Terawulf (WULF) Operating Leases (2021 - 2026)
Terawulf (WULF) reported Operating Leases of $21.22 million for Q2 2026, up 88.5% from $11.26 million a year earlier but down 2.5% from the prior quarter.
Powered by 
Analysis
Terawulf (WULF) Operating Leases (2021 - 2026) Analysis & Trends
At the end of FY2025, Terawulf posted Operating Leases of $22.31 million, up 551.0% from FY2024.
- Operating Leases has a four-year compound annual growth rate of 117.8% (FY2021 to FY2025).
- By year, Operating Leases came in at $3.43 million in FY2024 (+281.2%), $899,000 in FY2023 (-5.1%), $947,000 in FY2022 (-4.5%) and $992,000 in FY2021.
- Five-year quarterly Operating Leases spans a low of $859,000 in Q3 2024 and a high of $22.81 million in Q3 2025.
- Year over year, Operating Leases has now increased in each of the last three quarters, with growth averaging 289.5% over the last six quarters.
- The high point for year-over-year Operating Leases in five years was Q4 2025 (growth of 551.0%); the low point was Q3 2024 (a decline of 5.8%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $21.76 million (Q1 2026), $22.31 million (Q4 2025) and $22.81 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,961.51 Bn | 3,884.67 Bn | 60.48 Bn |
| 2 | International Business Machines | 215.03 Bn | 165.84 Bn | 9.91 Bn |
| 3 | Cloudflare | 114.69 Bn | 98.22 Bn | 499.52 Mn |
| 4 | Equinix | 98.17 Bn | 86.73 Bn | 1.40 Bn |
| 5 | Nebius | 44.92 Bn | 18.35 Bn | 448.70 Mn |
| 6 | CoreWeave | 36.20 Bn | 23.29 Bn | 1.70 Bn |
| 7 | Verisign | 27.35 Bn | 24.56 Bn | 384.60 Mn |
| 8 | Nutanix | 18.78 Bn | 10.46 Bn | 651.35 Mn |
| 9 | GoDaddy | 13.53 Bn | 9.11 Bn | 828.20 Mn |
| 10 | Terawulf | 5.64 Bn | -3.59 Bn | 32.37 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 21.22 Mn |
| Mar 31, 2026 | 21.76 Mn |
| Dec 31, 2025 | 22.31 Mn |
| Sep 30, 2025 | 22.81 Mn |
| Jun 30, 2025 | 11.26 Mn |
| Mar 31, 2025 | 3.42 Mn |
| Dec 31, 2024 | 3.43 Mn |
| Sep 30, 2024 | 859,000.00 |
| Jun 30, 2024 | 873,000.00 |
| Mar 31, 2024 | 886,000.00 |
| Dec 31, 2023 | 899,000.00 |
| Sep 30, 2023 | 912,000.00 |
| Jun 30, 2023 | 924,000.00 |
| Mar 31, 2023 | 936,000.00 |
| Dec 31, 2022 | 947,000.00 |
| Sep 30, 2022 | 958,000.00 |
| Mar 31, 2022 | 969,000.00 |
| Dec 31, 2021 | 992,000.00 |
API Access
Terawulf Operating Leases 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-leases&ticker=WULF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=WULF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();