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RIOTRiot Platforms

Crypto · Financial Services · Nasdaq
RIOT quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 71.9%, free cash flow down to -$774.3M

XBRL, from each 10-K
RevenueStatements ↓
$647.4M
from $376.7M in FY2024
FY2016FY2025
Net incomeStatements ↓
-$663.2M
from $109.4M in FY2024
FY2016FY2025
Free cash flowStatements ↓
-$774.3M
from -$495.4M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$-1.95
from $0.34 in FY2024
FY2016FY2025
Operating marginStatements ↓
-96.1%
from 40.8% in FY2024
FY2016FY2025
Total debtStatements ↓
$840.8M
from $584.6M in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-4.12Sales (ttm)675.7MNet income (ttm)-1.4BSales growth+71.9%EPS growth-674%Sales Q/Q+0.7%
Free cash flow-901.1MGross margin-Oper. margin-210.5%Net margin-210.8%FCF margin-133.3%ROE-66.7%
ROA-46.8%R&D / sales-Dividend-Debt/Eq0.31Curr. ratio3.49Cash669.1M
Op. cash flow (ttm)-592.6MEBITDA-279.4MEBITDA margin-43.1%Net debt-12.4MQuick ratio3.49Interest cover-40.27
Stock pay / sales19.4%Shares out.375.2MShares Y/Y+6.8%Book / share5.69Cash / share1.78Sales / share1.80
Asset turnover0.22Days sales out.17Sales 3Y CAGR+35.7%Sales 5Y CAGR+122%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 44%$584.6M → $840.8M · Short-term + long-term debt at year end
  • Revenue growth sped up to +71.9%+34.2% → +71.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to -96.1%40.8% → -96.1% · Operating income / revenue · 10-K ↗
  • Net income turned to a loss$109.4M → −$663.2M · Net income attributable to the company · 10-K ↗
What management wrote about it → · Every company →

RIOT against Crypto peers

Ten years, side by side → · All 32 →
GrowthProfitBalanceCleanInsiders
RIOTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth
+71.9%7th of 27 · median +38.2%
Net margin
-210.8%11th of 19 · median -169.8%
Return on equity
-66.7%15th of 26 · median -57.4%
Free cash flow margin
-133.3%12th of 21 · median -91.3%
Debt / equity (less is better)
0.314th of 12 · median 0.68
RIOT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
RIOT Riot Platforms$675.7M +71.9%--210.8%-66.7%-133.3%0.31
MARA MARA Holdings$716.0M +38.2%--411.2%-125.1%-170.1%1.28
FIGR Figure Technology Solutions$708.9M +48.7%-33.5%16.8%-0.68
CLSK CleanSpark$679.2M +102%55.2%-146.9%-131.1%-91.3%2.34
CORZ Core Scientific$592.1M -37.5%41.2%-18.3%--223.0%-
MSTR Strategy$495.1M +3.0%67.8%--24.6%-2.2%0.12

Profitability

0 of 3
  • !
    Net margin below the peer median-210.8% vs -169.8%
  • !
    Return on equity below 15%-66.7%
  • !
    A profit in 1 of 9 years
Net margin, FY2017 to FY2025: -7359.7% → -102.4%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$1.7M of principal due, schedule of Jun 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2025

Revenue 647.4M Net income -663.2M
FY2017 revenue 270K · Revenues, 0001079973-19-000197 FY2017 net income -19.8M · NetIncomeLoss, 0001079973-19-000197 270K FY2017 FY2018 revenue 7.8M · Revenues, 0001079973-20-000216 FY2018 net income -58.0M · NetIncomeLoss, 0001079973-20-000216 7.8M FY2018 FY2019 revenue 6.8M · Revenues, 0001553350-22-000961 FY2019 net income -20.0M · NetIncomeLoss, 0001553350-22-000961 6.8M FY2019 FY2020 revenue 12.1M · Revenues, 0001558370-23-002704 FY2020 net income -14.1M · NetIncomeLoss, 0001558370-23-002704 12.1M FY2020 FY2021 revenue 213.2M · Revenues, 0001558370-24-001550 FY2021 net income -15.4M · NetIncomeLoss, 0001558370-24-001550 213.2M FY2021 FY2022 revenue 259.2M · Revenues, 0001558370-25-001888 FY2022 net income -509.6M · NetIncomeLoss, 0001558370-25-001888 259.2M FY2022 FY2023 revenue 280.7M · Revenues, 0001104659-26-022322 FY2023 net income -49.5M · NetIncomeLoss, 0001104659-26-022322 280.7M FY2023 FY2024 revenue 376.7M · Revenues, 0001104659-26-022322 FY2024 net income 109.4M · NetIncomeLoss, 0001104659-26-022322 376.7M FY2024 FY2025 revenue 647.4M · Revenues, 0001104659-26-022322 FY2025 net income -663.2M · NetIncomeLoss, 0001104659-26-022322 647.4M FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $647.4M of revenue came from

by product, year to Dec 31, 2025
  • Bitcoin Mining $576.3M · 89%
  • Engineering $64.7M · 10%
  • Other $6.5M · 1%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

RIOT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue647.4M
FY2016: -FY2017: 270KFY2018: 7.8MFY2019: 6.8MFY2020: 12.1MFY2021: 213.2MFY2022: 259.2MFY2023: 280.7MFY2024: 376.7MFY2025: 647.4M FY2017FY2019FY2021FY2023FY2025
Net income-663.2M
FY2016: -4.3MFY2017: -19.8MFY2018: -58.0MFY2019: -20.0MFY2020: -14.1MFY2021: -15.4MFY2022: -509.6MFY2023: -49.5MFY2024: 109.4MFY2025: -663.2M FY2017FY2019FY2021FY2023FY2025
Free cash flow-774.3M
FY2016: -5.6MFY2017: -FY2018: -39.2MFY2019: -20.4MFY2020: -11.0MFY2021: -233.2MFY2022: -147.9MFY2023: -160.6MFY2024: -495.4MFY2025: -774.3M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)-1.95
FY2016: -1.05FY2017: -3.30FY2018: -4.33FY2019: -1.02FY2020: -0.33FY2021: -0.17FY2022: -3.65FY2023: -0.28FY2024: 0.34FY2025: -1.95 FY2017FY2019FY2021FY2023FY2025
Diluted shares340.7M
FY2016: -FY2017: -FY2018: -FY2019: 19.6MFY2020: 42.0MFY2021: 93.5MFY2022: 139.4MFY2023: 175.0MFY2024: 318.9MFY2025: 340.7M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Total 641.0M99.0% +78.3%
Bitcoin Mining 576.3M89.0% +79.5%
Engineering 64.7M10.0% +68.1%

10-K 0001104659-26-022322, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Bitcoin Mining 576.3M89.0% +79.5%
Engineering 64.7M10.0% +68.1%
Other 6.5M1.0% -62.3%

10-K 0001104659-26-022322, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue-270K7.8M6.8M12.1M213.2M259.2M280.7M376.7M647.4M
Cost of revenue3K25K5.8M6.1M6.3M-----
Gross profit6K---------
R&D249K20K--------
SG&A4.4M7.3M20.9M9.2M87.4M87.4M67.5M100.3M266.9M298.8M
Operating income-5.2M-13.2M-59.4M-9.4M-15.5M-29.9M-512.7M-63.0M153.6M-622.2M
Interest expense30K4.8M123K122K-296K-84K45K15.5M
Pretax income-3.2M-18.0M-61.0M-20.4M-14.1M-15.2M-521.3M-54.6M110.1M-663.3M
Income tax--1.6M-699K-143K-254K-11.7M-5.1M744K-150K
Net income-4.3M-19.8M-58.0M-20.0M-14.1M-15.4M-509.6M-49.5M109.4M-663.2M
EPS (diluted)-1.05-3.30-4.33-1.02-0.33-0.17-3.65-0.280.34-1.95
Diluted shares---19.6M42.0M93.5M139.4M175.0M318.9M340.7M
Depreciation & amortization93K891K5.3M119K26.3M26.1M105.9M246.5M206.2M342.8M
EBITDA-5.1M-12.3M-54.1M-9.3M10.8M-3.8M-406.8M183.5M359.8M-279.4M
Operating margin--4878.2%-756.7%-137.7%-128.7%-14.0%-197.8%-22.5%40.8%-96.1%
Net margin--7359.7%-739.4%-293.1%-116.8%-7.2%-196.6%-17.6%29.0%-102.4%
Revenue growth--+2809%-12.8%+76.7%+1665%+21.5%+8.3%+34.2%+71.9%
EPS growth----------674%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash5.5M41.7M225K7.4M223.4M312.3M230.3M597.2M277.9M233.5M
Short-term investments7.5M200K---10.8M----
Receivables5K----15.4M26.9M24.7M27.1M29.8M
Inventory416K---------
Current assets13.7M42.4M2.3M12.6M236.3M564.6M443.4M1.0B599.5M448.7M
Property & equipment6K4.3M26K5.1M10.1M276.5M692.6M704.2M1.3B1.5B
Goodwill387K1.2M---335.6M--121.9M122.5M
Total assets17.0M52.3M13.9M30.4M280.1M1.5B1.3B2.1B3.9B3.9B
Accounts payable254K410K3.8M717K718K20.0M18.4M23.2M17.6M23.4M
Current liabilities1.1M1.0M6.7M3.4M2.4M109.9M121.5M121.0M160.4M469.8M
Total debt--1.7M----783K584.6M840.8M
Total liabilities2.1M2.7M9.4M4.1M3.1M173.6M168.5M163.1M791.6M1.1B
Shareholders' equity14.9M48.9M5.8M26.2M275.6M1.3B1.2B1.9B3.1B2.9B
Retained earnings-109.9M-139.3M-197.2M-217.2M-229.9M-246.8M-756.3M-799.8M-690.4M-1.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-5.5M-4.4M-19.1M-15.4M-2.8M-86.1M530K33.1M-255.1M-572.9M
Capital spending35K-20.2M5.0M8.1M147.1M148.4M193.7M240.3M201.4M
Free cash flow-5.6M--39.2M-20.4M-11.0M-233.2M-147.9M-160.6M-495.4M-774.3M
Stock-based pay (added back)546K2.6M4.7M745K3.4M68.5M24.6M32.2M125.2M125.7M
Dividends paid-9.6M--------
Buybacks----446K5.1M10.1M14.0M11.6M4.3M
Acquisitions--517K--40.9M----
Investing cash flow9.3M5.6M-24.9M-3.2M-41.1M-490.6M-354.9M-414.8M-1.5B76.1M
Financing cash flow-311K35.0M2.5M25.9M259.9M665.6M272.3M748.5M1.5B455.3M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)546K2.6M4.7M745K3.4M68.5M24.6M32.2M125.2M125.7M
Stock-based pay / revenue-960.4%59.4%10.9%28.2%32.1%9.5%11.5%33.2%19.4%
Operating lease cost---2.4M1.2M678K3.2M3.7M5.0M8.5M
Operating lease cash paid---2.4M1.2M1.0M2.0M2.2M2.4M1.4M
Right-of-use assets---367K013.2M21.7M20.4M27.5M26.7M
Operating lease liabilities---368K013.4M22.3M21.3M28.5M26.0M
Finance lease liabilities---------0

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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