IREN Limited (IREN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Aug 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IREN SEC filings page.
IREN Limited (IREN) reported $707.0M in revenue for fiscal year 2026, up 41.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
IREN’s revenue is scaling, but FY2026 shows a leveraged asset build that produced losses and consumed cash.
Cash generation and reinvestment split sharply: operating cash flow was$2.1B while free cash flow was-$897.6M in FY2026, showing that reported cash generation was absorbed by expansion spending. That pattern coincided with debt-to-equity rising from 0.5x in FY2025 to 1.8x in FY2026, so scale-up relied increasingly on external financing rather than internally retained cash.
Gross margin held at
Total assets expanded from
Financial Health Signals
Scored against banks for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of IREN Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
IREN Limited earned a return on assets of -4.5% in fiscal year 2026, which is the profit it made on every dollar of assets on its books. This is down from 3.0% the prior year. Earnings ranks banks on that return over three years, and IREN Limited scores 10/100 among other banks.
IREN Limited reported revenue of $707.0M in fiscal year 2026, against $501.0M in fiscal year 2025. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and IREN Limited scores 96/100 among other banks.
IREN Limited funded 26.5% of its assets with shareholders' equity at the end of fiscal year 2026, holding $4.2B of equity against $15.8B of assets. Capital ranks banks on that cushion, and IREN Limited scores 88/100 among other banks.
Not available for IREN Limited, and counted as zero in the overall score.
Not available for IREN Limited, and counted as zero in the overall score.
IREN Limited reported a net loss of $702.6M in fiscal year 2026, against $86.9M in fiscal year 2025. Stability ranks banks on how steady net income has been across five years, and IREN Limited scores 12/100 among other banks.
IREN Limited passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
IREN Limited reported a net loss of $702.6M while generating $2.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
IREN Limited reported an operating loss of $1.0B against $46.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
IREN Limited generated $137.2M in revenue in Q4 2026. This represents a decrease of 26.7% from the same quarter a year earlier. Against the prior quarter it is down 5.2%.
IREN Limited's EBITDA was -$508.3M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 722.1% from the same quarter a year earlier. Against the prior quarter it is down 352.7%.
IREN Limited reported -$684.0M in net income in Q4 2026. This represents a decrease of 487.1% from the same quarter a year earlier. Against the prior quarter it is down 176.0%.
IREN Limited earned -$2.16 per diluted share (EPS) in Q4 2026. This represents a decrease of 360.2% from the same quarter a year earlier. Against the prior quarter it is down 191.9%.
Cash & Balance Sheet
IREN Limited generated $482.2M in free cash flow in Q4 2026, representing cash available after capex. This represents an increase of 695.6% from the same quarter a year earlier. Against the prior quarter it is up 155.2%.
IREN Limited held $5.9B in cash against $7.4B in long-term debt as of Q4 2026.
Not reported for Q4 2026.
Margins & Returns
IREN Limited's gross margin was 75.7% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is up 3.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.3 percentage points.
IREN Limited's ROE was -16.3% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is down 26.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.0 percentage points.
Not shown for Q4 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
IREN Limited invested $1.3B in capex in Q4 2026, funding long-term assets and infrastructure. This represents an increase of 621.8% from the same quarter a year earlier. Against the prior quarter it is up 40.0%.
Not reported for Q4 2026.
Not reported for Q4 2026.
IREN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $137.2M-26.7% | $144.8M0.0% | $184.7M+59.0% | $240.3M+355.4% | $187.3M | $144.8M | $116.1M | $52.8M |
| Cost of Revenue | $33.3M-37.0% | $39.9M-4.8% | $65.8M+103.6% | $80.7M+153.2% | $52.9M | $42.0M | $32.3M | $31.9M |
| Gross Profit | $103.9M-22.7% | $104.9M+1.9% | $118.9M+41.8% | $159.6M+663.6% | $134.4M | $102.9M | $83.8M | $20.9M |
| SG&A Expenses | $128.3M+140.6% | $81.8M+181.0% | $100.8M+248.7% | $138.4M+449.7% | $53.3M | $29.1M | $28.9M | $25.2M |
| Operating Income | -$620.4M-3568.2% | -$233.5M-899.3% | -$116.4M-772.5% | -$76.4M-62.3% | $17.9M | $29.2M | $17.3M | -$47.1M |
| EBITDA | -$508.3M-722.1% | -$112.3M-246.7% | -$17.2M-132.3% | $8.8M+167.1% | $81.7M | $76.5M | $53.4M | -$13.2M |
| Interest Expense | $11.8M+156.8% | $14.8M+260.2% | $10.7M+519.5% | $9.3M+42081.8% | $4.6M | $4.1M | $1.7M | $22K |
| Income Tax | -$8.0M-188.2% | -$6.3M-224.2% | -$182.5M-6173.9% | $190.7M+14774.2% | -$2.8M | $5.0M | $3.0M | $1.3M |
| Net Income | -$684.0M-487.1% | -$247.8M-1435.1% | -$155.4M-610.0% | $384.6M+843.9% | $176.7M | -$16.1M | -$21.9M | -$51.7M |
| EPS (Basic) | -$2.16-354.1% | -$0.74-957.1% | -$0.52-420.0% | $1.42+625.9% | $0.85 | -$0.07 | -$0.10 | -$0.27 |
| EPS (Diluted) | -$2.16-360.2% | -$0.74-957.1% | -$0.52-420.0% | $1.08 | $0.83 | -$0.07 | -$0.10 | -$0.27 |
| Diluted Shares (Avg) | N/A | 334M+52.6% | 298M+41.6% | 362M | N/A | 219M | 210M | 189M |
Not reported in any period shown, so not listed: R&D Expenses.
IREN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.8B+437.0% | $7.3B | $7.0B | $4.3B | $2.9B+155.1% | N/A | N/A | N/A |
| Current Assets | $7.9B+1130.0% | $2.4B | $3.4B | $1.1B | $641.2M+41.7% | N/A | N/A | N/A |
| Cash & Equivalents | $5.9B+944.3% | $2.2B+1100.7% | $3.3B+663.1% | $1.0B+947.0% | $564.5M+39.5% | $184.3M | $427.3M | $98.6M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 |
| Accounts Receivable | $21.1M+1246.7% | $69.1M | $9.6M | $24.1M | $1.6M+928.9% | N/A | N/A | N/A |
| Long-Term Investments | $0-100.0% | $0 | $0 | $681.4M | $211.6M | $0 | $0 | $0 |
| Goodwill | $36.6M | $1.2M | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $11.6B+933.5% | $4.6B | $4.5B | $1.4B | $1.1B+1928.8% | N/A | N/A | N/A |
| Current Liabilities | $2.2B+1387.2% | $651.4M | $682.1M | $203.7M | $149.3M+192.4% | N/A | N/A | N/A |
| Non-Current Liabilities | $9.4B+863.9% | $3.9B | $3.8B | $1.2B | $973.5M+22677.0% | N/A | N/A | N/A |
| Long-Term Debt | $7.4B+671.1% | N/A | N/A | N/A | $962.8M | N/A | N/A | N/A |
| Total Equity | $4.2B+130.3% | $2.7B+98.2% | $2.5B+101.6% | $2.9B+154.6% | $1.8B+65.6% | $1.3B | $1.2B | $1.1B |
| Retained Earnings | -$1.3B-117.9% | -$614.8M | -$367.0M | -$211.6M | -$596.2M+12.7% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Inventory.
IREN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.8B+1655.9% | $75.3M-19.1% | $71.7M+33.8% | $142.4M+3736.1% | $103.1M | $93.1M | $53.6M | -$3.9M |
| Depreciation & Amortization | $112.1M+75.6% | $121.2M+156.3% | $99.2M+174.9% | $85.2M+151.2% | $63.8M | $47.3M | $36.1M | $33.9M |
| Stock-Based Compensation | N/A | $31.5M+305.2% | $58.2M+630.2% | $72.4M+784.7% | N/A | $7.8M | $8.0M | $8.2M |
| Capital Expenditures | $1.3B+621.8% | $949.2M+557.1% | $539.7M+288.1% | $180.3M+70.4% | $184.1M | $144.5M | $139.1M | $105.8M |
| Free Cash Flow | $482.2M+695.6% | -$873.8M-1601.8% | -$468.0M-447.4% | -$38.0M+65.4% | -$81.0M | -$51.3M | -$85.5M | -$109.7M |
| Investing Cash Flow | -$2.1B-471.1% | -$1.5B-233.5% | -$851.0M-372.0% | -$280.9M+27.4% | -$370.2M | -$442.9M | -$180.3M | -$387.1M |
| Financing Cash Flow | $5.7B+784.2% | $355.0M+231.4% | $3.0B+558.1% | $606.1M+615.9% | $645.9M | $107.1M | $457.0M | $84.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
IREN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.7%+3.9pp | 72.4%+1.4pp | 64.4%-7.8pp | 66.4%+26.8pp | 71.8% | 71.0% | 72.2% | 39.6% |
| Operating Margin | -452.1% | -161.3% | -63.0%-77.9pp | -31.8%+57.4pp | 9.6% | 20.2% | 14.9% | -89.2% |
| Net Margin | -498.4% | -171.2% | -84.1%-65.3pp | 160.1% | 94.3% | -11.2% | -18.9% | -98.0% |
| Return on Equity | -16.3%-26.1pp | -9.3%-8.1pp | -6.2%-4.4pp | 13.4%+18.0pp | 9.7% | -1.2% | -1.8% | -4.6% |
| Return on Assets | -4.3%-10.3pp | -3.4% | -2.2% | 9.0% | 6.0% | N/A | N/A | N/A |
| Current Ratio | 3.55-0.7x | 3.72 | 4.96 | 5.52 | 4.29-4.6x | N/A | N/A | N/A |
| Debt-to-Equity | 1.77+1.2x | 1.73 | 1.80 | 0.48 | 0.53+0.5x | N/A | N/A | N/A |
| Asset Turnover | 0.01-0.1x | 0.02 | 0.03 | 0.06 | 0.06 | N/A | N/A | N/A |
| FCF Margin | 351.4% | -603.5% | -253.4% | -15.8% | -43.2% | -35.5% | -73.6% | -208.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| IREN Limited IREN | FY2026 | $707.0M | -$702.6M | -99.4% | $16.5B | 34/100 |
| BitMine Immersion Technologies, Inc. BMNR | FY2025 | $6K | $349K | N/A | $15.8B | — |
| Virtu Financial, Inc. VIRT | FY2025 | $3.6B | $912K | 0.0% | $5.2B | 24/100 |
| PJT Partners Inc. PJT | FY2025 | $1.7B | $180.1M | 10.5% | $3.5B | 51/100 |
| MarketAxess Holdings Inc. MKTX | FY2025 | $846.3M | $246.9M | 29.2% | $5.8B | 56/100 |
Where IREN Limited Ranks
Frequently Asked Questions
What is IREN Limited's annual revenue?
IREN Limited (IREN) reported $707.0M in total revenue for fiscal year 2026. This represents a 41.1% 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 Limited's revenue growing?
IREN Limited (IREN) revenue grew by 41.1% year-over-year, from $501.0M to $707.0M in fiscal year 2026.
Is IREN Limited profitable?
No, IREN Limited (IREN) reported a net income of -$702.6M in fiscal year 2026, with a net profit margin of -99.4%.
What is IREN Limited's EBITDA?
IREN Limited (IREN) had EBITDA of -$629.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does IREN Limited have?
As of fiscal year 2026, IREN Limited (IREN) had $5.9B in cash and equivalents against $7.4B in long-term debt.
What is IREN Limited's gross margin?
IREN Limited (IREN) had a gross margin of 68.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is IREN Limited's net profit margin?
IREN Limited (IREN) had a net profit margin of -99.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is IREN Limited's return on equity (ROE)?
IREN Limited (IREN) has a return on equity of -16.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is IREN Limited's free cash flow?
IREN Limited (IREN) recorded an outflow of $897.6M in free cash flow during fiscal year 2026. This represents a -174.0% 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 Limited's operating cash flow?
IREN Limited (IREN) generated $2.1B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are IREN Limited's total assets?
IREN Limited (IREN) had $15.8B in total assets as of fiscal year 2026, including both current and long-term assets.
What are IREN Limited's capital expenditures?
IREN Limited (IREN) invested $3.0B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is IREN Limited's current ratio?
IREN Limited (IREN) had a current ratio of 3.55 as of fiscal year 2026, which is generally considered healthy.
What is IREN Limited's debt-to-equity ratio?
IREN Limited (IREN) had a debt-to-equity ratio of 1.77 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is IREN Limited's return on assets (ROA)?
IREN Limited (IREN) had a return on assets of -4.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is IREN Limited's P/E ratio?
IREN Limited (IREN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $16.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is IREN Limited's price-to-sales ratio?
IREN Limited (IREN) trades at 23.3x sales, its market capitalization divided by revenue of $707.0M revenue, FY2026. The market capitalization is $16.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is IREN Limited's Piotroski F-Score?
IREN Limited (IREN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are IREN Limited's earnings high quality?
IREN Limited (IREN) reported a net loss of $702.6M while generating $2.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Limited cover its interest payments?
IREN Limited (IREN) reported an operating loss of $1.0B against $46.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Limited?
IREN Limited (IREN) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.