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Side-by-side financial comparison of Confluent, Inc. (CFLT) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $314.8M, roughly 1.3× Confluent, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs -25.2%, a 82.2% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs 6.3%). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs 5.0%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
CFLT vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $420.0M |
| Net Profit | $-79.2M | $239.4M |
| Gross Margin | 74.7% | — |
| Operating Margin | -31.5% | 79.4% |
| Net Margin | -25.2% | 57.0% |
| Revenue YoY | 20.5% | 6.3% |
| Net Profit YoY | 10.0% | 40.5% |
| EPS (diluted) | $-0.23 | — |
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 | — | $420.0M | ||
| Q4 25 | $314.8M | $407.0M | ||
| Q3 25 | $298.5M | $397.6M | ||
| Q2 25 | $282.3M | $394.9M | ||
| Q1 25 | $271.1M | $395.2M | ||
| Q4 24 | $261.2M | $389.6M | ||
| Q3 24 | $250.2M | $385.3M | ||
| Q2 24 | $235.0M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $-79.2M | $275.4M | ||
| Q3 25 | $-66.5M | $241.2M | ||
| Q2 25 | $-82.0M | $151.4M | ||
| Q1 25 | $-67.6M | $165.2M | ||
| Q4 24 | $-88.1M | $223.6M | ||
| Q3 24 | $-74.1M | $184.7M | ||
| Q2 24 | $-89.9M | $208.3M |
| Q1 26 | — | — | ||
| Q4 25 | 74.7% | — | ||
| Q3 25 | 74.2% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 74.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 74.5% | — | ||
| Q2 24 | 72.3% | — |
| Q1 26 | — | 79.4% | ||
| Q4 25 | -31.5% | 89.3% | ||
| Q3 25 | -27.9% | 84.8% | ||
| Q2 25 | -34.2% | 61.3% | ||
| Q1 25 | -37.3% | 65.5% | ||
| Q4 24 | -40.5% | 79.1% | ||
| Q3 24 | -37.4% | 70.4% | ||
| Q2 24 | -46.1% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | -25.2% | 67.6% | ||
| Q3 25 | -22.3% | 60.7% | ||
| Q2 25 | -29.0% | 38.4% | ||
| Q1 25 | -24.9% | 41.8% | ||
| Q4 24 | -33.7% | 57.4% | ||
| Q3 24 | -29.6% | 47.9% | ||
| Q2 24 | -38.3% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | $0.96 | ||
| Q3 25 | $-0.19 | $0.85 | ||
| Q2 25 | $-0.24 | $0.54 | ||
| Q1 25 | $-0.20 | $0.60 | ||
| Q4 24 | $-0.26 | $0.79 | ||
| Q3 24 | $-0.23 | $0.67 | ||
| Q2 24 | $-0.28 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | $274.5M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $5.0B |
| Total Assets | $3.0B | $13.8B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $347.2M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $295.6M | — | ||
| Q1 25 | $278.6M | — | ||
| Q4 24 | $386.0M | $560.8M | ||
| Q3 24 | $322.6M | $560.8M | ||
| Q2 24 | $311.3M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $7.2B | ||
| Q3 25 | $1.1B | $7.2B | ||
| Q2 25 | $1.1B | $6.9B | ||
| Q1 25 | $1.1B | $6.9B | ||
| Q4 24 | $1.1B | $7.7B | ||
| Q3 24 | $1.1B | $7.4B | ||
| Q2 24 | $1.1B | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $1.2B | $4.6B | ||
| Q3 25 | $1.1B | $4.6B | ||
| Q2 25 | $1.1B | $4.6B | ||
| Q1 25 | $1.0B | $4.2B | ||
| Q4 24 | $961.2M | $4.3B | ||
| Q3 24 | $934.3M | $4.3B | ||
| Q2 24 | $873.9M | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $3.0B | $12.9B | ||
| Q3 25 | $2.9B | $12.8B | ||
| Q2 25 | $2.8B | $12.5B | ||
| Q1 25 | $2.7B | $12.1B | ||
| Q4 24 | $2.7B | $13.1B | ||
| Q3 24 | $2.6B | $12.7B | ||
| Q2 24 | $2.5B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | 1.56× | ||
| Q3 25 | 0.98× | 1.57× | ||
| Q2 25 | 1.03× | 1.51× | ||
| Q1 25 | 1.07× | 1.63× | ||
| Q4 24 | 1.14× | 1.81× | ||
| Q3 24 | 1.17× | 1.74× | ||
| Q2 24 | 1.25× | 1.60× |
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 | $42.1M | — |
| Free Cash FlowOCF − Capex | $41.7M | — |
| FCF MarginFCF / Revenue | 13.2% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $42.1M | $1.1B | ||
| Q3 25 | $30.8M | $240.3M | ||
| Q2 25 | $18.1M | $293.4M | ||
| Q1 25 | $-26.8M | $252.5M | ||
| Q4 24 | $35.2M | $1.1B | ||
| Q3 24 | $15.6M | $270.4M | ||
| Q2 24 | $8.6M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $41.7M | — | ||
| Q3 25 | $30.0M | $183.0M | ||
| Q2 25 | $17.2M | $272.3M | ||
| Q1 25 | $-28.2M | $239.6M | ||
| Q4 24 | $34.5M | $1.1B | ||
| Q3 24 | $15.0M | $261.5M | ||
| Q2 24 | $7.5M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | — | ||
| Q3 25 | 10.0% | 46.0% | ||
| Q2 25 | 6.1% | 69.0% | ||
| Q1 25 | -10.4% | 60.6% | ||
| Q4 24 | 13.2% | 275.3% | ||
| Q3 24 | 6.0% | 67.9% | ||
| Q2 24 | 3.2% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | 14.4% | ||
| Q2 25 | 0.3% | 5.3% | ||
| Q1 25 | 0.5% | 3.3% | ||
| Q4 24 | 0.3% | 0.0% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 0.5% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.10× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 1.94× | ||
| Q1 25 | — | 1.53× | ||
| Q4 24 | — | 4.80× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | 1.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
GLPI
Segment breakdown not available.
