IREN Ltd Financials
This page shows IREN Ltd (IREN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
IREN Ltd has an operating margin of 3.5%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from -14.5% the prior year.
IREN Ltd's revenue surged 167.7% year-over-year to $501.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
IREN Ltd carries a low D/E ratio of 0.62, meaning only $0.62 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.29, IREN Ltd holds $4.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
While IREN Ltd generated $245.9M in operating cash flow, capex of $573.5M consumed most of it, leaving -$327.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
IREN Ltd generates a 4.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100. This is up from -2.6% the prior year.
IREN Ltd scores 6.18, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($11.4B) relative to total liabilities ($1.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
IREN Ltd passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, IREN Ltd generates $2.83 in operating cash flow ($245.9M OCF vs $86.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
IREN Ltd earns $1.6 in operating income for every $1 of interest expense ($17.3M vs $11.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
IREN Ltd generated $501.0M in revenue in fiscal year 2025. This represents an increase of 167.7% from the prior year.
IREN Ltd's EBITDA was $198.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 754.1% from the prior year.
IREN Ltd reported $86.9M in net income in fiscal year 2025. This represents an increase of 400.6% from the prior year.
IREN Ltd earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 234.5% from the prior year.
Cash & Balance Sheet
IREN Ltd generated -$327.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 265.4% from the prior year.
IREN Ltd held $564.5M in cash against $0 in long-term debt as of fiscal year 2025.
IREN Ltd paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
IREN Ltd's gross margin was 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.8 percentage points from the prior year.
IREN Ltd's operating margin was 3.5% in fiscal year 2025, reflecting core business profitability. This is up 18.0 percentage points from the prior year.
IREN Ltd's net profit margin was 17.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 32.8 percentage points from the prior year.
IREN Ltd's ROE was 4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the prior year.
Capital Allocation
IREN Ltd invested $573.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 304.3% from the prior year.
IREN Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|
| Revenue | $184.7M-23.1% | $240.3M | N/A | $116.1M+120.1% | $52.8M | N/A |
| Cost of Revenue | $65.8M-18.5% | $80.7M | N/A | $32.3M+1.4% | $31.9M | N/A |
| Gross Profit | $118.9M-25.5% | $159.6M | N/A | $83.8M+301.1% | $20.9M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $100.8M-27.2% | $138.4M | N/A | $28.9M+14.8% | $25.2M | N/A |
| Operating Income | -$116.4M-52.3% | -$76.4M | N/A | $17.3M+136.8% | -$47.1M | N/A |
| Interest Expense | $10.7M+15.0% | $9.3M | N/A | $1.7M+7727.3% | $22K | N/A |
| Income Tax | -$182.5M-195.7% | $190.7M | N/A | $3.0M+134.4% | $1.3M | N/A |
| Net Income | -$155.4M-140.4% | $384.6M | N/A | -$21.9M+57.7% | -$51.7M | N/A |
| EPS (Diluted) | $-0.52-148.1% | $1.08 | N/A | $-0.10+63.0% | $-0.27 | N/A |
IREN Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|
| Total Assets | $7.0B+64.7% | $4.3B+45.1% | $2.9B | N/A | N/A | $1.2B |
| Current Assets | $3.4B+201.0% | $1.1B+75.3% | $641.2M | N/A | N/A | $452.4M |
| Cash & Equivalents | $3.3B+215.9% | $1.0B+82.9% | $564.5M+32.1% | $427.3M+333.4% | $98.6M-75.6% | $404.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $9.6M-60.2% | $24.1M+1443.4% | $1.6M | N/A | N/A | $152K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.5B+224.6% | $1.4B+23.9% | $1.1B | N/A | N/A | $55.3M |
| Current Liabilities | $682.1M+234.8% | $203.7M+36.4% | $149.3M | N/A | N/A | $51.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.5B-12.7% | $2.9B+58.2% | $1.8B+45.9% | $1.2B+10.3% | $1.1B+2.9% | $1.1B |
| Retained Earnings | -$367.0M-73.5% | -$211.6M+64.5% | -$596.2M | N/A | N/A | -$683.1M |
IREN Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $71.7M-49.7% | $142.4M | N/A | $53.6M+1468.0% | -$3.9M | N/A |
| Capital Expenditures | $539.7M+199.3% | $180.3M | N/A | $139.1M+31.4% | $105.8M | N/A |
| Free Cash Flow | -$468.0M-1133.2% | -$38.0M | N/A | -$85.5M+22.1% | -$109.7M | N/A |
| Investing Cash Flow | -$851.0M-203.0% | -$280.9M | N/A | -$180.3M+53.4% | -$387.1M | N/A |
| Financing Cash Flow | $3.0B+396.2% | $606.1M | N/A | $457.0M+439.8% | $84.7M | N/A |
| Dividends Paid | 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 |
IREN Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|
| Gross Margin | 64.4%-2.0pp | 66.4% | N/A | 72.2%+32.6pp | 39.6% | N/A |
| Operating Margin | -63.0%-31.2pp | -31.8% | N/A | 14.9%+104.1pp | -89.2% | N/A |
| Net Margin | -84.1%-244.2pp | 160.1% | N/A | -18.9%+79.1pp | -98.0% | N/A |
| Return on Equity | -6.2%-19.6pp | 13.4% | N/A | -1.8%+2.8pp | -4.6% | N/A |
| Return on Assets | -2.2%-11.2pp | 9.0% | N/A | N/A | N/A | N/A |
| Current Ratio | 4.96-0.6 | 5.52+1.2 | 4.29 | N/A | N/A | 8.86 |
| Debt-to-Equity | 1.80+1.3 | 0.48-0.1 | 0.62 | N/A | N/A | 0.05 |
| FCF Margin | -253.4%-237.6pp | -15.8% | N/A | -73.6%+134.4pp | -208.0% | N/A |
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Frequently Asked Questions
What is IREN Ltd's annual revenue?
IREN Ltd (IREN) reported $501.0M in total revenue for fiscal year 2025. This represents a 167.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is IREN Ltd's revenue growing?
IREN Ltd (IREN) revenue grew by 167.7% year-over-year, from $187.2M to $501.0M in fiscal year 2025.
Is IREN Ltd profitable?
Yes, IREN Ltd (IREN) reported a net income of $86.9M in fiscal year 2025, with a net profit margin of 17.3%.
What is IREN Ltd's EBITDA?
IREN Ltd (IREN) had EBITDA of $198.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is IREN Ltd's gross margin?
IREN Ltd (IREN) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is IREN Ltd's operating margin?
IREN Ltd (IREN) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is IREN Ltd's net profit margin?
IREN Ltd (IREN) had a net profit margin of 17.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is IREN Ltd's return on equity (ROE)?
IREN Ltd (IREN) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is IREN Ltd's free cash flow?
IREN Ltd (IREN) generated -$327.6M in free cash flow during fiscal year 2025. This represents a -265.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is IREN Ltd's operating cash flow?
IREN Ltd (IREN) generated $245.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are IREN Ltd's total assets?
IREN Ltd (IREN) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are IREN Ltd's capital expenditures?
IREN Ltd (IREN) invested $573.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is IREN Ltd's current ratio?
IREN Ltd (IREN) had a current ratio of 4.29 as of fiscal year 2025, which is generally considered healthy.
What is IREN Ltd's debt-to-equity ratio?
IREN Ltd (IREN) had a debt-to-equity ratio of 0.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is IREN Ltd's return on assets (ROA)?
IREN Ltd (IREN) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is IREN Ltd's Altman Z-Score?
IREN Ltd (IREN) has an Altman Z-Score of 6.18, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is IREN Ltd's Piotroski F-Score?
IREN Ltd (IREN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are IREN Ltd's earnings high quality?
IREN Ltd (IREN) has an earnings quality ratio of 2.83x, considered cash-backed (high quality). 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.
Can IREN Ltd cover its interest payments?
IREN Ltd (IREN) has an interest coverage ratio of 1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is IREN Ltd?
IREN Ltd (IREN) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.