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Iris Energy IREN Gross margin

Gross margin at other companies

Cipher Digital, Inc.
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60%+1.0pp
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64%+19.1pp
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Applied DigitalAPLD
34.4%+5.9pp
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Hut 8 Mining Corp.HUT
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CoreWeave, Inc.
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CoreWeave, Inc. CRWV
69.4%-4.9pp

Other financials

Income statement

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Revenue$144.8M0.0%
Gross profit$104.9M+1.9%
Operating income-$233.5M-899%
Net income-$247.8M-1,435%
EPS (diluted)-$0.74-957%

Balance sheet

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Cash & equivalents$2.2B+1,101%
Total debt$399.2M
Total equity$2.7B+98.2%
Total assets$7.3B

Cash flow

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Operating cash flow$75.3M-19.1%
CapEx$949.2M+2,548%
Free cash flow-$873.8M-1,602%

Valuation

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Market cap$21.43B+753%
Enterprise value$19.61B
P/E135.6×
P/S28.3×+21.3×

Profitability

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Operating margin-54%-56.2pp
Net margin20.9%+13.4pp
FCF margin-193%-522pp

Returns & leverage

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Return on equity7.9%
Debt / equity0.1×
Current ratio3.7×

Where this comes from

Calculated from Iris Energy’s reported figures.

Based on trailing twelve months.

The official record: Iris Energy’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Iris Energy's gross margin?
Iris Energy (IREN) reported gross margin of 68.4% in Q1 2026.
How has Iris Energy's gross margin changed year-over-year?
Iris Energy's gross margin increased by 6.0% year-over-year, from 64.5% to 68.4%.
What is the long-term trend for Iris Energy's gross margin?
Over 2 years (2023 to 2025), Iris Energy's gross margin has grown at a 19.5% compound annual growth rate (CAGR), from 47.8% to 68.3%.
What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.