Iren (IREN) Operating Expenses (2024 - 2026)

Iren (IREN) reported Operating Expenses of $81.8 million for Q1 2026, up 180.96% year-over-year from $29.1 million in Q1 2025, and down 18.86% quarter-over-quarter from $100.8 million in Q4 2025.

Iren (IREN) Operating Expenses (2024 - 2026) Analysis & Trends

Iren (IREN) has 3 years of Operating Expenses data on file, last reported at $81.8 million in Q1 2026.

  • Operating Expenses for Q1 2026 came in at $81.8 million, up 180.96% year-over-year; the trailing twelve-month figure through Mar 2026 was $374.2 million (up 349.92% YoY), and the FY2025 annual result was $136.5 million, up 12.71% from the prior year.
  • Operating Expenses retreated to $81.8 million in Q1 2026 per IREN's latest filing, from $100.8 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $138.4 million in Q3 2025 and troughed at $25.2 million in Q3 2024.
  • A 3-year average of $65.3 million and a median of $53.3 million in 2025 frame the typical range for Operating Expenses.
  • The sharpest annual moves came in 2025 and 2026: Operating Expenses surged 449.65% in 2025, then jumped 180.96% in 2026.
  • A 3-year view of Operating Expenses shows it stood at $28.9 million in 2024, then soared by 248.73% to $100.8 million in 2025, then retreated by 18.86% to $81.8 million in 2026.
  • Business Quant data shows IREN's Operating Expenses at $81.8 million in Q1 2026, $100.8 million in Q4 2025, and $138.4 million in Q3 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 SOL Strategies 94,425.84 Bn 94,425.84 Bn - 386,258.80
2 Morgan Stanley 349.82 Bn 216.29 Bn - 13.47 Bn
3 Goldman Sachs 333.85 Bn -603.70 Bn - 10.43 Bn
4 Schwab Charles 160.31 Bn 115.33 Bn - 3.29 Bn
5 Robinhood Markets 97.28 Bn 92.64 Bn 960.00 Mn 656.00 Mn
6 Interactive Brokers 42.79 Bn 53.38 Bn - 381.00 Mn
7 LPL Financial Holdings 23.54 Bn 22.51 Bn - 4.45 Bn
8 Tradeweb Markets 21.20 Bn 19.96 Bn - 330.51 Mn
9 Iren 19.97 Bn 17.75 Bn 144.76 Mn 81.75 Mn
10 Circle Internet 19.67 Bn 18.16 Bn 35.01 Mn 242.35 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 81.75 Mn
Dec 31, 2025 100.76 Mn
Sep 30, 2025 138.36 Mn
Jun 30, 2025 53.30 Mn
Mar 31, 2025 29.10 Mn
Dec 31, 2024 28.89 Mn
Sep 30, 2024 25.17 Mn