Revenue growth is volatile, with a reported 103.5% increase in Q4 2026, but structural margin erosion is evident as gross margins have compressed to 59.9% and operating margins collapsed to -37.8%.
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 |
|---|
| Sales/Revenue | 660.79B | 490.53B | 458.06B | 462.49B | 256.98B | 45.88B | 45.88B | 28B | 78.19B | 50.86B | 12.92B | 3.4B | 2.85B | 2.19B | 1.79B | 1.44B | 1.32B | 1.22B | 1.08B | 721.93M | 578.32M | 369.73M | 261.69M | 214.09M | 216.9M | 173.73M | 167.65M | 200.9M | 172.82M |
| Revenue Growth % | 34.71% | 7.09% | -0.96% | 79.97% | 460.11% | 0% | 63.83% | -64.18% | 53.73% | 293.77% | 279.55% | 19.61% | 30.08% | 22.17% | 24.16% | 8.96% | 8.42% | 12.57% | 50.19% | 24.83% | 56.42% | 41.28% | 22.23% | -1.29% | 24.85% | 3.63% | -16.55% | 16.25% | - |
| Cost of Goods Sold | 253.62B | 192.12B | 152.3B | 159.56B | 97.04B | 23.2B | 23.2B | 10.46B | 49.11B | 35.37B | 7.04B | 1.37B | 1.35B | 1.09B | 858.66M | 600.75M | 475.3M | 508.51M | 464.22M | 304.55M | 244.1M | 166.73M | 147.92M | 143.73M | 124.56M | 87.94M | 62.44M | 92.05M | 79.88M |
| COGS % of Revenue | - | 39.17% | 33.25% | 34.5% | 37.76% | 50.58% | 50.58% | 37.36% | 62.81% | 69.55% | 54.48% | 40.23% | 47.59% | 49.73% | 47.96% | 41.66% | 35.92% | 41.66% | 42.82% | 42.19% | 42.21% | 45.1% | 56.52% | 67.13% | 57.43% | 50.62% | 37.24% | 45.82% | 46.22% |
| Gross Profit | 407.17B | 298.41B | 305.75B | 302.93B | 159.94B | 22.68B | 22.68B | 17.54B | 29.07B | 15.49B | 5.88B | 2.03B | 1.49B | 1.1B | 931.66M | 841.17M | 848.03M | 712.08M | 620.02M | 417.38M | 334.22M | 203M | 113.78M | 70.37M | 92.34M | 85.79M | 105.21M | 108.85M | 92.94M |
| Gross Margin % | 61.62% | 60.83% | 66.75% | 65.5% | 62.24% | 49.42% | 49.42% | 62.64% | 37.19% | 30.45% | 45.52% | 59.77% | 52.41% | 50.27% | 52.04% | 58.34% | 64.08% | 58.34% | 57.18% | 57.81% | 57.79% | 54.9% | 43.48% | 32.87% | 42.57% | 49.38% | 62.76% | 54.18% | 53.78% |
| Gross Profit Growth % | - | -2.4% | 0.93% | 89.4% | 605.33% | 0% | 29.26% | -39.66% | 87.71% | 163.42% | 189.09% | 36.42% | 35.6% | 18.02% | 10.76% | -0.81% | 19.09% | 14.85% | 48.55% | 24.88% | 64.64% | 78.42% | 61.69% | -23.79% | 7.63% | -18.46% | -3.34% | 17.11% | - |
| Operating Expenses | 136.05B | 266B | 590.79B | 415.27B | -49.63B | 43.71B | 43.71B | 64.41B | -23M | 12.1B | -14.02B | -3.42B | 253M | 23.93M | 174.88M | 255.77M | 308.3M | 416.36M | 365.18M | 223.37M | 131.57M | 61.9M | 8.7M | 50.14M | 140.67M | 46.42M | 59.73M | 48.38M | 43.79M |
| OpEx % of Revenue | - | 54.23% | 128.98% | 89.79% | -19.31% | 95.26% | 95.26% | 229.99% | -0.03% | 23.8% | -108.57% | -100.59% | 8.89% | 1.09% | 9.77% | 17.74% | 23.3% | 34.11% | 33.68% | 30.94% | 22.75% | 16.74% | 3.32% | 23.42% | 64.86% | 26.72% | 35.63% | 24.08% | 25.34% |
| Selling, General & Admin | 94.32B | 91.27B | 69.81B | 99.4B | 42.41B | 10.24B | 10.24B | 5.71B | 19.21B | 14.47B | 3.09B | 530M | 443M | 300.97M | 259.12M | 307.06M | 380.69M | 383.53M | 369.42M | 249.32M | 155.9M | 107.56M | 73.52M | 67.67M | 73.87M | 43.19M | 46.43M | 38.38M | 35.09M |
| SG&A % of Revenue | - | 18.61% | 15.24% | 21.49% | 16.51% | 22.32% | 22.32% | 20.37% | 24.57% | 28.46% | 23.92% | 15.57% | 15.57% | 13.76% | 14.47% | 21.3% | 28.77% | 31.42% | 34.07% | 34.54% | 26.96% | 29.09% | 28.1% | 31.61% | 34.06% | 24.86% | 27.69% | 19.1% | 20.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 174.73B | 520.98B | 315.87B | -92.05B | 33.47B | 33.47B | 58.7B | -19.23B | -2.37B | -17.11B | -3.95B | -190M | -277.04M | -84.24M | -51.29M | -72.39M | 32.83M | -4.24M | -25.95M | -24.33M | -45.66M | -64.82M | -17.53M | 66.8M | 3.23M | 13.3M | 9.99M | 8.7M |
| Operating Income | 271.12B | 32.4B | -285.04B | -112.35B | 209.57B | -21.03B | -21.03B | -46.86B | 29.1B | 3.38B | 19.9B | 5.46B | 1.24B | 1.08B | 756.78M | 585.4M | 539.73M | 295.72M | 254.84M | 194.01M | 202.65M | 141.09M | 105.08M | 20.23M | -48.34M | 39.37M | 45.48M | 60.47M | 49.15M |
| Operating Margin % | 41.03% | 6.61% | -62.23% | -24.29% | 81.55% | -45.84% | -45.84% | -167.34% | 37.22% | 6.66% | 154.1% | 160.36% | 43.51% | 49.18% | 42.27% | 40.6% | 40.79% | 24.23% | 23.5% | 26.87% | 35.04% | 38.16% | 40.15% | 9.45% | -22.29% | 22.66% | 27.13% | 30.1% | 28.44% |
| Operating Income Growth % | - | 111.37% | -153.71% | -153.61% | 1096.5% | 0% | 55.12% | -261.05% | 759.62% | -82.99% | 264.72% | 340.79% | 15.09% | 42.13% | 29.28% | 8.46% | 82.52% | 16.04% | 31.36% | -4.26% | 43.63% | 34.28% | 419.52% | 141.84% | -222.78% | -13.44% | -24.79% | 23.04% | - |
| EBITDA | 299.19B | 42.18B | -275.91B | -102.51B | 217.03B | -18.77B | -18.77B | -46.3B | 38.73B | 11B | 21.43B | 5.49B | 1.46B | 1.3B | 925.66M | 739.53M | 698.84M | 429.09M | 368.41M | 290.07M | 284.05M | 216.02M | 173.83M | 99.44M | -26.75M | 51.18M | 58.78M | 70.46M | 57.85M |
| EBITDA Margin % | 45.28% | 8.6% | -60.23% | -22.16% | 84.45% | -40.9% | -40.9% | -165.34% | 49.53% | 21.62% | 165.95% | 161.33% | 51.46% | 59.24% | 51.7% | 51.29% | 52.81% | 35.15% | 33.98% | 40.18% | 49.12% | 58.43% | 66.42% | 46.45% | -12.33% | 29.46% | 35.06% | 35.07% | 33.47% |
| EBITDA Growth % | 609.33% | 115.29% | -169.16% | -147.23% | 1256.55% | 0% | 59.47% | -219.57% | 252.12% | -48.69% | 290.42% | 275% | 12.99% | 39.97% | 25.17% | 5.82% | 62.87% | 16.47% | 27.01% | 2.12% | 31.49% | 24.27% | 74.81% | 471.75% | -152.27% | -12.94% | -16.58% | 21.81% | - |
| D&A (Non-Cash Add-back) | 28.07B | 9.78B | 9.13B | 9.84B | 7.45B | 2.27B | 2.27B | 560M | 9.63B | 7.61B | 1.53B | 33M | 226M | 220.02M | 168.88M | 154.13M | 159.1M | 133.37M | 113.57M | 96.06M | 81.4M | 74.93M | 68.75M | 79.21M | 21.59M | 11.81M | 13.3M | 9.99M | 8.7M |
| EBIT | 649.26B | 203.04B | -55.46B | 44.55B | 368.06B | -1.72B | -1.72B | -54.83B | 3.79B | 8.89B | 17.92B | 4.34B | -424M | 751.01M | 620.19M | 675.12M | 672.78M | 334.58M | 256.89M | 194.01M | 202.65M | 141.09M | 105.08M | 20.23M | -48.34M | 39.37M | 45.48M | 60.47M | 49.15M |
| Net Interest Income | -65.58B | -47.94B | -16.46B | -39.55B | -61.67B | -21.38B | 16.16M | 22.49M | 37.94M | 45.57M | 63.99M | -633M | 11.11M | 7.74M | 5.99M | 4.99M | -126.2M | -119.05M | -82.14M | -43.36M | 4.25M | -12.21M | 0 | 0 | -6.61M | 0 | 0 | 0 | 0 |
| Interest Income | 13.1B | 3.6B | 23.9B | 5.52B | 4.73B | 1.62B | 16.16M | 22.49M | 37.94M | 45.57M | 63.99M | 0 | 11.11M | 7.74M | 5.99M | 4.99M | 20.2M | 1.91M | 13.86M | 21.66M | 4.25M | 0 | 0 | 0 | 9.91M | 0 | 0 | 0 | 0 |
| Interest Expense | 78.68B | 51.54B | 40.36B | 45.07B | 66.4B | 23B | 0 | 0 | 0 | 0 | 0 | 627.77M | 0 | 0 | 0 | 0 | 146.4M | 120.96M | 96M | 65.01M | 0 | 12.21M | 0 | 0 | 16.52M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 402.65B | 126.43B | 173.31B | 94.06B | 92.08B | -3.69B | -3.69B | -15.15B | -43.46B | -7.68B | -4.32B | -1.75B | -2.13B | -645.58M | -415.17M | -141.01M | -13.35M | -82.09M | -93.95M | 27.9M | -19.89M | 38.43M | 21.78M | 266.36M | -454.23M | -67.43M | -32.88M | -11.99M | -10.76M |
| Pretax Income | 570.14B | 158.83B | -111.73B | -18.29B | 301.65B | -24.72B | -24.72B | -62.01B | -14.37B | -4.3B | 15.59B | 3.71B | -895M | 430.06M | 341.61M | 444.39M | 526.38M | 213.62M | 160.89M | 221.91M | 182.76M | 179.53M | 126.85M | 286.59M | -502.56M | -28.06M | 12.6M | 48.48M | 38.39M |
| Pretax Margin % | 86.28% | 32.38% | -24.39% | -3.95% | 117.38% | -53.89% | -53.89% | -221.45% | -18.37% | -8.45% | 120.67% | 109.05% | -31.46% | 19.66% | 19.08% | 30.82% | 39.78% | 17.5% | 14.84% | 30.74% | 31.6% | 48.56% | 48.47% | 133.86% | -231.71% | -16.15% | 7.51% | 24.13% | 22.21% |
| Income Tax | 149.81B | 45.08B | -64.6B | -334.19B | 22.18B | 76.62B | 76.62B | -6.76B | -11.13B | 1.49B | 6.33B | 1.58B | -64M | 132.85M | 116.94M | 91.2M | 148.43M | 80.33M | 78.11M | 85.54M | 58.86M | 53.19M | 25.81M | -1.41M | 10.24M | 2.59M | 6.69M | 4M | 1.6M |
| Effective Tax Rate % | 26.28% | 28.38% | 57.82% | 1827.28% | 7.35% | -309.9% | -309.9% | 10.9% | 77.51% | -34.71% | 40.58% | 42.6% | 7.15% | 30.89% | 34.23% | 20.52% | 28.2% | 37.61% | 48.55% | 38.55% | 32.2% | 29.63% | 20.34% | -0.49% | -2.04% | -9.22% | 53.12% | 8.25% | 4.17% |
| Net Income | 392.91B | 109.57B | -40.61B | 312.05B | 276.74B | -105.8B | -105.8B | -54.99B | 21.05B | -1.12B | 9.53B | 1.9B | -786M | 238.74M | 203.89M | 294.79M | 334.5M | 158.63M | 54.88M | 104.66M | 96.68M | 103.2M | 88.16M | 288M | -512.81M | -30.65M | 5.9M | 44.48M | 36.79M |
| Net Margin % | 59.46% | 22.34% | -8.87% | 67.47% | 107.69% | -230.6% | -230.6% | -196.36% | 26.92% | -2.2% | 73.82% | 55.77% | -27.63% | 10.92% | 11.39% | 20.44% | 25.28% | 13% | 5.06% | 14.5% | 16.72% | 27.91% | 33.69% | 134.52% | -236.43% | -17.64% | 3.52% | 22.14% | 21.29% |
| Net Income Growth % | 258.6% | 369.83% | -113.01% | 12.76% | 361.57% | 0% | -92.41% | -361.26% | 1979.2% | -111.75% | 402.32% | 341.48% | -429.23% | 17.09% | -30.83% | -11.87% | 110.86% | 189.08% | -47.57% | 8.25% | -6.32% | 17.06% | -69.39% | 156.16% | -1573.21% | -619.03% | -86.72% | 20.89% | - |
| Net Income (Continuing) | 420.33B | 113.75B | -47.13B | 315.9B | 279.47B | -101.34B | -101.34B | -55.25B | -3.23B | -5.79B | 9.26B | 2.13B | -831M | 297.21M | 224.68M | 353.19M | 377.95M | 133.29M | 82.78M | 104.66M | 96.68M | 103.2M | 88.16M | 288M | -512.81M | -30.65M | 5.9M | 44.48M | 36.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -31.55B | -8.11B | -2.38B | 36.44B | 8.84B | 817M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 140.66B | 80.07B | 73.79B | 82.97B | 23.44B | 34.26B | 34.26B | 53.74B | 37.12B | 21.47B | 12.39B | 376.64M | 548.35M | 385.15M | 362.93M | 316.83M | 563.11M | 464.38M | 456.18M | 440.15M | 450.49M | 445.65M | 471.84M | 443.73M | 77.2M | 58.46M | 57.56M | 57.77M | 54.69M |
| EPS (Diluted) | 50438.29 | 18515.00 | -392.50 | 37.00 | 3391.40 | -1831.90 | 822.50 | -1007.90 | -294.90 | -190.70 | 134.10 | -0.70 | -13.50 | 4.10 | 4.80 | 4.80 | 5.70 | 2.70 | 1.00 | 1.90 | 2.30 | 2.30 | 1.60 | 13.40 | -26.10 | -1.40 | 0.30 | 2.10 | 2.10 |
| EPS Growth % | 58.64% | 4817.2% | -1160.81% | -98.91% | 285.13% | -322.72% | 181.61% | -241.78% | -54.64% | -242.21% | 19257.14% | 94.81% | -429.27% | -14.58% | 0% | -15.79% | 111.11% | 170% | -47.37% | -17.39% | 0% | 43.75% | -88.06% | 151.34% | -1764.29% | -566.67% | -85.71% | 0% | - |
| EPS (Basic) | - | 21140.00 | -392.60 | 40.60 | 3655.80 | -1831.90 | 827.80 | -1007.90 | -294.90 | -190.70 | 135.00 | -0.70 | -13.50 | 4.10 | 4.80 | 4.80 | 5.70 | 2.70 | 1.00 | 2.30 | 2.50 | 3.60 | 3.90 | 13.40 | -26.10 | -1.40 | 0.30 | 2.10 | 2.10 |
| Diluted Shares Outstanding | 7.79M | 76.51M | 74.2M | 69.09M | 69.83M | 57.76M | 53.48M | 57.5M | 58.65M | 58.25M | 58.65M | 58.55M | 58.35M | 58.62M | 58.62M | 58.62M | 58.62M | 58.62M | 55.64M | 54.18M | 42.54M | 45.54M | 56.85M | 21.52M | 19.62M | 21.47M | 20.73M | 21.17M | 17.22M |
| Basic Shares Outstanding | 7.79M | 76.51M | 74.19M | 69.09M | 69.83M | 57.76M | 53.11M | 57.5M | 58.25M | 58.25M | 58.25M | 58.14M | 58.35M | 58.62M | 58.62M | 58.62M | 58.62M | 58.62M | 55.64M | 45.15M | 39.13M | 28.31M | 22.89M | 21.52M | 19.62M | 21.47M | 20.73M | 21.17M | 17.22M |
| Dividend Payout Ratio | - | - | - | 53.59% | 0.52% | - | - | - | 6.61% | - | - | 3.64% | - | 164.09% | 129.26% | 84.11% | 16.56% | 14.84% | 44.34% | - | - | 9.98% | 5.53% | - | - | - | 272.86% | 25.84% | 34.78% |
Quick answers to the most common questions about buying IRS stock.
For fiscal year 2025, IRSA Inversiones y Representaciones Sociedad Anónima (IRS) reported total revenue of $490.53B. This represents a 283731.9% increase compared to $172.8M in 1998.
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) is profitable, generating $109.57B in net income for the fiscal year ending 2025 with a net profit margin of 22.3%.
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) reported an operating income of $32.40B, resulting in an operating profit margin of 6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) generated $298.41B in gross profit for the year, representing a gross profit margin of 60.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Hyperinflation distorts true operating performance
Revenue Growth Masked by Accounting Noise
IRS's top line exhibits extreme quarterly volatility, with reported revenue growth swinging from 103.5% in Q4 2026 to -0.1% in Q4 2025, driven primarily by the timing of Sales and Development project completions and hyperinflationary restatements.
The lumpy revenue pattern, particularly the massive Q1 2026 figure followed by a sharp reversion, suggests the core recurring rental business is being overshadowed by large, non-recurring transactions. This makes year-over-year growth comparisons unreliable for assessing underlying commercial momentum. Investors should focus on sequential quarterly trends in the Shopping Mall segment to gauge true consumer demand, rather than headline figures heavily influenced by project deliveries and IAS 29 adjustments.
Structural Margin Erosion Under Inflationary Pressure
Gross margins have compressed from 65.1% in Q4 2024 to 59.9% in Q4 2026, while operating margins have collapsed to negative 37.8% in the latest quarter, indicating cost pressures and non-cash items are severely impacting profitability.
The persistent decline in gross margin suggests that the company's ability to pass through inflationary cost increases to tenants may be lagging, or that the mix is shifting toward lower-margin activities. The extreme volatility in operating margin, especially the deeply negative figure in Q4 2026 despite solid revenue, points to significant non-operating charges or fair value losses that are distorting the core rental profitability. This erosion of margins appears to be a structural challenge rather than a cyclical blip, necessitating a clear understanding of the underlying funds from operations.
Net Income Distorted by Non-Operating Items
Reported net income is highly volatile, with a net margin of 85.3% in Q4 2026 coexisting with a negative operating margin, implying that bottom-line results are dominated by fair value gains and hyperinflationary accounting adjustments rather than operational cash flow.
The stark disconnect between operating loss and net profit in the most recent quarter is a classic red flag for earnings quality, suggesting the results are heavily influenced by non-cash revaluations of investment properties or gains from monetary positions. This pattern, repeated throughout the data, makes EPS a nearly meaningless metric for valuation without a detailed adjustment for items like the 'Gain/Loss from Exposure to Changes in the Purchasing Power of Money' (RECPAM). Analysts must recalibrate to a Cash FFO basis to assess true distributable earnings.
SG&A Discipline Fails to Offset Margin Pressure
Selling, General & Administrative expenses as a percentage of revenue have fluctuated wildly, from a lean 10.2% in Q4 2025 to a bloated 22.0% in Q3 2026, indicating inconsistent overhead management relative to the scale of operations.
The erratic SG&A ratio suggests that certain fixed cost components are not being managed effectively during periods of lower revenue, such as Q3 2026. While the absolute level of SG&A appears controlled, its relationship to the volatile top line creates unpredictable operating leverage. The absence of any R&D spending is consistent with the company's real estate focus but underscores that all operational efficiency must come from optimizing the existing property portfolio and its associated cost structure.
The Hyperinflationary Pivot to Negative Margins
The quarter of Q1 2025 represents a critical operational inflection point, with a catastrophic negative operating margin of -2.1% and a net margin of -117.6%, signaling a severe breakdown in the translation of revenue to profit during acute macroeconomic stress.
This period appears to mark the moment when the pressures of Argentina's hyperinflationary environment overwhelmed the business model, likely through a combination of skyrocketing costs and severe currency translation losses. The subsequent recovery in profitability in later quarters is welcome, but it appears fragile and non-linear. This inflection serves as a stark reminder that the company's financial statements are as much a reflection of monetary policy as they are of property management, with lasting impacts on investor perception of earnings stability.
The Accounting Mirage Masks Operational Weakness
The strongest challenge to the income statement narrative is that the core operating business is generating negligible or negative cash profit, as evidenced by the persistent inability of operating income to translate consistently into positive net income across the period.
Short-sellers would focus on the fact that in several quarters, including the most recent, the company's fundamental operations (represented by operating income) are losing money, while paper profits are conjured through accounting adjustments. The reliance on non-cash items to produce a net profit raises serious questions about the sustainability of dividends and the true value of the asset base when adjusted for real purchasing power. This creates a scenario where the reported financial strength could be a mirage, vulnerable to a sharp correction if inflation dynamics shift or if the market demands a return based on cash generation rather than accounting profits.