4 years of revenue, profit, cash flow and balance-sheet history through FY2026,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 110.8% per year over the past 3 years.
Operating margin has expanded, at -148.0% in the latest year.
Financial health
Total debt ($7.6B) exceeds cash ($5.9B); net debt is $1.7B.
Total debt has grown faster than revenue (688.7% vs 110.8% per year).
Operating income covered interest expense -17.7× in the latest year, down from -9.7× 3 years ago.
The company is unprofitable; at its current free-cash-flow burn it has roughly 6.6 years of cash runway.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2026
$707M
-$703M
68.9%
-148.0%
-16.8%
-4.4%
-$898M
$7.6B
$5.9B
2025
$501M
$87M
68.3%
3.5%
4.8%
3.0%
-$328M
$963M
$565M
2024
$187M
-$29M
53.5%
-14.5%
-2.6%
-2.5%
-$90M
—
$405M
2023
$76M
-$172M
47.8%
-208.2%
-56.3%
—
-$110M
—
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$137M
-$684M
75.7%
-452.1%
-16.3%
-4.3%
$482M
$7.6B
$5.9B
Mar '26
$145M
-$248M
72.4%
-161.3%
-9.3%
-3.4%
-$874M
—
$2.2B
Dec '25
$185M
-$155M
64.4%
-63.0%
-6.2%
-2.2%
-$468M
—
$3.3B
Sep '25
$240M
$385M
66.4%
-31.8%
13.4%
9.0%
-$38M
—
$1.0B
Jun '25
$187M
$177M
71.8%
9.6%
9.7%
6.0%
-$81M
$963M
$565M
Mar '25
$145M
-$16M
71.0%
20.2%
-1.2%
—
-$51M
—
—
Dec '24
$116M
-$22M
72.2%
14.9%
-1.8%
—
-$86M
—
—
Sep '24
$53M
-$52M
39.6%
-89.2%
-4.6%
—
-$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 53.8× (Jun '25) to 230.1× (May '26).
The price-to-sales ratio has fallen from 19.5× (Jun '23) to 18.4× (Sep '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is IREN growing its revenue and profit?
Over the past 3 years, IREN's revenue has grown 110.8% per year. These are computed facts, not advice.
How much debt does IREN have?
As of FY2026, IREN reported $7.6B of total debt against $5.9B of cash; operating income covered interest expense -17.7×.
What is IREN's profit margin?
In FY2026, gross margin was 68.9%, operating margin -148.0%, and net margin -99.4%.
What is IREN's P/E ratio?
As of Sep '26, IREN traded at a price-to-earnings ratio of about 230.1× (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.