IREN Ltd is a US-listed company in the internet services & infrastructure industry. Its financial year ends in June.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $707m. The diluted share count is up 41.6% on a year earlier, which dilutes existing holders.
Our models give no value for IREN at present, so past values are not shown.
Source: 10-K filed August 27, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
IREN Ltd's trailing-twelve-month revenue grew 41.1% year on year, with a free-cash-flow margin of -127.0%.
Current signal Balance sheet growing far ahead of sales: Total assets grew 437% year over year while revenue grew 41% — the balance sheet is expanding 396 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Debt and other claims exceed the crypto holdings and cash.
Source filing ↗No model value for IREN Ltd at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value IREN Ltd as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.22 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Debt and other claims exceed the crypto holdings and cash. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare IREN Ltd with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 5, 2026, after the close. Analysts expect revenue of $222m and EPS of −$0.67 (range −$0.82 to −$0.51) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$3.42 | −624% | $2.8bn | +297% |
| Next | −$3.98 | −16% | $7.4bn | +164% |
The consensus EPS forecast for the current fiscal year is +264.0% on 90 days ago. In the last 30 days, 2 analysts raised IREN Ltd's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.94 | −$0.20 |
| 60 days ago | −$0.94 | −$0.20 |
| 30 days ago | −$2.44 | −$0.27 |
| 7 days ago | −$3.42 | −$3.98 |
| Now | −$3.42 | −$3.98 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.46 | −$0.25 | +44.1% |
| Mar 2026 | −$0.26 | −$0.16 | +38.4% |
| Dec 2025 | −$0.25 | −$0.03 | +88.4% |
| Sept 2025 | $0.14 | $0.01 | −94.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −63.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $501m | $707m | +41.1% |
| P/S multiple | 27.1x | 9.8x | −63.6% |
| Share count | 223m | 316m | −29.4% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| IREN | −92% | +472% | +37% | +285% | −42% |
| Industry peers (median) | −80% | +44% | −17% | −12% | −30% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| IREN | 42% | 67% | 50% | 67% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| IREN | −94% | −64% | −57% | −60% | −68% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 17, 2021: 96% from November 19, 2021 to December 28, 2022. Getting back needed a 2240% gain, reached on August 29, 2025, 975 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 27, 2026 | −10.4% | +0.4% | +5.2% | +5.4% |
| July 20, 2026 | +22.8% | +0.7% | +7.9% | +24.9% |
| May 11, 2026 | −7.6% | +0.1% | −17.5% | −15.8% |
| May 8, 2026 | −3.0% | +1.1% | −6.9% | −5.0% |
| February 5, 2026 | −6.9% | +0.6% | −10.9% | −13.6% |
| November 6, 2025 | −18.4% | −1.0% | −36.3% | −39.4% |
| August 28, 2025 | +18.5% | −0.2% | +17.0% | +105.5% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q4 | $501M |
| FY26 Q1 | $688.6M |
| FY26 Q2 | $757.1M |
| FY26 Q3 | $757.1M |
| FY26 Q4 | $707M |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q4 | 3.5% |
| FY26 Q1 | -1.7% |
| FY26 Q2 | -19.2% |
| FY26 Q3 | -54.0% |
| FY26 Q4 | -148.0% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q4 | -65.4% |
| FY26 Q1 | -37.1% |
| FY26 Q2 | -84.3% |
| FY26 Q3 | -193.0% |
| FY26 Q4 | -127.0% |
| Fiscal year | 2023 Jun 2023 | 2024 Jun 2024 | 2025 Jun 2025 | 2026 Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 76 | 187 | 501 | 707 |
| Gross profit | 36 | 100 | 342 | 487 |
| EBITDA | −127 | 23 | 198 | −629 |
| Operating income | −157 | −27 | 17 | −1,047 |
| Net income | −172 | −29 | 87 | −703 |
| Diluted EPS | −$3.14 | −$0.29 | $0.39 | −$2.22 |
| Growth (year on year) | ||||
| Revenue | — | +147.9% | +167.7% | +41.1% |
| EBITDA | — | — | +754.1% | −416.9% |
| Operating income | — | — | — | <−999% |
| Net income | — | — | — | −908.2% |
| Diluted EPS | — | — | — | −669.2% |
| Margins | ||||
| Gross margin | 47.8% | 53.5% | 68.3% | 68.9% |
| EBITDA margin | −167.6% | 12.4% | 39.6% | −89.0% |
| Operating margin | −208.2% | −14.5% | 3.5% | −148.0% |
| Net margin | −227.6% | −15.4% | 17.4% | −99.4% |
| Free-cash-flow margin | −146.1% | −47.9% | −65.4% | −127.0% |
| Cash flow | ||||
| Cash from operations | 6 | 52 | 246 | 2,100 |
| Capital spending | 116 | 142 | 573 | 2,998 |
| Free cash flow | −110 | −90 | −328 | −898 |
| Stock-based pay | 14 | 24 | 43 | 205 |
| Free cash flow after stock pay | −125 | −113 | −370 | −1,103 |
| Balance sheet | ||||
| Cash | 69 | 405 | 565 | 5,896 |
| Total debt | 0 | 0 | 990 | 7,706 |
| Net debt (negative = net cash) | −69 | −405 | 425 | 1,810 |
| Diluted shares | 55m | 100m | 223m | 316m |
| Quarter | 2025 Q1 Sept 2024 | 2025 Q2 Dec 2024 | 2025 Q3 Mar 2025 | 2025 Q4 Jun 2025 | 2026 Q1 Sept 2025 | 2026 Q2 Dec 2025 | 2026 Q3 Mar 2026 | 2026 Q4 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 53 | 116 | 145 | 187 | 240 | 185 | 145 | 137 |
| Gross profit | 21 | 84 | 103 | 134 | 160 | 119 | 105 | 104 |
| EBITDA | −13 | 53 | 77 | 82 | 9 | −17 | −112 | −508 |
| Operating income | −47 | 17 | 29 | 18 | −76 | −116 | −234 | −620 |
| Net income | −52 | −22 | −16 | 177 | 385 | −155 | −248 | −684 |
| Diluted EPS | −$0.27 | −$0.10 | −$0.07 | $0.83 | $1.08 | −$0.52 | −$0.74 | −$2.16 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +355.4% | +59.0% | −0.0% | −26.7% |
| EBITDA | — | — | — | — | — | −132.3% | −246.7% | −722.1% |
| Operating income | — | — | — | — | — | −772.5% | −899.3% | <−999% |
| Net income | — | — | — | — | — | — | — | −487.1% |
| Diluted EPS | — | — | — | — | — | — | — | −360.2% |
| Margins | ||||||||
| Gross margin | 39.6% | 72.2% | 71.0% | 71.8% | 66.4% | 64.4% | 72.4% | 75.7% |
| EBITDA margin | −24.9% | 46.0% | 52.8% | 43.6% | 3.7% | −9.3% | −77.5% | −370.4% |
| Operating margin | −89.2% | 14.9% | 20.2% | 9.6% | −31.8% | −63.0% | −161.3% | −452.1% |
| Net margin | −98.0% | −18.8% | −11.1% | 94.3% | 160.1% | −84.1% | −171.2% | −498.5% |
| Free-cash-flow margin | −208.0% | −73.6% | −35.5% | −43.2% | −15.8% | −253.4% | −603.5% | 351.4% |
| Cash flow | ||||||||
| Cash from operations | −4 | 54 | 93 | 103 | 142 | 72 | 75 | 1,811 |
| Capital spending | 106 | 139 | 144 | 184 | 180 | 540 | 949 | 1,329 |
| Free cash flow | −110 | −86 | −51 | −81 | −38 | −468 | −874 | 482 |
| Stock-based pay | 8 | 8 | 8 | 19 | 72 | 58 | 31 | 43 |
| Free cash flow after stock pay | −118 | −93 | −59 | −100 | −110 | −526 | −905 | 439 |
| Last 12 months unless stated | IREN | FSLY | RIOT | LZ | MARA | NBIS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $707m | $687m | $675m | $792m | $804m | $530m | $318m |
| Revenue growth, last 12 months | 41.1% | 20.4% | 24.5% | 12.3% | 0.7% | 479.0% | 10.1% |
| Revenue growth, 3-year average | — | 13.6% | 38.0% | 7.6% | 66.6% | −24.0% | 7.6% |
| Revenue growth, latest quarter | −26.7% | 23.3% | 13.9% | 6.6% | −26.7% | — | 5.4% |
| Gross margin | 68.9% | 61.5% | 62.4% | 66.7% | −24.3% | 68.6% | 50.5% |
| Operating margin | −148.0% | −12.0% | −199.2% | 4.1% | −366.3% | −115.5% | −62.7% |
| Operating margin, 3-year average | — | −24.9% | −58.8% | 4.2% | −95.0% | −35.1% | −25.3% |
| Net margin | −99.4% | −11.8% | −196.3% | 2.1% | −429.7% | 15.6% | −64.5% |
| Cash from operations / revenue | 297.1% | 17.4% | −73.0% | 22.1% | −111.3% | 72.6% | −6.3% |
| Free-cash-flow margin | −127.0% | 7.4% | −115.1% | 18.9% | −154.0% | −694.8% | −29.5% |
| Free-cash-flow margin, 3-year average | — | 3.4% | −114.1% | 16.2% | −126.9% | −230.9% | −17.4% |
| Stock pay / revenue | 29.0% | 19.7% | 20.9% | 12.4% | 18.1% | 15.7% | 12.2% |
| Change in share count | 41.6% | 7.1% | 44.8% | 1.8% | 52.5% | −11.9% | 6.1% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Bitcoin Mining | $578M | 81.8% | ▲ 19.3% |
| AI Cloud Services | $129M | 18.2% | ▲ 685.6% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Australia | $578M | 81.8% | ▲ 19.3% |
| Canada | $129M | 18.2% | ▲ 685.6% |
| United States | $0 | 0.0% | — |
From IREN Ltd's 10-K filed August 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Bank Of America Corp | $650M | 14.2M | 6.6% | ▲ 564.5% |
| Blackrock, Inc. | $609M | 13.3M | 6.2% | ▲ 198.7% |
| Goldman Sachs Group Inc | $572M | 12.5M | 5.8% | ▲ 124.7% |
| Citigroup Inc | $525M | 11.5M | 5.3% | ▲ 5.2% |
| Situational Awareness LP | $433M | 9.5M | 4.4% | ▼ 19.0% |
| Value Aligned Research Advisors, LLC | $387M | 8.5M | 3.9% | ▲ 77.6% |
| Morgan Stanley | $332M | 7.3M | 3.4% | ▲ 93.8% |
| Bit Capital Gmbh | $322M | 7.0M | 3.3% | ▲ 7.7% |
| State Street Corp | $292M | 6.4M | 3.0% | ▲ 143.8% |
| Norges Bank | $238M | 5.2M | 2.4% | — |
| Cantor Fitzgerald, L. P. | $230M | 5.0M | 2.3% | ▲ 71.2% |
| Jane Street Group, LLC | $194M | 4.2M | 2.0% | ▲ 48.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not IREN Ltd's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of IREN Ltd shares.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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