IREN Limited(IREN)Earnings, Financials & Key Ratios
IREN•NASDAQ
$39.81
102.1× P/E·Price updated Jul 7, 2026
AboutIREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was incorporated in 2018 and is based in Sydney, Australia.Show more
- EBITDA$198M+756.1%
- Net Income$87M+400.6%
- EPS (Diluted)0.39+234.5%
- Gross Margin68.27%+27.6%
- EBITDA Margin39.61%+219.8%
- Operating Margin3.46%+123.8%
- Net Margin17.35%+212.3%
- ROE5.97%+244.7%
IREN Price & Volume
IREN Limited (IREN) stock price & volume — 10-year historical chart
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Aggressive Infrastructure Expansion Strains Financial Stability
Investment Thesis • Updated 2026Q3
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Strained
Cash Flow:Burning
Primary Risk:Capital Intensive Asset Obsolescence
Key Thesis Takeaways
- IREN is currently undergoing a massive, debt-fueled transformation into an infrastructure-heavy entity, as evidenced by total assets ballooning to $5.0 billion by 2026Q3.
- While this rapid scaling aims to capture market share, the company's reliance on external capital and the resulting volatility in net income—ranging from a $384.6 million profit in 2026Q1 to a $172.2 million loss in 2026Q3—suggests significant execution risk.
- Investors should monitor whether the firm can achieve operational self-sufficiency before its current liquidity buffers are exhausted by ongoing capital expenditure requirements.
Verdict Logic
Negative: The company's reliance on debt-heavy financing to support a $984.3 million quarterly capital expenditure in 2026Q3 creates an unsustainable cash burn trajectory that outweighs near-term growth prospects.
IREN Growth Metrics
IREN Limited (IREN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years196.84%
3 Years103.98%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM677.86%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-6.05%
Return on Capital
10 Years-13.15%
5 Years-11.25%
3 Years-18.03%
Last Year0.89%
IREN Recent Earnings
IREN Limited (IREN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.25-14.5%
$0.22
Rev
$145M-34.1%
$220M
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.44-82.0%
$0.24
Rev
$185M-18.8%
$227M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.34-326.8%
$0.15
Rev
$240M-0.5%
$241M
Q3 2025
Aug 28, 2025Metric
Actual
Est
EPS
$0.08-54.7%
$0.18
Rev
$187M-0.9%
$189M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.25vs $0.22-14.5% | $145Mvs $220M-34.1% |
| Q1 2026 | Feb 5, 2026 | $0.44vs $0.24-82.0% | $185Mvs $227M-18.8% |
| Q4 2025 | Nov 6, 2025 | $0.34vs $0.15-326.8% | $240Mvs $241M-0.5% |
| Q3 2025 | Aug 28, 2025 | $0.08vs $0.18-54.7% | $187Mvs $189M-0.9% |
Based on last 12 quarters of dataView full earnings history →
Latest IREN News
Recent stock market news and headlines for IREN Limited (IREN)
24/7 Wall Street·1 day ago
Does IREN Have the Inside Track on This $22 Billion Opportunity?Leaked Anthropic documents reportedly point to a 1.4 gigawatt Australian capacity push worth roughly $22 billion, and IREN (NASDAQ:IREN) sits among a short list of operators with announced gigawatt-scale Australian ambitions to bid for it.
Invezz·1 day ago
It's not just Terawulf, IREN shares are soaring because of Anthropic tooAll eyes are on Terawulf (WULF) shares this morning after the digital infrastructure firm revealed a monumental $19 billion contracted revenue deal with Anthropic. But it's not all about WULF only; neocloud provider IREN Ltd (IREN) is soaring this morning as well, and it also has the same artificial intelligence (AI) research lab to thank.
Fool - Investing News·1 day ago
3 No-Brainer Stocks to Buy on the Latest Sell-OffSell-offs create opportunities, especially for these three stocks
Fool - Investing News·4 days ago
Forget Nvidia: This Infrastructure Upstart Is The Real Backdoor AI WinnerIREN's bold transformation from a Bitcoin miner to an AI infrastructure company is paying off.
Peers Comparison
Key metrics vs top competitors for IREN Limited (IREN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $39.82 | $14.21B | 102.09 | 167.65% | 17.35% | 5.97% | — | |
| $21.17 | $8.03B | -10.86 | 71.89% | -132.76% | -28.78% | — | |
| $12.05 | $4.59B | -3.27 | 38.2% | -234.83% | -51.65% | — | |
| $12.48 | $3.2B | 11.14 | 102.21% | -67.66% | -29.93% | — | |
| $20.47 | $8.31B | -9.52 | 48.04% | -512.96% | -115.53% | — | |
| $96.74 | $10.89B | -45.21 | -90.71% | — | -17.66% | — |
Compare IREN vs Peers
IREN Limited (IREN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
IREN SEC Filings & Documents
IREN Limited (IREN) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 14, 2026·SEC
Material company update
May 12, 2026·SEC
Material company update
May 11, 2026·SEC
10-K Annual Reports
1FY 2025
Aug 28, 2025·SEC
10-Q Quarterly Reports
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IREN Frequently Asked Questions
IREN Limited (IREN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is IREN Limited's revenue?
IREN Limited (IREN) reported $649.4M in revenue for fiscal year 2025.
How fast is IREN Limited growing?
IREN Limited (IREN) grew revenue by 167.7% over the past year. This is strong growth.
Is IREN profitable?
Yes, IREN Limited (IREN) is profitable, generating $205.9M in net income for fiscal year 2025 (17.4% net margin).
Dividend & Returns
What is IREN's return on equity?
IREN Limited (IREN) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.
What is IREN Limited's free cash flow?
IREN Limited (IREN) had negative free cash flow of $689.5M in fiscal year 2025, likely due to heavy capital investments.