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How Cipher Digital Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$224M · 100%Cost of revenue$81.2M · 36%Gross profit$143M · 64%Operating income−$422M · −188%Income before tax−$826M · −369%Income tax−$3.3M · −1%Net income−$822M · −367%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$224M100%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
Cost of revenue$81.2M36%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
$143M64%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
−$422M−188%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
Income before tax−$826M−369%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
Income tax−$3.3M−1%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
−$822M−367%
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001819989-26-000009 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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