Cipher Digital Inc. (CIFR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CIFR SEC filings page.
Cipher Digital Inc. (CIFR) reported $191.1M in revenue over the twelve months to Jun 30, 2026, up 20.3% from the prior twelve months. This page shows its 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).
FY2025 shows a business scaling revenue while capital needs, debt, and losses grew faster than its gross profit.
In FY2025, gross profit reached$142.7M , yet operating loss widened to$421.6M ; the added revenue base was not enough to absorb operating and other costs. Operating cash flow of-$207.9M sat far above free cash flow of-$695.9M ; the gap points to capital expenditures as the main incremental cash demand.
Capital intensity accelerated: capital expenditures rose from
The financing profile changed sharply: long-term debt moved from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cipher Digital Inc.'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.
Cipher Digital Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
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 91/100.
Cipher Digital Inc. has elevated debt relative to equity (D/E of 3.37), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
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 86/100.
Cipher Digital Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 2/100.
Cipher Digital Inc. posts a -102.1% return on equity (ROE), meaning it loses $102 for every $100 of shareholders' equity. This results in a returns score of 29/100. This is down from -6.6% the prior year.
Cipher Digital Inc. scores 1.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.4B) relative to total liabilities ($3.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
Cipher Digital Inc. reported a net loss of $822.2M while operations used $207.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cipher Digital Inc. reported an operating loss of $421.6M against $36.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cipher Digital Inc. generated $24.8M in revenue in Q2 2026. This represents a decrease of 43.0% from the same quarter a year earlier. Against the prior quarter it is down 28.7%.
Cipher Digital Inc.'s EBITDA was -$59.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5014.2% from the same quarter a year earlier. Against the prior quarter it is up 38.1%.
Cipher Digital Inc. reported -$267.5M in net income in Q2 2026. This represents a decrease of 484.4% from the same quarter a year earlier. Against the prior quarter it is down 134.0%.
Cipher Digital Inc. earned -$0.65 per diluted share (EPS) in Q2 2026. This represents a decrease of 441.7% from the same quarter a year earlier. Against the prior quarter it is down 132.1%.
Cash & Balance Sheet
Cipher Digital Inc. recorded an outflow of $653.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 274.1% from the same quarter a year earlier. Against the prior quarter it is down 41.4%.
Cipher Digital Inc. held $831.8M in cash against $5.4B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Cipher Digital Inc.'s gross margin was 39.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 25.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.8 percentage points.
Cipher Digital Inc.'s ROE was -47.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 41.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 31.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Cipher Digital Inc. spent $45.2M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1325.1% from the same quarter a year earlier. Against the prior quarter it is up 1096.0%.
Cipher Digital Inc. invested $410.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 246.0% from the same quarter a year earlier. Against the prior quarter it is down 25.9%.
Not reported for Q2 2026.
CIFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $24.8M-43.0% | $34.8M-28.8% | $59.7M+41.4% | $71.7M+197.5% | $43.6M+18.4% | $49.0M+1.7% | $42.2M-2.8% | $24.1M-20.5% |
| Cost of Revenue | $15.0M-1.9% | $17.7M+18.9% | $24.3M+33.3% | $26.7M+77.5% | $15.3M+7.3% | $14.9M+0.5% | $18.2M+36.9% | $15.1M+15.8% |
| Gross Profit | $9.8M-65.3% | $17.1M-49.7% | $35.5M+47.6% | $45.0M+397.6% | $28.2M+25.3% | $34.1M+2.2% | $24.0M-20.3% | $9.0M-47.7% |
| SG&A Expenses | $16.5M+81.5% | $11.7M+31.2% | $10.2M+9.6% | $8.2M-8.4% | $9.1M+8.5% | $9.0M+47.3% | $9.3M+36.3% | $8.9M+30.6% |
| Operating Income | -$78.5M-73.6% | -$114.6M-200.8% | -$300.6M-1860.0% | -$37.6M+58.8% | -$45.2M-179.8% | -$38.1M-181.4% | $17.1M+12.4% | -$91.4M-378.4% |
| EBITDA | -$59.2M-5014.2% | -$95.6M-1876.4% | -$248.7M-565.8% | $21.9M+134.9% | -$1.2M-128.4% | $5.4M-91.6% | $53.4M+66.8% | -$62.8M-2072.3% |
| Interest Expense | $66.7M+5769.5% | $59.2M+7513.6% | $33.4M+5554.1% | $1.3M+271.7% | $1.1M+205.6% | $777K+94.3% | $590K+21.4% | $346K-44.8% |
| Income Tax | $367K-60.0% | $407K+182.6% | -$4.1M-106.4% | -$303K+92.0% | $917K+73.7% | $144K-97.4% | -$2.0M-149.6% | -$3.8M-246.6% |
| Net Income | -$267.5M-484.4% | -$114.3M-193.3% | -$734.2M-4293.1% | -$3.3M+96.2% | -$45.8M-199.4% | -$39.0M-197.7% | $17.5M+65.3% | -$86.8M-365.9% |
| EPS (Basic) | -$0.65-441.7% | -$0.28-154.5% | -$1.92-3300.0% | -$0.01+96.2% | -$0.12-140.0% | -$0.11-184.6% | $0.06+20.0% | -$0.26-271.4% |
| EPS (Diluted) | -$0.65-441.7% | -$0.28-154.5% | -$1.92-3300.0% | -$0.01+96.2% | -$0.12-140.0% | -$0.11-184.6% | $0.06+20.0% | -$0.26-271.4% |
| Diluted Shares (Avg) | 409M+9.2% | 405M+12.4% | N/A | 393M+18.2% | 375M+19.3% | 361M+18.4% | N/A | 333M+32.1% |
Not reported in any period shown, so not listed: R&D Expenses.
CIFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.5B+636.3% | $6.4B+599.7% | $4.3B+401.7% | $2.8B+266.4% | $1.0B+31.4% | $913.8M+34.9% | $855.4M+51.1% | $775.4M+86.2% |
| Current Assets | $4.1B+1781.1% | $3.9B+2419.5% | $2.7B+1477.2% | $1.4B+835.4% | $219.7M-29.0% | $154.6M-38.2% | $168.2M+8.2% | $151.8M+178.9% |
| Cash & Equivalents | $831.8M+1226.6% | $715.2M+2986.4% | $628.3M+11149.1% | $1.2B+4664.6% | $62.7M-48.8% | $23.2M-73.9% | $5.6M-92.5% | $25.3M+658.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $6.9B+2462.0% | $5.7B+3058.6% | $3.5B+1892.0% | $2.1B+1889.1% | $269.9M+218.1% | $179.0M+134.9% | $173.5M+131.9% | $103.4M+40.2% |
| Current Liabilities | $1.4B+2526.6% | $1.2B+797.9% | $699.1M+430.5% | $570.2M+865.0% | $52.5M+44.1% | $138.7M+347.8% | $131.8M+290.0% | $59.1M+51.9% |
| Non-Current Liabilities | $5.5B+2446.4% | $4.4B+10850.0% | $2.8B+6509.1% | $1.5B+3253.5% | $217.3M+349.3% | $40.3M-11.0% | $41.7M+1.7% | $44.4M+27.1% |
| Long-Term Debt | $5.4B+3159.4% | $4.4B | $2.7B | $1.0B | $167.1M | N/A | $0 | N/A |
| Total Equity | $562.1M-24.9% | $714.2M-2.8% | $805.5M+18.1% | $783.2M+16.5% | $748.9M+8.4% | $734.8M+22.3% | $682.0M+38.8% | $672.0M+95.6% |
| Retained Earnings | -$1.4B-420.5% | -$1.1B-407.3% | -$1.0B-453.2% | -$269.5M-35.5% | -$266.2M-137.3% | -$220.4M-127.5% | -$181.4M-32.6% | -$198.9M-34.2% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
CIFR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$243.5M-333.2% | $91.5M+293.8% | -$54.4M-87.8% | -$50.1M-664.7% | -$56.2M-121.7% | -$47.2M-77.3% | -$29.0M+39.5% | -$6.5M+64.7% |
| Depreciation & Amortization | $19.4M-56.1% | $19.0M-56.3% | $51.9M+42.8% | $59.5M+108.0% | $44.1M+117.7% | $43.5M+152.1% | $36.3M+116.1% | $28.6M+76.6% |
| Stock-Based Compensation | $30.5M+190.9% | $27.0M+196.2% | N/A | N/A | $10.5M | $9.1M+9.8% | N/A | N/A |
| Capital Expenditures | $410.3M+246.0% | $554.0M+455.8% | $225.9M+379.4% | $43.8M-42.8% | $118.6M+1407.8% | $99.7M+1161.4% | $47.1M+277.0% | $76.6M+1625.8% |
| Free Cash Flow | -$653.8M-274.1% | -$462.5M-214.8% | -$280.3M-268.4% | -$93.8M-12.9% | -$174.8M-426.2% | -$146.9M-325.4% | -$76.1M-26.0% | -$83.2M-262.0% |
| Investing Cash Flow | -$322.8M-246.5% | -$474.2M-2641.4% | -$205.2M-6897.8% | -$21.0M+84.2% | -$93.2M-197.1% | -$17.3M+44.1% | $3.0M-79.8% | -$132.8M-772.1% |
| Financing Cash Flow | $879.8M+365.7% | $2.0B+2292.0% | $1.7B+27354.5% | $1.2B+2048.6% | $188.9M+108.5% | $82.1M+36.5% | $6.2M-94.6% | $56.6M+15352.5% |
| Share Buybacks | $45.2M+1325.1% | $3.8M+230.5% | $82.3M+387.5% | $3.0M-15.8% | $3.2M-21.8% | $1.1M-64.0% | $16.9M+2389.8% | $3.5M+67.0% |
Not reported in any period shown, so not listed: Dividends Paid.
CIFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.4%-25.4pp | 49.2%-20.4pp | 59.4%+2.5pp | 62.7%+25.2pp | 64.8%+3.6pp | 69.6%+0.4pp | 56.9%-12.5pp | 37.5%-19.6pp |
| Operating Margin | -316.2% | -328.9% | -503.5% | -52.5% | -103.8% | -77.8%-175.0pp | 40.5%+5.4pp | -379.2% |
| Net Margin | -1077.1% | -328.1% | -1229.6% | -4.6% | -105.1% | -79.6%-162.5pp | 41.5%+17.1pp | -359.9% |
| Return on Equity | -47.6%-41.5pp | -16.0%-10.7pp | -91.1%-93.7pp | -0.4%+12.5pp | -6.1%-3.9pp | -5.3%-11.9pp | 2.6%+0.4pp | -12.9%-7.5pp |
| Return on Assets | -3.6%+0.9pp | -1.8%+2.5pp | -17.1%-19.2pp | -0.1%+11.1pp | -4.5%-2.5pp | -4.3%-10.2pp | 2.1%+0.2pp | -11.2%-6.7pp |
| Current Ratio | 3.00-1.2x | 3.13+2.0x | 3.79+2.5x | 2.49-0.1x | 4.18-4.3x | 1.11-7.0x | 1.28-3.3x | 2.57+1.2x |
| Debt-to-Equity | 9.69+9.5x | 6.13+5.9x | 3.37+3.4x | 1.31+1.2x | 0.22+0.1x | 0.24+0.1x | 0.00-0.2x | 0.15-0.1x |
| Asset Turnover | 0.000.0x | 0.010.0x | 0.010.0x | 0.030.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.030.0x |
| FCF Margin | -2632.4% | -1327.5% | -469.5% | -130.9% | -401.2% | -300.1% | -180.2% | -345.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cipher Digital Inc. CIFR | FY2025 | $223.9M | -$822.2M | N/A | $6.4B | 40/100 |
| TeraWulf Inc. WULF | FY2025 | $168.5M | -$661.4M | N/A | $7.4B | 20/100 |
| Hut 8 Corp. HUT | FY2025 | $235.1M | -$248.0M | N/A | $11.0B | 48/100 |
| CLEANSPARK INC CLSK | FY2026 | N/A | N/A | N/A | $3.2B | — |
| Riot Platforms, Inc. RIOT | FY2025 | $647.4M | -$663.2M | N/A | $7.3B | 35/100 |
| BGC Group, Inc. BGC | FY2025 | $2.9B | $155.0M | 5.3% | $5.8B | 49/100 |
Where Cipher Digital Inc. Ranks
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 48.0% 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.
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 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) recorded an outflow of $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) recorded an outflow of $207.9M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 P/E ratio?
Cipher Digital Inc. (CIFR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $6.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cipher Digital Inc.'s price-to-sales ratio?
Cipher Digital Inc. (CIFR) trades at 33.7x sales, its market capitalization divided by revenue of $191.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Cipher Digital Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cipher Digital Inc. (CIFR) held $628.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $207.9M over that year. Dividing the one by the other, the reported balance equals about 36 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cipher Digital Inc.'s Altman Z-Score?
Cipher Digital Inc. (CIFR) has an Altman Z-Score of 1.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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) reported a net loss of $822.2M while operations used $207.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $421.6M against $36.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 40 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.