Cipher Mining Inc.

CIFRNASDAQFinancial Services● Active

$23.88

+$1.43(+6.37%)

Market Cap$9.8B

P/E Ratio—

52W High$28.62

52W Low$3.29

Avg Volume25.6M

Open$23.32

Beta3.20

Free Cash Flow Financials Revenue

Cipher Mining Inc. (CIFR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CIFR · free cash flow · updated Jun 8, 2026

Core FCF metrics

CIFR · FCF · TTM · margin & CAGR

Free cash flow was −$695.9M for FY2025 (fiscal year ending 2025-12-31), down 206.5% year-over-year The FCF margin was -310.7%.

FY2025 Free Cash Flow−$695.9M▼ -206.5% YoY

Trailing 12M (TTM)−$929.7Mtrailing 4 quarters sum

FCF Margin-310.7%−$695.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CIFR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$207.9M(488M)−$695.9M▼ 206.5%-310.7%

FY2024−$87.5M(139M)−$227.0M▼ 52.1%-150.1%

FY2023−$94.2M(55M)−$149.3M▲ +40.0%-117.7%

FY2022−$20.9M(228M)−$248.8M▼ 576.6%—

FY2021−$31.7M(5M)−$36.8M▼ 11333.7%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CIFR · P/FCF · FCF yield · FCF per share

Cipher Mining Inc. (CIFR) reported negative free cash flow of −$0.70B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CIFR · cash flow statement · operating / investing / financing

For FY2025, Cipher Mining Inc. generated −$207.9M in operating cash flow and spent 488M in capital expenditures, yielding −$695.9M in free cash flow.

Operating Activities

−$207.9M

Cash from core business operations

2025-12-31

Investing Activities

−$336.6M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$3.19B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$207.9M) − |CapEx| (488M) = FCF (−$695.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

CIFR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Cipher Mining Inc.YOU

CIFR

−$695.9M-206.5%-310.7%

Loss

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Cipher Mining Inc. (CIFR) reported free cash flow of −$695.9M for FY2025 (fiscal year ending 2025-12-31), down 206.5% year-over-year. The FCF margin was -310.7%.

Cipher Mining Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 6 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CIFR free cash flow · 8 questions

Cipher Mining Inc. free cash flow was −$695.9M for FY2025, down 206.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$929.7M.

CIFR free cash flowCIFR FCFCIFR FCF 2025CIFR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Cipher Mining Inc. · Cipher Mining Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026