What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of IREN (IREN) revenue becomes net income?

For TTM through Q1 2026, IREN turned $757.07M of revenue into $76.92M of net income — a net margin of 10.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are IREN (IREN) gross, operating, and net margins?

For TTM through Q1 2026, IREN reported a gross margin of 53.6%, an operating margin of -29.2%, and a net margin of 10.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does IREN (IREN) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

IREN (IREN) Income Statement Waterfall

Revenue

$757.07M

Gross Margin

+53.6%

Operating Margin

-29.2%

Net Margin

+10.2%

Income statement waterfall for IREN (IREN) — TTM through Q1 2026

Net income: $76.92M

Margin breakdown for IREN (IREN) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$757.07M	$757.07M
Cost of Revenue	−$351.40M	$405.67M
Gross Profit	$405.67M	$405.67M
Operating Expenses	−$627.00M	−$221.33M
Operating Income	−$221.33M	−$221.33M
Other Income / Expense	$297.40M	$76.07M
Pre-tax Income	$76.07M	$76.07M
Tax Benefit	$850.00K	$76.92M
Net Income	$76.92M	$76.92M

Revenue$757.07M
Cost of Revenue−$351.40M
Gross Profit$405.67M
Operating Expenses−$627.00M
Operating Income−$221.33M
Other Income / Expense$297.40M
Pre-tax Income$76.07M
Tax Benefit$850.00K
Net Income$76.92M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

IREN (IREN) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

IREN Overview

Counters

Income Statement

Cash Flow

Capital Return

Buybacks

No dividends or stock splits on record for this company.

Forecast & Valuation

Income statement waterfall for IREN (IREN) — TTM through Q1 2026

Margin breakdown for IREN (IREN) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of IREN (IREN) revenue becomes net income?

+What are IREN (IREN) gross, operating, and net margins?

+Why does IREN (IREN) have such a high (or low) gross margin?

+What is the difference between gross, operating, and net margin?

Data & methodology

+What is this view?

+How to read this waterfall

+How is the data calculated?

+What is the USD toggle?

IREN (IREN) Key Financials

Explore more