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Terawulf (WULF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Terawulf (WULF) Q3 2026 earnings results →
Q3 2026 Revenue up 51% year over year to $76.2M · 931¢ of every $1 of revenue kept as net profit · operating margin -115.7%
Terawulf made $76.2M in Q3 2026 (+51% Y/Y). Operating margin -115.7%, net earnings $710M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $76.2M in Q3 2026, up 51% year over year and up 70% from the previous quarter.
Gross margin was 15.2%, down 42.0 points from Q3 2025. Operating costs exceeded revenue by $88.2M, an operating margin of -115.7%. Operating expenses grew 86% against revenue growth of 51%. Net earnings were $709.9M ($709.5M including minority interests, which bore $378K of losses). The effective tax rate was 0.0%. Non-operating items added $797.8M, 112% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$24.6M. Non-cash charges added back $29.6M of depreciation and $30.0M of share-based compensation. Working capital and other items used $793.8M. Capital expenditures of $852.3M exceeded it, leaving free cash flow of −$876.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $76.2M | +51% | -115.7% | $710M | −$24.6M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $44.8M | -6% | -313.7% | −$941M | −$137M |
| Q1 2026 | 10-Q | May 8, 2026 | $34.0M | -1% | -476.7% | −$428M | −$17.6M |
| Q4 2025 | 10-K | Feb 27, 2026 | $35.8M | +2% | -240.9% | −$127M | −$88.2M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $50.6M | +87% | -48.8% | −$455M | −$36.7M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $47.6M | +34% | -32.7% | −$18.4M | −$54.8M |
| Q1 2025 | 10-Q | May 9, 2025 | $34.4M | -19% | -173.3% | −$61.4M | $56.5M |
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About Terawulf
We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and advanced cloud applications. Our strategy is grounded in controlling infrastructure at utility scale and pairing compute‑optimized facilities with reliable, long‑duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where applicable, on-site generation, we deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements.
In its own words, from its 10-K, filed Feb 27, 2026.
Terawulf against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +51% against the peers' median +18%. Operating margin: -115.7% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WULF Terawulf | Q3 2026 | $76.2M | +51% | -115.7% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Terawulf 10-Q on SEC EDGAR · CIK 1083301 · Finance Services
Guidance and outlook
13F: who owns WULF and who is buying
More on WULF
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results