IREN Ltd IREN

Financials SIC 6199 - Finance Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived Nasdaq

IREN is a vertically integrated AI Cloud Services platform, delivering data centers, compute and software for AI training and inference.

We own and operate all three layers of the AI Cloud Services stack: the data center layer, the compute layer and the software layer.

•The data center layer includes the land, power, substations, buildings and cooling that form the physical foundation of our AI Cloud Services platform.

•The compute layer includes the GPUs, CPUs, storage, servers and networking deployed within that data center infrastructure.

Last close 24.91 2026-10-23
Market cap $8.90B 2026-03-31 share count
52-week range 24.86 - 76.87

Valuation FY2026 figures against the last close

P/S12.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-2.22

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Australia
  • Canada
  • Other
Revenue by geography, 3 categories over 2 years. The same figures are in the table below. FY2026 Australia, FY2026: 578.2M (81.8%) 82% Australia Canada, FY2026: 128.8M (18.2%) 18% Canada Other, FY2026: 0 (0.0%) FY2025 Australia, FY2025: 484.6M (96.7%) 97% Canada, FY2025: 16.4M (3.3%) Other, FY2025: 0 (0.0%)
Region FY2026FY2025
Australia $578.2M $484.6M
Canada $128.8M $16.4M
Other $0 $0

As the company reported it, from the “Segment information - Schedule of revenue and long-lived assets, by geographical location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Revenue $707.0M$501.0M$187.2M$75.5M$59.0M$7.9M$2.2M—
Cost of revenue $219.7M$159.0M$87.1M$39.4M————
Gross profit $487.3M$342.0M$100.1M$36.1M————
SG&A $449.1M$136.5M$70.4M$49.0M————
Operating income -$1.05B$17.3M-$27.2M-$157.2M$307.0K-$524.0K-$1.7M—
Interest expense $59.3M$11.0M$98.0K$16.2M————
Pre-tax income -$708.7M$93.5M-$25.5M-$169.4M————
Income tax $6.1M$6.6M$3.5M$2.4M————
Net income -$702.6M$86.9M-$28.9M-$171.8M-$419.8M-$60.4M-$2.1M—
EPS, basic -2.220.41-0.29-3.14————
EPS, diluted -2.220.39-0.29-3.14————
Shares, diluted (wtd. avg.) 316.1M223.2M99.6M54.8M————

Balance sheet

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $5.90B$564.5M$404.6M$68.9M$110.0M———
Short-term investments —$0$6.5M—————
Receivables $21.1M$1.6M$152.0K—————
Total current assets $7.89B$641.2M$452.4M—————
Property, plant and equipment —$1.93B$441.4M—————
Goodwill $36.6M$0$0—————
Other intangibles $317.4M$0——————
Total assets $15.79B$2.94B$1.15B$332.1M$570.5M$134.5M$11.6M—
Accounts payable $1.30B$81.7M$27.3M—————
Short-term debt $169.4M$0——————
Total current liabilities $2.22B$149.3M$51.1M—————
Long-term debt $7.42B$962.8M——————
Total liabilities $11.60B$1.12B$55.3M—————
Retained earnings -$1.30B-$596.2M-$683.1M—————
Total equity $4.19B$1.82B$1.10B$305.4M$437.4M-$49.5M$8.8M$1.7M

Cash flow

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow $2.10B$245.9M$52.2M$5.7M————
Depreciation and amortisation $417.7M$181.1M$50.5M$30.7M————
Stock-based compensation $205.0M$42.6M$23.6M$14.4M————
Capital expenditure $3.00B$573.5M$141.9M$116.1M————
Investing cash flow -$4.72B-$1.38B-$498.5M-$71.5M————
Financing cash flow $9.68B$1.29B$782.6M$28.6M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001878848-26-000052.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B -500M 0 500M 1B Revenue, FY2020: 2.2M Net income, FY2020: -2.1M Revenue, FY2021: 7.9M Net income, FY2021: -60.4M Revenue, FY2022: 59M Net income, FY2022: -419.8M Revenue, FY2023: 75.5M Gross profit, FY2023: 36.1M Net income, FY2023: -171.8M Revenue, FY2024: 187.2M Gross profit, FY2024: 100.1M Net income, FY2024: -28.9M Revenue, FY2025: 501M Gross profit, FY2025: 342M Net income, FY2025: 86.9M Revenue, FY2026: 707M Gross profit, FY2026: 487.3M Net income, FY2026: -702.6M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue — $2.2M $7.9M $59.0M $75.5M $187.2M $501.0M $707.0M
Gross profit — — — — $36.1M $100.1M $342.0M $487.3M
Net income — -$2.1M -$60.4M -$419.8M -$171.8M -$28.9M $86.9M -$702.6M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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