EARNINGS RESULTS · Q4 2026

IREN Q4 2026: Revenue Down 26.73%, Operating Margin -426.15%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. Quarterly free cash flow was $0.48 bn. The dated assessment on 2026-10-08 was wait at a reference price of $38.69.

IREN · IRENPublished October 8, 2026Quarter ended June 30, 2026

Q4 2026: What the Quarter Delivered

Revenue: $0.14 bn
Revenue growth YoY: -26.7%
Operating income: -$0.58 bn
Operating margin: -426.1%
Diluted EPS, GAAP: -$2.52

IREN reported $0.14 bn of revenue in Q4 2026. Revenue fell 26.73% from the comparable prior-year quarter. Operating loss was $0.58 bn, with an operating margin of -426.15%. Reported diluted EPS was -$2.52.

Revenue declined from the comparable fiscal quarter, while the operating loss deepened.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of -426.15%: $426.15 of operating loss for every $100 of revenue, before interest and tax.

The operating results do not yet support calling IREN a high-quality profit engine. Its operating margin, which measures operating profit relative to revenue, has deteriorated as the business changes shape.

What the Reported Earnings Include

Other non-operating income: -$0.12 bn
GAAP net income: -$0.68 bn
Diluted weighted-average shares: 0.27 bn shares

Q4 2026 GAAP net income was -$0.68 bn. Other non-operating income was -$0.12 bn.

The latest reported net loss reflects an operating loss alongside negative other non-operating income.

Earlier positive reported earnings do not establish durable operating profitability either.

Cash Left After Investment

Operating cash flow: $2.1 bn
Cash flow after reported cash capital purchases: -$0.9 bn
Quarterly operating cash flow: $1.81 bn
Quarterly cash CapEx: $1.33 bn
Quarterly OCF less cash PPE purchases: $0.48 bn

In Q4 2026, operating cash flow of $1.81 bn less cash capital expenditure of $1.33 bn left $0.48 bn of free cash flow. Operations funded cash investment and left cash after that spending.

Operating cash flow was positive in the latest fiscal quarter and exceeded reported cash purchases of property, plant and equipment.

This cash measure excludes separately reported intangible purchases and finance-lease acquisitions. It is not a complete measure of the expansion bill. Customer deposits and prepayments are not necessarily recognized revenue, and the cash-flow totals alone do not establish why the latest operating cash inflow surged.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $38.69 dated 2026-10-07. This assessment relates to the Q4 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Contracted AI capacity enters service on schedule and produces recognized revenue.
Confirmation to watch: Operating results improve as new infrastructure serves paying customers.
Confirmation to watch: Funding terms become clearer and cash generation after reported cash capital purchases proves repeatable.
Risk to this assessment: Construction delays or service failures reduce customer payments or trigger contract termination rights.
Risk to this assessment: Hardware and conversion costs rise without being recoverable from customers.
Risk to this assessment: Additional borrowing or ordinary-share issuance weakens the shareholder outcome before the expansion proves its economics.

Companies to explore

Verdict: Invest