | Sold plan | 37,616 | $26.50 | $1.0M | Form 4 |
| May 11, 2026 | Jason LesCEO, Director | Sold plan | 175,000 | $25.19 | $4.4M | Form 4 |
| Oct 10, 2025 | Ryan D. WernerSVP, CAO | Sold plan | 14,984 | $23.00 | $0.3M | Form 4 |
| Oct 3, 2025 | Jason LesCEO, Director | Sold plan | 113,948 | $20.04 | $2.3M | Form 4 |
| Sep 29, 2025 | Jason LesCEO, Director | Sold plan | 12,800 | $20.00 | $0.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Riot Platforms, Inc. owes $607M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Riot Platforms, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $323M | $230M | $597M | $278M | $234M |
| Debt incl. finance leases | β | β | $0.8M | $585M | $841M |
| Net debt / EBITDA | β | β | β3.3x | 0.9x | β |
| Debt / equity | β | β | 0.0x | 0.2x | 0.3x |
| Interest coverage | β100.9x | β | β | β | β |
| Current ratio | 5.1x | 3.6x | 8.3x | 3.7x | 1.0x |
| Quick ratio | 5.1x | 3.6x | 8.3x | 3.7x | 1.0x |
| Total assets | $1.5B | $1.3B | $2.1B | $3.9B | $3.9B |
| Total liabilities | $174M | $169M | $163M | $792M | $1.1B |
| Shareholders' equity | $1.3B | $1.2B | $1.9B | $3.1B | $2.9B |
| Net debt (β = net cash) | β | β | β$596M | $307M | $607M |
KIRA Β· Its return on capital was β14.2%: every 100 invested in the business earned about β14 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Riot Platforms, Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 2 / 8 | 3 / 8 | 4 / 8 | 2 / 7 | 3 / 7 | 4 / 7 | 2 / 8 | 2 / 8 |
| Accruals ratio | 7.3% | β44.4% | β117.7% | β20.9% | β7.3% | 7.8% | β35.9% | β4.9% | 12.2% | β2.3% |
| Altman Z'' | β10.79 | 13.77 | β76.58 | β16.75 | 96.52 | 9.45 | 4.30 | 13.52 | 4.59 | 0.57 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.3M | $7.8M | $6.8M | $12.1M | $213M | $259M | $281M | $377M | $647M |
| Gross profit | $0.0M | $0.2M | $2.0M | $0.7M | $5.8M | β | β | β | β | β |
| Research and development | $0.2M | $0.0M | β | β | β | β | β | β | β | β |
| Operating income | β$5.2M | β$13.2M | β$59.4M | β$9.4M | β$15.5M | β$29.9M | β$513M | β$63.0M | $154M | β$622M |
| Interest expense | $0.0M | $4.8M | $0.1M | $0.1M | β | $0.3M | β | β | β | β |
| Pretax income | β$3.2M | β$18.0M | β$61.0M | β$20.4M | β$14.1M | β$15.2M | β$521M | β$54.6M | $110M | β$663M |
| Income tax | β | β$1.6M | β$0.7M | β$0.1M | β | $0.3M | β$11.7M | β$5.1M | $0.7M | β$0.2M |
| Net income | β$4.3M | β$19.8M | β$58.0M | β$20.0M | β$14.1M | β$15.4M | β$510M | β$49.5M | $109M | β$663M |
| Net income to common | β | β | β | β | β | β | β$510M | β$49.5M | $109M | β$663M |
| Diluted EPS | β$1.05 | β$3.30 | β$4.33 | β$1.02 | β$0.33 | β$0.17 | β$3.65 | β$0.28 | $0.34 | β$1.95 |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.02B | 0.04B | 0.09B | 0.14B | 0.18B | 0.32B | 0.34B |
| Cash flow | ||||||||||
| Cash from operations | β$5.5M | β$4.4M | β$19.1M | β$15.4M | β$2.8M | β$86.1M | $0.5M | $33.1M | β$255M | β$573M |
| Capital expenditure | $0.0M | β | $20.2M | $5.0M | $8.1M | $147M | $148M | $194M | $240M | $201M |
| Free cash flow | β$5.6M | β | β$39.2M | β$20.4M | β$11.0M | β$233M | β$148M | β$161M | β$495M | β$774M |
| Depreciation and amortization | $0.1M | $0.9M | $5.3M | $0.1M | $26.3M | $26.1M | $106M | $247M | $206M | $343M |
| Stock-based compensation | $0.5M | $2.6M | $4.7M | $0.7M | $3.4M | $68.5M | $24.6M | $32.2M | $125M | $126M |
| Acquisitions | β | β | $0.5M | β | β | $40.9M | β | β | β | β |
| Share buybacks | β | β | β | β | $0.4M | $5.1M | $10.1M | $14.0M | $11.6M | $4.3M |
| Dividends paid | β | $9.6M | β | β | β | β | β | β | β | β |
| Dividends and buybacks | β | $9.6M | β | β | $0.4M | $5.1M | $10.1M | $14.0M | $11.6M | $4.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.0M | $41.9M | $0.2M | $7.4M | $223M | $323M | $230M | $597M | $278M | $234M |
| Total debt | β | β | β | β | β | β | β | $0.8M | $585M | $841M |
| Finance lease liabilities | β | β | β | β | β | β | β | β | β | $0.0M |
| Deposits | β | β | β | β | $33.1M | $266M | $42.4M | β | β | β |
| Current assets | $13.7M | $42.4M | $2.3M | $12.6M | $236M | $565M | $443M | $1.0B | $599M | $449M |
| Current liabilities | $1.1M | $1.0M | $6.7M | $3.4M | $2.4M | $110M | $122M | $121M | $160M | $470M |
| Inventory | $0.4M | β | β | β | β | β | β | β | β | β |
| Property and equipment, net | $0.0M | $4.3M | $0.0M | $5.1M | $10.1M | $276M | $693M | $704M | $1.3B | $1.5B |
| Goodwill | $0.4M | $1.2M | β | β | β | $336M | β | β | $122M | $122M |
| Intangible assets | $1.9M | $0.8M | $0.7M | $0.5M | $0.3M | $14.2M | $21.5M | $15.7M | $34.1M | $30.2M |
| Total assets | $17.0M | $52.3M | $13.9M | $30.4M | $280M | $1.5B | $1.3B | $2.1B | $3.9B | $3.9B |
| Total liabilities | $2.1M | $2.7M | $9.4M | $4.1M | $3.1M | $174M | $169M | $163M | $792M | $1.1B |
| Shareholders' equity | $14.9M | $48.9M | $5.8M | $26.2M | $276M | $1.3B | $1.2B | $1.9B | $3.1B | $2.9B |
| Margins | ||||||||||
| Gross margin | 68.1% | 90.7% | 25.8% | 10.8% | 48.3% | β | β | β | β | β |
| Operating margin | β55,238.3% | β4,877.5% | β756.7% | β137.7% | β128.7% | β14.0% | β197.8% | β22.5% | 40.8% | β96.1% |
| EBITDA margin | β54,245.7% | β4,547.1% | β689.6% | β136.0% | 89.2% | β1.8% | β157.0% | 65.4% | 95.5% | β43.1% |
| Net margin | β45,455.3% | β7,358.5% | β739.4% | β293.1% | β116.8% | β7.2% | β196.6% | β17.6% | 29.0% | β102.4% |
| FCF margin | β59,096.8% | β | β500.3% | β298.0% | β91.0% | β109.4% | β57.1% | β57.2% | β131.5% | β119.6% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β | β3.9% | 4.4% | β14.2% |
| Return on capital employed | β32.5% | β25.6% | β824.3% | β34.9% | β5.6% | β2.1% | β42.8% | β3.3% | 4.1% | β17.9% |
| Return on equity | β28.6% | β62.2% | β212.3% | β125.1% | β9.4% | β1.9% | β40.8% | β3.3% | 4.3% | β22.1% |
| Return on assets | β25.1% | β57.2% | β175.3% | β90.6% | β9.1% | β1.7% | β35.9% | β2.9% | 3.7% | β16.8% |
| Return on tangible equity | β33.7% | β42.3% | β1,140.4% | β77.7% | β5.1% | β1.5% | β45.1% | β2.6% | 3.7% | β24.5% |
| Growth | ||||||||||
| Revenue growth | β | 2,769.1% | 2,808.8% | β12.8% | 76.7% | 1,665.1% | 21.5% | 8.3% | 34.2% | 71.9% |
| Net income growth | β | β | β | β | β | β | β | β | β | β706.2% |
| EPS growth | β | β | β | β | β | β | β | β | β | β673.5% |
| Share count change | β | 48.1% | 122.7% | 46.2% | 114.2% | 122.6% | 49.2% | 25.5% | 82.2% | 6.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β3.3x | 0.9x | β |
| Debt / equity | β | β | β | β | β | β | β | 0.0x | 0.2x | 0.3x |
| Interest coverage | β171.9x | β2.7x | β482.7x | β77.2x | β | β100.9x | β | β | β | β |
| Current ratio | 13.0x | 40.7x | 0.3x | 3.7x | 98.6x | 5.1x | 3.6x | 8.3x | 3.7x | 1.0x |
| Quick ratio | 12.6x | 40.7x | 0.3x | 3.7x | 98.6x | 5.1x | 3.6x | 8.3x | 3.7x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 376.6% | β | 257.4% | 72.5% | 67.4% | 69.0% | 57.3% | 69.0% | 63.8% | 31.1% |
| Stock comp / revenue | 5,803.2% | 960.3% | 59.4% | 10.9% | 28.2% | 32.1% | 9.5% | 11.5% | 33.2% | 19.4% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 2.0 | 3.0 | 4.0 | 2.0 | 3.0 | 4.0 | 2.0 | 2.0 |
| Altman Z'' | β10.8 | 13.8 | β76.6 | β16.7 | 96.5 | 9.5 | 4.3 | 13.5 | 4.6 | 0.6 |
| Accruals ratio | 7.3% | β44.4% | β117.7% | β20.9% | β7.3% | 7.8% | β35.9% | β4.9% | 12.2% | β2.3% |
Source: SEC EDGAR XBRL filings (CIK 0001167419). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
