What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does IREN (IREN) spend its free cash flow?

For TTM through Q1 2026, IREN generated $533M of operating cash flow and -$1.81B of free cash flow — a free cash flow margin of -338.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did IREN (IREN) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent IREN's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

IREN (IREN) Cash Flow Waterfall

Operating CF

$533M

Capex

-$2.34B

Free Cash Flow

-$1.81B

FCF Margin

-338.8%

Cash flow waterfall for IREN (IREN) — TTM through Q1 2026

Free cash flow: -$1.81B

Cash flow breakdown for IREN (IREN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$533M	$533M
Capital Expenditure	-$2.34B	-$1.81B
Free Cash Flow	-$1.81B	-$1.81B
Acquisitions	$16.7M	-$1.79B
Other Investing	-$320M	-$2.11B
Net Debt Change	$288M	-$1.82B
Other Financing	$4.13B	$2.31B
Forex Effect	-$19.3M	$2.29B
Net Cash Increase	$2.29B	$2.29B

Operating Cash Flow$533M
Capital Expenditure-$2.34B
Free Cash Flow-$1.81B
Acquisitions$16.7M
Other Investing-$320M
Net Debt Change$288M
Other Financing$4.13B
Forex Effect-$19.3M
Net Cash Increase$2.29B

Want to see what drove the FCF change?Free Cash Flow Bridge

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