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Iris Energy IREN Operating margin

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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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Gross margin68.4%+3.9pp
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 operating margin?
Iris Energy (IREN) reported operating margin of -54% in Q1 2026.
How has Iris Energy's operating margin changed year-over-year?
Iris Energy's operating margin decreased by 2539.3% year-over-year, from -2% to -54%.
What is the long-term trend for Iris Energy's operating margin?
Over 2 years (2023 to 2025), Iris Energy's operating margin has grown at a -87.1% compound annual growth rate (CAGR), from -208.2% to 3.5%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.