IREN IREN Ltd

Overview and Growth

IREN Ltd generated $707.01M of revenue in fiscal 2026, with net loss of $702.62M and an operating cash inflow of $2.10B. At $707.01M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 41.1% above fiscal 2025 revenue of $501.02M, marking a year-over-year increase. Diluted earnings per share were -$2.22, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 669.2% decrease from fiscal 2025 diluted EPS of $0.39. The company employed $15.79B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.04x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $487.30M as gross profit before recognizing operating expenses and other items. Gross profit represented 68.9% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $1.05B after the reported operating expense base. The operating loss equaled 148.0% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $702.62M for the fiscal year. Net margin was -99.4%, reflecting a loss equal to 99.4% of reported revenue. The company reported a pretax loss of $708.68M, before the effect of income taxes. The pretax loss equaled 100.2% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $6.06M, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 16.8%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 4.4%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

Total assets were $15.79B, supported by $11.60B of liabilities and $4.19B of shareholder equity. The near-term balance sheet paired $7.89B of current assets with $2.22B of current liabilities at the reporting date. Current assets covered current liabilities by 3.55x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $5.90B, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 265.4% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $7.59B, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 1.81x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 48.1%, comparing borrowing with the total asset balance. Liabilities represented 73.5% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 37.3% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 437.0% from $2.94B in fiscal 2025, leaving current total assets higher year over year. Reported equity changed 130.3% from $1.82B in fiscal 2025, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.10B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $3.00B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 142.7% of operating cash flow, leaving the remainder available as free cash flow. Operating cash flow and capital spending combined to leave a $897.59M cash deficit after capital spending. Free-cash-flow margin was -127.0%, reflecting a cash deficit equal to 127.0% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 5.7%.

Based on the annual report for the fiscal year ending Jun 30, 2026. Analysis generated Sep 24, 2026.