Riot Platforms Financials
Riot Platforms (RIOT) reported $647.4M in revenue for fiscal year 2025, up 71.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Riot’s business model is a capital-hungry buildout where revenue growth has depended on outside funding more than cash generation.
From FY2023 to FY2025, total assets rose from$2.1B to$3.9B while cumulative free cash flow was about-$1.4B ; that expansion was matched by long-term debt near$587M and a much higher share count, so the larger operating footprint was financed externally rather than by internally generated cash.
FY2024’s accounting profit did not mark a clean cash inflection: net income was
By FY2025, liquidity had tightened sharply: cash fell to
Financial Health Signals
Scored against banks 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 Riot Platforms'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.
Not available for Riot Platforms, and counted as zero in the overall score.
Not available for Riot Platforms, and counted as zero in the overall score.
Riot Platforms passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Riot Platforms reported a net loss of $663.2M while operations used $572.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Riot Platforms generated $647.4M in revenue in fiscal year 2025. This represents an increase of 71.9% from the prior year.
Riot Platforms's EBITDA was -$279.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 177.6% from the prior year.
Riot Platforms reported -$663.2M in net income in fiscal year 2025. This represents a decrease of 706.2% from the prior year.
Riot Platforms earned -$1.95 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 673.5% from the prior year.
Cash & Balance Sheet
Riot Platforms recorded an outflow of $774.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 56.3% from the prior year.
Riot Platforms held $233.5M in cash against $586.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Riot Platforms's operating margin was -96.1% in fiscal year 2025, reflecting core business profitability. This is down 136.9 percentage points from the prior year.
Riot Platforms's ROE was -23.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 26.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Riot Platforms spent $4.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 62.9% from the prior year.
Riot Platforms invested $201.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.2% from the prior year.
Not reported for fiscal year 2025.
RIOT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $674.5M | $647.4M+71.9% | $376.7M+34.2% | $280.7M+8.3% | $259.2M+21.5% | $213.2M+1665.1% | $12.1M+76.7% | $6.8M-12.8% | $7.8M+2809.3% | $270K+2763.8% | $9K-90.7% | $101K-39.3% | $167K+197.8% | $56K+34.9% | $42K-81.1% | $219K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $6.3M+2.5% | $6.1M+4.8% | $5.8M+23008.1% | $25K+723.6% | $3K-90.0% | $31K-57.2% | $71K+237.2% | $21K+3479.9% | $592-96.4% | $16K |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $5.8M+687.8% | $740K-63.5% | $2.0M+728.3% | $244K+3745.1% | $6K-91.0% | $71K-25.9% | $95K+173.8% | $35K-14.9% | $41K-79.8% | $203K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $20K-92.0% | $249K-88.5% | $2.2M-46.5% | $4.0M-39.8% | $6.7M+74.7% | $3.8M-32.3% | $5.7M |
| SG&A Expenses | $309.6M | $298.8M+11.9% | $266.9M+166.0% | $100.3M+48.8% | $67.5M-22.8% | $87.4M0.0% | $87.4M+854.6% | $9.2M-56.1% | $20.9M+185.2% | $7.3M+65.8% | $4.4M-34.7% | $6.8M+3.0% | $6.6M+18.9% | $5.5M+6.4% | $5.2M-7.0% | $5.6M |
| Operating Income | -$1.3B | -$622.2M-505.1% | $153.6M+343.6% | -$63.0M+87.7% | -$512.7M-1616.4% | -$29.9M-92.2% | -$15.5M-65.1% | -$9.4M+84.1% | -$59.4M-351.3% | -$13.2M-153.3% | -$5.2M+40.6% | -$8.7M+15.9% | -$10.4M+14.0% | -$12.1M-35.1% | -$9.0M+18.4% | -$11.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $296K | N/A | $122K-0.8% | $123K-97.4% | $4.8M+15836.6% | $30K-69.5% | $99K-14.8% | $116K-14.1% | $135K-45.5% | $248K+37.5% | $181K |
| Income Tax | N/A | -$150K-120.2% | $744K+114.6% | -$5.1M+56.7% | -$11.7M-4725.6% | $254K | N/A | -$143K+79.5% | -$699K+56.6% | -$1.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.3B | -$663.2M-706.2% | $109.4M+321.1% | -$49.5M+90.3% | -$509.6M-3200.9% | -$15.4M-9.4% | -$14.1M+29.6% | -$20.0M+65.5% | -$58.0M-192.3% | -$19.8M-364.5% | -$4.3M+51.2% | -$8.8M+16.1% | -$10.4M+14.0% | -$12.1M-31.9% | -$9.2M+9.8% | -$10.2M |
| EPS (Diluted) | — | -$1.95-673.5% | $0.34 | -$0.28+92.3% | -$3.65 | -$0.17 | -$0.33 | -$1.02 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RIOT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B0.0% | $3.9B+91.9% | $2.1B+55.4% | $1.3B-13.3% | $1.5B+443.3% | $280.1M+822.1% | $30.4M+119.2% | $13.9M-73.5% | $52.3M+207.1% | $17.0M-18.3% | $20.9M-27.4% | $28.7M+54.1% | $18.6M+12.2% | $16.6M+90.4% | $8.7M |
| Current Assets | $448.7M-25.1% | $599.5M-40.6% | $1.0B+127.5% | $443.4M-21.5% | $564.6M+139.0% | $236.3M+1771.0% | $12.6M+446.4% | $2.3M-94.5% | $42.4M+208.4% | $13.7M-16.3% | $16.4M-34.1% | $24.9M+68.7% | $14.8M+17.8% | $12.5M+189.9% | $4.3M |
| Cash & Equivalents | $233.5M-16.0% | $277.9M-53.5% | $597.2M+159.3% | $230.3M-26.3% | $312.3M+39.8% | $223.4M+2902.4% | $7.4M+3206.7% | $225K-99.5% | $41.7M+653.2% | $5.5M+174.8% | $2.0M-43.2% | $3.5M-37.4% | $5.7M-48.5% | $11.0M+269.9% | $3.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $416K | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $29.8M+9.8% | $27.1M+9.8% | $24.7M-8.3% | $26.9M+74.9% | $15.4M | N/A | N/A | N/A | N/A | $5K | N/A | $17K0.0% | $17K | $0-100.0% | $35K |
| Goodwill | $122.5M+0.5% | $121.9M | N/A | N/A | $335.6M | N/A | N/A | N/A | $1.2M+206.4% | $387K-13.6% | $448K0.0% | $448K+15.7% | $387K0.0% | $387K0.0% | $387K |
| Total Liabilities | $1.1B+36.2% | $791.6M+385.5% | $163.1M-3.2% | $168.5M-2.9% | $173.6M+5544.3% | $3.1M-25.8% | $4.1M-55.8% | $9.4M+246.0% | $2.7M+27.7% | $2.1M-55.7% | $4.8M-4.9% | $5.0M-11.4% | $5.7M-3.9% | $5.9M+20.8% | $4.9M |
| Current Liabilities | $469.8M+192.9% | $160.4M+32.5% | $121.0M-0.4% | $121.5M+10.6% | $109.9M+4484.0% | $2.4M-28.9% | $3.4M-49.4% | $6.7M+539.9% | $1.0M-1.4% | $1.1M-41.1% | $1.8M+0.5% | $1.8M-20.8% | $2.2M-44.9% | $4.1M+96.9% | $2.1M |
| Long-Term Debt | $586.9M+0.4% | $584.3M+110985.7% | $526K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.9B-9.1% | $3.1B+66.5% | $1.9B+64.0% | $1.2B-14.6% | $1.3B+389.2% | $275.6M+950.3% | $26.2M+353.5% | $5.8M-88.2% | $48.9M+227.5% | $14.9M-7.2% | $16.1M-32.1% | $23.7M+82.9% | $12.9M+21.1% | $10.7M+179.4% | $3.8M |
| Retained Earnings | -$1.4B-96.1% | -$690.4M+13.7% | -$799.8M-5.7% | -$756.3M-206.5% | -$246.8M-7.3% | -$229.9M-5.8% | -$217.2M-10.2% | -$197.2M-41.6% | -$139.3M-26.8% | -$109.9M-4.0% | -$105.6M-9.0% | -$96.8M-12.1% | -$86.4M-16.4% | -$74.2M-14.2% | -$65.0M |
RIOT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$492.3M | -$572.9M-124.6% | -$255.1M-870.9% | $33.1M+6142.5% | $530K+100.6% | -$86.1M-2921.5% | -$2.8M+81.5% | -$15.4M+19.1% | -$19.1M-329.1% | -$4.4M+19.6% | -$5.5M+19.6% | -$6.9M+25.4% | -$9.2M+5.4% | -$9.7M-77.3% | -$5.5M+34.1% | -$8.3M |
| Capital Expenditures | $284.3M | $201.4M-16.2% | $240.3M+24.1% | $193.7M+30.5% | $148.4M+0.9% | $147.1M+1707.5% | $8.1M+64.2% | $5.0M-75.4% | $20.2M | N/A | $35K | N/A | $30K+14.5% | $26K-39.8% | $44K-51.5% | $90K |
| Free Cash Flow | -$776.7M | -$774.3M-56.3% | -$495.4M-208.4% | -$160.6M-8.6% | -$147.9M+36.6% | -$233.2M-2022.3% | -$11.0M+46.1% | -$20.4M+48.1% | -$39.2M | N/A | -$5.6M | N/A | -$9.2M+5.4% | -$9.8M-76.3% | -$5.5M+34.3% | -$8.4M |
| Investing Cash Flow | $630.9M | $76.1M+105.0% | -$1.5B-263.8% | -$414.8M-16.9% | -$354.9M+27.7% | -$490.6M-1092.9% | -$41.1M-1165.9% | -$3.2M+86.9% | -$24.9M-545.6% | $5.6M-40.3% | $9.3M | N/A | N/A | -$7.6M-2314.1% | -$316K-119.6% | $1.6M |
| Financing Cash Flow | $80.0M | $455.3M-70.0% | $1.5B+102.8% | $748.5M+174.8% | $272.3M-59.1% | $665.6M+156.1% | $259.9M+904.4% | $25.9M+940.6% | $2.5M-92.9% | $35.0M+11344.6% | -$311K | N/A | N/A | $12.0M-12.8% | $13.8M+1666.2% | $782K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $9.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $6.2M | $4.3M-62.9% | $11.6M-17.6% | $14.0M+38.4% | $10.1M+99.5% | $5.1M+1039.5% | $446K | N/A | N/A | $392K | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RIOT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 48.3%+37.4pp | 10.8%-15.0pp | 25.8%-64.8pp | 90.7%+23.1pp | 67.5%-2.3pp | 69.8%+12.6pp | 57.2%-5.0pp | 62.2%-36.4pp | 98.6%+6.0pp | 92.5% |
| Operating Margin | -96.1%-136.9pp | 40.8%+63.2pp | -22.5% | -197.8% | -14.0% | -128.7% | -137.7% | -756.7% | -4878.2% | -55144.1% | -8628.9% | -6231.0% | -21586.6% | -21564.8% | -5002.4% |
| Net Margin | -102.4% | 29.0%+46.7pp | -17.6% | -196.6% | -7.2% | -116.8% | -293.1% | -739.4% | -7359.7% | -45378.5% | -8637.7% | -6255.0% | -21667.7% | -22167.7% | -4654.9% |
| Return on Equity | -23.2%-26.7pp | 3.5%+6.1pp | -2.6%+41.6pp | -44.3%-43.1pp | -1.1%+4.0pp | -5.1%+71.2pp | -76.4%+926.0pp | -1002.4%-961.8pp | -40.6%-12.0pp | -28.6%+25.9pp | -54.5%-10.4pp | -44.1%+49.7pp | -93.8%-7.6pp | -86.2%+180.8pp | -267.0% |
| Return on Assets | -16.9%-19.6pp | 2.8%+5.2pp | -2.4%+36.2pp | -38.6%-37.6pp | -1.0%+4.0pp | -5.0%+60.9pp | -66.0%+352.6pp | -418.5%-380.6pp | -37.9%-12.8pp | -25.1%+16.9pp | -42.0%-5.6pp | -36.4%+28.8pp | -65.2%-9.7pp | -55.5%+61.6pp | -117.0% |
| Current Ratio | 0.96-2.8x | 3.74-4.6x | 8.33+4.7x | 3.65-1.5x | 5.14-93.4x | 98.57+94.8x | 3.75+3.4x | 0.35-40.4x | 40.74+27.7x | 13.03+3.9x | 9.16-4.8x | 13.97+7.4x | 6.56+3.5x | 3.07+1.0x | 2.09 |
| Debt-to-Equity | 0.210.0x | 0.19+0.2x | 0.00-0.1x | 0.150.0x | 0.13+0.1x | 0.01-0.1x | 0.16-1.5x | 1.62+1.6x | 0.06-0.1x | 0.14-0.2x | 0.30+0.1x | 0.21-0.2x | 0.44-0.1x | 0.55-0.7x | 1.28 |
| FCF Margin | -119.6% | -131.5% | -57.2%-0.2pp | -57.1% | -109.4% | -91.0% | -298.0% | -500.3% | N/A | -58996.9% | N/A | -5530.6% | -17400.3% | -13313.4% | -3838.8% |
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.
Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Riot Platforms Ranks
Frequently Asked Questions
What is Riot Platforms's annual revenue?
Riot Platforms (RIOT) reported $647.4M in total revenue for fiscal year 2025. This represents a 71.9% 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 Riot Platforms's revenue growing?
Riot Platforms (RIOT) revenue grew by 71.9% year-over-year, from $376.7M to $647.4M in fiscal year 2025.
Is Riot Platforms profitable?
No, Riot Platforms (RIOT) reported a net income of -$663.2M in fiscal year 2025.
What is Riot Platforms's EBITDA?
Riot Platforms (RIOT) had EBITDA of -$279.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Riot Platforms have?
As of fiscal year 2025, Riot Platforms (RIOT) had $233.5M in cash and equivalents against $586.9M in long-term debt.
What is Riot Platforms's operating margin?
Riot Platforms (RIOT) had an operating margin of -96.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Riot Platforms's return on equity (ROE)?
Riot Platforms (RIOT) has a return on equity of -23.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Riot Platforms's free cash flow?
Riot Platforms (RIOT) recorded an outflow of $774.3M in free cash flow during fiscal year 2025. This represents a -56.3% 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 Riot Platforms's operating cash flow?
Riot Platforms (RIOT) recorded an outflow of $572.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Riot Platforms's total assets?
Riot Platforms (RIOT) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Riot Platforms's capital expenditures?
Riot Platforms (RIOT) invested $201.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Riot Platforms's current ratio?
Riot Platforms (RIOT) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Riot Platforms's debt-to-equity ratio?
Riot Platforms (RIOT) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Riot Platforms's return on assets (ROA)?
Riot Platforms (RIOT) had a return on assets of -16.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Riot Platforms's cash runway?
Based on fiscal year 2025 data, Riot Platforms (RIOT) had $233.5M in cash against an annual operating cash burn of $572.9M. This gives an estimated cash runway of approximately 5 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 Riot Platforms's Piotroski F-Score?
Riot Platforms (RIOT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Riot Platforms's earnings high quality?
Riot Platforms (RIOT) reported a net loss of $663.2M while operations used $572.9M 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.
How financially healthy is Riot Platforms?
Riot Platforms (RIOT) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), 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.