IREN Ltd
NASDAQ: IREN · FINANCIAL SERVICES · CAPITAL MARKETS
Updated 2026-06-12
IREN Ltd (IREN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $1053.00 | $1.51M | $5.93M | $59.04M | $75.51M | $187.19M | $501.02M |
| Revenue growth (YoY) | — | +142954.1% | +293.6% | +895.6% | +27.9% | +147.9% | +167.7% |
| Cost of revenue | $1053.00 | $637466.00 | $1.67M | $7.45M | $54.39M | $105.07M | $158.99M |
| Gross profit | — | $868894.00 | $4.26M | $51.59M | $21.12M | $82.12M | $342.03M |
| Gross margin | 0.0% | 57.7% | 71.9% | 87.4% | 28.0% | 43.9% | 68.3% |
| R&D | — | — | — | — | — | — | — |
| SG&A | $112679.00 | $527988.00 | $1.48M | $25.77M | $32.47M | $47.98M | $124.33M |
| Operating income | $-112679.00 | $-1.17M | $-236497.00 | $462000.00 | $-48.56M | $-27.28M | $22.12M |
| Operating margin | -10700.8% | -77.8% | -4.0% | 0.8% | -64.3% | -14.6% | 4.4% |
| EBITDA | $4212.00 | $-888988.00 | $-32.57M | $16.14M | $-122.56M | $25.10M | $285.68M |
| EBITDA margin | 400.0% | -59.0% | -549.3% | 27.3% | -162.3% | 13.4% | 57.0% |
| EBIT | $-161120.00 | $-1.41M | $-33.51M | $8.39M | $-153.23M | $-25.37M | $104.55M |
| Interest expense | $0.00 | $70675.00 | $10.90M | $425.44M | $16.21M | $98000.00 | $11.04M |
| Income tax | $6000.00 | $-12000.00 | $1.24M | $2.72M | $2.39M | $3.45M | $6.56M |
| Effective tax rate | -3.9% | 0.8% | -2.8% | -0.7% | -1.4% | -13.6% | 7.0% |
| Net income | $-161120.00 | $-1.48M | $-45.34M | $-419.77M | $-171.83M | $-28.92M | $86.94M |
| Net income growth (YoY) | — | -821.2% | -2954.9% | -825.8% | +59.1% | +83.2% | +400.6% |
| Profit margin | -15301.0% | -98.5% | -764.6% | -711.0% | -227.6% | -15.4% | 17.4% |
Frequently asked questions
What is IREN Ltd's revenue?
IREN Ltd's trailing twelve-month revenue is $757.07M, and consensus projects about $38.75B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is IREN?
In its most recent fiscal year, IREN ran a gross margin of 68.27%, an operating margin of 4.42%, and a net margin of 17.35%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does IREN generate?
IREN produced $-1.13B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is IREN's balance sheet healthy?
IREN holds $564.53M in cash and equivalents against $962.76M in long-term debt, on $1.82B of shareholder equity. That debt is best read against the cash flow the business throws off each year.