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Side-by-side financial comparison of BLACKLINE, INC. (BL) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $183.2M, roughly 1.0× BLACKLINE, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -84.1%, a 86.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $-468.0M).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $184.7M |
| Net Profit | $4.9M | $-155.4M |
| Gross Margin | 75.2% | 64.4% |
| Operating Margin | 3.7% | -63.0% |
| Net Margin | 2.7% | -84.1% |
| Revenue YoY | 8.1% | 59.0% |
| Net Profit YoY | -91.3% | -610.0% |
| EPS (diluted) | $0.07 | $-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 | $183.2M | $184.7M | ||
| Q3 25 | $178.3M | $240.3M | ||
| Q2 25 | $172.0M | — | ||
| Q1 25 | $166.9M | — | ||
| Q4 24 | $169.5M | $116.1M | ||
| Q3 24 | $165.9M | $52.8M | ||
| Q2 24 | $160.5M | — | ||
| Q1 24 | $157.5M | $54.3M |
| Q4 25 | $4.9M | $-155.4M | ||
| Q3 25 | $5.3M | $384.6M | ||
| Q2 25 | $8.3M | — | ||
| Q1 25 | $6.1M | — | ||
| Q4 24 | $56.4M | $-21.9M | ||
| Q3 24 | $17.2M | $-51.7M | ||
| Q2 24 | $76.7M | — | ||
| Q1 24 | $10.8M | $8.6M |
| Q4 25 | 75.2% | 64.4% | ||
| Q3 25 | 75.1% | 66.4% | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | 72.2% | ||
| Q3 24 | 75.2% | 39.6% | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -63.0% | ||
| Q3 25 | 4.3% | -31.8% | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 3.7% | 14.9% | ||
| Q3 24 | 5.0% | -89.2% | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.1% | 11.1% |
| Q4 25 | 2.7% | -84.1% | ||
| Q3 25 | 3.0% | 160.1% | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 33.3% | -18.8% | ||
| Q3 24 | 10.4% | -98.0% | ||
| Q2 24 | 47.8% | — | ||
| Q1 24 | 6.9% | 15.9% |
| Q4 25 | $0.07 | $-0.52 | ||
| Q3 25 | $0.09 | $1.08 | ||
| Q2 25 | $0.13 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.79 | $-0.10 | ||
| Q3 24 | $0.27 | $-0.27 | ||
| Q2 24 | $0.22 | — | ||
| Q1 24 | $0.17 | $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 | $390.0M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $2.5B |
| Total Assets | $1.8B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $3.3B | ||
| Q3 25 | $419.9M | $1.0B | ||
| Q2 25 | $459.1M | — | ||
| Q1 25 | $479.5M | — | ||
| Q4 24 | $885.9M | $427.3M | ||
| Q3 24 | $725.3M | $98.6M | ||
| Q2 24 | $616.6M | — | ||
| Q1 24 | $331.4M | $259.7M |
| Q4 25 | $332.3M | $2.5B | ||
| Q3 25 | $328.3M | $2.9B | ||
| Q2 25 | $414.0M | — | ||
| Q1 25 | $417.9M | — | ||
| Q4 24 | $446.7M | $1.2B | ||
| Q3 24 | $367.9M | $1.1B | ||
| Q2 24 | $325.8M | — | ||
| Q1 24 | $279.8M | $677.2M |
| Q4 25 | $1.8B | $7.0B | ||
| Q3 25 | $1.7B | $4.3B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.8B | $1.9B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.1B | $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 | $26.7M | $71.7M |
| Free Cash FlowOCF − Capex | $26.1M | $-468.0M |
| FCF MarginFCF / Revenue | 14.2% | -253.4% |
| Capex IntensityCapex / Revenue | 0.3% | 292.2% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $71.7M | ||
| Q3 25 | $63.8M | $142.4M | ||
| Q2 25 | $32.3M | — | ||
| Q1 25 | $46.7M | — | ||
| Q4 24 | $43.8M | $53.6M | ||
| Q3 24 | $55.9M | $-3.9M | ||
| Q2 24 | $40.7M | — | ||
| Q1 24 | $50.4M | $-27.1M |
| Q4 25 | $26.1M | $-468.0M | ||
| Q3 25 | $63.3M | $-38.0M | ||
| Q2 25 | $31.4M | — | ||
| Q1 25 | $40.8M | — | ||
| Q4 24 | $43.0M | $-85.5M | ||
| Q3 24 | $55.5M | $-109.7M | ||
| Q2 24 | $40.0M | — | ||
| Q1 24 | $50.1M | $-108.3M |
| Q4 25 | 14.2% | -253.4% | ||
| Q3 25 | 35.5% | -15.8% | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 25.4% | -73.6% | ||
| Q3 24 | 33.5% | -208.0% | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 31.8% | -199.4% |
| Q4 25 | 0.3% | 292.2% | ||
| Q3 25 | 0.3% | 75.0% | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 0.4% | 119.7% | ||
| Q3 24 | 0.2% | 200.6% | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.2% | 149.5% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | 0.37× | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
