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iShares Bitcoin Trust ETF Financials

IBIT
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows iShares Bitcoin Trust ETF (IBIT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI IBIT FY2025

This trust’s cash mechanics are dominated by external financing flows rather than by any operating engine.

The swing from $14.2B of net income in FY2024 to -$9.0B in FY2025 happened while operating results stayed comparatively small and negative, moving from -$47.5M to -$174.6M. That gap suggests the headline profit line is being driven far more by non-operating value changes than by recurring business activity.

Across both years, operating cash outflow was almost fully offset by financing inflow: -$37.3B versus $37.3B in FY2024 and -$19.9B versus $19.9B in FY2025. That pattern means cash is moving mainly through external capital flows, not through operations generating cash that can fund themselves.

Some figures from recent filings were inconsistent and were omitted from this summary.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Earnings Quality Low Quality
2.22x

For every $1 of reported earnings, iShares Bitcoin Trust ETF generates $2.22 in operating cash flow (-$19.9B OCF vs -$9.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$9.0B
YoY-163.0%

iShares Bitcoin Trust ETF reported -$9.0B in net income in fiscal year 2025. This represents a decrease of 163.0% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
N/A
Dividends Per Share
N/A
Shares Outstanding
1.35B

iShares Bitcoin Trust ETF had 1.35B shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

IBIT Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income -$36.7M N/A -$53.3M-37.8% -$38.7M-17.7% -$32.9M N/A -$11.5M-16.1% -$9.9M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$15.1B N/A $4.7B-67.7% $14.5B+324.0% -$6.5B N/A $107.0M+105.1% -$2.1B
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

IBIT Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $3.3B+52.6% $2.2B+130.9% -$7.0B+43.0% -$12.4B-362.2% -$2.7B+83.0% -$15.8B-318.1% -$3.8B-0.1% -$3.8B
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow -$3.3B-52.6% -$2.2B-130.9% $7.0B-43.0% $12.4B+362.2% $2.7B-83.0% $15.8B+318.1% $3.8B+0.1% $3.8B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

No, iShares Bitcoin Trust ETF (IBIT) reported a net income of -$9.0B in fiscal year 2025.

iShares Bitcoin Trust ETF (IBIT) generated -$19.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

iShares Bitcoin Trust ETF (IBIT) had 1.35B shares outstanding as of fiscal year 2025.

iShares Bitcoin Trust ETF (IBIT) has an earnings quality ratio of 2.22x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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