Revenue performance remains highly volatile, with gross margins collapsing from a peak of 95.0% in 2025Q3 to a negative 11.3% in 2026Q3, reflecting significant instability in core profitability.
| Sales/Revenue | 649.45M | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 203.31M | 342.03M | 100.13M | 36.09M | 51.59M | 5.68M | 1.25M | 0 |
| Gross Margin % | 31.31% | 68.27% | 53.49% | 47.8% | 87.38% | 71.88% | 57.68% | - |
| Gross Profit Growth % | - | 241.6% | 177.43% | -30.04% | 808.74% | 352.71% | - | - |
| Operating Expenses | 396.53M | 324.7M | 127.36M | 193.33M | 51.28M | 6.2M | 2.93M | 112.68K |
| OpEx % of Revenue | - | 64.81% | 68.04% | 256.04% | 86.86% | 78.51% | 134.77% | 10700.76% |
| Selling, General & Admin | 362.81M | 127.22M | 68.03M | 48.15M | 8.93M | 1.01M | 528K | 112.68K |
| SG&A % of Revenue | - | 25.39% | 36.34% | 63.77% | 15.13% | 12.78% | 24.29% | 10700.76% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | -193.22M | 17.33M | -27.23M | -157.24M | 307K | -524K | -1.68M | -112.68K |
| Operating Margin % | -29.75% | 3.46% | -14.55% | -208.24% | 0.52% | -6.63% | -77.09% | -10700.76% |
| Operating Income Growth % | - | 163.62% | 82.68% | -51318.57% | 158.59% | 68.74% | -1387.41% | - |
| EBITDA | 104.84M | 198.44M | 23.18M | -126.61M | 7.99M | 685K | -949K | 52.65K |
| EBITDA Margin % | 16.14% | 39.61% | 12.38% | -167.67% | 13.53% | 8.67% | -43.65% | 5000.28% |
| EBITDA Growth % | -21.38% | 756.05% | 118.31% | -1684.74% | 1066.28% | 172.18% | -1902.37% | - |
| D&A (Non-Cash Add-back) | 298.06M | 181.12M | 50.41M | 30.64M | 7.68M | 1.21M | 727K | 165.33K |
| EBIT | 391.2M | 20.57M | -19.2M | -40.47M | 462K | -480K | -1.69M | -165.33K |
| Net Interest Income | 2.54M | -3.54M | 5.73M | -15.44M | -308.47M | -45.63M | -101.23K | 1.05K |
| Interest Income | 34.33M | 7.5M | 5.83M | 924K | 57.29K | 4.47K | 2.68K | 1.5K |
| Interest Expense | 31.79M | 11.04M | 98K | 16.36M | 308.53M | 45.63M | 103.91K | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 269.69M | 93.5M | -25.47M | -169.44M | -417.05M | -59.15M | -2.14M | -161.12K |
| Pretax Margin % | 41.53% | 18.66% | -13.6% | -224.39% | -706.41% | -748.94% | -98.53% | -15301.04% |
| Income Tax | 63.76M | 6.56M | 3.45M | 2.39M | 2.72M | 1.24M | 0 | 0 |
| Effective Tax Rate % | 23.64% | 7.02% | -13.56% | -1.41% | -0.65% | -2.09% | 0% | 0% |
| Net Income | 205.93M | 86.94M | -28.92M | -171.83M | -419.77M | -60.39M | -2.14M | -161.12K |
| Net Margin % | 31.71% | 17.35% | -15.45% | -227.56% | -711.03% | -764.62% | -98.53% | -15301.04% |
| Net Income Growth % | 677.86% | 400.63% | 83.17% | 59.07% | -595.1% | -2719.33% | -1229.44% | - |
| Net Income (Continuing) | 205.93M | 86.94M | -28.92M | -171.83M | -419.77M | -60.39M | -2.14M | -161.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.91 | 0.39 | -0.29 | -3.14 | -10.25 | -1.07 | -0.04 | -0.01 |
| EPS Growth % | -6.05% | 234.48% | 90.76% | 69.37% | -857.94% | -2664.86% | - | - |
| EPS (Basic) | - | 0.41 | -0.29 | -3.14 | -10.25 | -1.14 | -0.04 | -0.01 |
| Diluted Shares Outstanding | 226.18M | 223.25M | 99.64M | 54.78M | 40.94M | 56.72M | 55.04M | 16.3M |
| Basic Shares Outstanding | 216.62M | 214.59M | 99.64M | 54.78M | 40.94M | 52.93M | 55.04M | 16.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Extreme Bitcoin Price Sensitivity
As evidenced by the most recent quarterly data, IREN's gross margin has experienced extreme fluctuations, collapsing from a peak of 95.0% in 2025Q3 to a negative 11.3% in 2026Q3, highlighting the inherent instability of the company's primary revenue streams in the current market environment.
The dramatic swing in gross margins suggests that the company's cost structure is highly sensitive to external factors, likely including Bitcoin network difficulty and power pricing volatility. Investors should monitor whether the recent negative margins represent a structural shift in production economics or merely a temporary impact from the post-halving environment.
Based on the provided financial statements, IREN's operating income has consistently struggled to scale, with SG&A expenses reaching $52.6 million in 2026Q3, which significantly outstripped the company's ability to generate positive operating margins during the same period of intense operational expansion.
The inability to maintain positive operating income despite revenue generation indicates that corporate overhead and infrastructure maintenance costs are currently scaling faster than top-line growth. This trend suggests that the company's current operational model may require significantly higher revenue volume to achieve sustainable operating leverage.
According to the reported income statement figures, IREN's net income has shown erratic behavior, including a notable $384.6 million profit in 2026Q1 followed by a $172.2 million loss in 2026Q3, which implies that non-operating items or accounting adjustments are heavily influencing the bottom line.
The wide variance between operating income and net income suggests that investors should be cautious about relying on headline EPS as a measure of core business health. These distortions warrant further investigation into the nature of non-cash gains or tax-related items that appear to be masking the underlying operational performance.
As reported in the quarterly filings, IREN's SG&A expenses have surged from $4.4 million in 2024Q2 to $52.6 million in 2026Q3, indicating a rapid increase in fixed costs that is placing significant pressure on the company's ability to maintain profitability during periods of revenue contraction.
The sharp rise in SG&A suggests that the company is investing heavily in administrative and operational support, likely to facilitate its pivot toward AI cloud services. However, the lack of corresponding margin expansion suggests that this expense discipline may be insufficient to offset the rising costs of maintaining a large-scale compute infrastructure.
Quick answers to the most common questions about buying IREN stock.
IREN Limited (IREN) is profitable, generating $86.9M in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
IREN Limited (IREN) reported an operating income of $17.3M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
IREN Limited (IREN) generated $342.0M in gross profit for the year, representing a gross profit margin of 68.3%. This demonstrates the company's core pricing power and production efficiency.