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Side-by-side financial comparison of APPIAN CORP (APPN) and IREN Ltd (IREN). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $184.7M, roughly 1.1× IREN Ltd). APPIAN CORP runs the higher net margin — -2.5% vs -84.1%, a 81.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 21.7%). APPIAN CORP produced more free cash flow last quarter ($270.0K vs $-468.0M).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
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.
APPN vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $184.7M |
| Net Profit | $-5.1M | $-155.4M |
| Gross Margin | 64.8% | 64.4% |
| Operating Margin | -0.3% | -63.0% |
| Net Margin | -2.5% | -84.1% |
| Revenue YoY | 21.7% | 59.0% |
| Net Profit YoY | 62.6% | -610.0% |
| EPS (diluted) | $-0.06 | $-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.
| Q4 25 | $202.9M | $184.7M | ||
| Q3 25 | $187.0M | $240.3M | ||
| Q2 25 | $170.6M | — | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $166.7M | $116.1M | ||
| Q3 24 | $154.1M | $52.8M | ||
| Q2 24 | $146.4M | — | ||
| Q1 24 | $149.8M | $54.3M |
| Q4 25 | $-5.1M | $-155.4M | ||
| Q3 25 | $7.8M | $384.6M | ||
| Q2 25 | $-312.0K | — | ||
| Q1 25 | $-1.2M | — | ||
| Q4 24 | $-13.6M | $-21.9M | ||
| Q3 24 | $-2.1M | $-51.7M | ||
| Q2 24 | $-43.6M | — | ||
| Q1 24 | $-32.9M | $8.6M |
| Q4 25 | 64.8% | 64.4% | ||
| Q3 25 | 75.8% | 66.4% | ||
| Q2 25 | 74.3% | — | ||
| Q1 25 | 76.6% | — | ||
| Q4 24 | 67.8% | 72.2% | ||
| Q3 24 | 75.9% | 39.6% | ||
| Q2 24 | 73.1% | — | ||
| Q1 24 | 74.6% | — |
| Q4 25 | -0.3% | -63.0% | ||
| Q3 25 | 7.0% | -31.8% | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 3.0% | 14.9% | ||
| Q3 24 | -4.6% | -89.2% | ||
| Q2 24 | -26.8% | — | ||
| Q1 24 | -13.0% | 11.1% |
| Q4 25 | -2.5% | -84.1% | ||
| Q3 25 | 4.2% | 160.1% | ||
| Q2 25 | -0.2% | — | ||
| Q1 25 | -0.7% | — | ||
| Q4 24 | -8.2% | -18.8% | ||
| Q3 24 | -1.4% | -98.0% | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -22.0% | 15.9% |
| Q4 25 | $-0.06 | $-0.52 | ||
| Q3 25 | $0.10 | $1.08 | ||
| Q2 25 | $0.00 | — | ||
| Q1 25 | $-0.02 | — | ||
| Q4 24 | $-0.18 | $-0.10 | ||
| Q3 24 | $-0.03 | $-0.27 | ||
| Q2 24 | $-0.60 | — | ||
| Q1 24 | $-0.45 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $3.3B |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $2.5B |
| Total Assets | $691.4M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $3.3B | ||
| Q3 25 | $191.6M | $1.0B | ||
| Q2 25 | $184.8M | — | ||
| Q1 25 | $199.7M | — | ||
| Q4 24 | $159.9M | $427.3M | ||
| Q3 24 | $99.2M | $98.6M | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $170.1M | $259.7M |
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | — | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
| Q4 25 | $-47.0M | $2.5B | ||
| Q3 25 | $-48.5M | $2.9B | ||
| Q2 25 | $-53.7M | — | ||
| Q1 25 | $-31.7M | — | ||
| Q4 24 | $-32.6M | $1.2B | ||
| Q3 24 | $-49.8M | $1.1B | ||
| Q2 24 | $-45.7M | — | ||
| Q1 24 | $-9.7M | $677.2M |
| Q4 25 | $691.4M | $7.0B | ||
| Q3 25 | $611.7M | $4.3B | ||
| Q2 25 | $590.7M | — | ||
| Q1 25 | $592.9M | — | ||
| Q4 24 | $621.0M | $1.9B | ||
| Q3 24 | $549.9M | $1.3B | ||
| Q2 24 | $554.6M | — | ||
| Q1 24 | $595.4M | $723.6M |
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 | $1.1M | $71.7M |
| Free Cash FlowOCF − Capex | $270.0K | $-468.0M |
| FCF MarginFCF / Revenue | 0.1% | -253.4% |
| Capex IntensityCapex / Revenue | 0.4% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $71.7M | ||
| Q3 25 | $18.7M | $142.4M | ||
| Q2 25 | $-1.9M | — | ||
| Q1 25 | $45.0M | — | ||
| Q4 24 | $13.9M | $53.6M | ||
| Q3 24 | $-8.2M | $-3.9M | ||
| Q2 24 | $-17.6M | — | ||
| Q1 24 | $18.9M | $-27.1M |
| Q4 25 | $270.0K | $-468.0M | ||
| Q3 25 | $18.1M | $-38.0M | ||
| Q2 25 | $-3.1M | — | ||
| Q1 25 | $44.3M | — | ||
| Q4 24 | $13.4M | $-85.5M | ||
| Q3 24 | $-8.6M | $-109.7M | ||
| Q2 24 | $-18.3M | — | ||
| Q1 24 | $16.7M | $-108.3M |
| Q4 25 | 0.1% | -253.4% | ||
| Q3 25 | 9.7% | -15.8% | ||
| Q2 25 | -1.8% | — | ||
| Q1 25 | 26.6% | — | ||
| Q4 24 | 8.0% | -73.6% | ||
| Q3 24 | -5.6% | -208.0% | ||
| Q2 24 | -12.5% | — | ||
| Q1 24 | 11.1% | -199.4% |
| Q4 25 | 0.4% | 292.2% | ||
| Q3 25 | 0.3% | 75.0% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.3% | 119.7% | ||
| Q3 24 | 0.2% | 200.6% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 1.5% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
