Iren LtdIren Ltd
Iren Ltd

Iren Ltd

IREN
Financials·Capital Markets

IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada. IREN’s large-scale, grid-connected facilities are purpose-built for the next generation of power-dense computing applications. The company was founded by Daniel Roberts and William Roberts on November 6, 2018, and is headquartered in Sydney, Australia.

Australia
Market cap
$14.2BNo data
Revenue
$707M+41.1% YoY
Net income
$-702.6M−908.2% YoY
Free cash flow
$-897.6M−174.0% YoY

Market

Listed stock
Tokenized stocks
IRENPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$707M+41.1% YoY
Operating income
$-1B−6140.9% YoY
Net income
$-702.6M−908.2% YoY
Free cash flow
$-897.6M−174.0% YoY

Revenue, profit & cash trend

Revenue
Reference
Revenue: 2022 $59M, 2023 $75.5M, 2025 $501M, 2026 $707M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
41.1%No data
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-06-30 $307K, 2023-06-30 $-153.9M, 2024-06-30 $-26.3M, 2025-06-30 $17.3M, 2026-06-30 $-1B. Net income: 2022-06-30 $-419.8M, 2023-06-30 $-171.9M, 2024-06-30 $-29M, 2025-06-30 $86.9M, 2026-06-30 $-702.6M. Free cash flow: 2022-06-30 $-62.1M, 2023-06-30 $-110M, 2024-06-30 $-272.7M, 2025-06-30 $-327.6M, 2026-06-30 $-897.6M

Growth heatmap

202320252026CAGR
Revenue
+27.9%
+563.5%
+41.1%
+86.0%
Gross profit
+42.5%
+42.5%
Operating income
-50214.3%
+82.9%
+165.8%
-6140.9%
No data
Free cash flow
-77.2%
-147.9%
-20.1%
-174.0%
No data

Earnings quality

Operating cash flow
$2.1B+754.2% YoY
Net income
$-702.6M−908.2% YoY
Free cash flow
$-897.6M−174.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-06-30 -299%, 2025-06-30 283%, 2024-06-30 452%, 2023-06-30 -4%, 2022-06-30 -5%. Free cash flow: 2026-06-30 128%, 2025-06-30 -377%, 2024-06-30 942%, 2023-06-30 64%, 2022-06-30 15%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data