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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and IREN Ltd (IREN). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $184.7M, roughly 1.4× IREN Ltd). Borr Drilling Ltd runs the higher net margin — 13.1% vs -84.1%, a 97.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -1.5%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
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.
BORR vs IREN — Head-to-Head
Income Statement — Q2 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $184.7M |
| Net Profit | $35.1M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 36.0% | -63.0% |
| Net Margin | 13.1% | -84.1% |
| Revenue YoY | -1.5% | 59.0% |
| Net Profit YoY | 10.7% | -610.0% |
| EPS (diluted) | $0.14 | $-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 | — | $184.7M | ||
| Q3 25 | — | $240.3M | ||
| Q2 25 | $267.7M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | — | $52.8M | ||
| Q2 24 | $271.9M | — | ||
| Q1 24 | — | $54.3M | ||
| Q4 23 | — | $42.6M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | — | $384.6M | ||
| Q2 25 | $35.1M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | — | $-51.7M | ||
| Q2 24 | $31.7M | — | ||
| Q1 24 | — | $8.6M | ||
| Q4 23 | — | $-5.2M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | — | -63.0% | ||
| Q3 25 | — | -31.8% | ||
| Q2 25 | 36.0% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | — | -89.2% | ||
| Q2 24 | 38.4% | — | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | -5.2% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | — | 160.1% | ||
| Q2 25 | 13.1% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | — | -98.0% | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | — | 15.9% | ||
| Q4 23 | — | -12.3% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | $0.14 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | $0.12 | — | ||
| Q1 24 | — | $0.00 | ||
| Q4 23 | — | $-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 | $92.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $2.5B |
| Total Assets | $3.4B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $92.4M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | $195.3M | — | ||
| Q1 24 | — | $259.7M | ||
| Q4 23 | — | $90.3M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $1.0B | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $999.2M | — | ||
| Q1 24 | — | $677.2M | ||
| Q4 23 | — | $381.8M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | $3.4B | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | — | $723.6M | ||
| Q4 23 | — | $417.2M |
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 | $6.3M | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $71.7M | ||
| Q3 25 | — | $142.4M | ||
| Q2 25 | $6.3M | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | $16.0M | — | ||
| Q1 24 | — | $-27.1M | ||
| Q4 23 | — | $17.4M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-108.3M | ||
| Q4 23 | — | — |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -199.4% | ||
| Q4 23 | — | — |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 149.5% | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | 0.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | — | -3.13× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
