Terawulf (WULF) Operating Income (2010 - 2026)

Terawulf (WULF) posted Operating Income of -$162.1 million for Q1 2026, down 87.83% sequentially from -$86.3 million in Q4 2025, and down 171.92% YoY from $225.4 million in Q1 2025.

Terawulf (WULF) Operating Income (2010 - 2026) Analysis & Trends

Terawulf (WULF) has 17 years of Operating Income data on file, last reported at -$162.1 million in Q1 2026.

  • Quarterly Operating Income fell 171.92% year-over-year to -$162.1 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was -$288.7 million (down 116.23% YoY) and the FY2025 annual result came in at -$186.2 million, down 144.32% from the prior year.
  • Operating Income declined to -$162.1 million in Q1 2026 per WULF's latest filing, from -$86.3 million in the prior quarter.
  • The five-year high for Operating Income was -$2.3 million in Q1 2024, with the low at -$162.1 million in Q1 2026.
  • Average Operating Income over 5 years is -$29.3 million, with a median of -$13.4 million recorded in 2022.
  • Year-over-year, Operating Income jumped 74.88% in 2024 and tumbled 2474.61% in 2025.
  • Terawulf's Operating Income stood at -$13.4 million in 2022, then surged by 65.15% to -$4.7 million in 2023, then slumped by 1002.1% to -$51.4 million in 2024, then sank by 67.87% to -$86.3 million in 2025, then slumped by 87.83% to -$162.1 million in 2026.
  • Business Quant data shows WULF's Operating Income at -$162.1 million in Q1 2026, -$86.3 million in Q4 2025, and -$24.7 million in Q3 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Op. Inc (Qtr)
1 Morgan Stanley 330.70 Bn 197.17 Bn - -
2 Goldman Sachs 309.79 Bn -627.76 Bn - -
3 Schwab Charles 167.21 Bn 122.24 Bn - -
4 Futu Holdings 111.36 Bn 109.19 Bn 733.58 Mn 532.81 Mn
5 Robinhood Markets 97.69 Bn 93.05 Bn 960.00 Mn 304.00 Mn
6 LPL Financial Holdings 23.49 Bn 22.47 Bn - -
7 Tradeweb Markets 21.59 Bn 20.34 Bn - 287.25 Mn
8 Circle Internet 15.14 Bn 13.62 Bn 35.01 Mn 45.00 Mn
9 Iren 14.46 Bn 12.24 Bn 144.76 Mn -233.52 Mn
10 Terawulf 9.97 Bn 7.15 Bn 31.65 Mn -162.14 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 -162.14 Mn
Dec 31, 2025 -86.32 Mn
Sep 30, 2025 -24.67 Mn
Jun 30, 2025 -15.59 Mn
Mar 31, 2025 -59.63 Mn
Dec 31, 2024 -51.42 Mn
Sep 30, 2024 -15.71 Mn
Jun 30, 2024 -6.77 Mn
Mar 31, 2024 -2.32 Mn
Dec 31, 2023 -4.67 Mn
Sep 30, 2023 -9.69 Mn
Jun 30, 2023 -5.85 Mn
Mar 31, 2023 -9.22 Mn
Dec 31, 2022 -13.39 Mn
Sep 30, 2022 -13.37 Mn
Jun 30, 2022 -7.82 Mn
Mar 31, 2022 -9.17 Mn
Dec 31, 2021 -41.72 Mn
Sep 30, 2021 -6.03 Mn
Jun 30, 2021 -644,093.00