What is Bitcoin Depot's earnings per share (EPS)?

Bitcoin Depot (BTMWW) reported diluted earnings per share of $-0.86 for fiscal year 2025. This represents a 79.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bitcoin Depot Financials

BTMWW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bitcoin Depot (BTMWW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BTMWW FY2025 2026-04-22

Improving unit economics turned modest revenue recovery into stronger operating cash flow, while debt costs kept reported earnings below zero.

Even with revenue still below its earlier peak, gross margin expansion to 18.4% let operating income reach $41.2M, which means the earnings engine improved without needing a new high in sales. At the same time, operating cash flow of $34.0M alongside a net margin of -1.0% shows financing and other below-operating charges, not weak day-to-day operations, are what kept bottom-line profit negative.

Near-term flexibility improved: cash reserves rose to $65.6M and the current ratio moved up to 1.3x, so short-term obligations look less binding than they did recently. But the company is still debt-shaped, with long-term debt at $60.5M and debt-to-equity at 5.3x after equity only recently turned positive.

Free cash flow recovered to $28.5M while capital spending fell to $5.5M, so the latest cash improvement came from lighter reinvestment needs as well as stronger operations. That distinction matters because the prior year's cash squeeze looks more like a reinvestment spike than a deterioration in the underlying gross spread.

Financial Health Signals

Financial Profile 19/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Bitcoin Depot's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Bitcoin Depot has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from 4.2% the prior year.

Growth

Bitcoin Depot's revenue grew 7.2% year-over-year to $614.9M, a solid pace of expansion. This earns a growth score of 24/100.

Leverage

Bitcoin Depot has elevated debt relative to equity (D/E of 5.30), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Bitcoin Depot's current ratio of 1.26 is below the typical benchmark, resulting in a score of 20/100. However, the company holds substantial cash reserves (103% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Bitcoin Depot has a free cash flow margin of 4.6%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Bitcoin Depot generates a -54.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

6/9

Bitcoin Depot passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-5.50x

For every $1 of reported earnings, Bitcoin Depot generates $-5.50 in operating cash flow ($34.0M OCF vs -$6.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate

2.9x

Bitcoin Depot earns $2.9 in operating income for every $1 of interest expense ($41.2M vs $14.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$614.9M

YoY+7.2%

Bitcoin Depot generated $614.9M in revenue in fiscal year 2025. This represents an increase of 7.2% from the prior year.

EBITDA

$48.9M

YoY+42.6%

Bitcoin Depot's EBITDA was $48.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.6% from the prior year.

Net Income

-$6.2M

YoY+47.1%

Bitcoin Depot reported -$6.2M in net income in fiscal year 2025. This represents an increase of 47.1% from the prior year.

EPS (Diluted)

$-0.86

YoY+79.6%

Bitcoin Depot earned $-0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 79.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$28.5M

YoY+141.6%

Bitcoin Depot generated $28.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 141.6% from the prior year.

Cash & Debt

$65.6M

YoY+122.7%

Bitcoin Depot held $65.6M in cash against $60.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

18.4%

YoY+2.5pp

Bitcoin Depot's gross margin was 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

6.7%

YoY+2.5pp

Bitcoin Depot's operating margin was 6.7% in fiscal year 2025, reflecting core business profitability. This is up 2.5 percentage points from the prior year.

Net Margin

-1.0%

YoY+1.0pp

Bitcoin Depot's net profit margin was -1.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.

Return on Equity

-54.1%

Bitcoin Depot's ROE was -54.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Bitcoin Depot spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$5.5M

YoY-48.9%

Bitcoin Depot invested $5.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 48.9% from the prior year.

BTMWW Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$614.9M+7.2%	$573.7M-16.7%	$689.0M+6.5%	$646.8M
Cost of Revenue	$501.6M+4.0%	$482.3M-18.0%	$587.9M+2.3%	$574.5M
Gross Profit	$113.3M+23.9%	$91.4M-9.5%	$101.0M+39.7%	$72.3M
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$64.4M+12.7%	$57.2M-1.1%	$57.8M+56.2%	$37.0M
Operating Income	$41.2M+70.2%	$24.2M-20.5%	$30.5M+84.4%	$16.5M
Interest Expense	-$14.4M-1.5%	-$14.2M-19.1%	-$11.9M+3.2%	-$12.3M
Income Tax	$2.3M+7.0%	$2.1M+4263.3%	$49K-87.6%	$395K
Net Income	-$6.2M+47.1%	-$11.7M+55.2%	-$26.1M	$0
EPS (Diluted)	$-0.86+79.6%	$-4.21-168.2%	$-1.57	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$116.0M-28.6%	$162.5M-5.6%	$172.1M+4.8%	$164.2M+20.0%	$136.8M+1.2%	$135.3M-17.0%	$163.1M+17.7%	$138.5M
Cost of Revenue	$98.7M-25.4%	$132.4M-5.0%	$139.4M+6.3%	$131.1M+17.7%	$111.4M-1.3%	$112.9M-17.4%	$136.7M+12.7%	$121.3M
Gross Profit	$17.3M-42.5%	$30.1M-7.9%	$32.7M-1.2%	$33.1M+30.4%	$25.4M+13.4%	$22.4M-14.9%	$26.4M+52.8%	$17.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$19.4M+18.1%	$16.4M+8.8%	$15.1M+12.4%	$13.4M+2.6%	$13.1M-10.9%	$14.7M-6.8%	$15.8M+15.8%	$13.6M
Operating Income	-$4.1M-134.9%	$11.8M-25.2%	$15.7M-11.5%	$17.8M+70.7%	$10.4M+90.3%	$5.5M-27.9%	$7.6M+987.8%	$699K
Interest Expense	-$2.5M+39.8%	-$4.1M+12.5%	-$4.7M-54.0%	-$3.1M+11.5%	-$3.5M-19.3%	-$2.9M-0.9%	-$2.9M+41.7%	-$4.9M
Income Tax	-$3.4M-210.7%	$3.0M+161.8%	$1.2M-20.0%	$1.5M-12.5%	$1.7M+378.1%	$347K+28.5%	$270K+295.7%	-$138K
Net Income	-$22.0M-496.6%	$5.5M-8.7%	$6.1M+44.8%	$4.2M+163.1%	-$6.6M-608.0%	-$939K+63.3%	-$2.6M-66.5%	-$1.5M
EPS (Diluted)	N/A	$0.08-50.0%	$0.16-20.0%	$0.20	N/A	$-0.05+61.5%	$-0.13+48.0%	$-0.25

BTMWW Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$130.6M+63.0%	$80.1M+7.8%	$74.3M-20.4%	$93.4M
Current Assets	$80.3M+134.0%	$34.3M+0.3%	$34.2M-15.2%	$40.4M
Cash & Equivalents	$65.6M+122.7%	$29.5M-1.0%	$29.8M-20.7%	$37.5M
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$639K+132.4%	$275K+12.2%	$245K-6.8%	$263K
Goodwill	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M
Total Liabilities	$119.2M+23.4%	$96.6M+48.7%	$65.0M-22.6%	$84.0M
Current Liabilities	$63.7M+56.7%	$40.6M-5.5%	$43.0M-8.2%	$46.8M
Long-Term Debt	$60.5M+7.6%	$56.2M+149.8%	$22.5M	N/A
Total Equity	$11.4M+169.3%	-$16.5M-275.9%	$9.4M+523.6%	-$2.2M
Retained Earnings	-$49.6M-11.9%	-$44.3M-35.8%	-$32.7M	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$130.6M+4.2%	$125.3M+14.9%	$109.1M+21.5%	$89.7M+12.0%	$80.1M-8.4%	$87.4M-10.3%	$97.5M+8.3%	$90.1M
Current Assets	$80.3M+1.4%	$79.2M+26.3%	$62.7M+37.5%	$45.6M+32.8%	$34.3M-17.0%	$41.4M-24.3%	$54.6M+5.7%	$51.7M
Cash & Equivalents	$65.6M+10.7%	$59.3M+23.4%	$48.0M+37.4%	$35.0M+18.6%	$29.5M-8.6%	$32.2M-26.7%	$43.9M+4.2%	$42.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$639K-57.7%	$1.5M+3876.3%	$38K-74.1%	$147K-46.5%	$275K-27.6%	$380K+19.9%	$317K-8.9%	$348K
Goodwill	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M0.0%	$8.7M
Total Liabilities	$119.2M+14.3%	$104.3M-0.1%	$104.4M+10.7%	$94.3M-2.4%	$96.6M+1.3%	$95.3M+2.4%	$93.1M+9.4%	$85.1M
Current Liabilities	$63.7M+51.1%	$42.1M-5.4%	$44.5M+6.2%	$41.9M+3.2%	$40.6M-11.0%	$45.6M-2.7%	$46.9M+5.3%	$44.6M
Long-Term Debt	$60.5M-10.4%	$67.5M+1.5%	$66.5M+18.4%	$56.2M-0.1%	$56.2M+26.4%	$44.5M+8.1%	$41.2M+9.6%	$37.6M
Total Equity	$11.4M-45.7%	$21.0M+347.8%	$4.7M+202.2%	-$4.6M+72.1%	-$16.5M-109.6%	-$7.9M-277.0%	$4.4M-10.8%	$5.0M
Retained Earnings	-$49.6M-79.4%	-$27.7M+16.8%	-$33.2M+15.4%	-$39.3M+11.4%	-$44.3M-17.6%	-$37.7M-2.6%	-$36.8M-7.5%	-$34.2M

BTMWW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$34.0M+50.7%	$22.5M-45.1%	$41.1M+31.5%	$31.3M
Capital Expenditures	$5.5M-48.9%	$10.8M+48763.6%	$22K-98.0%	$1.1M
Free Cash Flow	$28.5M+141.6%	$11.8M-71.3%	$41.1M+36.3%	$30.1M
Investing Cash Flow	-$13.9M-22.0%	-$11.4M-51581.8%	-$22K+99.3%	-$3.1M
Financing Cash Flow	$16.2M+239.8%	-$11.6M+76.3%	-$48.9M-71.2%	-$28.5M
Dividends Paid	$10.1M-72.8%	$37.2M+147.6%	$15.0M+32.2%	$11.4M
Share Buybacks	$0-100.0%	$158K-43.4%	$279K	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$945K-85.7%	$6.6M-34.7%	$10.2M-37.5%	$16.3M+207.1%	$5.3M-8.4%	$5.8M-43.0%	$10.1M+651.9%	$1.3M
Capital Expenditures	$634K-84.5%	$4.1M+949.1%	$389K+1.0%	$385K-55.4%	$864K-87.3%	$6.8M+171.6%	$2.5M+349.8%	$558K
Free Cash Flow	$311K-87.8%	$2.5M-73.9%	$9.8M-38.5%	$15.9M+258.4%	$4.4M+525.7%	-$1.0M-113.7%	$7.6M+865.5%	$789K
Investing Cash Flow	-$634K+84.5%	-$4.1M-329.6%	-$950K+88.4%	-$8.2M-850.1%	-$864K+88.2%	-$7.3M-178.0%	-$2.6M-371.7%	-$558K
Financing Cash Flow	$6.0M-32.0%	$8.8M+120.3%	$4.0M+256.4%	-$2.5M+64.9%	-$7.3M+28.5%	-$10.2M-77.9%	-$5.7M-149.4%	$11.6M
Dividends Paid	-$15K	$0-100.0%	$7.6M+208.4%	$2.5M-82.8%	$14.4M-3.9%	$15.0M+119.6%	$6.8M+645.9%	$916K
Share Buybacks	$0	$0	$0	$0	$0	$0	$0-100.0%	$158K

BTMWW Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	18.4%+2.5pp	15.9%+1.3pp	14.7%+3.5pp	11.2%
Operating Margin	6.7%+2.5pp	4.2%-0.2pp	4.4%+1.9pp	2.5%
Net Margin	-1.0%+1.0pp	-2.0%+1.8pp	-3.8%-3.8pp	0.0%
Return on Equity	-54.1%	N/A	-278.5%	N/A
Return on Assets	-4.7%+9.9pp	-14.6%+20.5pp	-35.1%-35.1pp	0.0%
Current Ratio	1.26+0.4	0.84+0.0	0.80-0.1	0.86
Debt-to-Equity	5.30+8.7	-3.41-5.8	2.40+40.3	-37.94
FCF Margin	4.6%+2.6pp	2.1%-3.9pp	6.0%+1.3pp	4.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	14.9%-3.6pp	18.5%-0.5pp	19.0%-1.2pp	20.2%+1.6pp	18.6%+2.0pp	16.6%+0.4pp	16.2%+3.7pp	12.4%
Operating Margin	-3.5%-10.8pp	7.2%-1.9pp	9.2%-1.7pp	10.8%+3.2pp	7.6%+3.6pp	4.0%-0.6pp	4.7%+4.2pp	0.5%
Net Margin	-18.9%-22.4pp	3.4%-0.1pp	3.5%+1.0pp	2.5%+7.4pp	-4.9%-4.2pp	-0.7%+0.9pp	-1.6%-0.5pp	-1.1%
Return on Equity	-192.6%-219.0pp	26.4%-103.0pp	129.3%	N/A	N/A	N/A	-57.6%-26.8pp	-30.9%
Return on Assets	-16.8%-21.3pp	4.4%-1.1pp	5.6%+0.9pp	4.7%+13.0pp	-8.3%-7.2pp	-1.1%+1.6pp	-2.6%-0.9pp	-1.7%
Current Ratio	1.26-0.6	1.88+0.5	1.41+0.3	1.09+0.2	0.84-0.1	0.91-0.3	1.160.0	1.16
Debt-to-Equity	5.30+2.1	3.21-11.0	14.18+26.4	-12.24-8.8	-3.41+2.2	-5.66-14.9	9.27+1.7	7.54
FCF Margin	0.3%-1.3pp	1.6%-4.1pp	5.7%-4.0pp	9.7%+6.4pp	3.2%+4.0pp	-0.8%-5.4pp	4.7%+4.1pp	0.6%

Frequently Asked Questions

What is Bitcoin Depot's annual revenue?

Bitcoin Depot (BTMWW) reported $614.9M in total revenue for fiscal year 2025. This represents a 7.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bitcoin Depot's revenue growing?

Bitcoin Depot (BTMWW) revenue grew by 7.2% year-over-year, from $573.7M to $614.9M in fiscal year 2025.

Is Bitcoin Depot profitable?

No, Bitcoin Depot (BTMWW) reported a net income of -$6.2M in fiscal year 2025, with a net profit margin of -1.0%.

What is Bitcoin Depot's EBITDA?

Bitcoin Depot (BTMWW) had EBITDA of $48.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Bitcoin Depot have?

As of fiscal year 2025, Bitcoin Depot (BTMWW) had $65.6M in cash and equivalents against $60.5M in long-term debt.

What is Bitcoin Depot's gross margin?

Bitcoin Depot (BTMWW) had a gross margin of 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bitcoin Depot's operating margin?

Bitcoin Depot (BTMWW) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Bitcoin Depot's net profit margin?

Bitcoin Depot (BTMWW) had a net profit margin of -1.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Bitcoin Depot's return on equity (ROE)?

Bitcoin Depot (BTMWW) has a return on equity of -54.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bitcoin Depot's free cash flow?

Bitcoin Depot (BTMWW) generated $28.5M in free cash flow during fiscal year 2025. This represents a 141.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bitcoin Depot's operating cash flow?

Bitcoin Depot (BTMWW) generated $34.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bitcoin Depot's total assets?

Bitcoin Depot (BTMWW) had $130.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Bitcoin Depot's capital expenditures?

Bitcoin Depot (BTMWW) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Bitcoin Depot's current ratio?

Bitcoin Depot (BTMWW) had a current ratio of 1.26 as of fiscal year 2025, which is considered adequate.

What is Bitcoin Depot's debt-to-equity ratio?

Bitcoin Depot (BTMWW) had a debt-to-equity ratio of 5.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bitcoin Depot's return on assets (ROA)?

Bitcoin Depot (BTMWW) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bitcoin Depot's Piotroski F-Score?

Bitcoin Depot (BTMWW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bitcoin Depot's earnings high quality?

Bitcoin Depot (BTMWW) has an earnings quality ratio of -5.50x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bitcoin Depot cover its interest payments?

Bitcoin Depot (BTMWW) has an interest coverage ratio of 2.9x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Bitcoin Depot?

Bitcoin Depot (BTMWW) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.