Iris Energy Limited (IREN) Cash Flow Statement
Where IREN’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $2.10B +754.2% vs FY2025
- Capital expenditures
- $4.33B 612.9% of revenue
- Free cash flow
- −$2.23B −315.8% margin
- Returned to shareholders
- —
- Change in cash
- $7.06B cash at year-end $7.62B
Drawn to scale: where the cash came from and how it was used. Hover for values.
IREN operating cash flow, capex and free cash flow
IREN cash flow trends, FY2025–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $245.9MFY2025 | $2.10BFY2026 | +754.2%/yr | |
| Capital expenditures | $1.37BFY2025 | $4.33BFY2026 | +215.7%/yr | |
| Free cash flow | −$1.13BFY2025 | −$2.23BFY2026 | — | |
| Free cash flow margin | −224.9%FY2025 | −315.8%FY2026 | −90.9 pts | |
| Stock-based compensation | $42.6MFY2025 | $205.0MFY2026 | +380.8%/yr | |
| Capex / revenue | 274.0%FY2025 | 612.9%FY2026 | +338.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IREN cash flow by activity
IREN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IREN cash flow statement
| FY2026 | FY2025 | |
|---|---|---|
| Operating activities | ||
| Net income | −$702.6M | $86.9M |
| Depreciation & amortization | $417.7M | $181.1M |
| Stock-based compensation | $205.0M | $42.6M |
| Change in working capital | $1.82B | −$5.4M |
| Other non-cash items | $355.6M | −$59.4M |
| Cash from operating activities | $2.10B | $245.9M |
| Investing activities | ||
| Capital expenditures | −$4.33B | −$1.37B |
| Investments (net) | $0 | −$1.38B |
| Acquisitions & other investing | −$389.9M | $1.37B |
| Cash from investing activities | −$4.72B | −$1.38B |
| Financing activities | ||
| Net borrowing (repayment) | $4.62B | $701.2M |
| Shares issued | $4.74B | $602.7M |
| Other financing | $318.6M | −$9.2M |
| Cash from financing activities | $9.68B | $1.29B |
| Summary | ||
| Net change in cash | $7.06B | $159.9M |
| Cash at end of period | $7.62B | $564.5M |
| Free cash flow | −$2.23B | −$1.13B |
| Free cash flow margin | −315.8% | −224.9% |
| Capex / revenue | 612.9% | 274.0% |
| Operating cash flow / net income | — | 2.83 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$684.0M | −$172.2M | −$155.4M | $384.6M | $113.4M | −$16.1M | −$21.9M |
| Depreciation & amortization | $112.1M | $121.2M | $99.2M | $85.2M | $40.9M | $47.3M | $36.1M |
| Stock-based compensation | $42.9M | $31.5M | $58.2M | $72.4M | — | $7.8M | $8.0M |
| Change in working capital | $36.8M | $3.4M | −$198.2M | $239.5M | −$22.8M | $12.6M | −$6.5M |
| Other non-cash items | $2.30B | $76.6M | $267.8M | −$639.4M | $127.3M | $41.6M | $37.9M |
| Cash from operating activities | $1.81B | $60.5M | $71.7M | $142.4M | $258.8M | $93.1M | $53.6M |
| Investing activities | |||||||
| Capital expenditures | −$1.98B | −$980.2M | −$836.9M | −$280.6M | −$242.7M | −$443.8M | −$187.6M |
| Investments (net) | $0 | — | — | −$280.9M | −$674.5M | −$301.6M | −$180.3M |
| Acquisitions & other investing | −$135.9M | −$89.7M | −$14.1M | $280.6M | $475.6M | $302.6M | $187.6M |
| Cash from investing activities | −$2.11B | −$1.07B | −$851.0M | −$280.9M | −$441.5M | −$442.9M | −$180.3M |
| Financing activities | |||||||
| Net borrowing (repayment) | $2.96B | −$17.6M | — | — | $389.9M | −$126,000 | $311.5M |
| Shares issued | $2.11B | $380.0M | $1.63B | $618.9M | $262.6M | $107.6M | $147.8M |
| Other financing | $639.8M | $23.1M | $1.38B | −$12.8M | −$229.8M | −$354,000 | −$2.4M |
| Cash from financing activities | $5.71B | $385.6M | $3.01B | $606.1M | $422.7M | $107.1M | $456.9M |
| Summary | |||||||
| Net change in cash | $5.41B | −$658.4M | $2.23B | $467.7M | $255.1M | −$242.9M | $328.7M |
| Cash at end of period | $7.62B | $1.52B | $3.26B | $1.03B | $370.0M | $184.3M | $427.3M |
| Free cash flow | −$167.1M | −$919.7M | −$765.2M | −$138.3M | $16.1M | −$350.7M | −$134.0M |
| Free cash flow margin | −121.8% | −635.1% | −414.3% | −57.5% | 8.6% | −242.2% | −115.4% |
| Capex / revenue | 1,441.8% | 677.0% | 453.1% | 116.8% | 129.6% | 306.4% | 161.5% |
| Operating cash flow / net income | — | — | — | 0.37 | 2.28 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IREN cash generation
In fiscal 2026 (ended June 30, 2026), Iris Energy generated $2.1 billion of cash from operations (up 754.2%) and spent $4.3 billion on capital expenditures, leaving free cash flow of -$2.2 billion, −315.8% of revenue. Cash and equivalents rose by $7.1 billion over the year.
Related: IREN income statement, IREN balance sheet. See the IREN stock overview for the latest quote and news.
IREN cash flow FAQ
What is Iris Energy's free cash flow?
Iris Energy's free cash flow was -$2.2 billion in fiscal 2026: $2.1 billion of operating cash flow minus $4.3 billion of capital expenditures It was -$1.1 billion a year earlier..
How much cash does Iris Energy generate from operations?
Iris Energy generated $2.1 billion of cash from operating activities in fiscal 2026.
How much does Iris Energy spend on capital expenditures?
Iris Energy spent $4.3 billion on capital expenditures in fiscal 2026, 612.9% of revenue, compared with $1.4 billion the year before.