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Side-by-side financial comparison of Cannae Holdings, Inc. (CNNE) 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 $103.3M, roughly 1.8× Cannae Holdings, Inc.). IREN Ltd runs the higher net margin — -84.1% vs -90.0%, a 5.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -6.0%). Cannae Holdings, Inc. produced more free cash flow last quarter ($12.0M vs $-468.0M).
Cannae Holdings, Inc. is a diversified holding company that primarily invests in and operates businesses across multiple sectors including financial services, restaurant and hospitality, technology, and healthcare. Its core market is the United States, and it focuses on driving long-term stakeholder value through active portfolio management and strategic operational support for its portfolio companies.
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.
CNNE vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $103.3M | $184.7M |
| Net Profit | $-93.0M | $-155.4M |
| Gross Margin | 15.2% | 64.4% |
| Operating Margin | -23.3% | -63.0% |
| Net Margin | -90.0% | -84.1% |
| Revenue YoY | -6.0% | 59.0% |
| Net Profit YoY | -101.7% | -610.0% |
| EPS (diluted) | $-2.09 | $-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 | $103.3M | $184.7M | ||
| Q3 25 | $106.9M | $240.3M | ||
| Q2 25 | $110.2M | — | ||
| Q1 25 | $103.2M | — | ||
| Q4 24 | $109.9M | $116.1M | ||
| Q3 24 | $113.9M | $52.8M | ||
| Q2 24 | $118.0M | — | ||
| Q1 24 | $110.7M | $54.3M |
| Q4 25 | $-93.0M | $-155.4M | ||
| Q3 25 | $-68.4M | $384.6M | ||
| Q2 25 | $-238.8M | — | ||
| Q1 25 | $-113.0M | — | ||
| Q4 24 | $-46.1M | $-21.9M | ||
| Q3 24 | $-13.6M | $-51.7M | ||
| Q2 24 | $-155.0M | — | ||
| Q1 24 | $-89.9M | $8.6M |
| Q4 25 | 15.2% | 64.4% | ||
| Q3 25 | 17.1% | 66.4% | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 16.4% | 72.2% | ||
| Q3 24 | 18.3% | 39.6% | ||
| Q2 24 | 21.9% | — | ||
| Q1 24 | 14.9% | — |
| Q4 25 | -23.3% | -63.0% | ||
| Q3 25 | -12.3% | -31.8% | ||
| Q2 25 | -55.3% | — | ||
| Q1 25 | -20.7% | — | ||
| Q4 24 | -20.0% | 14.9% | ||
| Q3 24 | -15.9% | -89.2% | ||
| Q2 24 | -19.5% | — | ||
| Q1 24 | -36.7% | 11.1% |
| Q4 25 | -90.0% | -84.1% | ||
| Q3 25 | -64.0% | 160.1% | ||
| Q2 25 | -216.7% | — | ||
| Q1 25 | -109.5% | — | ||
| Q4 24 | -41.9% | -18.8% | ||
| Q3 24 | -11.9% | -98.0% | ||
| Q2 24 | -131.4% | — | ||
| Q1 24 | -81.2% | 15.9% |
| Q4 25 | $-2.09 | $-0.52 | ||
| Q3 25 | $-1.25 | $1.08 | ||
| Q2 25 | $-3.93 | — | ||
| Q1 25 | $-1.81 | — | ||
| Q4 24 | $-0.75 | $-0.10 | ||
| Q3 24 | $-0.22 | $-0.27 | ||
| Q2 24 | $-2.49 | — | ||
| Q1 24 | $-1.27 | $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 | $182.0M | $3.3B |
| Total DebtLower is stronger | $70.8M | — |
| Stockholders' EquityBook value | $1.0B | $2.5B |
| Total Assets | $1.3B | $7.0B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.0M | $3.3B | ||
| Q3 25 | $233.8M | $1.0B | ||
| Q2 25 | $66.7M | — | ||
| Q1 25 | $126.2M | — | ||
| Q4 24 | $131.5M | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $259.7M |
| Q4 25 | $70.8M | — | ||
| Q3 25 | $68.6M | — | ||
| Q2 25 | $168.4M | — | ||
| Q1 25 | $170.6M | — | ||
| Q4 24 | $181.0M | — | ||
| Q3 24 | $181.2M | — | ||
| Q2 24 | $78.2M | — | ||
| Q1 24 | $79.3M | — |
| Q4 25 | $1.0B | $2.5B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.3B | $677.2M |
| Q4 25 | $1.3B | $7.0B | ||
| Q3 25 | $1.5B | $4.3B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.2B | $1.9B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $2.6B | $723.6M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.03× | — |
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 | $16.0M | $71.7M |
| Free Cash FlowOCF − Capex | $12.0M | $-468.0M |
| FCF MarginFCF / Revenue | 11.6% | -253.4% |
| Capex IntensityCapex / Revenue | 3.9% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-28.5M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.0M | $71.7M | ||
| Q3 25 | $-21.6M | $142.4M | ||
| Q2 25 | $-21.6M | — | ||
| Q1 25 | $9.1M | — | ||
| Q4 24 | $-12.0M | $53.6M | ||
| Q3 24 | $-31.9M | $-3.9M | ||
| Q2 24 | $-10.2M | — | ||
| Q1 24 | $-36.0M | $-27.1M |
| Q4 25 | $12.0M | $-468.0M | ||
| Q3 25 | $-24.1M | $-38.0M | ||
| Q2 25 | $-23.6M | — | ||
| Q1 25 | $7.2M | — | ||
| Q4 24 | $-14.4M | $-85.5M | ||
| Q3 24 | $-33.6M | $-109.7M | ||
| Q2 24 | $-11.8M | — | ||
| Q1 24 | $-37.3M | $-108.3M |
| Q4 25 | 11.6% | -253.4% | ||
| Q3 25 | -22.5% | -15.8% | ||
| Q2 25 | -21.4% | — | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | -13.1% | -73.6% | ||
| Q3 24 | -29.5% | -208.0% | ||
| Q2 24 | -10.0% | — | ||
| Q1 24 | -33.7% | -199.4% |
| Q4 25 | 3.9% | 292.2% | ||
| Q3 25 | 2.3% | 75.0% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 2.2% | 119.7% | ||
| Q3 24 | 1.5% | 200.6% | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.2% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 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
CNNE
| Reportable Segment Aggregation Before Other Operating Segment | $94.9M | 92% |
| Other Operating Revenue | $8.4M | 8% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
