IREN Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data IREN Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	2.17	7.9	59	75.5	187	501	707
Cost of revenue				39.4	87.1	159	220
Gross profit				36.1	100	342	487
Selling, general and administrative				49	70.4	136	449
Operating income	-1.68	-0.52	0.31	-157	-27.2	17.3	-1,047
Interest expense	0.1	61.2	425	16.2	0.1	11	59.3
Interest income				0.92	5.83	7.5	80.6
Other non-operating income				-12.2	1.77	76.2	338
Pre-tax income	-2.14	-59.2	-417	-169	-25.5	93.5	-709
Income tax	0	1.24	2.72	2.39	3.45	6.56	-6.06
Net income	-2.14	-60.4	-420	-172	-28.9	86.9	-703
EBITDA				-127	23.2	198	-629
EPS, basic	-0.13	-2.93	-10.25	-3.14	-0.29	0.41	-2.22
EPS, diluted	-0.13	-2.93	-10.25	-3.14	-0.29	0.39	-2.22
Shares, basic (weighted)				54.8	99.6	215	316
Shares, diluted (weighted)				54.8	99.6	223	316
Dividend per share				0.00	0.00	0.00	0.00

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1.96	39	110	68.9	405	565	5,896
Short-term investments					6.53	0
Receivables					0.15	1.56	21.1
Other current assets					11.9	20.8	36.5
Total current assets	2.57	40.4	160	89.2	452	641	7,886
Property, plant and equipment	8.04	15.9	248	241	441	1,931	6,753
Lease right-of-use assets	0.4	1.4	1.25	1.37	1.34	1.46	2.72
Goodwill	0.57	0.66	0.63	0	0	0	36.6
Intangible assets						0	317
Long-term investments					0	212	0
Other non-current assets					0.43	0.49	58.7
Total assets	11.6	134	570	332	1,153	2,940	15,790
Accounts payable	0.75	1.12	18.8	16.6	27.3	81.7	1,297
Accrued liabilities					4.41	42.4	527
Deferred revenue						0.88	46.5
Short-term debt	1.96	72	60.5	0.19		0	169
Total current liabilities	2.76	170	85.1	24	51.1	149	2,221
Long-term debt						963	7,424
Lease liabilities				1.26	1.03	1.06	2.23
Other non-current liabilities					0.12	0.23	7.89
Total liabilities	2.76	184	133	26.7	55.3	1,123	11,604
Total debt		83.8	108	1.45		963	7,593
Paid-in capital					51.3	88.7	-1,647
Retained earnings	-2.25	-62.6	-482	-654	-683	-596	-1,299
Other comprehensive income					-35	-30.1	-41.4
Shareholders' equity			437	305	1,097	1,817	4,186
Total equity	8.82	-49.5	437	305	1,097	1,817	4,186
Total liabilities and equity	11.6	134	570	332	1,153	2,940	15,790

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-2.14	-60.4	-420	-172	-28.9	86.9	-703
Depreciation and amortization				30.7	50.5	181	418
Stock-based compensation				14.4	23.6	42.6	205
Deferred income tax				3.32	1.71	4.9	-11.7
Change in payables				-2.1	10.1	16.7	38
Cash from operations	-0.99	1.76	-37.5	5.73	52.2	246	2,100
Capital expenditures	-3.91	-7.3	-83.7	-116	-142	-573	-2,998
Cash from investing	-4.22	-81.4	-259	-71.5	-498	-1,380	-4,723
Debt issued	0	17.1	65.2	0	0
Debt repaid	0	-2.12	-12.1	-9.43	0	0	-9.21
Stock issued	2.68	0	0	39.3	0	0	6.6
Cash from financing	6.73	118	372	28.6	783	1,295	9,680
Exchange rate effect	0.36	-1.39	-4.5	-3.89	-0.67
Net change in cash				-37.2	336	160	7,057
Free cash flow	-4.9	-5.54	-121	-110	-89.6	-328	-898
Interest paid	0	0.33	5.25	4.1	0.21	7.63	42.6
Income taxes paid				0	1.42	0	2.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $44.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.9%	Gross profit / revenue.
Operating margin	-148.0%	Operating income / revenue.
EBITDA margin	-89.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-100.2%	Pre-tax income / revenue.
Net margin	-99.4%	Net income / revenue.
FCF margin	-127.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	297.1%	Cash from operations / revenue.
Return on equity (ROE)	-23.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.5%	Net income / average total assets.
Return on invested capital (ROIC)	-20.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	63.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	29.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	424.0%	Capital expenditures / revenue.
D&A / revenue	59.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	41.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	110.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	145.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	42.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	138.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-6,141.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-416.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-908.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-669.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	754.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	615.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	312.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	130.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	139.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	437.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	262.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	159.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	41.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	79.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.55x	Current assets / current liabilities.
Quick ratio	2.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.65x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.81x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.1%	Total debt / total assets.
Liabilities / assets	73.5%	Total liabilities / total assets.
Net debt	$1.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-17.7x	Operating income / interest expense.
Working capital	$5.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.83B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	0.16x	Revenue / average property, plant and equipment.
Receivables turnover	62.5x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	1,146 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	142.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$2.22	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.24	Revenue / diluted weighted shares.
FCF per share	-$2.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.64	Cash from operations / diluted weighted shares.
Book value per share	$13.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.12	Tangible book value / shares outstanding.
Cash per share	$18.65	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.00	Dividend declared per common share (paid, when declared is not tagged).

Valuation

Metric	Value	How it is calculated
Market cap	$15.77B	Share price x shares outstanding.
Enterprise value	$17.47B	Market cap + total debt - cash - short-term investments.
P/S	22.3x	Market cap / revenue.
P/B	3.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.12x	Market cap / tangible book value, when positive.
P/OCF	7.51x	Market cap / cash from operations, when positive.
EV/Sales	24.7x	Enterprise value / revenue.
FCF yield	-5.7%	Free cash flow / market cap.
Earnings yield	-4.5%	Net income / market cap (the inverse of P/E).

What was IREN Ltd's revenue in fiscal 2026?

IREN Ltd reported revenue of $707.0M for fiscal 2026, 41.1% higher than the year before.

Was IREN Ltd profitable in fiscal 2026?

No. It reported a net loss of $702.6M.

How much free cash flow did IREN Ltd generate in fiscal 2026?

Cash from operations of $2.10B minus capital expenditures of $3.00B left free cash flow of -$897.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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