IREN Limited (IREN) financials
NASDAQ · Technology · Software - Services · 685 employees · CEO William Roberts
- Price
- $23.95 -8.76%
- Market cap
- $9.69B
- Enterprise value
- $11.6B
- Last report
- Q4 '26 filed 2026-08-27
- Next report
- 2026-11-05 EPS est. -$0.73
Revenue (TTM)$707M+41.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-148.1%-151.1 pp vs a year agoOperating income -$1.05B
Net income (TTM)-$703M-12,191.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$1.99B-132.5% vs a year agoCapex $4.08B
Diluted EPS (TTM)-$2.16-977.3% vs a year agoSum of the last 4 quarters
Net cash-$1.75B-339.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $9.69B EV $11.6B
- Revenue
- $707M Trailing 12 months
- Revenue growth
- +284% FY2027 consensus
- Profit margin
- -99.4% Net income / revenue, TTM
- P/E
- -13.2× Forward -12.3× (FY2027)
- P/S
- 13.7× Price / sales, TTM
- EV / EBITDA
- 335.4× TTM
- Free cash flow
- -$1.99B Trailing 12 months
- Net income
- -$703M Trailing 12 months
- Revenue estimate
- $2.72B FY2027 consensus
- Earnings
- 2026-11-05 Revenue est. $230M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-27): revenue beat by 3.7%, EPS missed by 243.1%Revenue $137M vs $132M expected (+3.7%); EPS -$1.89 vs -$0.55 (-243.1%).
- Revenue growth slowing: -26.7% year on yearQ4 '26 revenue $137M, against an average of 161.0% over the four quarters before.
- Operating margin -148.1% (TTM), -151.1 pp on a year agoOperating income grew -6,897.7% while revenue grew 41.1%.
- Capex 576.5% of revenue (a year ago 251.0%)$4.08B invested in the last 4 quarters (+224.1% on a year earlier). Free cash flow -$1.99B.
- Diluted share count up 40.8% in a year362M diluted shares in Q4 '26, 257M a year earlier.
- Net debt $1.75BCash + short-term investments $6.08B, debt incl. leases $7.84B; a year ago net debt $400M.
Last quarter: Q4 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $137M | $187M | -26.7% |
| Gross margin | 75.7% | 26.9% | +48.8 pp |
| Operating income | -$620M | $16.8M | -3,791.7% |
| Operating margin | -452.2% | 9.0% | -461.1 pp |
| Net income | -$684M | $95.5M | -815.9% |
| Diluted EPS | -$1.98 | $0.69 | -387.0% |
| Operating cash flow | $1.81B | $259M | +599.9% |
| Capex | $1.98B | $243M | +715.2% |
| Free cash flow | -$167M | $16.1M | -1,137.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $42.9M | $0 | – |
Reported vs consensus
2026-08-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $137M | $132M | +3.7% |
| EPS (as estimated) | -$1.89 | -$0.55 | -243.1% |
From the report of 2026-08-27 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.09B
- Capex
- -$4.08B
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$76.7M
- Net debt issued
- $3.94B
- Stock-based compensation
- $174M
- Free cash flow
- -$1.99B
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -13.2× | 35.5× 1 of 5 years | 35.5× – 35.5× |
| EV / EBITDA | 335.4× | 131.8× 4 of 5 years | 8.4× – 472.2× |
| EV / Sales | 16.5× | 7.9× | 2.3× – 23.2× |
| Price / FCF | -4.9× | – | – |
| Price / Book | 2.1× | 1.5× | 0.3× – 3.5× |
| FCF yield | -20.5% | -65.5% | -198.8% – -15.4% |
| Return on invested capital | -7.5% | -5.0% | -15.8% – 0.7% |
| Return on equity | -23.0% | -33.4% | -96.0% – 4.8% |
Analysts
Consensus target $81.00 (+238.2%)
range $40.00 – $100.00 · rating Buy
Strong buy0
Buy12
Hold3
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $2.72B | +284.2% | -$1.95 | +12.4% | -12.3× | 5 |
| FY2028 | $7.28B | +168.1% | -$0.19 | +90.0% | -122.9× | 4 |
| FY2029 | $13.1B | +79.6% | $3.41 | +1,850.8% | 7.0× | 3 |
| FY2030 | $25.3B | +93.6% | $1.33 | -60.9% | 18.0× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 340 figures IREN Limited tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $0 | – | – | |
| – | – | – | $2.7M | – | – | |
| – | – | – | $0 | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $1.83B | $144M | +1,166.6% | $1.83B | $144M | +1,166.6% |
| Accounts Payable, Current | $1.3B | $81.7M | +1,487.2% | $1.3B | $81.7M | +1,487.2% |
| Accounts Payable, Other, Current | $801K | $0 | – | $801K | $0 | – |
| Accounts Receivable, after Allowance for Credit Loss, Current | $21.1M | $1.56M | +1,246.7% | $21.1M | $1.56M | +1,246.7% |
| Accrued Employee Benefits | – | – | – | $02025-06-30 | $0 | – |
| Accrued Employee Benefits, Current | $8.22M | $1.83M | +348.0% | $8.22M | $1.83M | +348.0% |
| Accrued Income Taxes, Current | $0 | $0 | – | $0 | $0 | – |
| Accrued Liabilities, Current | $527M | $42.4M | +1,144.1% | $527M | $42.4M | +1,144.1% |
| Accrued Payroll Taxes, Current | $27.7M | $566K | +4,786.4% | $27.7M | $566K | +4,786.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $265M2025-09-30 | – | – | $181M2025-06-30 | $71.1M | +155.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$41.4M | -$30.1M | -37.7% | -$41.4M | -$30.1M | -37.7% |
| Additional Paid in Capital | -$1.65B | $88.7M | -1,957.5% | -$1.65B | $88.7M | -1,957.5% |
| Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | -$981M2025-12-31 | – | – | -$981M | – | – |
| Amortization of Debt Issuance Costs | $3.28M | $698K | +370.3% | $9.41M | $1.4M | +572.0% |
| Amortization of Intangible Assets | $500K | $0 | – | $500K | $0 | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16.9M | 9.61M | +76.3% | 146M | 26.3M | +454.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $29.6M2026-03-31 | $7.63M | +287.4% | $131M | $37.4M | +251.7% |
| Asset Impairment Charges | $450M | $258K | +174,464.7% | $639M | $7.2M | +8,772.2% |
| Assets | $15.8B | $2.94B | +437.0% | $15.8B | $2.94B | +437.0% |
| Assets Held-for-sale, Long Lived, Fair Value Disclosure | – | – | – | $02025-06-30 | $0 | – |
| Assets Held-for-sale, Not Part of Disposal Group | $02025-09-30 | – | – | – | – | – |
| Assets Held-for-sale, Not Part of Disposal Group, Current | $72.5M | $0 | – | $72.5M | $0 | – |
| Assets, Current | $7.89B | $641M | +1,130.0% | $7.89B | $641M | +1,130.0% |
| Assets, Noncurrent | $7.9B | $2.3B | +243.8% | $7.9B | $2.3B | +243.8% |
| Business Combination, Acquisition Related Costs | – | – | – | $4.25M | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | -$35.8M2026-03-31 | $54.3M | -166.0% | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $5.9B | $565M | +944.3% | $5.9B | $565M | +944.3% |
| Cash Divested from Deconsolidation | – | – | – | $02025-06-30 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.62B | $565M | +1,249.7% | $7.62B | $565M | +1,249.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $5.41B | $379M | +1,327.4% | $7.06B | $160M | +4,307.2% |
| Common Stock, Dividends, Per Share, Declared | $0.002026-03-31 | $0.00 | – | $0.00 | $0.00 | – |
| Common Stock, Shares Authorized | 1B2025-09-30 | – | – | 1B2025-06-30 | – | – |
| Compensation Expense, Excluding Cost of Good and Service Sold | $18.5M | $8.72M | +111.7% | $46.7M | $23.6M | +97.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$686M | $192M | -457.9% | -$714M | $91.9M | -877.2% |
| Contract with Customer, Liability | $219M | $900K | +24,244.4% | $219M | $900K | +24,244.4% |
| Contract with Customer, Liability, Current | $46.5M | $884K | +5,159.2% | $46.5M | $884K | +5,159.2% |
| Contract with Customer, Liability, Noncurrent | $173M | $0 | – | $173M | $0 | – |
| Contract with Customer, Liability, Revenue Recognized | $38K | $20K | +90.0% | $900K | $500K | +80.0% |
| Convertible Notes Payable | $3.69B2026-03-31 | – | – | – | – | – |
| Convertible Notes Payable, Current | $02026-03-31 | – | – | $02025-06-30 | – | – |
| Convertible Notes Payable, Noncurrent | $3.69B2026-03-31 | – | – | $963M2025-06-30 | $0 | – |
| Cost of Revenue | $33.3M | $52.9M | -37.0% | $220M | $159M | +38.2% |
| Cost, Direct Labor | $6.52M | $3.32M | +96.8% | $20.3M | $8.34M | +143.8% |
| CryptoAssetFairValue | $0 | $0 | – | $0 | $0 | – |
| CryptoAssetNumberOfUnits | 0 Unit | 0 Unit | – | 0 Unit | 0 Unit | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $793K | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.88M | $1.67M | +193.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $5.67M | $1.67M | +240.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Debt Conversion, Converted Instrument, Amount | $02026-03-31 | – | – | – | – | – |
| Debt Instrument, Increase, Accrued Interest | $9.92M2026-03-31 | – | – | $10.5M2025-06-30 | – | – |
| Debt Instrument, Periodic Payment, Interest | $7.36M2026-03-31 | – | – | $9.05M2025-06-30 | – | – |
| Debt Issuance Costs, Gross | – | – | – | $28.6M2025-06-30 | – | – |
| Debt Issuance Costs, Net | $113M | $27.2M | +313.8% | $113M | $27.2M | +313.8% |
| Debt Issuance Costs, Noncurrent, Net | $56.8M | $0 | – | $56.8M | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$9M | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2.73M | $4.9M | -155.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30
Data as of 2026-11-02