Detailed financial statements for Riot Platforms, Inc. (RIOT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages essential infrastructure for large-scale Bitcoin mining operations at sites in Rockdale and Navarro counties, Texas, as well as two facilities in Paducah, Kentucky.
Analysis Summary
Riot Platforms, Inc. reported revenue of $647.4M in the most recent fiscal year, growing at a 5-year CAGR of 121.7%.
Trailing-twelve-month margins: gross margin -13.8%, operating margin -89.1%, net margin -196.3%.
At $13.74 (closing price, October 29, 2026), RIOT has negative trailing earnings (P/E not meaningful) and an ROE of -48.36%. Market capitalisation stands at $5.2B.
Balance sheet quality for RIOT: current ratio of 1.0, net debt of $633.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106,115 | $269,657 | $7.8M | $6.8M | $12.1M | $213.2M | $259.2M | $280.7M | $376.7M | $647.4M |
| Cost of Revenue | $3,058 | $25,186 | $5.8M | $6.1M | $6.3M | $82.1M | $193.7M | $254.3M | $262.8M | $748.7M |
| Gross Profit | $103,057 | $244,471 | $2.0M | $740,000 | $5.8M | $131.2M | $65.5M | $26.3M | $113.9M | -$101.3M |
| Research & Development | $862,784 | $20,033 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.6M | $7.3M | $20.9M | $9.2M | $10.3M | $87.4M | $67.5M | $100.3M | $266.9M | $298.5M |
| Operating Expenses | $6.4M | $13.4M | $61.4M | $10.2M | $21.4M | $161.0M | $578.2M | $89.4M | -$39.7M | $298.8M |
| Operating Income | -$6.3M | -$13.2M | -$59.4M | -$9.4M | -$15.5M | -$29.9M | -$512.7M | -$63.0M | $153.6M | -$400.0M |
| EBITDA | -$3.0M | -$12.3M | -$55.6M | -$17.9M | -$4.1M | $11.4M | -$412.0M | -$2.8M | $324.2M | -$53.2M |
| Interest Expense | $30,408 | $4.8M | $123,000 | $122,000 | 0 | $296,000 | $1.3M | 0 | $2.0M | $24.1M |
| Pre-tax Income | -$4.3M | -$18.0M | -$61.0M | -$20.4M | -$14.1M | -$15.2M | -$521.3M | -$54.6M | $110.1M | -$663.3M |
| Income Tax | $30,408 | -$1.6M | -$699,000 | -$143,000 | 0 | $254,000 | -$11.7M | -$5.1M | $744,000 | -$150,000 |
| Net Income | -$4.3M | -$19.8M | -$58.0M | -$20.0M | -$14.1M | -$15.4M | -$509.6M | -$49.5M | $109.4M | -$663.2M |
| EPS | $-1.05 | $-3.30 | $-4.33 | $-1.04 | $-0.30 | $-0.08 | $-3.65 | $-0.28 | $0.40 | $-1.95 |
| EPS (Diluted) | $-1.05 | $-3.30 | $-4.33 | $-1.04 | $-0.30 | $-0.08 | $-3.65 | $-0.28 | $0.34 | $-1.95 |
| Shares Outstanding (Diluted) | 4.1 M | 6.0 M | 13.4 M | 19.6 M | 42.0 M | 93.5 M | 139.4 M | 175.0 M | 318.9 M | 340.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $180.2M | $152.8M | $167.2M | $174.2M |
| Gross Profit | -$12.2M | -$55.7M | -$66.2M | $41.2M |
| Operating Income | -$82.0M | -$137.3M | -$142.4M | -$239.4M |
| EBITDA | $925,000 | -$34.5M | -$44.6M | -$136.8M |
| Net Income | $104.5M | -$690.7M | -$500.5M | -$237.2M |
| EPS | $0.30 | $-1.86 | $-1.44 | $-0.68 |
| EPS (Diluted) | $0.26 | $-1.86 | $-1.44 | $-0.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.5M | $41.7M | $225,390 | $7.4M | $223.4M | $312.3M | $230.3M | $597.2M | $277.9M | $233.5M |
| Short-term Investments | $7.5M | $200,164 | $706,625 | $3.8M | 0 | $161.4M | $109.4M | $311.2M | $134.3M | 0 |
| Receivables | $4,539 | 0 | 0 | 0 | 0 | $25.3M | $46.7M | $40.1M | $33.6M | $38.1M |
| Inventory | $415,847 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $13.7M | $42.4M | $2.3M | $12.6M | $236.3M | $564.6M | $443.4M | $1.01B | $599.5M | $448.7M |
| Property, Plant & Equipment | $41,133 | $4.3M | $26,269 | $6.9M | $10.1M | $289.7M | $714.2M | $724.6M | $1.37B | $1.40B |
| Goodwill | $816,657 | $1.2M | 0 | 0 | 0 | $335.6M | 0 | 0 | $121.9M | $122.5M |
| Intangible Assets | $2.4M | $1.3M | $1.2M | $459,000 | $336,000 | $14.2M | $21.5M | $15.7M | $34.1M | $190.5M |
| Total Assets | $17.0M | $52.3M | $13.9M | $30.4M | $280.1M | $1.52B | $1.32B | $2.05B | $3.94B | $3.94B |
| Accounts Payable | $253,817 | $410,029 | $3.8M | $717,000 | $718,000 | $20.0M | $18.4M | $23.2M | $17.6M | $23.4M |
| Short-term Debt | $139,611 | $135,574 | 0 | 0 | 0 | 0 | $2.0M | 0 | $314,000 | $253.9M |
| Total Current Liabilities | $1.1M | $1.0M | $6.7M | $3.4M | $2.4M | $109.9M | $121.5M | $121.0M | $160.4M | $469.8M |
| Long-term Debt | 0 | 0 | $1.7M | 0 | 0 | 0 | 0 | 0 | $584.3M | $586.9M |
| Total Liabilities | $2.1M | $2.7M | $9.4M | $4.1M | $3.1M | $173.6M | $168.5M | $163.1M | $791.6M | $1.08B |
| Retained Earnings | -$109.9M | -$139.3M | -$197.2M | -$217.2M | -$229.9M | -$246.8M | -$756.3M | -$799.8M | -$690.4M | -$1.35B |
| Total Equity | $14.9M | $48.9M | $5.8M | $26.2M | $277.1M | $1.35B | $1.15B | $1.89B | $3.14B | $2.86B |
| Total Debt | $139,611 | $135,574 | $1.7M | $368,000 | 0 | $13.4M | $22.3M | $21.3M | $613.2M | $866.8M |
| Net Debt | -$12.9M | -$41.7M | $764,068 | -$10.9M | -$223.4M | -$460.3M | -$317.5M | -$887.0M | $201.0M | $633.2M |
| Working Capital | $12.7M | $41.4M | -$4.3M | $9.3M | $233.9M | $454.7M | $321.8M | $887.6M | $439.1M | -$21.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $330.7M | $233.5M | $205.7M | $471.4M |
| Total Assets | $4.48B | $3.94B | $3.44B | $3.26B |
| Total Liabilities | $974.1M | $1.08B | $1.04B | $1.08B |
| Total Equity | $3.50B | $2.86B | $2.39B | $2.19B |
| Total Debt | $871.9M | $866.8M | $877.2M | $279.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$4.3M | -$16.4M | -$60.3M | -$20.3M | -$12.7M | -$7.9M | -$509.6M | -$49.5M | $109.4M | -$663.2M |
| Depreciation & Amortization | $93,315 | $890,889 | $5.3M | $2.4M | $4.9M | $26.3M | $108.0M | $252.4M | $212.1M | $346.8M |
| Stock-based Compensation | $545,549 | $2.6M | $4.7M | $745,000 | $3.4M | $68.5M | $24.6M | $32.2M | $125.2M | $125.7M |
| Change in Working Capital | -$527,363 | -$192,169 | -$3.7M | -$9.8M | -$10.5M | -$187.3M | $95.1M | -$2.0M | $21.7M | -$6.4M |
| Operating Cash Flow | -$5.5M | -$4.4M | -$19.1M | -$15.4M | -$11.1M | -$86.4M | $530,000 | $33.1M | -$255.1M | -$572.9M |
| Capital Expenditure | -$61,469 | -$61,094 | -$20.2M | -$6.4M | -$41.3M | -$422.0M | -$352.9M | -$424.1M | -$1.27B | -$201.4M |
| Acquisitions | -$12,127 | $1.3M | -$517,000 | 0 | $146,000 | -$70.4M | $704,000 | 0 | -$7.2M | 0 |
| Stock Repurchased | 0 | -$392,007 | 0 | 0 | -$446,000 | -$5.1M | -$10.1M | -$14.0M | -$11.6M | -$4.3M |
| Dividends Paid | 0 | -$9.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.6M | -$4.5M | -$39.2M | -$21.9M | -$52.4M | -$508.4M | -$352.3M | -$391.1M | -$1.52B | -$774.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$114.0M | -$105.5M | -$182.7M | -$90.1M |
| Capital Expenditure | -$131.8M | -$82.5M | -$115.5M | -$60.7M |
| Free Cash Flow | -$245.8M | -$188.0M | -$298.1M | -$150.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $32.9M | $33.2M | $39.2M | $35.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +154.1% | +2,809.3% | -12.8% | +76.7% | +1,665.1% | +21.5% | +8.3% | +34.2% | +71.9% | |
| Net Income Growth (YoY) | -364.5% | -192.3% | +65.5% | +29.6% | -9.4% | -3,200.9% | +90.3% | +321.1% | -706.2% | |
| EPS Growth (YoY) | -214.3% | -31.2% | +76.0% | +71.2% | +71.7% | -4,204.2% | +92.3% | +242.9% | -587.5% | |
| Shares Change (YoY) | +48.1% | +122.7% | +46.2% | +114.2% | +122.6% | +49.2% | +25.5% | +82.2% | +6.8% | |
| FCF Growth (YoY) | +19.4% | -771.9% | +44.3% | -139.8% | -869.7% | +30.7% | -11.0% | -289.4% | +49.1% | |
| Gross Margin | 97.1% | 90.7% | 25.8% | 10.8% | 48.3% | 61.5% | 25.3% | 9.4% | 30.2% | -15.6% |
| Operating Margin | -5,943.7% | -4,878.2% | -756.7% | -137.7% | -128.7% | -14.0% | -197.8% | -22.5% | 40.8% | -61.8% |
| EBITDA Margin | -2,859.5% | -4,576.0% | -709.0% | -261.9% | -33.6% | 5.4% | -159.0% | -1.0% | 86.1% | -8.2% |
| Net Margin | -4,026.6% | -7,359.7% | -739.4% | -293.1% | -116.8% | -7.2% | -196.6% | -17.6% | 29.0% | -102.4% |
| FCF Margin | -5,259.6% | -1,669.2% | -500.3% | -319.7% | -433.9% | -238.4% | -135.9% | -139.3% | -404.2% | -119.6% |
| Effective Tax Rate | -0.7% | 8.9% | 1.1% | 0.7% | -0.0% | -1.7% | 2.3% | 9.3% | 0.7% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.37 | $-0.75 | $-2.93 | $-1.12 | $-1.25 | $-5.44 | $-2.53 | $-2.23 | $-4.77 | $-2.27 |
| Dividends Per Share | $0.00 | $1.59 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 4.1 M | 6.0 M | 13.4 M | 19.6 M | 42.0 M | 93.5 M | 139.4 M | 175.0 M | 276.0 M | 340.7 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -48.36% |
| Return on Invested Capital | -19.68% |
| Return on Assets | -40.57% |
| Gross Margin | -13.76% |
| Operating Margin | -89.12% |
| Net Margin | -196.28% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 1.56 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 1.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3.66 | -8.61 | -0.35 | -1.08 | -56.63 | -263.33 | -0.93 | -55.25 | 25.53 | -6.50 |
| P/B | 1.05 | 3.50 | 3.50 | 0.84 | 2.57 | 1.55 | 0.41 | 1.43 | 0.90 | 1.51 |
| P/S | 147.12 | 634.00 | 2.58 | 3.21 | 59.03 | 9.79 | 1.82 | 9.65 | 7.48 | 6.67 |
| Gross Margin | 97.1% | 90.7% | 25.8% | 10.8% | 48.3% | 61.5% | 25.3% | 9.4% | 30.2% | -15.6% |
| Operating Margin | -5,943.7% | -4,878.2% | -756.7% | -137.7% | -128.7% | -14.0% | -197.8% | -22.5% | 40.8% | -61.8% |
| Net Margin | -4,026.6% | -7,359.7% | -739.4% | -293.1% | -116.8% | -7.2% | -196.6% | -17.6% | 29.0% | -102.4% |
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Explore sector: Financial Services · Financial - Capital Markets
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