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IREN (IREN) Financials

IREN logo
$43.83 +0.19 (+0.44%)
Closing price 09/11/2026 04:00 PM Eastern
Extended Trading
$43.78 -0.05 (-0.10%)
As of 09/11/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for IREN

Annual Income Statements for IREN

This table shows IREN's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.14 -60 -420 -172 -29 87 -703
Consolidated Net Income / (Loss)		 -2.14 -60 -420 -172 -29 87 -703
Net Income / (Loss) Continuing Operations		 -2.14 -60 -420 -172 -29 87 -703
Total Pre-Tax Income 		-2.14 -59 -417 -169 -25 94 -709
Total Operating Income		 -1.69 -1.11 0.30 -157 -27 17 -1,047
Total Gross Profit		 -0.94 0.57 8.20 36 100 342 487
Total Revenue		 1.65 6.92 52 76 187 501 707
Operating Revenue		 1.65 6.92 52 76 187 501 707
Total Cost of Revenue		 2.59 6.35 44 39 87 159 220
Operating Cost of Revenue		 2.59 6.35 44 39 87 159 220
Total Operating Expenses		 0.76 1.68 7.91 193 127 325 1,534
Selling, General & Admin Expense		 - - - 54 78 150 464
Depreciation Expense		 0.76 1.25 7.74 31 50 181 418
Other Operating Expenses / (Income)		 - - - -3.12 -1.57 -9.41 -12
Impairment Charge		 0.00 0.43 0.17 105 0.00 7.22 639
Other Special Charges / (Income)		 0.00 - - 6.63 -0.04 -4.00 25
Total Other Income / (Expense), net		 -0.45 -58 -417 -12 1.77 76 338
Interest Expense		 0.10 61 - 16 0.00 0.00 112
Interest & Investment Income		 - - 0.08 0.92 5.83 7.50 81
Other Income / (Expense), net		 -0.35 3.13 -417 3.09 -4.06 69 369
Income Tax Expense		 0.00 1.24 2.72 2.39 3.45 6.56 -6.06
Basic Earnings per Share		 ($0.13) ($2.93) ($10.25) ($3.14) ($0.29) $0.41 ($2.22)
Weighted Average Basic Shares Outstanding		 - - 54.98M 54.78M 99.64M 214.59M 316.12M
Diluted Earnings per Share		 ($0.13) ($2.93) ($10.25) ($3.14) ($0.29) $0.39 ($2.22)
Weighted Average Diluted Shares Outstanding		 - - 54.98M 54.78M 99.64M 223.25M 316.12M
Weighted Average Basic & Diluted Shares Outstanding		 - - 54.98M 66.70M 187.86M 271.98M 394.06M

Quarterly Income Statements for IREN

This table shows IREN's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -52 -22 -16 177 385 -155 -248 -684
Consolidated Net Income / (Loss)		 -52 -22 -16 177 385 -155 -248 -684
Net Income / (Loss) Continuing Operations		 -52 -22 -16 177 385 -155 -248 -684
Total Pre-Tax Income 		-50 -19 -11 174 575 -338 -254 -692
Total Operating Income		 -47 17 29 18 -76 -116 -234 -620
Total Gross Profit		 21 84 103 134 160 119 105 104
Total Revenue		 53 116 145 187 240 185 145 137
Operating Revenue		 53 116 145 187 240 185 145 137
Total Cost of Revenue		 32 32 42 53 81 66 40 33
Operating Cost of Revenue		 32 32 42 53 81 66 40 33
Total Operating Expenses		 68 67 74 117 236 235 338 724
Selling, General & Admin Expense		 30 33 31 56 138 106 82 138
Depreciation Expense		 34 36 47 64 85 99 121 112
Other Operating Expenses / (Income)		 -1.63 -3.10 -3.09 -1.59 -3.83 -1.82 -4.83 -1.23
Impairment Charge		 6.94 0.00 0.00 0.28 16 32 140 450
Other Special Charges / (Income)		 -0.83 0.68 -1.53 -2.32 0.01 -0.01 -0.23 25
Total Other Income / (Expense), net		 -3.34 -36 -40 156 652 -222 -21 -72
Interest Expense		 0.02 0.00 4.12 -4.14 9.28 122 15 -35
Interest & Investment Income		 2.29 1.59 1.93 1.70 7.13 16 22 36
Other Income / (Expense), net		 -5.60 -38 -38 150 654 -115 -28 -142
Income Tax Expense		 1.28 3.01 5.04 -2.77 191 -183 -6.26 -7.97
Basic Earnings per Share		 ($0.27) ($0.10) ($0.07) $0.85 $1.42 ($0.52) ($0.74) ($2.38)
Weighted Average Basic Shares Outstanding		 189.26M 210.47M 218.66M 214.59M 270.70M 298.03M 333.73M 316.12M
Diluted Earnings per Share		 ($0.27) ($0.10) ($0.07) $0.83 $1.08 ($0.52) ($0.74) ($2.04)
Weighted Average Diluted Shares Outstanding		 189.26M 210.47M 218.66M 223.25M 361.68M 298.03M 333.73M 316.12M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 271.98M 283.47M 332.28M 357.38M 394.06M

Annual Cash Flow Statements for IREN

This table details how cash moves in and out of IREN's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Change in Cash & Equivalents		 1.52 38 81 -37 336 160 7,057
Net Cash From Operating Activities		 -1.43 1.76 -145 5.73 52 246 2,100
Net Cash From Continuing Operating Activities		 -1.43 0.26 -145 5.73 52 246 2,100
Net Income / (Loss) Continuing Operations		 0.00 0.00 0.00 -172 -29 87 -703
Consolidated Net Income / (Loss)		 - - - -172 -29 87 -703
Depreciation Expense		 - - - 31 50 181 418
Amortization Expense		 - - - 1.04 0.00 1.40 9.41
Non-Cash Adjustments To Reconcile Net Income		 -1.43 0.59 -145 136 19 -18 551
Changes in Operating Assets and Liabilities, net		 - -0.33 - 9.66 11 -5.44 1,825
Net Cash From Investing Activities		 -3.91 -81 -84 -71 -498 -1,380 -4,723
Net Cash From Continuing Investing Activities		 -3.91 -81 -84 -71 -498 -1,380 -4,723
Purchase of Property, Plant & Equipment		 -3.91 -81 -84 -116 -142 -573 -2,998
Acquisitions		 - - - -1.21 0.00 0.00 -200
Sale of Property, Plant & Equipment		 0.00 0.00 0.04 32 0.04 11 24
Other Investing Activities, net		 - - 0.00 13 -357 -818 -1,549
Net Cash From Financing Activities		 6.85 118 309 29 783 1,295 9,680
Net Cash From Continuing Financing Activities		 6.85 118 309 29 783 1,295 9,680
Repayment of Debt		 0.00 -4.72 -12 -9.68 0.00 -8.09 -175
Repurchase of Common Equity		 - 0.00 - - -0.95 -1.07 -50
Issuance of Debt		 4.16 17 321 0.00 0.00 701 6,300
Issuance of Common Equity		 2.68 - - 38 783 602 4,743
Other Financing Activities, net		 - 106 - 0.00 0.50 0.88 -1,137
Cash Interest Paid		 0.00 - 5.25 4.10 0.21 7.63 43
Cash Income Taxes Paid		 - - - 0.00 1.42 0.00 2.70

Quarterly Cash Flow Statements for IREN

This table details how cash moves in and out of IREN's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -306 330 -243 379 468 2,228 -1,047 5,408
Net Cash From Operating Activities		 -3.92 54 93 103 142 72 75 1,811
Net Cash From Continuing Operating Activities		 -3.92 54 93 103 142 72 75 1,811
Net Income / (Loss) Continuing Operations		 -52 -22 -16 177 385 -155 -248 -684
Consolidated Net Income / (Loss)		 -52 -22 -16 177 385 -155 -248 -684
Depreciation Expense		 34 36 47 64 85 99 121 112
Amortization Expense		 0.00 0.15 0.55 0.70 1.34 2.04 2.74 3.28
Non-Cash Adjustments To Reconcile Net Income		 23 44 49 -134 -568 324 198 598
Changes in Operating Assets and Liabilities, net		 -8.69 -4.87 13 -4.48 240 -198 1.16 1,782
Net Cash From Investing Activities		 -387 -180 -443 -370 -281 -851 -1,477 -2,114
Net Cash From Continuing Investing Activities		 -387 -180 -443 -370 -281 -851 -1,477 -2,114
Purchase of Property, Plant & Equipment		 -106 -139 -144 -184 -180 -540 -949 -1,329
Acquisitions		 - - - - - - - -92
Sale of Property, Plant & Equipment		 0.51 7.81 1.65 1.20 0.00 - 23 0.96
Other Investing Activities, net		 -282 -49 -300 -187 -101 -204 -551 -694
Net Cash From Financing Activities		 85 457 107 646 606 3,008 355 5,711
Net Cash From Continuing Financing Activities		 85 457 107 646 606 3,008 355 5,711
Repayment of Debt		 0.00 -1.82 - -6.27 -0.88 -1,672 -20 1,518
Repurchase of Common Equity		 -0.10 -0.57 -0.48 0.08 -18 - -5.48 -26
Issuance of Debt		 - - - 390 - - - 3,000
Issuance of Common Equity		 84 148 108 263 618 1,632 380 2,112
Other Financing Activities, net		 0.82 0.04 - 0.02 7.15 -252 - -892
Cash Interest Paid		 0.02 0.06 0.02 7.54 0.00 17 4.28 21
Cash Income Taxes Paid		 0.00 1.35 1.00 -2.36 0.00 0.52 0.09 2.09

Annual Balance Sheets for IREN

This table presents IREN's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Total Assets		 12 134 570 332 1,153 2,940 15,790
Total Current Assets		 2.57 40 160 89 452 641 7,886
Cash & Equivalents		 1.96 39 110 69 405 565 5,896
Restricted Cash		 - - - - - 0.00 1,670
Accounts Receivable		 0.33 0.79 24 6.54 0.15 1.56 21
Prepaid Expenses		 0.28 76 27 14 12 46 189
Current Deferred & Refundable Income Taxes		 - - - - 0.00 2.58 1.12
Other Current Assets		 - - - - 0.00 27 109
Plant, Property, & Equipment, net		 8.04 16 248 241 441 1,931 6,753
Total Noncurrent Assets		 0.97 2.97 4.46 1.74 259 369 1,151
Long-Term Investments		 - - - - 0.00 212 0.00
Goodwill		 0.57 0.66 0.63 - - 0.00 37
Intangible Assets		 - - - - - 0.00 317
Other Noncurrent Operating Assets		 0.40 1.40 1.59 1.73 259 157 797
Total Liabilities & Shareholders' Equity		 12 134 570 332 1,153 2,940 15,790
Total Liabilities		 2.76 184 133 27 55 1,123 11,604
Total Current Liabilities		 2.76 170 22 24 51 149 2,221
Short-Term Debt		 1.96 72 - - - 0.00 169
Accounts Payable		 0.75 1.12 19 17 45 144 1,825
Current Deferred Revenue		 - - - - 2.56 0.88 46
Current Deferred & Payable Income Tax Liabilities		 0.00 0.53 1.20 0.03 1.39 0.00 0.00
Other Current Liabilities		 0.00 97 - 6.36 1.63 4.35 180
Total Noncurrent Liabilities		 0.00 13 48 2.71 4.27 973 9,383
Long-Term Debt		 0.00 12 - - 0.00 963 7,424
Noncurrent Deferred Revenue		 - - - - - 0.00 1,796
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 1.62 0.19 1.37 3.13 9.43 35
Other Noncurrent Operating Liabilities		 - - - - 1.15 1.30 129
Commitments & Contingencies		 - - - - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 8.82 -49 437 305 1,097 1,817 4,186
Total Preferred & Common Equity		 8.82 -49 437 305 1,097 1,817 4,186
Total Common Equity		 8.82 -49 437 305 1,097 1,817 4,186
Common Stock		 10 10 927 966 1,816 2,444 5,526
Retained Earnings		 -2.25 -63 -482 -654 -683 -596 -1,299
Accumulated Other Comprehensive Income / (Loss)		 - - - - -35 -30 -41

Quarterly Balance Sheets for IREN

This table presents IREN's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2026 Q2 2026 Q3 2026
Period end date 9/30/2025 12/31/2025 3/31/2026
Total Assets		 4,267 7,028 7,265
Total Current Assets		 1,124 3,383 2,424
Cash & Equivalents		 1,032 3,261 2,213
Accounts Receivable		 24 47 115
Prepaid Expenses		 53 55 90
Current Deferred & Refundable Income Taxes		 0.00 0.00 0.00
Other Current Assets		 2.91 20 6.49
Plant, Property, & Equipment, net		 2,115 0.00 0.00
Total Noncurrent Assets		 1,028 3,644 4,840
Long-Term Investments		 681 0.00 0.00
Goodwill		 - - 109
Other Noncurrent Operating Assets		 347 3,537 4,732
Total Liabilities & Shareholders' Equity		 4,267 7,028 7,265
Total Liabilities		 1,391 4,516 4,600
Total Current Liabilities		 204 682 651
Accounts Payable		 152 576 462
Current Deferred Revenue		 1.11 6.79 22
Current Deferred & Payable Income Tax Liabilities		 0.13 0.75 0.91
Other Current Liabilities		 51 98 167
Total Noncurrent Liabilities		 1,187 3,834 3,949
Long-Term Debt		 964 3,685 3,688
Noncurrent Deferred Revenue		 22 40 99
Noncurrent Deferred & Payable Income Tax Liabilities		 197 10 3.30
Other Noncurrent Operating Liabilities		 3.65 99 159
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,876 2,511 2,665
Total Preferred & Common Equity		 2,876 2,511 2,665
Total Common Equity		 2,876 2,511 2,665
Common Stock		 3,123 2,910 3,319
Retained Earnings		 -212 -367 -615
Accumulated Other Comprehensive Income / (Loss)		 -36 -32 -39

Annual Metrics And Ratios for IREN

This table displays calculated financial ratios and metrics derived from IREN's official financial filings.

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
DEI Shares Outstanding		 - - - - - - 357,378,674.00
DEI Adjusted Shares Outstanding		 - - - - - - 357,378,674.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -1.97
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 318.51% 654.99% 32.56% 158.69% 167.65% 41.11%
EBITDA Growth		 0.00% 354.28% -12,619.39% 65.91% 113.84% 1,350.84% -193.24%
EBIT Growth		 0.00% 198.78% -20,770.22% 59.15% 81.61% 411.03% -887.85%
NOPAT Growth		 0.00% 34.16% 126.48% -52,173.90% 81.37% 184.51% -4,647.73%
Net Income Growth		 0.00% -2,719.33% -595.10% 59.06% 83.15% 400.63% -908.16%
EPS Growth		 0.00% -2,102.71% -250.14% 69.37% 90.76% 234.48% -669.23%
Operating Cash Flow Growth		 0.00% 223.23% -8,325.04% 126.54% 1,130.24% 370.87% 754.22%
Free Cash Flow Firm Growth		 0.00% 0.00% -2,345.53% 77.04% -593.06% -178.32% -125.97%
Invested Capital Growth		 0.00% -152.37% 6,158.52% -15.09% 181.93% 192.00% 110.20%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -6.61%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -139.09%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -356.36%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -78.42%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -544.55%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -441.54%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 435.18%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.78%
Profitability Metrics		 - - - - - - -
Gross Margin		 -56.56% 8.24% 15.71% -25.41% 12.24% 68.27% 68.92%
EBITDA Margin		 -77.80% 47.27% -783.81% -201.55% 10.78% 55.80% -35.41%
Operating Margin		 -102.36% -16.10% 0.56% -221.87% -15.98% 3.46% -148.05%
EBIT Margin		 -123.59% 29.17% -798.63% -246.11% -17.49% 19.37% -95.83%
Profit (Net Income) Margin		 -129.58% -872.94% -803.70% -248.23% -16.17% 17.35% -99.38%
Tax Burden Percent		 100.00% 102.09% 100.65% 101.41% 113.54% 92.98% 99.14%
Interest Burden Percent		 104.85% -2,931.17% 99.98% 99.46% 81.39% 96.35% 104.60%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 7.02% 0.00%
Return on Invested Capital (ROIC)		 -13.42% -37.12% 0.15% -41.54% -4.41% 1.20% -23.57%
ROIC Less NNEP Spread (ROIC-NNEP)		 -19,165.42% -303.01% 746.34% 15.64% -0.81% -61.90% 4.58%
Return on Net Nonoperating Assets (RNNOA)		 -10.87% 334.34% -216.58% -4.74% 0.28% 4.77% 0.16%
Return on Equity (ROE)		 -24.29% 297.22% -216.43% -46.28% -4.13% 5.97% -23.41%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -101.58% -25.22% -99.68% -96.76% -94.62%
Operating Return on Assets (OROA)		 -17.65% 2.76% -118.35% -37.76% -4.22% 4.74% -7.23%
Return on Assets (ROA)		 -18.51% -82.70% -119.10% -38.09% -3.90% 4.25% -7.50%
Return on Common Equity (ROCE)		 -24.29% 297.22% -216.43% -46.28% -4.13% 5.97% -23.41%
Return on Equity Simple (ROE_SIMPLE)		 -24.29% 122.11% -95.98% -56.28% -2.64% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.18 -0.78 0.21 -108 -20 16 -733
NOPAT Margin		 -71.65% -11.27% 0.40% -155.31% -11.18% 3.22% -103.63%
Net Nonoperating Expense Percent (NNEP)		 19,152.00% 265.89% -746.19% -57.18% -3.61% 63.10% -28.15%
Return On Investment Capital (ROIC_SIMPLE)		 - - 0.05% -35.07% -1.82% 0.58% -6.22%
Cost of Revenue to Revenue		 156.56% 91.76% 84.29% 125.41% 87.76% 31.73% 31.08%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 29.89% 65.67%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 45.80% 24.34% 15.14% 196.46% 28.22% 64.81% 216.97%
Earnings before Interest and Taxes (EBIT)		 -2.04 2.02 -417 -170 -31 97 -678
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.29 3.27 -409 -140 19 280 -250
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 26.26 0.00 0.06 0.84 0.69 1.51 3.90
Price to Tangible Book Value (P/TBV)		 28.07 0.00 0.06 0.84 0.69 1.51 4.27
Price to Revenue (P/Rev)		 140.07 33.47 0.53 3.70 4.20 5.46 23.12
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 31.48 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 3.18% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 26.24 0.00 0.00 0.79 0.51 1.46 3.89
Enterprise Value to Revenue (EV/Rev)		 140.07 39.95 0.00 2.72 1.92 5.84 23.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 84.52 0.00 0.00 17.78 10.46 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 136.95 0.00 0.00 0.00 30.13 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 181.48 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 156.94 0.00 4.91 0.73 11.89 7.79
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 21.82 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.22 -1.70 0.00 0.00 0.00 0.53 1.81
Long-Term Debt to Equity		 0.00 -0.24 0.00 0.00 0.00 0.53 1.77
Financial Leverage		 0.00 -1.10 -0.29 -0.30 -0.35 -0.08 0.04
Leverage Ratio		 1.31 -3.59 1.82 1.22 1.06 1.40 3.12
Compound Leverage Factor		 1.38 105.34 1.82 1.21 0.86 1.35 3.26
Debt to Total Capital		 18.19% 243.89% 0.00% 0.41% 0.13% 34.63% 64.46%
Short-Term Debt to Total Capital		 18.19% 209.44% 0.00% 0.00% 0.00% 0.00% 1.44%
Long-Term Debt to Total Capital		 0.00% 34.45% 0.00% 0.41% 0.13% 34.63% 63.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 81.81% -143.89% 100.00% 99.59% 99.87% 65.37% 35.54%
Debt to EBITDA		 -1.52 25.63 0.00 -0.01 0.07 3.44 -30.33
Net Debt to EBITDA		 0.00 13.71 0.00 0.48 -21.21 0.67 -0.11
Long-Term Debt to EBITDA		 0.00 3.62 0.00 -0.01 0.07 3.44 -29.65
Debt to NOPAT		 -1.66 -107.49 0.00 -0.01 -0.07 59.76 -10.36
Net Debt to NOPAT		 0.00 -57.49 0.00 0.63 20.45 11.58 -0.04
Long-Term Debt to NOPAT		 0.00 -15.18 0.00 -0.01 -0.07 59.76 -10.13
Altman Z-Score		 49.70 -0.96 -3.09 1.75 7.77 1.66 1.06
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.93 0.24 7.13 3.72 8.87 4.29 3.55
Quick Ratio		 0.83 0.23 5.94 3.14 8.64 3.93 2.66
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 13 -284 -65 -453 -1,302 -2,941
Operating Cash Flow to CapEx		 -36.51% 2.17% -173.23% 45.99% 333.46% 43.73% 70.62%
Free Cash Flow to Firm to Interest Expense		 0.00 0.21 0.00 0.00 0.00 -117.85 -26.31
Operating Cash Flow to Interest Expense		 -14.43 0.03 0.00 0.00 0.00 22.26 18.79
Operating Cash Flow Less CapEx to Interest Expense		 -53.97 -1.30 0.00 0.00 0.00 -28.65 -7.82
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.14 0.09 0.15 0.15 0.24 0.24 0.08
Accounts Receivable Turnover		 4.99 12.31 4.27 4.59 9.98 583.94 62.50
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.21 0.58 0.40 0.28 0.52 0.42 0.16
Accounts Payable Turnover		 3.45 6.79 4.42 4.90 6.45 1.68 0.22
Days Sales Outstanding (DSO)		 73.09 29.65 85.42 79.59 36.59 0.63 5.84
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 105.92 53.73 82.62 74.53 56.62 217.64 1,635.98
Cash Conversion Cycle (CCC)		 -32.83 -24.08 2.80 5.07 -20.03 -217.02 -1,630.14
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 8.82 -4.62 280 238 670 2,004 4,213
Invested Capital Turnover		 0.19 3.29 0.38 0.27 0.39 0.37 0.23
Increase / (Decrease) in Invested Capital		 0.00 -13 285 -42 432 1,318 2,209
Enterprise Value (EV)		 232 276 -82 189 343 2,924 16,370
Market Capitalization		 232 232 28 256 753 2,737 16,343
Book Value per Share		 $1.07 ($5.98) $7.95 $5.55 $16.45 $9.67 $11.71
Tangible Book Value per Share		 $1.00 ($6.06) $7.94 $5.55 $16.45 $9.67 $10.72
Total Capital		 11 34 437 307 1,099 2,780 11,779
Total Debt		 1.96 84 0.00 1.26 1.44 963 7,593
Total Long-Term Debt		 0.00 12 0.00 1.26 1.44 963 7,424
Net Debt		 0.01 45 -110 -68 -410 187 27
Capital Expenditures (CapEx)		 3.91 81 84 84 142 562 2,974
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.18 -97 28 -3.67 -9.74 -73 -1,731
Debt-free Net Working Capital (DFNWC)		 1.78 -58 138 65 401 492 5,834
Net Working Capital (NWC)		 -0.19 -130 138 65 401 492 5,665
Net Nonoperating Expense (NNE)		 0.96 60 420 64 8.92 -71 -30
Net Nonoperating Obligations (NNO)		 0.01 45 -157 -68 -427 187 27
Total Depreciation and Amortization (D&A)		 0.76 1.25 7.74 31 51 183 427
Debt-free, Cash-free Net Working Capital to Revenue		 -10.89% -1,402.73% 53.22% -5.29% -5.44% -14.51% -244.89%
Debt-free Net Working Capital to Revenue		 107.44% -839.13% 263.77% 94.21% 224.10% 98.16% 825.23%
Net Working Capital to Revenue		 -11.19% -1,879.65% 263.77% 94.21% 224.10% 98.16% 801.28%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($10.25) ($3.14) ($0.29) $0.41 ($2.22)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 54.98M 66.70M 187.86M 214.59M 316.12M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($10.25) ($3.14) ($0.29) $0.39 ($2.22)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 54.98M 66.70M 187.86M 223.25M 316.12M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 54.98M 66.70M 187.86M 271.98M 394.06M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.18 -0.48 0.32 -34 -20 19 -268
Normalized NOPAT Margin		 -71.65% -6.90% 0.62% -48.98% -11.23% 3.81% -37.92%
Pre Tax Income Margin		 -129.58% -855.03% -798.48% -244.78% -14.24% 18.66% -100.24%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -20.64 0.03 0.00 0.00 0.00 8.79 -6.06
NOPAT to Interest Expense		 -11.96 -0.01 0.00 0.00 0.00 1.46 -6.55
EBIT Less CapEx to Interest Expense		 -60.17 -1.29 0.00 0.00 0.00 -42.12 -32.66
NOPAT Less CapEx to Interest Expense		 -51.50 -1.34 0.00 0.00 0.00 -49.45 -33.16
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -7.17%

Quarterly Metrics And Ratios for IREN

This table displays calculated financial ratios and metrics derived from IREN's official financial filings.

Metric Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - 375,728,912.00 375,728,912.00 - - 332,280,383.00 357,378,674.00
DEI Adjusted Shares Outstanding		 - - 375,728,912.00 375,728,912.00 - - 332,280,383.00 357,378,674.00
DEI Earnings Per Adjusted Shares Outstanding		 - - -0.04 0.47 - - -0.75 -1.91
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 355.41% 59.02% -0.02% -26.73%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% 3,640.10% -925.09% -451.88% -378.32%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% 1,195.98% -1,029.63% -2,829.17% -553.80%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% -54.97% -772.46% -899.33% -2,489.71%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% 843.89% -610.01% -1,435.10% -487.15%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 500.00% -420.00% -957.14% -345.78%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 3,736.09% 33.79% -19.10% 1,655.94%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 110.20%
Revenue Q/Q Growth		 0.00% 120.12% 24.69% 29.32% 0.00% -23.14% -21.60% -5.23%
EBITDA Q/Q Growth		 0.00% 184.01% 147.18% 497.13% 0.00% -119.58% -5.42% -372.29%
EBIT Q/Q Growth		 0.00% 61.15% 56.46% 1,985.84% 0.00% -140.04% -12.89% -192.16%
NOPAT Q/Q Growth		 0.00% 136.76% 68.78% -11.14% 0.00% -59.52% -100.62% -165.66%
Net Income Q/Q Growth		 0.00% 57.67% 26.24% 1,194.38% 0.00% -140.41% -59.47% -176.00%
EPS Q/Q Growth		 0.00% 62.96% 30.00% 1,285.71% 0.00% -148.15% -42.31% -175.68%
Operating Cash Flow Q/Q Growth		 0.00% 1,467.97% 73.84% 10.78% 0.00% -49.67% 5.12% 2,304.47%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -38.55% -42.59% 38.57%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 38.05% 40.98% 1.78%
Profitability Metrics		 - - - - - - - -
Gross Margin		 39.62% 72.19% 71.03% 71.76% 66.43% 64.39% 72.42% 75.71%
EBITDA Margin		 -35.55% 13.57% 26.89% 124.18% 276.33% -70.40% -94.66% -471.72%
Operating Margin		 -89.24% 14.90% 20.17% 9.55% -31.80% -63.03% -161.28% -452.09%
EBIT Margin		 -99.86% -17.62% -6.15% 89.73% 240.31% -125.20% -180.29% -555.79%
Profit (Net Income) Margin		 -97.99% -18.85% -11.15% 94.33% 160.06% -84.14% -171.16% -498.45%
Tax Burden Percent		 102.54% 115.91% 145.36% 101.59% 66.85% 45.99% 97.54% 98.85%
Interest Burden Percent		 95.70% 92.25% 124.62% 103.48% 99.63% 146.14% 97.33% 90.73%
Effective Tax Rate		 0.00% 0.00% 0.00% -1.59% 33.15% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 2.43% -13.76% -22.75% -41.30% -71.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 87.36% -130.03% -57.57% -52.74% -305.67%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 8.97% 33.88% -9.74% -29.19% -10.88%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 11.40% 20.12% -32.49% -70.49% -82.86%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -64.95% 0.00% 0.00% 0.00% -94.62%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 21.97% 38.77% -13.49% -18.79% -41.96%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 23.09% 25.83% -9.07% -17.84% -37.63%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 11.40% 20.12% -32.49% -70.49% -82.86%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -33 12 20 18 -51 -81 -163 -434
NOPAT Margin		 -62.47% 10.43% 14.12% 9.70% -21.26% -44.12% -112.89% -316.46%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -84.93% 116.27% 34.81% 11.44% 233.69%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 0.65% -1.33% -1.32% -2.57% -3.69%
Cost of Revenue to Revenue		 60.38% 27.81% 28.97% 28.24% 33.57% 35.61% 27.58% 24.29%
SG&A Expenses to Revenue		 56.06% 28.31% 21.38% 30.08% 57.58% 57.51% 56.49% 100.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 128.86% 57.29% 50.86% 62.21% 98.22% 127.42% 233.70% 527.80%
Earnings before Interest and Taxes (EBIT)		 -53 -20 -8.91 168 577 -231 -261 -763
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 16 39 233 664 -130 -137 -647
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.51 4.44 4.26 4.27 3.90
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.51 4.44 4.45 4.46 4.27
Price to Revenue (P/Rev)		 0.00 0.00 0.00 5.46 18.54 14.14 15.05 23.12
Price to Earnings (P/E)		 0.00 0.00 0.00 31.48 24.39 27.47 72.07 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 3.18% 4.10% 3.64% 1.39% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.46 5.65 3.79 3.11 3.89
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 5.84 17.45 14.70 16.99 23.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 10.89 12.48 13.63 20.08 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 34.00 16.52 21.55 48.68 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 181.48 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 11.89 30.64 27.13 32.78 7.79
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.53 0.34 1.47 1.38 1.81
Long-Term Debt to Equity		 0.00 0.00 0.00 0.53 0.34 1.47 1.38 1.77
Financial Leverage		 0.00 0.00 0.00 0.10 -0.26 0.17 0.55 0.04
Leverage Ratio		 0.00 0.00 0.00 1.40 1.48 2.80 2.73 3.12
Compound Leverage Factor		 0.00 0.00 0.00 1.45 1.48 4.09 2.65 2.83
Debt to Total Capital		 0.00% 0.00% 0.00% 34.63% 25.11% 59.47% 58.05% 64.46%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.44%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 34.63% 25.11% 59.47% 58.05% 63.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 65.37% 74.89% 40.53% 41.95% 35.54%
Debt to EBITDA		 0.00 0.00 0.00 3.59 1.00 4.51 5.76 -30.33
Net Debt to EBITDA		 0.00 0.00 0.00 0.70 -0.78 0.52 2.30 -0.11
Long-Term Debt to EBITDA		 0.00 0.00 0.00 3.59 1.00 4.51 5.76 -29.65
Debt to NOPAT		 0.00 0.00 0.00 59.76 -110.52 -25.97 -8.98 -10.36
Net Debt to NOPAT		 0.00 0.00 0.00 11.58 85.90 -2.99 -3.59 -0.04
Long-Term Debt to NOPAT		 0.00 0.00 0.00 59.76 -110.52 -25.97 -8.98 -10.13
Altman Z-Score		 0.00 0.00 0.00 1.74 6.30 1.81 1.65 1.05
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 0.00 0.00 4.29 5.52 4.96 3.72 3.55
Quick Ratio		 0.00 0.00 0.00 3.79 5.24 4.85 3.57 2.66
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 -2,178 -3,017 -4,303 -2,643
Operating Cash Flow to CapEx		 -3.72% 40.80% 65.20% 56.39% 78.95% 13.28% 8.13% 136.39%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -234.68 -24.64 -289.99 0.00
Operating Cash Flow to Interest Expense		 -177.95 0.00 22.60 0.00 15.34 0.59 5.08 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -4,965.32 0.00 -12.07 0.00 -4.09 -3.82 -57.36 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.24 0.16 0.11 0.10 0.08
Accounts Receivable Turnover		 0.00 0.00 0.00 583.94 28.52 15.97 6.60 62.50
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.42 0.33 0.00 0.00 0.16
Accounts Payable Turnover		 0.00 0.00 0.00 1.68 1.37 0.42 0.52 0.22
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.63 12.80 22.85 55.33 5.84
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 217.64 266.76 871.78 704.56 1,635.98
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 -217.02 -253.96 -848.92 -649.23 -1,630.14
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 0.00 0.00 2,004 2,127 2,936 4,139 4,213
Invested Capital Turnover		 0.00 0.00 0.00 0.25 0.65 0.52 0.37 0.23
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 2,127 2,936 4,139 2,209
Enterprise Value (EV)		 0.00 0.00 0.00 2,924 12,015 11,131 12,865 16,370
Market Capitalization		 1,586 1,845 1,144 2,737 12,764 10,706 11,391 16,343
Book Value per Share		 $0.00 $0.00 $0.00 $9.67 $10.57 $8.86 $8.02 $11.71
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $9.67 $10.57 $8.48 $7.69 $10.72
Total Capital		 0.00 0.00 0.00 2,780 3,840 6,196 6,352 11,779
Total Debt		 0.00 0.00 0.00 963 964 3,685 3,688 7,593
Total Long-Term Debt		 0.00 0.00 0.00 963 964 3,685 3,688 7,424
Net Debt		 0.00 0.00 0.00 187 -749 425 1,475 27
Capital Expenditures (CapEx)		 105 131 143 183 180 540 926 1,328
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -73 -112 -559 -440 -1,731
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 492 920 2,701 1,773 5,834
Net Working Capital (NWC)		 0.00 0.00 0.00 492 920 2,701 1,773 5,665
Net Nonoperating Expense (NNE)		 19 34 37 -159 -436 74 84 250
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 187 -749 425 1,475 27
Total Depreciation and Amortization (D&A)		 34 36 48 65 87 101 124 115
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -14.51% -16.28% -73.87% -58.14% -244.89%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 98.16% 133.64% 356.79% 234.21% 825.23%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 98.16% 133.64% 356.79% 234.21% 801.28%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.85 $1.42 ($0.52) ($0.74) ($2.38)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 214.59M 270.70M 298.03M 333.73M 316.12M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.83 $1.08 ($0.52) ($0.74) ($2.04)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 223.25M 361.68M 298.03M 333.73M 316.12M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 271.98M 283.47M 332.28M 357.38M 394.06M
Normalized Net Operating Profit after Tax (NOPAT)		 -29 13 19 11 -40 -59 -65 -101
Normalized NOPAT Margin		 -54.36% 10.84% 13.38% 5.92% -16.73% -32.09% -45.13% -73.90%
Pre Tax Income Margin		 -95.56% -16.26% -7.67% 92.86% 239.41% -182.97% -175.48% -504.26%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 -2,394.91 0.00 -2.16 0.00 62.23 -1.89 -17.59 0.00
NOPAT to Interest Expense		 -1,498.19 0.00 4.96 0.00 -5.50 -0.67 -11.02 0.00
EBIT Less CapEx to Interest Expense		 -7,182.27 0.00 -36.83 0.00 42.80 -6.30 -80.03 0.00
NOPAT Less CapEx to Interest Expense		 -6,285.55 0.00 -29.70 0.00 -24.93 -5.07 -73.45 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 1.23% 0.00% 0.00% 0.00% -7.17%

Financials Breakdown Chart

Key Financial Trends

IREN’s financial results show rapid balance-sheet expansion, but profitability remains under significant pressure. The company’s reported revenue declined from $240.3 million in Q1 2026 to $137.2 million in Q4 2026, while the latest quarter produced a $684.0 million net loss. The data provided covers Q1 2025 through Q4 2026 rather than a full four-year period, and the Q4 2026 balance sheet was not included.

  • Gross margin improved. Gross profit was $103.9 million on $137.2 million of revenue in Q4 2026, representing a margin of approximately 75.7%, up from roughly 72.4% in Q3 2026 and 66.4% in Q1 2026.
  • Operating cash flow was strongly positive in Q4 2026. IREN generated $1.81 billion in operating cash flow, a sharp increase from $75.3 million in Q3 and $71.7 million in Q2.
  • The company ended Q3 2026 with substantial liquidity. Cash and equivalents totaled $2.21 billion, despite falling from $3.26 billion at the end of Q2.
  • Asset growth has been significant. Total assets increased from $4.27 billion at the end of Q1 2026 to $7.26 billion at the end of Q3, reflecting continued investment and expansion.
  • Depreciation and other noncash expenses are substantial. Depreciation reached $112.1 million in Q4 2026, which may indicate a growing operating asset base and also means reported earnings are being reduced by large noncash charges.
  • Q4 operating cash flow was heavily dependent on working-capital movements. Changes in operating assets and liabilities contributed approximately $1.78 billion of cash in Q4, so the unusually high cash flow may not represent a sustainable recurring level.
  • Capital spending remains aggressive. Purchases of property, plant and equipment rose from $180.3 million in Q1 2025 to $1.33 billion in Q4 2026. The spending could support future growth, but investors will need to monitor whether new capacity generates adequate returns.
  • Revenue has weakened materially from the period’s high. Q4 2026 revenue of $137.2 million was approximately 43% below Q1 2026 revenue of $240.3 million and 27% below Q4 2025 revenue of $187.3 million.
  • Profitability deteriorated sharply. IREN moved from net income of $176.7 million in Q4 2025 and $384.6 million in Q1 2026 to net losses of $155.4 million in Q2, $247.8 million in Q3 and $684.0 million in Q4 2026.
  • Large impairment and special charges overwhelmed gross profit. The Q4 2026 impairment charge was $450.4 million, compared with $140.4 million in Q3 and $31.8 million in Q2. Total operating expenses reached $724.3 million, producing a $620.4 million operating loss.
  • Leverage and dilution increased. Long-term debt rose from $964.2 million at the end of Q1 2026 to $3.69 billion at the end of Q3. The company also raised $2.11 billion through common-equity issuance in Q4 2026, while weighted-average basic shares increased from 189.3 million in Q1 2025 to 316.1 million in Q4 2026.

IREN’s financing activity provided $5.71 billion of cash in Q4 2026, including $3.0 billion of debt issuance and $2.11 billion of equity issuance. This funding supported more than $2.11 billion of investing outflows, but it also highlights the company’s reliance on external capital to finance expansion. Interest expense rose to $34.8 million in Q4, compared with $4.1 million in Q4 2025.

For investors, the central question is whether IREN can convert its large capital investments and expanded asset base into consistent revenue and earnings. Improving gross margins and strong reported operating cash flow are encouraging, but declining revenue, recurring net losses, impairment charges, rising debt and substantial share issuance create meaningful risks.

09/12/26 04:14 AM ETAI Generated. May Contain Errors.

IREN Financials - Frequently Asked Questions

According to the most recent income statement we have on file, IREN's fiscal year ends in June. Their fiscal year 2026 ended on June 30, 2026.

IREN's net income appears to be on an upward trend, with a most recent value of -$702.62 million in 2026, rising from -$2.14 million in 2020. The previous period was $86.94 million in 2025. Check out IREN's forecast to explore projected trends and price targets.

IREN's total operating income in 2026 was -$1.05 billion, based on the following breakdown:
  • Total Gross Profit: $487.30 million
  • Total Operating Expenses: $1.53 billion

Over the last 6 years, IREN's total revenue changed from $1.65 million in 2020 to $707.01 million in 2026, a change of 42,671.1%.

IREN's total liabilities were at $11.60 billion at the end of 2026, a 933.5% increase from 2025, and a 421,113.3% increase since 2020.

In the past 6 years, IREN's cash and equivalents has ranged from $1.96 million in 2020 to $5.90 billion in 2026, and is currently $5.90 billion as of their latest financial filing in 2026.

Over the last 6 years, IREN's book value per share changed from 1.07 in 2020 to 11.71 in 2026, a change of 998.3%.


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Financial statements for NASDAQ:IREN last updated on 8/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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