IREN Ltd Financials
IREN Ltd (IREN) reported $501.0M in revenue for fiscal year 2025, up 167.7% from the prior fiscal year. This page shows its 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).
Heavy capacity spending is outpacing internally generated cash, even as profitability and cash generation turned decisively positive.
Operating cash flow rose from$52.2M to$245.9M , but free cash flow moved the opposite way because capital spending accelerated faster than the business could internally fund. That is why net income reached$86.9M while free cash flow fell to-$327.6M : the company has crossed into accounting profitability before it has crossed into self-funded expansion.
Margin expansion looks more structural than incidental: gross margin improved from
The balance sheet became much more growth-financed, with debt-to-equity moving from 0.05x to 0.6x as new capital supported the buildout. Even so, cash increased to
Financial Health Signals
Scored against banks for FY2025. 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 Ltd'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.
Not available for IREN Ltd, and counted as zero in the overall score.
Not available for IREN Ltd, and counted as zero in the overall score.
IREN Ltd passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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 $1.57 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.
Cash & Balance Sheet
IREN Ltd recorded an outflow of $327.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 265.4% from the prior year.
IREN Ltd held $564.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
IREN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | $757.1M | $501.0M+167.7% | $187.2M+147.9% | $75.5M |
| Cost of Revenue | $239.3M | $159.0M+82.6% | $87.1M+120.9% | $39.4M |
| Gross Profit | $517.8M | $342.0M+241.6% | $100.1M+177.4% | $36.1M |
| SG&A Expenses | $374.2M | $136.5M+93.8% | $70.4M+43.7% | $49.0M |
| Operating Income | -$408.4M | $17.3M+163.6% | -$27.2M+82.7% | -$157.2M |
| Interest Expense | $40.0M | $11.0M+11170.4% | $98K-99.4% | $16.2M |
| Income Tax | -$857K | $6.6M+90.0% | $3.5M+44.5% | $2.4M |
| Net Income | $158.1M | $86.9M+400.6% | -$28.9M+83.2% | -$171.8M |
| EPS (Diluted) | — | $0.39 | -$0.29 | -$3.14 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
IREN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $2.9B+155.1% | $1.2B | N/A |
| Current Assets | $641.2M+41.7% | $452.4M | N/A |
| Cash & Equivalents | $564.5M+39.5% | $404.6M+487.3% | $68.9M |
| Accounts Receivable | $1.6M+928.9% | $152K | N/A |
| Total Liabilities | $1.1B+1928.8% | $55.3M | N/A |
| Current Liabilities | $149.3M+192.4% | $51.1M | N/A |
| Total Equity | $1.8B+65.6% | $1.1B+259.3% | $305.4M |
| Retained Earnings | -$596.2M+12.7% | -$683.1M | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
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.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | $392.5M | $245.9M+370.9% | $52.2M+811.5% | $5.7M |
| Capital Expenditures | $1.9B | $573.5M+304.3% | $141.9M+22.2% | $116.1M |
| Free Cash Flow | -$1.5B | -$327.6M-265.4% | -$89.6M+18.8% | -$110.3M |
| Investing Cash Flow | -$3.0B | -$1.4B-176.9% | -$498.5M-597.5% | -$71.5M |
| Financing Cash Flow | $4.6B | $1.3B+65.4% | $782.6M+2640.5% | $28.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
IREN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Gross Margin | 68.3%+14.8pp | 53.5%+5.7pp | 47.8% |
| Operating Margin | 3.5%+18.0pp | -14.5% | -208.2% |
| Net Margin | 17.3%+32.8pp | -15.4% | -227.6% |
| Return on Equity | 4.8%+7.4pp | -2.6%+53.6pp | -56.3% |
| Return on Assets | 3.0%+5.5pp | -2.5% | N/A |
| Current Ratio | 4.29-4.6x | 8.86 | N/A |
| Debt-to-Equity | 0.62+0.6x | 0.05 | N/A |
| FCF Margin | -65.4%-17.5pp | -47.9% | -146.1% |
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.
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Where IREN Ltd Ranks
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) recorded an outflow of $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 Piotroski F-Score?
IREN Ltd (IREN) has a Piotroski F-Score of 6 out of 7 computable signals; 2 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 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 1.57x, 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 42 out of 100 on our Financial Health Score, indicating moderate 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.