IREN Ltd
IREN Nasdaq Finance Services Financials FY2023–FY2026
Last close · Oct 23, 2026
$24.91
2.4%
Revenue
Total sales reported in the income statement.
$707M
41.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−148.0%
151.5 pts
Net income
Profit after all expenses, interest and tax.
−$703M
908.2%
Free cash flow
Cash from operations minus capital spending.
−$898M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−14.1%
14.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$7.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.22 EPS (TTM)
What IREN Ltd does
No business description yet.
- Legal name
- IREN Ltd
- Fiscal year ends
- June 30, 2026
- Latest annual report
- 10-K · Aug 27, 2026
- Accession · CIK
- 0001878848-26-000052
0001878848
Revenue and margins
IREN Ltd had $707M of revenue in fiscal 2026, up 41.1% on the year before.
FY23
Revenue $75.5M
FY24
Revenue $187M
FY25
Revenue $501M
FY26
Revenue $707M
Q1 '25
Revenue $52.8M
Q2 '25
Revenue $116M
Q3 '25
Revenue $145M
Q4 '25
Revenue $187M
Q1 '26
Revenue $240M
Q2 '26
Revenue $185M
Q3 '26
Revenue $145M
Q4 '26
Revenue $137M
FY23
Gross 47.8%
Operating −208.2%
Net −227.6%
FCF −146.1%
FY24
Gross 53.5%
Operating −14.5%
Net −15.4%
FCF −47.9%
FY25
Gross 68.3%
Operating 3.5%
Net 17.4%
FCF −65.4%
FY26
Gross 68.9%
Operating −148.0%
Net −99.4%
FCF −127.0%
Gross
Operating
Net
FCF
Q1 '25
Gross 39.6%
Operating −89.2%
Net −98.0%
FCF −208.0%
Q2 '25
Gross 72.2%
Operating 14.9%
Net −18.8%
FCF −73.6%
Q3 '25
Gross 71.0%
Operating 20.2%
Net −11.1%
FCF −35.5%
Q4 '25
Gross 71.8%
Operating 9.6%
Net 94.3%
FCF −43.2%
Q1 '26
Gross 66.4%
Operating −31.8%
Net 160.1%
FCF −15.8%
Q2 '26
Gross 64.4%
Operating −63.0%
Net −84.1%
FCF −253.4%
Q3 '26
Gross 72.4%
Operating −161.3%
Net −171.2%
FCF −603.5%
Q4 '26
Gross 75.7%
Operating −452.1%
Net −498.5%
FCF 351.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$172M
FY24
Net income −$28.9M
FY25
Net income $86.9M
FY26
Net income −$703M
Q1 '25
Net income −$51.7M
Q2 '25
Net income −$21.9M
Q3 '25
Net income −$16.1M
Q4 '25
Net income $177M
Q1 '26
Net income $385M
Q2 '26
Net income −$155M
Q3 '26
Net income −$248M
Q4 '26
Net income −$684M
FY23
Diluted EPS −$3.14
FY24
Diluted EPS −$0.29
FY25
Diluted EPS $0.39
FY26
Diluted EPS −$2.22
Q1 '25
Diluted EPS −$0.27
Q2 '25
Diluted EPS −$0.10
Q3 '25
Diluted EPS −$0.07
Q4 '25
Diluted EPS $0.83
Q1 '26
Diluted EPS $1.08
Q2 '26
Diluted EPS −$0.52
Q3 '26
Diluted EPS −$0.74
Q4 '26
Diluted EPS −$2.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity −56.3%
Return on assets —
FY24
Return on capital —
Return on equity −4.1%
Return on assets −2.5%
FY25
Return on capital 0.7%
Return on equity 6.0%
Return on assets 4.2%
FY26
Return on capital −14.1%
Return on equity −23.4%
Return on assets −7.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$898M in fiscal 2026, −127.0% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$110M
FY24
Free cash flow −$89.6M
FY25
Free cash flow −$328M
FY26
Free cash flow −$898M
Q1 '25
Free cash flow −$110M
Q2 '25
Free cash flow −$85.5M
Q3 '25
Free cash flow −$51.3M
Q4 '25
Free cash flow −$81.0M
Q1 '26
Free cash flow −$38.0M
Q2 '26
Free cash flow −$468M
Q3 '26
Free cash flow −$874M
Q4 '26
Free cash flow $482M
FY23
Cash from operations $5.7M
Capital spending $116M
FY24
Cash from operations $52.2M
Capital spending $142M
FY25
Cash from operations $246M
Capital spending $573M
FY26
Cash from operations $2.1B
Capital spending $3.0B
Cash from operations
Capital spending
Q1 '25
Cash from operations −$3.9M
Capital spending $106M
Q2 '25
Cash from operations $53.6M
Capital spending $139M
Q3 '25
Cash from operations $93.1M
Capital spending $144M
Q4 '25
Cash from operations $103M
Capital spending $184M
Q1 '26
Cash from operations $142M
Capital spending $180M
Q2 '26
Cash from operations $71.7M
Capital spending $540M
Q3 '26
Cash from operations $75.3M
Capital spending $949M
Q4 '26
Cash from operations $1.8B
Capital spending $1.3B
Cash from operations
Capital spending
Dividends, buybacks and share count
IREN Ltd returned — to shareholders in fiscal 2026. The diluted share count rose 41.6%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.22B
FY26
Diluted shares 0.32B
Balance sheet
Cash, debt and the ratios that show how comfortably IREN Ltd can carry it.
FY23
Cash $68.9M
Debt —
FY24
Cash $411M
Debt —
FY25
Cash $565M
Debt $963M
FY26
Cash $5.9B
Debt $7.8B
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash and short-term investments | $68.9M | $411M | $565M | $5.9B |
| Debt incl. finance leases | — | — | $963M | $7.8B |
| Net debt / EBITDA | — | — | 2.0x | — |
| Debt / equity | — | — | 0.5x | 1.8x |
| Interest coverage | −9.7x | −277.9x | 1.6x | −17.7x |
| Current ratio | — | 8.9x | 4.3x | 3.6x |
| Quick ratio | — | 8.9x | 4.3x | 3.6x |
| Total assets | — | $1.2B | $2.9B | $15.8B |
| Total liabilities | — | $55.3M | $1.1B | $11.6B |
| Shareholders' equity | $305M | $1.1B | $1.8B | $4.2B |
| Net debt (− = net cash) | — | — | $398M | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ |
| Current ratio rose | — | — | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 8 | 3 / 9 |
| Accruals ratio | — | −7.0% | −7.8% | −29.9% |
| Altman Z'' | — | 21.01 | 2.18 | 2.02 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $75.5M | $187M | $501M | $707M |
| Gross profit | $36.1M | $100M | $342M | $487M |
| Operating income | −$157M | −$27.2M | $17.3M | −$1.0B |
| Interest expense | $16.2M | $0.1M | $11.0M | $59.3M |
| Pretax income | −$169M | −$25.5M | $93.5M | −$709M |
| Income tax | $2.4M | $3.5M | $6.6M | −$6.1M |
| Net income | −$172M | −$28.9M | $86.9M | −$703M |
| Diluted EPS | −$3.14 | −$0.29 | $0.39 | −$2.22 |
| Diluted shares | 0.05B | 0.10B | 0.22B | 0.32B |
| Cash flow | ||||
| Cash from operations | $5.7M | $52.2M | $246M | $2.1B |
| Capital expenditure | $116M | $142M | $573M | $3.0B |
| Free cash flow | −$110M | −$89.6M | −$328M | −$898M |
| Depreciation and amortization | $30.7M | $50.5M | $181M | $418M |
| Stock-based compensation | $14.4M | $23.6M | $42.6M | $205M |
| Balance sheet | ||||
| Cash and short-term investments | $68.9M | $411M | $565M | $5.9B |
| Total debt | — | — | $963M | $7.6B |
| Finance lease liabilities | — | — | $0.0M | $244M |
| Current assets | — | $452M | $641M | $7.9B |
| Current liabilities | — | $51.1M | $149M | $2.2B |
| Property and equipment, net | — | $441M | $1.9B | — |
| Goodwill | — | $0.0M | $0.0M | $36.6M |
| Intangible assets | — | — | $0.0M | $317M |
| Total assets | — | $1.2B | $2.9B | $15.8B |
| Total liabilities | — | $55.3M | $1.1B | $11.6B |
| Shareholders' equity | $305M | $1.1B | $1.8B | $4.2B |
| Margins | ||||
| Gross margin | 47.8% | 53.5% | 68.3% | 68.9% |
| Operating margin | −208.2% | −14.5% | 3.5% | −148.0% |
| EBITDA margin | −167.6% | 12.4% | 39.6% | −89.0% |
| Net margin | −227.6% | −15.4% | 17.4% | −99.4% |
| FCF margin | −146.1% | −47.9% | −65.4% | −127.0% |
| Returns | ||||
| Return on capital | — | — | 0.7% | −14.1% |
| Return on capital employed | — | −2.5% | 0.6% | −7.7% |
| Return on equity | −56.3% | −4.1% | 6.0% | −23.4% |
| Return on assets | — | −2.5% | 4.2% | −7.5% |
| Return on tangible equity | −56.3% | −2.6% | 4.8% | −18.3% |
| Growth | ||||
| Revenue growth | — | 147.9% | 167.7% | 41.1% |
| Net income growth | — | — | — | −908.2% |
| EPS growth | — | — | — | −669.2% |
| Share count change | — | 81.9% | 124.1% | 41.6% |
| Financial health | ||||
| Net debt / EBITDA | — | — | 2.0x | — |
| Debt / equity | — | — | 0.5x | 1.8x |
| Interest coverage | −9.7x | −277.9x | 1.6x | −17.7x |
| Current ratio | — | 8.9x | 4.3x | 3.6x |
| Quick ratio | — | 8.9x | 4.3x | 3.6x |
| Capital allocation | ||||
| Capex / revenue | 153.7% | 75.8% | 114.5% | 424.0% |
| Stock comp / revenue | 19.0% | 12.6% | 8.5% | 29.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | 6.0 | 3.0 |
| Altman Z'' | — | 21.0 | 2.2 | 2.0 |
| Accruals ratio | — | −7.0% | −7.8% | −29.9% |
Source: SEC EDGAR XBRL filings (CIK 0001878848). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.