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Side-by-side financial comparison of APPFOLIO INC (APPF) and IREN Ltd (IREN). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $184.7M, roughly 1.4× IREN Ltd). APPFOLIO INC runs the higher net margin — 16.2% vs -84.1%, a 100.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 20.4%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
APPF vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $184.7M |
| Net Profit | $42.4M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 19.4% | -63.0% |
| Net Margin | 16.2% | -84.1% |
| Revenue YoY | 20.4% | 59.0% |
| Net Profit YoY | 35.2% | -610.0% |
| EPS (diluted) | $1.18 | $-0.52 |
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 | $262.2M | — | ||
| Q4 25 | $248.2M | $184.7M | ||
| Q3 25 | $249.4M | $240.3M | ||
| Q2 25 | $235.6M | — | ||
| Q1 25 | $217.7M | — | ||
| Q4 24 | $203.7M | $116.1M | ||
| Q3 24 | $205.7M | $52.8M | ||
| Q2 24 | $197.4M | — |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-155.4M | ||
| Q3 25 | $33.6M | $384.6M | ||
| Q2 25 | $36.0M | — | ||
| Q1 25 | $31.4M | — | ||
| Q4 24 | $102.7M | $-21.9M | ||
| Q3 24 | $33.0M | $-51.7M | ||
| Q2 24 | $29.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -63.0% | ||
| Q3 25 | 14.1% | -31.8% | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 15.5% | — | ||
| Q4 24 | 11.3% | 14.9% | ||
| Q3 24 | 20.7% | -89.2% | ||
| Q2 24 | 18.3% | — |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -84.1% | ||
| Q3 25 | 13.5% | 160.1% | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | 50.4% | -18.8% | ||
| Q3 24 | 16.0% | -98.0% | ||
| Q2 24 | 15.0% | — |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.52 | ||
| Q3 25 | $0.93 | $1.08 | ||
| Q2 25 | $0.99 | — | ||
| Q1 25 | $0.86 | — | ||
| Q4 24 | $2.79 | $-0.10 | ||
| Q3 24 | $0.90 | $-0.27 | ||
| Q2 24 | $0.81 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $2.5B |
| Total Assets | $580.6M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $3.3B | ||
| Q3 25 | $76.1M | $1.0B | ||
| Q2 25 | $73.5M | — | ||
| Q1 25 | $56.9M | — | ||
| Q4 24 | $42.5M | $427.3M | ||
| Q3 24 | $62.4M | $98.6M | ||
| Q2 24 | $59.6M | — |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $2.5B | ||
| Q3 25 | $498.9M | $2.9B | ||
| Q2 25 | $455.6M | — | ||
| Q1 25 | $462.1M | — | ||
| Q4 24 | $519.3M | $1.2B | ||
| Q3 24 | $412.8M | $1.1B | ||
| Q2 24 | $371.4M | — |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $7.0B | ||
| Q3 25 | $640.5M | $4.3B | ||
| Q2 25 | $567.4M | — | ||
| Q1 25 | $564.7M | — | ||
| Q4 24 | $626.7M | $1.9B | ||
| Q3 24 | $523.3M | $1.3B | ||
| Q2 24 | $479.3M | — |
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 | $34.3M | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $71.7M | ||
| Q3 25 | $86.0M | $142.4M | ||
| Q2 25 | $52.6M | — | ||
| Q1 25 | $38.5M | — | ||
| Q4 24 | $36.6M | $53.6M | ||
| Q3 24 | $57.8M | $-3.9M | ||
| Q2 24 | $50.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-468.0M | ||
| Q3 25 | $84.7M | $-38.0M | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $38.2M | — | ||
| Q4 24 | $36.4M | $-85.5M | ||
| Q3 24 | $57.4M | $-109.7M | ||
| Q2 24 | $50.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -253.4% | ||
| Q3 25 | 34.0% | -15.8% | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 17.9% | -73.6% | ||
| Q3 24 | 27.9% | -208.0% | ||
| Q2 24 | 25.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 292.2% | ||
| Q3 25 | 0.5% | 75.0% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | 119.7% | ||
| Q3 24 | 0.2% | 200.6% | ||
| Q2 24 | 0.0% | — |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | 0.37× | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
