IRSA INVESTMENTS & REPRESENTATIONS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IRSA INVESTMENTS & REPRESENTATIONS INC files with the SEC in its annual reports.

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

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,916	59,669	78,187	28,004	34,868	45,880	256,980	462,486	458,059	468,526
Cost of revenue	7,036	35,370	49,112	10,461	14,549	23,204	97,040	159,559	152,304	183,736
Gross profit	5,880	24,299	29,075	17,543	20,319	22,676	159,940	302,927	305,755	284,790
Selling and marketing	1,842	8,806	11,749	1,619	2,988	5,267	17,915	23,365	24,200	23,982
General and administrative					0		295	552	472	951
Operating income	19,903	3,385	29,098	-46,863	95,193	-21,031	209,574	-112,346	-285,036	172,615
Interest expense	5,571	14,170	24,965	7,187	15,170	25,800	73,631	71,876	68,380	45,351
Interest income	1,264	1,224	1,309	281	525	1,276	3,707	4,272	47,250	6,439
Pre-tax income	15,586	-4,296	-14,365	-62,014	83,078	-24,723	301,654	-18,289	-111,728	241,298
Income tax	6,325	1,491	-11,135	6,760	16,505	76,617	22,183	-334,192	-64,601	45,180
Income from continuing operations	9,261	-5,787	-3,230	-55,254	66,573	-101,340	75,222	60,986
Net income to minority interests	544	4,168	12,164	-2,646	23,361	-27,085	2,730	3,852	-6,520	936
Net income	9,534	-1,120	21,047	-54,988	35,100	-105,800	276,741	312,051	-40,607	195,182
EBITDA	21,435	10,998	38,726	-46,303	96,367	-18,765	217,027	-102,508	-275,906	183,125
EPS, basic	619.96	-0.74	974.42	-1,696.00	661.71	-904.80	509.68	417.18	-54.73	261.29
EPS, diluted	615.84	-74.26	968.82	-1,696.00	658.02	-904.80	472.82	380.55	-54.73	238.90

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33,153	71,547	124,627	212,910	222,556	3,167	27,543	32,453	39,452	176,820
Receivables		17,264	23,260	32,221	55,789	13,898	23,349	96,133	106,235	129,984
Inventory		4,260	980	1,639	7,034	118	269	1,230	1,506	1,221
Total current assets		65,492	149,432	201,915	308,987	22,833	91,446	260,910	317,494	562,836
Property, plant and equipment	24,049	27,113	31,591	31,905	56,670	14,657	63,996	52,565	50,969	54,091
Lease right-of-use assets				9,855	29,828	1,330	2,678	10,904	14,886	11,885
Goodwill		12,387	12,297
Intangible assets		19	19,289	25,603	41,732	3,936	7,284	29,518	90,053	18,129
Total assets		231,242	526,856	678,360	942,054	365,325	803,667	2,643,849	3,125,471	3,362,069
Accounts payable		20,839	22,927	26,528	44,567	8,368	18,376	95,126	101,340	120,893
Short-term debt		19,926	39,804	65,036	117,668	25,268	132,974	150,904	252,915	137,336
Total current liabilities		46,434	72,930	105,704	215,362	36,304	186,322	264,792	383,285	338,831
Lease liabilities				7,432	20,091	1,397	2,475	9,821	12,627	3,268
Total liabilities		183,906	407,341	555,704	757,826	229,672	437,767	1,205,005	1,518,742	1,690,102
Total debt	112,936	260,661	459,444	670,906	926,487	219,648	598,579	559,121	511,329	647,128
Retained earnings			-231	-909
Shareholders' equity		25,864	61,334	45,843	85,805	101,394	342,457	1,355,879	1,503,846	1,577,804
Minority interests		21,472	58,181	76,813	98,423	34,259	23,443	82,965	102,883	94,163
Total equity	89,159	141,986	170,814	302,102	651,268	1,086,511	1,895,316	2,006,036	1,606,729	1,671,967
Total liabilities and equity		231,242	526,856	678,360	942,054	365,325	803,667	2,643,849	3,125,471	3,362,069

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10,078	3,048	33,211	-57,634	58,461	-132,885	279,471	315,903	-47,127	196,118
Depreciation and amortization	1,532	7,613	9,628	560	1,174	2,266	7,453	9,838	9,130	10,510
Cash from operations	4,126	13,244	20,419	40,616	76,630	5,150	101,535	189,035	144,309	260,719
Capital expenditures	-477	-3,047	-5,165	225	379	307
Cash from investing	8,223	-3,948	-30,533	16,807	112,306	238,119	89,665	136,966	116,065	-82,271
Debt issued	146,396	58,324	34,649	0	0	7,058
Debt repaid	-145,401	-39,155	-39,054	6,015	40,601	39,849
Dividends paid	615	-147	-2,578	-5,940	5,623	1,189	1,416	136,375	224,802
Cash from financing	-3,968	3,453	-6,163	-41,686	-199,697	-170,813	-109,434	-420,214	-266,206	35,515
Net change in cash	8,381	12,749	-16,277	15,737	-10,761	72,456	81,766	-94,213	-5,832	213,963
Free cash flow	3,649	10,197	15,254	40,841	77,009	5,457
Interest paid				369	417	342	1,026	3,424	2,635	1,607

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	60.8%	Gross profit / revenue.
Operating margin	36.8%	Operating income / revenue.
EBITDA margin	39.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	51.5%	Pre-tax income / revenue.
Net margin	41.7%	Net income / revenue.
Operating cash flow margin	55.6%	Cash from operations / revenue.
Effective tax rate	18.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.0%	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%.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	68.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	69.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-6.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-5.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-11.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	40.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-20.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	80.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.9%	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	27.7%	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	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	66.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	79.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	61.1%	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	29.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.66x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.2%	Total debt / total assets.
Liabilities / assets	50.3%	Total liabilities / total assets.
Net debt	ARS 470.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.81x	Operating income / interest expense.
Working capital	ARS 224.01B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	ARS 1.56T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.
Fixed asset turnover	8.92x	Revenue / average property, plant and equipment.
Inventory turnover	135x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	3.97x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	221 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-126 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	ARS 238.90	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	ARS 261.29	Net income per basic share, as reported (split-adjusted).

What was IRSA INVESTMENTS & REPRESENTATIONS INC's revenue in fiscal 2025?

IRSA INVESTMENTS & REPRESENTATIONS INC reported revenue of ARS 468.53B for fiscal 2025, 2.3% higher than the year before.

Was IRSA INVESTMENTS & REPRESENTATIONS INC profitable in fiscal 2025?

Yes. Net income was ARS 195.18B, a net margin of 41.7%.

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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