Cipher Digital Inc. cash flow statement

In fiscal 2025, Cipher Digital Inc.'s operations generated −$208m of cash; it spent $488m on capital projects, leaving free cash flow of −$696m. It returned $89.6m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cipher Digital Inc.: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	−21	−94	−88	−208	−338
Depreciation and amortisation	4	59	102	199	109
Stock-based pay	42	38	42	53	109
Capital spending	39	20	139	488	2,742
Free cash flow	−60	−115	−227	−696	−3,080
Free cash flow after stock pay	−102	−153	−269	−749	−3,189
Share buybacks	3	4	28	90	151
Shares issued	—	132	222	195	207

US$ millions unless shown otherwise. Fiscal quarters.

Cipher Digital Inc.: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	−29	−47	−56	−50	−54	92	−244	−131
Depreciation and amortisation	36	43	44	60	52	19	19	19
Stock-based pay	10	9	10	9	25	27	31	27
Capital spending	47	100	119	45	225	554	410	1,553
Free cash flow	−76	−147	−175	−95	−279	−462	−654	−1,684
Free cash flow after stock pay	−86	−156	−185	−104	−304	−490	−684	−1,711
Shares issued	−3	34	51	32	78	0	129	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Cipher Digital Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cipher Digital Inc.