Revenue is now overwhelmingly fee-driven, with non-interest income at 89.8% of total revenue in 2026Q4, while net interest margin has collapsed to a negligible 0.1%, confirming the business model's transformation.
IREN Limited (IREN) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 |
|---|
| Net Interest Income | 1.53M | 21.38M | -3.54M | 5.73M | -15.28M | -34.62M | -10.89M | -68.6K | 1.05K |
| NII Growth % | 3807.47% | 703.78% | -161.77% | 137.51% | 55.85% | -217.8% | -15780.17% | -6614.34% | - |
| Net Interest Margin % | 0.01% | 0.14% | -0.12% | 0.5% | -4.6% | -6.07% | -10.79% | -0.59% | 0.06% |
| Interest Income | 124.5M | 80.63M | 7.5M | 5.83M | 924K | 79K | 4.5K | 2.08K | 1.5K |
| Interest Expense | 122.97M | 59.25M | 11.04M | 98K | 16.21M | 34.7M | 10.9M | 70.67K | 0 |
| Loan Loss Provision | 62.02M | 160.45M | 147.95M | 104.98M | 38.18M | 24.03M | -9.23M | 566.79K | 1.05K |
| Non-Interest Income | 570.18M | 626.37M | 493.52M | 181.36M | 74.58M | 58.96M | 5.93M | 1.5M | -447 |
| Non-Interest Income % | 99.73% | 96.7% | 100.72% | 96.94% | 125.77% | 242.24% | -119.27% | 104.78% | -73.76% |
| Total Net Revenue | 571.72M | 647.75M | 489.98M | 187.09M | 59.3M | 24.34M | -4.97M | 1.44M | 606 |
| Revenue Growth % | -14.45% | 32.2% | 161.89% | 215.49% | 143.65% | 589.92% | -446.03% | - | - |
| Non-Interest Expense | 1.67B | 1.53B | 319.91M | 109.39M | 69.68M | 0 | 4.5M | 2.04M | 112.68K |
| Efficiency Ratio | 291.4% | 236.82% | 65.29% | 58.47% | 117.5% | 0% | -90.55% | 142.18% | 18593.89% |
| Operating Income | -1.16B | -1.05B | 22.12M | -27.28M | -48.56M | 307K | -236.5K | -1.17M | -112.68K |
| Operating Margin % | -202.25% | -161.59% | 4.51% | -14.58% | -81.88% | 1.26% | 4.76% | -81.66% | -18593.89% |
| Operating Income Growth % | - | -4831.55% | 181.1% | 43.83% | -15916.94% | 229.81% | 79.83% | -940.46% | - |
| Pretax Income | -1.55B | -708.7M | 93.5M | -25.47M | -169.44M | -417.05M | -44.41M | -1.48M | -161.12K |
| Pretax Margin % | -270.24% | -109.41% | 19.08% | -13.61% | -285.72% | -1713.49% | 893.92% | -103.38% | -26587.46% |
| Income Tax | -194.78M | -6.1M | 6.56M | 3.45M | 2.39M | 2.72M | 930.22K | 0 | 0 |
| Effective Tax Rate % | 12.61% | 0.86% | 7.02% | -13.56% | -1.41% | -0.65% | -2.09% | 0% | 0% |
| Net Income | -1.35B | -702.6M | 86.94M | -28.92M | -171.83M | -419.77M | -45.34M | -1.48M | -161.12K |
| Net Margin % | -236.17% | -108.47% | 17.74% | -15.46% | -289.75% | -1724.68% | 912.65% | -103.38% | -26587.46% |
| Net Income Growth % | -358.05% | -908.13% | 400.63% | 83.17% | 59.07% | -825.83% | -2954.87% | -821.17% | - |
| Net Income (Continuing) | -1.35B | -702.62M | 86.94M | -28.92M | -171.83M | -419.77M | -45.34M | -1.48M | -161.12K |
| EPS (Diluted) | -3.39 | -2.22 | 0.39 | -0.29 | -3.14 | -10.25 | -2.18 | -0.04 | -0.01 |
| EPS Growth % | -324.14% | -669.23% | 234.48% | 90.76% | 69.37% | -370.32% | -5562.34% | - | - |
| EPS (Basic) | - | -2.22 | 0.41 | -0.29 | -3.14 | -10.25 | -2.18 | -0.04 | -0.01 |
| Diluted Shares Outstanding | 398.56M | 316.12M | 223.25M | 99.64M | 54.78M | 40.94M | 20.63M | 55.04M | 16.3M |
Quick answers to the most common questions about buying IREN stock.
For fiscal year 2026, IREN Limited (IREN) reported total revenue of $647.7M. This represents a 106889173.9% increase compared to $0.0M in 2019.
IREN Limited (IREN) reported a net loss of $702.6M for the fiscal year ending 2026.
IREN Limited (IREN) reported an operating income of $-1046.7M, resulting in an operating profit margin of -161.6%. This margin reflects the operational efficiency of the business before interest and taxes.
IREN Limited (IREN) generated $487.3M in gross profit for the year, representing a gross profit margin of 75.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Massive dilution from ATM equity raises
Metrics are mathematically derived from official filings.
NII Recovery Masked by Core Business Shift
Net interest income has recovered from negative territory to $11.5M in 2026Q4, but this growth is negligible compared to the explosive non-interest income, suggesting the company's core earnings engine has fundamentally shifted away from traditional banking activities.
The sequential NII growth from -$3.5M in 2025Q4 to $11.5M in 2026Q4 appears driven by the accumulation of a substantial cash position, which now generates meaningful interest income. However, this recovery is dwarfed by the non-interest income line, which reached $101.3M in the latest quarter, indicating that the company's primary revenue source is now transactional or fee-based rather than spread-based. This structural change implies that traditional net interest margin analysis is becoming less relevant for evaluating IREN's core business performance.
NIM Collapse Signals Business Model Transformation
The net interest margin has compressed to a negligible 0.1% in 2026Q4 from 0.3% in 2024Q4, a trend that appears to confirm the company's strategic pivot away from interest-sensitive activities toward a fee-driven, asset-light model.
The persistent decline in NIM, even as NII has turned positive, suggests that the growth in earning assets (likely cash and equivalents) is being matched by a proportional increase in funding costs or that the asset mix is shifting toward lower-yielding instruments. This margin profile is inconsistent with a traditional bank and aligns more with a technology or infrastructure company that holds cash for operational purposes rather than for spread generation. Investors should monitor whether this low NIM is a permanent feature of the new business model or a transitional phase.
Fee Income Dominance Defines New Revenue Profile
Non-interest income constituted 89.8% of total revenue in 2026Q4, a dramatic increase from approximately 95% in early 2024, indicating that the company's earnings are now almost entirely dependent on transactional or service-based fee streams.
The overwhelming contribution from non-interest income, which reached $101.3M in the latest quarter, suggests the company has successfully diversified its revenue base away from net interest income. However, this high dependency on fee income introduces volatility, as these revenues are often tied to market activity, transaction volumes, or contract-based services that can fluctuate with economic cycles. The sustainability of this fee stream is critical, as any decline would have a disproportionate impact on total revenue given the minimal contribution from NII.
Volatile Provisioning Reflects Asset Revaluation Risks
Provision expense has been highly erratic, swinging from a negative $404K in 2025Q3 to $131.6M in 2025Q4 and $101.7M in 2026Q3, suggesting that credit costs are being driven by non-traditional factors such as digital asset revaluations or one-time adjustments.
The lack of a clear trend in provision expense, with quarters of minimal provisioning followed by massive charges, indicates that these costs are not tied to a traditional loan loss cycle. Instead, they may reflect mark-to-market adjustments on digital assets, impairments on hardware, or other non-cash charges specific to the company's unique asset base. This volatility makes it difficult to assess the underlying credit quality of the business and suggests that reported net income will continue to be influenced by these unpredictable provisioning events.
2025Q4 Marks Strategic Pivot with Profitability Inflection
The fourth quarter of 2025 appears to be a critical inflection point, as the company swung to a positive operating income of $4.5M and net income of $95.5M, driven by a surge in non-interest income to $185.6M.
This quarter represents the first sustained period of profitability after several loss-making periods, suggesting that the company's strategic initiatives, likely related to its AI cloud services pivot, began to generate meaningful revenue. The subsequent quarters in 2026 have maintained positive non-interest income but have been offset by large provision charges and operating losses, indicating that while the top-line transformation is underway, achieving consistent bottom-line profitability remains a challenge. This inflection point warrants close monitoring to determine if it represents a sustainable trend or a temporary peak.
Earnings Quality Challenged by Provision Volatility
The company's reported net income is highly susceptible to large, unpredictable provision charges, as evidenced by the $131.6M provision in 2025Q4 that nearly erased the operating profit, raising questions about the sustainability and quality of earnings.
The most significant challenge to IREN's earnings quality is the extreme volatility in provision expense, which can swing from negligible amounts to over $100M in a single quarter. This pattern suggests that net income is not a reliable indicator of recurring operational performance, as it is heavily influenced by non-cash or non-recurring adjustments. Furthermore, the efficiency ratio has been erratic, ranging from 6.4% to 185%, indicating that the relationship between revenue and operating expenses is unstable. Investors should focus on pre-provision net revenue (PPNR) as a cleaner measure of core profitability, but even this metric is dominated by the volatile non-interest income stream.