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IRR Calculator

Internal rate of return and NPV from any cash flow series.

Calculators Reviews Free · no sign-up

Entered as a positive number; it is treated as money going out.

One per line or comma separated. Negatives are allowed for periods where you put more money in.

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PeriodCash flowDiscounted at IRRDiscounted at hurdleCumulative

Internal rate of return

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NPV at your hurdle rate—
Modified IRR—
Profitability index—
Total inflows—
Total outflows—
Net undiscounted—
Sign changes—

Quick Tool Overview

The IRR Calculator solves for the internal rate of return on any series of uneven cash flows, reports the net present value at a hurdle rate you choose, and adds the modified IRR for cases where the standard figure is optimistic or ambiguous.

What it does
Calculates IRR, NPV and modified IRR from a cash flow series
You give it
An initial outlay and the cash flows that follow
You get back
The IRR, the NPV at your rate, and the MIRR
Best for
Appraising projects and comparing uneven investments
Calculators Free, unlimited use No sign-up Runs in your browser

About the IRR Calculator

Enter an initial outlay and the cash flows that follow, positive or negative, in any pattern. The calculator solves for the internal rate of return, the discount rate at which the net present value of the whole series equals zero, and shows the NPV at any rate you choose.

IRR is the standard way to compare investments with different shapes and timings, because it reduces an entire cash flow stream to a single annual percentage. It has real limitations worth knowing: it assumes intermediate cash flows are reinvested at the IRR itself, which is usually optimistic, and a series that changes sign more than once can have multiple valid answers. For those cases the calculator also reports the modified IRR, which uses a realistic reinvestment rate instead.

Key features of the IRR Calculator

Uneven cash flows

Any pattern, any size, positive or negative — not a fixed regular payment.

NPV at your hurdle rate

Whether the project creates value at the return you actually require, which is the better decision rule.

Modified IRR included

Uses a realistic reinvestment rate rather than the IRR itself, which is usually the more honest figure.

Multiple-root warning

When cash flows change sign more than once, IRR is ambiguous, and the calculator says so rather than picking one.

Solved numerically

Converges on the rate where NPV equals zero, the same way a financial calculator does.

How to use the IRR Calculator

  1. 1

    Enter the initial investment

    The upfront outlay, entered as a negative number since the money leaves you.

  2. 2

    Add the cash flows

    Each subsequent period in order. They can be any size and can be negative.

  3. 3

    Read the IRR

    The annualised return the series implies, solved numerically.

  4. 4

    Check NPV at your hurdle rate

    Enter your required return to see whether the project creates value at that rate.

Frequently asked questions

The discount rate at which a series of cash flows has a net present value of zero. Informally, the annualised return the investment produces, accounting for both the size and the timing of every flow.

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