What is Iris Energy's net debt?

Iris Energy (IREN) reported net debt of -$1.81B in Q1 2026.

What does net debt mean?

Debt left over after using all the company's cash to pay it down.

How do you interpret net debt?

A negative value means net cash — more cash than debt, a position of strength. The numerator of net-debt/EBITDA, the most common leverage yardstick.

How does net debt compare across companies?

Most informative as net-debt/EBITDA; cash-rich balance sheets can show large total debt yet little or negative net debt.

Iris Energy IREN Net debt

Discontinued — last reported Q3 '26

Net debt at other companies

LPL Financial HoldingsLPLA

$7.18B+26.3%

Ready CapitalRC

$536.97M-34.3%

FTAI Aviation Ltd.FTAI

$2.5B+53.8%

CignaCI

-$13M+98.5%

Arthur J. GallagherAJG

-$314M-31,500%

PopularBPOP

——

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

See full

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

See full

Gross margin68.4%+3.9pp

Operating margin-54%-56.2pp

Net margin20.9%+13.4pp

FCF margin-193%-522pp

Returns & leverage

See full

Return on equity7.9%—

Debt / equity0.1×—

Current ratio3.7×—

Where this comes from

Calculated from Iris Energy’s reported figures.

$399.2Mtotal debt−$2.2Bcash and equivalents=-$1.81B

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 net debt?: Iris Energy (IREN) reported net debt of -$1.81B in Q1 2026.
What does net debt mean?: Debt left over after using all the company's cash to pay it down.
How do you interpret net debt?: A negative value means net cash — more cash than debt, a position of strength. The numerator of net-debt/EBITDA, the most common leverage yardstick.
How does net debt compare across companies?: Most informative as net-debt/EBITDA; cash-rich balance sheets can show large total debt yet little or negative net debt.