Analyst Consensus ?
ConsensusBuy15 ratings
Bullish1280.0%
Neutral320.0%
Bearish00.0%
IREN Limited · IREN · FY2026 Q1 · Calendar Q4 2025
IREN pairs Microsoft AI contract with aggressive GPU expansion
The quarter supports a constructive growth thesis: management linked demand, a major Microsoft contract and vertically integrated infrastructure to a rapid AI cloud expansion plan. The evidence is promising but the case remains dependent on execution, pricing, customer concentration and financing.
Reported After market closeNASDAQTechnology
$14.45B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.34
Consensus $0.15
EPS surprise
-326.8%
Reported versus consensus
Reported revenue
$240.3M
Consensus $241.4M
Revenue surprise
-0.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.8%
Event window
SPY move
+0.1%
Same window
Abnormal move
-6.9%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-25.7%
Up to 20 sessions
IRENSPY benchmark
Ask FN2 about IREN FY2026 Q1
Transcript, numbers and history already loaded
Why did IREN fall 6.8% after missing EPS estimates in FY2026 Q1?What changed in IREN's guidance and outlook in FY2026 Q1?Give me the bull and bear case for IREN after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a landmark Microsoft contract, a 140,000-GPU end-2026 target and a roughly $3.4 billion annualized run-rate revenue target to the prior expansion narrative. It also makes the scale of construction, GPU deployment and financing execution more central to the thesis.
Guidance delta
Management maintained its guidance sentiment while outlining continued GPU, data-center and AI cloud expansion.
Key takeaways
- Management highlighted a five-year Microsoft AI cloud contract and approximately $1.9 billion of annual recurring revenue.
- IREN plans to reach 140,000 GPUs by the end of 2026 and is targeting approximately $3.4 billion of annualized run-rate revenue.
- The growth plan depends on large-scale construction, GPU deployment and external financing.
Management priorities
- Deploy additional GPUs across the Mackenzie and Canal Flats campuses.
- Energize Sweetwater 1 and develop Sweetwater 2 with a direct fiber link.
- Raise capital through convertible notes and GPU-specific financing while expanding AI cloud contracts.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$40.87Current
$6Low
$65.29Average
$100High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B. Riley Securities | Buy | Buy | Maintain | Sep 29, 2026 |
| JP Morgan | Overweight | Underweight | Upgrade | Sep 14, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 14, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Sep 2, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Aug 28, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 28, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 28, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 6, 2026 |
| Roth Capital | Buy | Buy | Maintain | Sep 23, 2025 |
| Jones Trading | Hold | Buy | Downgrade | Sep 2, 2025 |
| Needham | Hold | Hold | Maintain | Feb 13, 2025 |
| Compass Point | Buy | Buy | Maintain | Aug 30, 2024 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 23, 2022 |
| Citigroup | Buy | Buy | Maintain | Sep 15, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $40.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Alex Haissl | $40 | $46.68 | -2.1% | Sep 21, 2026 |
| Northland Securities | Nehal Chokshi | $99 | $43.48 | +142.3% | Sep 18, 2026 |
| BTIG | Gregory Lewis | $80 | $43.83 | +95.8% | Sep 14, 2026 |
| Compass Point | Michael Donovan | $85 | $37.23 | +108.0% | Aug 28, 2026 |
| Bernstein | Gautam Chhugani | $100 | $43.67 | +144.7% | Aug 13, 2026 |
| H.C. Wainwright | Mike Colonnese | $90 | $41.29 | +120.2% | Jul 22, 2026 |
| Jefferies | Jonathan Petersen | $79 | $58.11 | +93.3% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $96 | $59.88 | +134.9% | Jun 4, 2026 |
| Macquarie | Paul Golding | $90 | $65.48 | +120.2% | Jun 3, 2026 |
| Canaccord Genuity | Joseph Vafi | $79 | $66.6 | +93.3% | Jun 3, 2026 |
| Cantor Fitzgerald | Brett Knoblauch | $99 | $67.84 | +142.3% | May 28, 2026 |
| Goldman Sachs | Michael Ng | $50 | $67.84 | +22.4% | May 27, 2026 |
| Goldman Sachs | Michael Ng | $44 | $63.52 | +7.7% | May 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $61 | $37.06 | +49.3% | Apr 9, 2026 |
| Macquarie | Paul Golding | $70 | $43.81 | +71.3% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $82 | $39.99 | +100.7% | Feb 6, 2026 |
| H.C. Wainwright | Mike Colonnese | $80 | $50.54 | +95.8% | Jan 13, 2026 |
| Goldman Sachs | Analyst unavailable | $39 | $33.78 | -4.6% | Dec 18, 2025 |
| JMP Securities | Greg Miller | $80 | $48.85 | +95.8% | Nov 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $136 | $61.26 | +232.8% | Nov 7, 2025 |
| Compass Point | Michael Donovan | $105 | $60.73 | +156.9% | Nov 7, 2025 |
| Roth Capital | Analyst unavailable | $94 | $67.75 | +130.0% | Nov 3, 2025 |
| H.C. Wainwright | Analyst unavailable | $45 | $62.42 | +10.1% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $100 | $64.14 | +144.7% | Oct 14, 2025 |
| BTIG | Analyst unavailable | $75 | $64.14 | +83.5% | Oct 14, 2025 |
| Bernstein | Gautam Chhugani | $75 | $48.9 | +83.5% | Sep 25, 2025 |
| Roth Capital | Darren Aftahi | $82 | $41.7 | +100.7% | Sep 23, 2025 |
| Canaccord Genuity | Joseph Vafi | $42 | $37.08 | +2.8% | Sep 16, 2025 |
| BTIG | Analyst unavailable | $32 | $30.19 | -21.7% | Sep 9, 2025 |
| Macquarie | Analyst unavailable | $33 | $26.48 | -19.2% | Aug 29, 2025 |
| H.C. Wainwright | Analyst unavailable | $36 | $26.48 | -11.9% | Aug 29, 2025 |
| Roth Capital | Analyst unavailable | $35 | $26.48 | -14.4% | Aug 29, 2025 |
| Canaccord Genuity | Analyst unavailable | $37 | $26.48 | -9.5% | Aug 29, 2025 |
| Macquarie | Paul Golding | $20 | $7.75 | -51.1% | May 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $20 | $7.7 | -51.1% | Mar 7, 2025 |
| Roth Capital | Darren Aftahi | $14 | $7.88 | -65.7% | Oct 2, 2024 |
| B.Riley Financial | Lucas Pipes | $12 | $7.39 | -70.6% | Sep 13, 2024 |
| Macquarie | Paul Golding | $13.5 | $8.52 | -67.0% | Aug 30, 2024 |
| Compass Point | Joe Flynn | $16 | $8.52 | -60.8% | Aug 30, 2024 |
| Canaccord Genuity | Joseph Vafi | $15 | $10.89 | -63.3% | Jul 24, 2024 |
| B.Riley Financial | Lucas Pipes | $18 | $12.52 | -56.0% | Jun 24, 2024 |
| Cantor Fitzgerald | Brett Knoblauch | $23 | $10.31 | -43.7% | Jun 10, 2024 |
| Canaccord Genuity | Joseph Vafi | $12 | $5.2 | -70.6% | May 16, 2024 |
| H.C. Wainwright | Mike Colonnese | $8 | $4.4 | -80.4% | Feb 16, 2023 |
| H.C. Wainwright | Analyst unavailable | $3 | $1.55 | -92.7% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $6 | $4.22 | -85.3% | Sep 15, 2022 |
Track every rating change on IREN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
Historical context
All IREN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the IREN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-06T13:20:44.831274+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T13:20:44.828425+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-06. For educational purposes only; not investment advice.