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Side-by-side financial comparison of C3.ai, Inc. (AI) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $58.9M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -139.3%, a 167.9% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
AI vs IBCP — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $58.9M |
| Net Profit | $-104.7M | $16.9M |
| Gross Margin | 40.4% | — |
| Operating Margin | -149.2% | — |
| Net Margin | -139.3% | 28.6% |
| Revenue YoY | -20.3% | — |
| Net Profit YoY | -58.7% | 8.2% |
| EPS (diluted) | $-0.75 | $0.81 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $75.1M | $58.3M | ||
| Q3 25 | $70.3M | $57.3M | ||
| Q2 25 | $108.7M | $55.9M | ||
| Q1 25 | $98.8M | $54.1M | ||
| Q4 24 | $94.3M | $62.0M | ||
| Q3 24 | $87.2M | $51.4M | ||
| Q2 24 | $86.6M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-104.7M | $18.6M | ||
| Q3 25 | $-116.8M | $17.5M | ||
| Q2 25 | $-79.7M | $16.9M | ||
| Q1 25 | $-80.2M | $15.6M | ||
| Q4 24 | $-66.0M | $18.5M | ||
| Q3 24 | $-62.8M | $13.8M | ||
| Q2 24 | $-72.9M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 40.4% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 62.1% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 59.8% | — | ||
| Q2 24 | 59.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | -149.2% | 34.8% | ||
| Q3 25 | -177.7% | 37.0% | ||
| Q2 25 | -81.8% | 37.0% | ||
| Q1 25 | -88.7% | 35.3% | ||
| Q4 24 | -79.8% | 36.7% | ||
| Q3 24 | -83.2% | 33.7% | ||
| Q2 24 | -95.1% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -139.3% | 31.8% | ||
| Q3 25 | -166.2% | 30.5% | ||
| Q2 25 | -73.3% | 30.2% | ||
| Q1 25 | -81.2% | 28.8% | ||
| Q4 24 | -69.9% | 29.8% | ||
| Q3 24 | -72.0% | 26.9% | ||
| Q2 24 | -84.2% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.75 | $0.88 | ||
| Q3 25 | $-0.86 | $0.84 | ||
| Q2 25 | $-0.60 | $0.81 | ||
| Q1 25 | $-0.62 | $0.74 | ||
| Q4 24 | $-0.52 | $0.87 | ||
| Q3 24 | $-0.50 | $0.65 | ||
| Q2 24 | $-0.59 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $510.6M |
| Total Assets | $961.3M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $675.0M | $138.4M | ||
| Q3 25 | $711.9M | $208.7M | ||
| Q2 25 | $742.7M | $146.2M | ||
| Q1 25 | $724.3M | $128.1M | ||
| Q4 24 | $730.4M | $119.9M | ||
| Q3 24 | $762.5M | $121.6M | ||
| Q2 24 | $750.4M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $771.9M | $503.0M | ||
| Q3 25 | $798.8M | $490.7M | ||
| Q2 25 | $838.3M | $469.3M | ||
| Q1 25 | $860.2M | $467.3M | ||
| Q4 24 | $859.0M | $454.7M | ||
| Q3 24 | $874.9M | $452.4M | ||
| Q2 24 | $873.4M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $961.3M | $5.5B | ||
| Q3 25 | $968.7M | $5.5B | ||
| Q2 25 | $1.0B | $5.4B | ||
| Q1 25 | $1.1B | $5.3B | ||
| Q4 24 | $1.0B | $5.3B | ||
| Q3 24 | $1.1B | $5.3B | ||
| Q2 24 | $1.0B | $5.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | — |
| Free Cash FlowOCF − Capex | $-46.9M | — |
| FCF MarginFCF / Revenue | -62.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-46.5M | $76.7M | ||
| Q3 25 | $-33.5M | $18.2M | ||
| Q2 25 | $11.3M | $19.0M | ||
| Q1 25 | $-22.0M | $31.7M | ||
| Q4 24 | $-38.7M | $63.2M | ||
| Q3 24 | $8.0M | $17.2M | ||
| Q2 24 | $21.3M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-46.9M | $70.2M | ||
| Q3 25 | $-34.3M | $16.5M | ||
| Q2 25 | $10.3M | $16.7M | ||
| Q1 25 | $-22.4M | $30.6M | ||
| Q4 24 | $-39.5M | $55.2M | ||
| Q3 24 | $7.1M | $15.7M | ||
| Q2 24 | $18.8M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -62.4% | 120.3% | ||
| Q3 25 | -48.8% | 28.9% | ||
| Q2 25 | 9.5% | 29.8% | ||
| Q1 25 | -22.7% | 56.5% | ||
| Q4 24 | -41.9% | 89.1% | ||
| Q3 24 | 8.2% | 30.6% | ||
| Q2 24 | 21.7% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 11.1% | ||
| Q3 25 | 1.1% | 2.9% | ||
| Q2 25 | 0.9% | 4.1% | ||
| Q1 25 | 0.4% | 2.1% | ||
| Q4 24 | 0.9% | 12.8% | ||
| Q3 24 | 1.1% | 2.9% | ||
| Q2 24 | 2.9% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
