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Side-by-side financial comparison of Clearway Energy, Inc. (CWEN) and IREN Ltd (IREN). Click either name above to swap in a different company.
Clearway Energy, Inc. is the larger business by last-quarter revenue ($310.0M vs $184.7M, roughly 1.7× IREN Ltd). Clearway Energy, Inc. runs the higher net margin — -33.5% vs -84.1%, a 50.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 21.1%). Clearway Energy, Inc. produced more free cash flow last quarter ($71.0M vs $-468.0M).
NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail cust...
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.
CWEN vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $310.0M | $184.7M |
| Net Profit | $-104.0M | $-155.4M |
| Gross Margin | 51.9% | 64.4% |
| Operating Margin | -11.9% | -63.0% |
| Net Margin | -33.5% | -84.1% |
| Revenue YoY | 21.1% | 59.0% |
| Net Profit YoY | -3566.7% | -610.0% |
| EPS (diluted) | — | $-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 | $310.0M | $184.7M | ||
| Q3 25 | $429.0M | $240.3M | ||
| Q2 25 | $392.0M | — | ||
| Q1 25 | $298.0M | — | ||
| Q4 24 | $256.0M | $116.1M | ||
| Q3 24 | $486.0M | $52.8M | ||
| Q2 24 | $366.0M | — | ||
| Q1 24 | $263.0M | $54.3M |
| Q4 25 | $-104.0M | $-155.4M | ||
| Q3 25 | $236.0M | $384.6M | ||
| Q2 25 | $33.0M | — | ||
| Q1 25 | $4.0M | — | ||
| Q4 24 | $3.0M | $-21.9M | ||
| Q3 24 | $36.0M | $-51.7M | ||
| Q2 24 | $51.0M | — | ||
| Q1 24 | $-2.0M | $8.6M |
| Q4 25 | 51.9% | 64.4% | ||
| Q3 25 | 70.2% | 66.4% | ||
| Q2 25 | 66.6% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 52.0% | 72.2% | ||
| Q3 24 | 72.2% | 39.6% | ||
| Q2 24 | 68.0% | — | ||
| Q1 24 | 52.1% | — |
| Q4 25 | -11.9% | -63.0% | ||
| Q3 25 | 26.1% | -31.8% | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -14.5% | 14.9% | ||
| Q3 24 | 36.6% | -89.2% | ||
| Q2 24 | 23.0% | — | ||
| Q1 24 | -11.0% | 11.1% |
| Q4 25 | -33.5% | -84.1% | ||
| Q3 25 | 55.0% | 160.1% | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.2% | -18.8% | ||
| Q3 24 | 7.4% | -98.0% | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | -0.8% | 15.9% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $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 | $231.0M | $3.3B |
| Total DebtLower is stronger | $7.9B | — |
| Stockholders' EquityBook value | $5.8B | $2.5B |
| Total Assets | $16.7B | $7.0B |
| Debt / EquityLower = less leverage | 1.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $231.0M | $3.3B | ||
| Q3 25 | $251.0M | $1.0B | ||
| Q2 25 | $260.0M | — | ||
| Q1 25 | $297.0M | — | ||
| Q4 24 | $332.0M | $427.3M | ||
| Q3 24 | $292.0M | $98.6M | ||
| Q2 24 | $226.0M | — | ||
| Q1 24 | $478.0M | $259.7M |
| Q4 25 | $7.9B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.3B | — | ||
| Q1 25 | $7.2B | — | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $6.7B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $7.6B | — |
| Q4 25 | $5.8B | $2.5B | ||
| Q3 25 | $5.7B | $2.9B | ||
| Q2 25 | $5.5B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.6B | $1.2B | ||
| Q3 24 | $5.6B | $1.1B | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.0B | $677.2M |
| Q4 25 | $16.7B | $7.0B | ||
| Q3 25 | $16.1B | $4.3B | ||
| Q2 25 | $16.0B | — | ||
| Q1 25 | $14.6B | — | ||
| Q4 24 | $14.3B | $1.9B | ||
| Q3 24 | $14.2B | $1.3B | ||
| Q2 24 | $14.5B | — | ||
| Q1 24 | $14.9B | $723.6M |
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 1.50× | — |
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 | $177.0M | $71.7M |
| Free Cash FlowOCF − Capex | $71.0M | $-468.0M |
| FCF MarginFCF / Revenue | 22.9% | -253.4% |
| Capex IntensityCapex / Revenue | 34.2% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.0M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $177.0M | $71.7M | ||
| Q3 25 | $225.0M | $142.4M | ||
| Q2 25 | $191.0M | — | ||
| Q1 25 | $95.0M | — | ||
| Q4 24 | $192.0M | $53.6M | ||
| Q3 24 | $301.0M | $-3.9M | ||
| Q2 24 | $196.0M | — | ||
| Q1 24 | $81.0M | $-27.1M |
| Q4 25 | $71.0M | $-468.0M | ||
| Q3 25 | $144.0M | $-38.0M | ||
| Q2 25 | $115.0M | — | ||
| Q1 25 | $39.0M | — | ||
| Q4 24 | $142.0M | $-85.5M | ||
| Q3 24 | $266.0M | $-109.7M | ||
| Q2 24 | $92.0M | — | ||
| Q1 24 | $-17.0M | $-108.3M |
| Q4 25 | 22.9% | -253.4% | ||
| Q3 25 | 33.6% | -15.8% | ||
| Q2 25 | 29.3% | — | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 55.5% | -73.6% | ||
| Q3 24 | 54.7% | -208.0% | ||
| Q2 24 | 25.1% | — | ||
| Q1 24 | -6.5% | -199.4% |
| Q4 25 | 34.2% | 292.2% | ||
| Q3 25 | 18.9% | 75.0% | ||
| Q2 25 | 19.4% | — | ||
| Q1 25 | 18.8% | — | ||
| Q4 24 | 19.5% | 119.7% | ||
| Q3 24 | 7.2% | 200.6% | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 37.3% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.95× | 0.37× | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | 23.75× | — | ||
| Q4 24 | 64.00× | — | ||
| Q3 24 | 8.36× | — | ||
| Q2 24 | 3.84× | — | ||
| Q1 24 | — | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWEN
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
