What is Cipher Digital Inc's earnings per share (EPS)?

Cipher Digital Inc (CIFR) reported diluted earnings per share of $-2.15 for fiscal year 2025. This represents a -1435.7% 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.

Cipher Digital Inc Financials

CIFR

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

This page shows Cipher Digital Inc (CIFR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Financial Health Signals

Financial Profile 35/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Cipher Digital Inc has an operating margin of -188.3%, meaning the company retains $-188 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -28.9% the prior year.

Growth

100

Cipher Digital Inc's revenue surged 48.0% year-over-year to $223.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Cipher Digital Inc has a moderate D/E ratio of 3.37. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity

With a current ratio of 3.79, Cipher Digital Inc holds $3.79 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.

Cash Flow

While Cipher Digital Inc generated -$207.9M in operating cash flow, capex of $487.9M consumed most of it, leaving -$695.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Cipher Digital Inc generates a -102.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -6.6% the prior year.

Piotroski F-Score Weak

3/9

Cipher Digital Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.25x

For every $1 of reported earnings, Cipher Digital Inc generates $0.25 in operating cash flow (-$207.9M OCF vs -$822.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-11.5x

Cipher Digital Inc earns $-11.5 in operating income for every $1 of interest expense (-$421.6M vs $36.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$223.9M

YoY+48.0%

Cipher Digital Inc generated $223.9M in revenue in fiscal year 2025. This represents an increase of 48.0% from the prior year.

EBITDA

-$222.6M

YoY-478.9%

Cipher Digital Inc's EBITDA was -$222.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 478.9% from the prior year.

Net Income

-$822.2M

YoY-1742.2%

Cipher Digital Inc reported -$822.2M in net income in fiscal year 2025. This represents a decrease of 1742.2% from the prior year.

EPS (Diluted)

$-2.15

YoY-1435.7%

Cipher Digital Inc earned $-2.15 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1435.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$695.9M

YoY-206.5%

Cipher Digital Inc generated -$695.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 206.5% from the prior year.

Cash & Debt

$628.3M

YoY+11149.1%

5Y CAGR+245.5%

Cipher Digital Inc held $628.3M in cash against $2.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

405M

YoY+15.4%

Cipher Digital Inc had 405M shares outstanding in fiscal year 2025. This represents an increase of 15.4% from the prior year.

Margins & Returns

Gross Margin

63.7%

YoY+5.0pp

Cipher Digital Inc's gross margin was 63.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.

Operating Margin

-188.3%

YoY-159.4pp

Cipher Digital Inc's operating margin was -188.3% in fiscal year 2025, reflecting core business profitability. This is down 159.4 percentage points from the prior year.

Net Margin

-367.2%

YoY-337.7pp

Cipher Digital Inc's net profit margin was -367.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 337.7 percentage points from the prior year.

Return on Equity

-102.1%

YoY-95.5pp

5Y CAGR-94.1pp

Cipher Digital Inc's ROE was -102.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 95.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$89.6M

YoY+224.1%

Cipher Digital Inc spent $89.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 224.1% from the prior year.

Capital Expenditures

$487.9M

YoY+249.8%

Cipher Digital Inc invested $487.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 249.8% from the prior year.

CIFR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$223.9M+48.0%	$151.3M+19.3%	$126.8M+4076.6%	$3.0M	N/A	N/A
Cost of Revenue	$81.2M+30.2%	$62.4M+24.0%	$50.3M+6625.8%	$748K	N/A	N/A
Gross Profit	$142.7M+60.5%	$88.9M+16.2%	$76.5M+3243.5%	$2.3M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$36.4M+11.4%	$32.7M+17.5%	$27.8M-60.8%	$70.8M-1.8%	$72.1M	N/A
Operating Income	-$421.6M-864.7%	-$43.7M-117.2%	-$20.1M+46.2%	-$37.4M+48.1%	-$72.2M-46856.5%	-$154K
Interest Expense	$36.6M+2040.5%	$1.7M-14.6%	$2.0M+1359.1%	$137K+407.4%	$27K	N/A
Income Tax	-$3.3M-1141.8%	$318K-91.1%	$3.6M+93.9%	$1.8M	$0	N/A
Net Income	-$822.2M-1742.2%	-$44.6M-73.2%	-$25.8M+34.0%	-$39.1M+45.9%	-$72.2M-67313.2%	-$107K
EPS (Diluted)	$-2.15-1435.7%	$-0.14-40.0%	$-0.10+37.5%	$-0.16+51.5%	$-0.33	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$59.7M-16.7%	$71.7M+64.6%	$43.6M-11.0%	$49.0M+16.0%	$42.2M+75.2%	$24.1M-34.5%	$36.8M-23.5%	$48.1M
Cost of Revenue	$24.3M-9.3%	$26.7M+74.4%	$15.3M+2.9%	$14.9M-18.2%	$18.2M+20.8%	$15.1M+5.5%	$14.3M-3.6%	$14.8M
Gross Profit	$35.5M-21.2%	$45.0M+59.3%	$28.2M-17.1%	$34.1M+41.8%	$24.0M+165.8%	$9.0M-59.9%	$22.5M-32.4%	$33.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$10.2M+24.7%	$8.2M-10.0%	$9.1M+1.4%	$9.0M-3.7%	$9.3M+4.2%	$8.9M+6.6%	$8.4M+37.7%	$6.1M
Operating Income	-$300.6M-699.1%	-$37.6M+16.9%	-$45.2M-18.8%	-$38.1M-323.0%	$17.1M+118.7%	-$91.4M-465.2%	-$16.2M-134.6%	$46.8M
Interest Expense	$33.4M+2494.0%	$1.3M+13.1%	$1.1M+46.3%	$777K+31.7%	$590K+70.5%	$346K-7.0%	$372K-7.0%	$400K
Income Tax	-$4.1M-1243.6%	-$303K-133.0%	$917K+536.8%	$144K+107.3%	-$2.0M+48.1%	-$3.8M-820.1%	$528K-90.5%	$5.6M
Net Income	-$734.2M-22263.8%	-$3.3M+92.8%	-$45.8M-17.5%	-$39.0M-322.6%	$17.5M+120.2%	-$86.8M-467.4%	-$15.3M-138.3%	$39.9M
EPS (Diluted)	N/A	$-0.01+91.7%	$-0.12-9.1%	$-0.11	N/A	$-0.26-420.0%	$-0.05-138.5%	$0.13

CIFR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.3B+401.7%	$855.4M+51.1%	$566.1M+35.3%	$418.5M+18.2%	$354.2M+106.4%	$171.6M
Current Assets	$2.7B+1477.2%	$168.2M+8.2%	$155.5M+225.8%	$47.7M-78.7%	$223.7M+14112.0%	$1.6M
Cash & Equivalents	$628.3M+11149.1%	$5.6M-92.5%	$74.2M+521.9%	$11.9M-94.3%	$209.8M+16340.5%	$1.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$98K	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.5B+1892.0%	$173.5M+131.9%	$74.8M-1.0%	$75.6M+11782.2%	$636K-99.6%	$170.3M
Current Liabilities	$699.1M+430.5%	$131.8M+290.0%	$33.8M-16.2%	$40.3M+7981.4%	$499K+285.7%	$129K
Long-Term Debt	$2.7B	$0	N/A	N/A	N/A	N/A
Total Equity	$805.5M+18.1%	$682.0M+38.8%	$491.3M+43.3%	$342.9M-3.0%	$353.5M+26114.3%	$1.3M
Retained Earnings	-$1.0B-453.2%	-$181.4M-32.6%	-$136.8M-23.0%	-$111.2M-54.1%	-$72.2M-67316.0%	-$107K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.3B+51.1%	$2.8B+178.9%	$1.0B+11.5%	$913.8M+6.8%	$855.4M+10.3%	$775.4M0.0%	$775.6M+14.5%	$677.1M
Current Assets	$2.7B+86.9%	$1.4B+546.2%	$219.7M+42.1%	$154.6M-8.1%	$168.2M+10.8%	$151.8M-51.0%	$309.4M+23.6%	$250.2M
Cash & Equivalents	$628.3M-48.0%	$1.2B+1825.6%	$62.7M+170.6%	$23.2M+314.9%	$5.6M-78.0%	$25.3M-79.3%	$122.6M+38.2%	$88.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.5B+68.0%	$2.1B+662.5%	$269.9M+50.8%	$179.0M+3.2%	$173.5M+67.7%	$103.4M+22.0%	$84.8M+11.3%	$76.2M
Current Liabilities	$699.1M+22.6%	$570.2M+986.1%	$52.5M-62.2%	$138.7M+5.3%	$131.8M+123.0%	$59.1M+62.1%	$36.4M+17.6%	$31.0M
Long-Term Debt	$2.7B+165.0%	$1.0B+512.2%	$167.1M	N/A	$0	N/A	N/A	N/A
Total Equity	$805.5M+2.9%	$783.2M+4.6%	$748.9M+1.9%	$734.8M+7.7%	$682.0M+1.5%	$672.0M-2.7%	$690.8M+15.0%	$600.9M
Retained Earnings	-$1.0B-272.5%	-$269.5M-1.2%	-$266.2M-20.8%	-$220.4M-21.5%	-$181.4M+8.8%	-$198.9M-77.3%	-$112.2M-15.8%	-$96.9M

CIFR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$207.9M-137.6%	-$87.5M+7.1%	-$94.2M-350.6%	-$20.9M+34.0%	-$31.7M	N/A
Capital Expenditures	$487.9M+249.8%	$139.5M+581.1%	$20.5M-47.8%	$39.2M+667.5%	$5.1M	N/A
Free Cash Flow	-$695.9M-206.5%	-$227.0M-97.9%	-$114.7M-90.8%	-$60.1M-63.5%	-$36.8M	N/A
Investing Cash Flow	-$336.6M-75.2%	-$192.1M-464.2%	$52.8M+130.3%	-$173.9M-44.8%	-$120.1M	N/A
Financing Cash Flow	$3.2B+1393.7%	$213.5M+84.6%	$115.7M+3843.2%	-$3.1M-100.9%	$361.6M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$89.6M+224.1%	$27.6M+608.4%	$3.9M+26.3%	$3.1M-86.7%	$23.2M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$54.4M-8.8%	-$50.1M+11.0%	-$56.2M-19.0%	-$47.2M-63.0%	-$29.0M-342.8%	-$6.5M+74.2%	-$25.4M+4.8%	-$26.6M
Capital Expenditures	$225.9M+9.6%	$206.2M+558.7%	$31.3M+27.4%	$24.6M-47.9%	$47.1M-38.5%	$76.6M+874.1%	$7.9M-0.5%	$7.9M
Free Cash Flow	-$280.3M-9.4%	-$256.2M-192.8%	-$87.5M-21.9%	-$71.8M+5.6%	-$76.1M+8.5%	-$83.2M-150.3%	-$33.2M+3.8%	-$34.5M
Investing Cash Flow	-$205.2M-877.7%	-$21.0M+77.5%	-$93.2M-438.6%	-$17.3M-673.2%	$3.0M+102.3%	-$132.8M-323.6%	-$31.4M-1.3%	-$31.0M
Financing Cash Flow	$1.7B+40.1%	$1.2B+543.2%	$188.9M+130.0%	$82.1M+1223.9%	$6.2M-89.0%	$56.6M-37.6%	$90.6M+50.6%	$60.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$82.3M+2672.9%	$3.0M-6.5%	$3.2M+177.4%	$1.1M-93.2%	$16.9M+379.2%	$3.5M-13.2%	$4.1M+27.8%	$3.2M

CIFR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	63.7%+5.0pp	58.8%-1.6pp	60.3%-15.0pp	75.4%	N/A	N/A
Operating Margin	-188.3%-159.4pp	-28.9%-13.0pp	-15.9%+1216.3pp	-1232.2%	N/A	N/A
Net Margin	-367.2%-337.7pp	-29.5%-9.2pp	-20.3%+1265.6pp	-1285.9%	N/A	N/A
Return on Equity	-102.1%-95.5pp	-6.6%-1.3pp	-5.3%+6.1pp	-11.4%+9.0pp	-20.4%-12.5pp	-7.9%
Return on Assets	-19.2%-13.9pp	-5.2%-0.7pp	-4.5%+4.8pp	-9.3%+11.0pp	-20.4%-20.3pp	-0.1%
Current Ratio	3.79+2.5	1.28-3.3	4.60+3.4	1.18-447.0	448.22+436.1	12.16
Debt-to-Equity	3.37+3.4	0.00-0.2	0.15-0.1	0.22+0.2	0.00-126.2	126.24
FCF Margin	-310.7%-160.7pp	-150.1%-59.6pp	-90.4%+1889.6pp	-1980.0%	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	59.4%-3.3pp	62.7%-2.1pp	64.8%-4.8pp	69.6%+12.7pp	56.9%+19.4pp	37.5%-23.7pp	61.2%-8.0pp	69.2%
Operating Margin	-503.5%-451.0pp	-52.5%+51.4pp	-103.8%-26.0pp	-77.8%-118.3pp	40.5%+419.6pp	-379.2%-335.3pp	-43.9%-141.1pp	97.2%
Net Margin	-1229.6%-1225.0pp	-4.6%+100.5pp	-105.1%-25.5pp	-79.6%-121.1pp	41.5%+401.4pp	-359.9%-318.4pp	-41.5%-124.4pp	82.9%
Return on Equity	-91.1%-90.7pp	-0.4%+5.7pp	-6.1%-0.8pp	-5.3%-7.9pp	2.6%+15.5pp	-12.9%-10.7pp	-2.2%-8.8pp	6.6%
Return on Assets	-17.1%-17.0pp	-0.1%+4.4pp	-4.5%-0.2pp	-4.3%-6.3pp	2.1%+13.2pp	-11.2%-9.2pp	-2.0%-7.9pp	5.9%
Current Ratio	3.79+1.3	2.49-1.7	4.18+3.1	1.11-0.2	1.28-1.3	2.57-5.9	8.49+0.4	8.08
Debt-to-Equity	3.37+2.1	1.31+1.1	0.22-0.0	0.24+0.2	0.00-0.2	0.15+0.0	0.120.0	0.13
FCF Margin	-469.5%-112.2pp	-357.3%-156.4pp	-200.9%-54.2pp	-146.7%+33.6pp	-180.2%+164.8pp	-345.0%-254.8pp	-90.2%-18.5pp	-71.8%

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Frequently Asked Questions

What is Cipher Digital Inc's annual revenue?

Cipher Digital Inc (CIFR) reported $223.9M in total revenue for fiscal year 2025. This represents a 48.0% 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 Cipher Digital Inc's revenue growing?

Cipher Digital Inc (CIFR) revenue grew by 48% year-over-year, from $151.3M to $223.9M in fiscal year 2025.

Is Cipher Digital Inc profitable?

No, Cipher Digital Inc (CIFR) reported a net income of -$822.2M in fiscal year 2025, with a net profit margin of -367.2%.

What is Cipher Digital Inc's EBITDA?

Cipher Digital Inc (CIFR) had EBITDA of -$222.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Cipher Digital Inc have?

As of fiscal year 2025, Cipher Digital Inc (CIFR) had $628.3M in cash and equivalents against $2.7B in long-term debt.

What is Cipher Digital Inc's gross margin?

Cipher Digital Inc (CIFR) had a gross margin of 63.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Cipher Digital Inc's operating margin?

Cipher Digital Inc (CIFR) had an operating margin of -188.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Cipher Digital Inc's net profit margin?

Cipher Digital Inc (CIFR) had a net profit margin of -367.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Cipher Digital Inc's return on equity (ROE)?

Cipher Digital Inc (CIFR) has a return on equity of -102.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Cipher Digital Inc's free cash flow?

Cipher Digital Inc (CIFR) generated -$695.9M in free cash flow during fiscal year 2025. This represents a -206.5% 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 Cipher Digital Inc's operating cash flow?

Cipher Digital Inc (CIFR) generated -$207.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cipher Digital Inc's total assets?

Cipher Digital Inc (CIFR) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Cipher Digital Inc's capital expenditures?

Cipher Digital Inc (CIFR) invested $487.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Cipher Digital Inc buy back shares?

Yes, Cipher Digital Inc (CIFR) spent $89.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Cipher Digital Inc have outstanding?

Cipher Digital Inc (CIFR) had 405M shares outstanding as of fiscal year 2025.

What is Cipher Digital Inc's current ratio?

Cipher Digital Inc (CIFR) had a current ratio of 3.79 as of fiscal year 2025, which is generally considered healthy.

What is Cipher Digital Inc's debt-to-equity ratio?

Cipher Digital Inc (CIFR) had a debt-to-equity ratio of 3.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cipher Digital Inc's return on assets (ROA)?

Cipher Digital Inc (CIFR) had a return on assets of -19.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cipher Digital Inc's cash runway?

Based on fiscal year 2025 data, Cipher Digital Inc (CIFR) had $628.3M in cash against an annual operating cash burn of $207.9M. This gives an estimated cash runway of approximately 36 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Cipher Digital Inc's Piotroski F-Score?

Cipher Digital Inc (CIFR) has a Piotroski F-Score of 3 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cipher Digital Inc's earnings high quality?

Cipher Digital Inc (CIFR) has an earnings quality ratio of 0.25x, considered low quality (accrual-driven). 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 Cipher Digital Inc cover its interest payments?

Cipher Digital Inc (CIFR) has an interest coverage ratio of -11.5x, meaning it can struggle to 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 Cipher Digital Inc?

Cipher Digital Inc (CIFR) scores 35 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.