Terawulf (WULF) Operating Expenses (2010 - 2026)
Terawulf (WULF) reported Operating Expenses of $185.22 million for Q2 2026, up 192.9% from $63.23 million a year earlier but down 5.6% from the prior quarter.
Powered by 
Analysis
Terawulf (WULF) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Terawulf's Operating Expenses came in at $578.78 million, up 71.3% year-over-year; for FY2025, it was $354.67 million, up 64.0% from FY2024.
- Operating Expenses has increased for five consecutive years, with a five-year compound annual growth rate of 128.5% (FY2020 to FY2025).
- By year, Operating Expenses came in at $216.27 million in FY2024 (+119.2%), $98.65 million in FY2023 (+67.8%), $58.78 million in FY2022 (+35.4%) and $43.4 million in FY2021 (+662.6%).
- Five-year quarterly Operating Expenses spans a low of $6.03 million in Q3 2021 and a high of $196.15 million in Q1 2026.
- Year over year, Operating Expenses gained in seven of the last eight quarters, with growth averaging 121.0%.
- The high point for year-over-year Operating Expenses in five years was Q1 2022 (growth of 458.0%); the low point was Q4 2025 (a decline of 11.4%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $196.15 million (Q1 2026), $122.16 million (Q4 2025) and $75.25 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,961.51 Bn | 3,884.67 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 215.03 Bn | 165.84 Bn | 9.91 Bn | 7.29 Bn |
| 3 | Cloudflare | 114.69 Bn | 98.22 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 98.17 Bn | 86.73 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 44.92 Bn | 18.35 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 36.20 Bn | 23.29 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 27.35 Bn | 24.56 Bn | 384.60 Mn | 138.30 Mn |
| 8 | Nutanix | 18.78 Bn | 10.46 Bn | 651.35 Mn | 581.36 Mn |
| 9 | GoDaddy | 13.53 Bn | 9.11 Bn | 828.20 Mn | 955.50 Mn |
| 10 | Terawulf | 5.64 Bn | -3.59 Bn | 32.37 Mn | 185.22 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 185.22 Mn |
| Mar 31, 2026 | 196.15 Mn |
| Dec 31, 2025 | 122.16 Mn |
| Sep 30, 2025 | 75.25 Mn |
| Jun 30, 2025 | 63.23 Mn |
| Mar 31, 2025 | 94.03 Mn |
| Dec 31, 2024 | 137.81 Mn |
| Sep 30, 2024 | 42.77 Mn |
| Jun 30, 2024 | 42.34 Mn |
| Mar 31, 2024 | 44.75 Mn |
| Dec 31, 2023 | 27.95 Mn |
| Sep 30, 2023 | 28.64 Mn |
| Jun 30, 2023 | 16.19 Mn |
| Mar 31, 2023 | 15.75 Mn |
| Dec 31, 2022 | 28.76 Mn |
| Sep 30, 2022 | 12.06 Mn |
| Jun 30, 2022 | 8.61 Mn |
| Mar 31, 2022 | 9.35 Mn |
| Dec 31, 2021 | 31.42 Mn |
| Sep 30, 2021 | 6.03 Mn |
API Access
Terawulf Operating Expenses 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=operating-expenses&ticker=WULF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=WULF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();