Terawulf (WULF) Gross Margin (2010 - 2026)
Terawulf's Gross Margin came in at 72.30% for Q2 2026, up 18.68 percentage points from 53.62% a year earlier but down 20.76 percentage points from the prior quarter.
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Analysis
Terawulf (WULF) Gross Margin (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Terawulf reported Gross Margin of 69.26%, up 20.28 percentage points year-over-year; for FY2025, it was 50.93%, down 4.37 percentage points from FY2024.
- Gross Margin carries a five-year change of +21.86 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 55.30% in FY2024 (-5.25 pp), 60.54% in FY2023 (+34.27 pp) and 26.28% in FY2022.
- The five-year range for quarterly Gross Margin is -34.08% (Q3 2022) to 93.06% (Q1 2026).
- Year-over-year, Gross Margin increased in three of the last eight quarters, with an average year-over-year change of +4.23 percentage points.
- The fastest year-over-year change in Gross Margin over five years came in Q3 2023 (a gain of 90.46 percentage points), and the weakest in Q3 2022 (a drop of 67.44 percentage points).
- Business Quant data shows WULF's Gross Margin at 93.06% (Q1 2026), 47.28% (Q4 2025) and 66.15% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,978.22 Bn | 3,913.71 Bn | 62.56 Bn | 67.79% |
| 2 | International Business Machines | 234.30 Bn | 188.91 Bn | 9.71 Bn | 56.80% |
| 3 | Equinix | 98.75 Bn | 86.64 Bn | 1.31 Bn | 51.11% |
| 4 | Cloudflare | 87.20 Bn | 70.73 Bn | 499.52 Mn | 71.76% |
| 5 | Nebius | 29.33 Bn | 2.76 Bn | 448.70 Mn | 77.06% |
| 6 | Verisign | 28.15 Bn | 25.50 Bn | 393.20 Mn | 88.76% |
| 7 | CoreWeave | 24.27 Bn | 11.36 Bn | 1.70 Bn | 65.86% |
| 8 | Nutanix | 15.78 Bn | 7.47 Bn | 651.35 Mn | 86.03% |
| 9 | GoDaddy | 15.07 Bn | 10.45 Bn | 843.00 Mn | 62.83% |
| 10 | Terawulf | 4.95 Bn | -4.28 Bn | 32.37 Mn | 72.30% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 72.30% |
| Mar 31, 2026 | 93.06% |
| Dec 31, 2025 | 47.28% |
| Sep 30, 2025 | 66.15% |
| Jun 30, 2025 | 53.62% |
| Mar 31, 2025 | 28.64% |
| Dec 31, 2024 | 60.38% |
| Sep 30, 2024 | 45.82% |
| Jun 30, 2024 | 60.88% |
| Mar 31, 2024 | 66.05% |
| Dec 31, 2023 | 61.64% |
| Sep 30, 2023 | 56.38% |
| Jun 30, 2023 | 66.92% |
| Mar 31, 2023 | 56.63% |
| Dec 31, 2022 | 44.82% |
| Sep 30, 2022 | -34.08% |
| Jun 30, 2022 | 57.33% |
| Mar 31, 2022 | 85.25% |
| Sep 30, 2021 | 33.35% |
| Jun 30, 2021 | 33.62% |
API Access
Terawulf Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=WULF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "WULF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=WULF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();