Growth & profitability
- Revenue has grown 157.6% per year over the past 2 years.
- Operating margin has expanded, at 3.5% in the latest year.
Financial health
- Operating income covered interest expense 1.6× in the latest year, up from -9.7× 2 years ago.
IREN Financials Iren Ltd
3 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $501M | $87M | 68.3% | 3.5% | -$328M | — | $565M |
| 2024 | $187M | -$29M | 53.5% | -14.5% | -$90M | — | $405M |
| 2023 | $76M | -$172M | 47.8% | -208.2% | -$110M | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $145M | -$248M | 72.4% | -161.3% | -$874M | — | $2.2B |
| Dec '25 | $185M | -$155M | 64.4% | -63.0% | -$468M | — | $3.3B |
| Sep '25 | $240M | $385M | 66.4% | -31.8% | -$38M | — | $1.0B |
| Mar '25 | $145M | -$16M | 71.0% | 20.2% | -$51M | — | — |
| Dec '24 | $116M | -$22M | 72.2% | 14.9% | -$86M | — | — |
| Sep '24 | $53M | -$52M | 39.6% | -89.2% | -$110M | — | — |
Valuation over time
How the market has priced IREN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 38.0× (Jun '25) to 122.8× (Jun '26).
- The price-to-sales ratio has risen from 13.8× (Jun '23) to 21.3× (Jun '26).
P/E
P/S
Frequently asked questions
Is IREN growing its revenue and profit?
Over the past 2 years, Iren Ltd's revenue has grown 157.6% per year. These are computed facts, not advice.
How much debt does IREN have?
As of FY2025, Iren Ltd reported — of total debt against $565M of cash; operating income covered interest expense 1.6×.
What is IREN's profit margin?
In FY2025, gross margin was 68.3%, operating margin 3.5%, and net margin 17.4%.
What is IREN's P/E ratio?
As of Jun '26, Iren Ltd traded at a price-to-earnings ratio of about 122.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.