vs
Side-by-side financial comparison of BLACKLINE, INC. (BL) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $152.8M, roughly 1.2× Riot Platforms, Inc.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -452.0%, a 454.6% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 7.2%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 7.9%).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
BL vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $152.8M |
| Net Profit | $4.9M | $-690.7M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | -447.9% |
| Net Margin | 2.7% | -452.0% |
| Revenue YoY | 8.1% | 7.2% |
| Net Profit YoY | -91.3% | -606.3% |
| EPS (diluted) | $0.07 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $178.3M | $180.2M | ||
| Q2 25 | $172.0M | $153.0M | ||
| Q1 25 | $166.9M | $161.4M | ||
| Q4 24 | $169.5M | $142.6M | ||
| Q3 24 | $165.9M | $84.8M | ||
| Q2 24 | $160.5M | $70.0M | ||
| Q1 24 | $157.5M | $79.3M |
| Q4 25 | $4.9M | $-690.7M | ||
| Q3 25 | $5.3M | $104.5M | ||
| Q2 25 | $8.3M | $219.5M | ||
| Q1 25 | $6.1M | $-296.4M | ||
| Q4 24 | $56.4M | $136.4M | ||
| Q3 24 | $17.2M | $-154.4M | ||
| Q2 24 | $76.7M | $-84.4M | ||
| Q1 24 | $10.8M | $211.8M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -447.9% | ||
| Q3 25 | 4.3% | 44.4% | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 2.1% | -144.9% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 5.0% | -143.3% | ||
| Q2 24 | 1.4% | -167.2% | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 2.7% | -452.0% | ||
| Q3 25 | 3.0% | 58.0% | ||
| Q2 25 | 4.8% | 143.4% | ||
| Q1 25 | 3.6% | -183.6% | ||
| Q4 24 | 33.3% | 95.7% | ||
| Q3 24 | 10.4% | -182.1% | ||
| Q2 24 | 47.8% | -120.6% | ||
| Q1 24 | 6.9% | 267.1% |
| Q4 25 | $0.07 | $-1.89 | ||
| Q3 25 | $0.09 | $0.26 | ||
| Q2 25 | $0.13 | $0.58 | ||
| Q1 25 | $0.10 | $-0.90 | ||
| Q4 24 | $0.79 | $0.39 | ||
| Q3 24 | $0.27 | $-0.54 | ||
| Q2 24 | $0.22 | $-0.32 | ||
| Q1 24 | $0.17 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $332.3M | $2.9B |
| Total Assets | $1.8B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $233.5M | ||
| Q3 25 | $419.9M | $330.7M | ||
| Q2 25 | $459.1M | $255.4M | ||
| Q1 25 | $479.5M | $163.7M | ||
| Q4 24 | $885.9M | $277.9M | ||
| Q3 24 | $725.3M | $355.7M | ||
| Q2 24 | $616.6M | $481.2M | ||
| Q1 24 | $331.4M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $332.3M | $2.9B | ||
| Q3 25 | $328.3M | $3.5B | ||
| Q2 25 | $414.0M | $3.3B | ||
| Q1 25 | $417.9M | $2.9B | ||
| Q4 24 | $446.7M | $3.1B | ||
| Q3 24 | $367.9M | $2.7B | ||
| Q2 24 | $325.8M | $2.6B | ||
| Q1 24 | $279.8M | $2.5B |
| Q4 25 | $1.8B | $3.9B | ||
| Q3 25 | $1.7B | $4.5B | ||
| Q2 25 | $1.8B | $4.3B | ||
| Q1 25 | $1.8B | $3.7B | ||
| Q4 24 | $1.8B | $3.9B | ||
| Q3 24 | $1.7B | $2.9B | ||
| Q2 24 | $1.9B | $2.7B | ||
| Q1 24 | $2.1B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M |
| Free Cash FlowOCF − Capex | $26.1M | $-774.3M |
| FCF MarginFCF / Revenue | 14.2% | -506.6% |
| Capex IntensityCapex / Revenue | 0.3% | 131.8% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $-572.9M | ||
| Q3 25 | $63.8M | $-114.0M | ||
| Q2 25 | $32.3M | $-231.3M | ||
| Q1 25 | $46.7M | $-122.1M | ||
| Q4 24 | $43.8M | $-255.1M | ||
| Q3 24 | $55.9M | $-56.3M | ||
| Q2 24 | $40.7M | $-42.5M | ||
| Q1 24 | $50.4M | $-57.9M |
| Q4 25 | $26.1M | $-774.3M | ||
| Q3 25 | $63.3M | $-139.7M | ||
| Q2 25 | $31.4M | $-291.7M | ||
| Q1 25 | $40.8M | $-154.9M | ||
| Q4 24 | $43.0M | $-495.4M | ||
| Q3 24 | $55.5M | $-127.6M | ||
| Q2 24 | $40.0M | $-96.1M | ||
| Q1 24 | $50.1M | $-115.2M |
| Q4 25 | 14.2% | -506.6% | ||
| Q3 25 | 35.5% | -77.5% | ||
| Q2 25 | 18.2% | -190.7% | ||
| Q1 25 | 24.4% | -96.0% | ||
| Q4 24 | 25.4% | -347.5% | ||
| Q3 24 | 33.5% | -150.5% | ||
| Q2 24 | 24.9% | -137.2% | ||
| Q1 24 | 31.8% | -145.2% |
| Q4 25 | 0.3% | 131.8% | ||
| Q3 25 | 0.3% | 14.3% | ||
| Q2 25 | 0.6% | 39.5% | ||
| Q1 25 | 3.6% | 20.4% | ||
| Q4 24 | 0.4% | 168.6% | ||
| Q3 24 | 0.2% | 84.1% | ||
| Q2 24 | 0.4% | 76.5% | ||
| Q1 24 | 0.2% | 72.3% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | -1.09× | ||
| Q2 25 | 3.90× | -1.05× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | -1.87× | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
