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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 1.3× FTAI Infrastructure Inc.). FTAI Infrastructure Inc. runs the higher net margin — -68.1% vs -84.1%, a 16.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 59.0%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-468.0M).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $184.7M |
| Net Profit | $-97.7M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | -45.7% | -63.0% |
| Net Margin | -68.1% | -84.1% |
| Revenue YoY | 77.7% | 59.0% |
| Net Profit YoY | 21.6% | -610.0% |
| EPS (diluted) | $-1.04 | $-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 | $143.5M | $184.7M | ||
| Q3 25 | $140.6M | $240.3M | ||
| Q2 25 | $122.3M | — | ||
| Q1 25 | $96.2M | — | ||
| Q4 24 | $80.8M | $116.1M | ||
| Q3 24 | $83.3M | $52.8M | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $82.5M | $54.3M |
| Q4 25 | $-97.7M | $-155.4M | ||
| Q3 25 | $-104.5M | $384.6M | ||
| Q2 25 | $-70.0M | — | ||
| Q1 25 | $120.2M | — | ||
| Q4 24 | $-124.7M | $-21.9M | ||
| Q3 24 | $-43.0M | $-51.7M | ||
| Q2 24 | $-48.1M | — | ||
| Q1 24 | $-50.3M | $8.6M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -45.7% | -63.0% | ||
| Q3 25 | -70.8% | -31.8% | ||
| Q2 25 | -56.4% | — | ||
| Q1 25 | 81.8% | — | ||
| Q4 24 | -152.7% | 14.9% | ||
| Q3 24 | -51.7% | -89.2% | ||
| Q2 24 | -56.4% | — | ||
| Q1 24 | -58.8% | 11.1% |
| Q4 25 | -68.1% | -84.1% | ||
| Q3 25 | -74.4% | 160.1% | ||
| Q2 25 | -57.2% | — | ||
| Q1 25 | 125.0% | — | ||
| Q4 24 | -154.4% | -18.8% | ||
| Q3 24 | -51.6% | -98.0% | ||
| Q2 24 | -56.7% | — | ||
| Q1 24 | -60.9% | 15.9% |
| Q4 25 | $-1.04 | $-0.52 | ||
| Q3 25 | $-1.38 | $1.08 | ||
| Q2 25 | $-0.73 | — | ||
| Q1 25 | $0.89 | — | ||
| Q4 24 | $-1.21 | $-0.10 | ||
| Q3 24 | $-0.45 | $-0.27 | ||
| Q2 24 | $-0.52 | — | ||
| Q1 24 | $-0.54 | $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 | $57.4M | $3.3B |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $2.5B |
| Total Assets | $5.7B | $7.0B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $3.3B | ||
| Q3 25 | $34.7M | $1.0B | ||
| Q2 25 | $33.6M | — | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | $427.3M | ||
| Q3 24 | $20.3M | $98.6M | ||
| Q2 24 | $33.1M | — | ||
| Q1 24 | $23.0M | $259.7M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $2.5B | ||
| Q3 25 | $181.1M | $2.9B | ||
| Q2 25 | $375.5M | — | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | $1.2B | ||
| Q3 24 | $370.8M | $1.1B | ||
| Q2 24 | $394.8M | — | ||
| Q1 24 | $402.5M | $677.2M |
| Q4 25 | $5.7B | $7.0B | ||
| Q3 25 | $5.5B | $4.3B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $2.4B | $1.9B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.3B | $723.6M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $71.7M |
| Free Cash FlowOCF − Capex | $-68.6M | $-468.0M |
| FCF MarginFCF / Revenue | -47.8% | -253.4% |
| Capex IntensityCapex / Revenue | 45.9% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $71.7M | ||
| Q3 25 | $-24.4M | $142.4M | ||
| Q2 25 | $-5.2M | — | ||
| Q1 25 | $-85.7M | — | ||
| Q4 24 | $-8.1M | $53.6M | ||
| Q3 24 | $14.2M | $-3.9M | ||
| Q2 24 | $-17.6M | — | ||
| Q1 24 | $-3.9M | $-27.1M |
| Q4 25 | $-68.6M | $-468.0M | ||
| Q3 25 | $-90.7M | $-38.0M | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | — | ||
| Q4 24 | $-34.3M | $-85.5M | ||
| Q3 24 | $-11.7M | $-109.7M | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-16.7M | $-108.3M |
| Q4 25 | -47.8% | -253.4% | ||
| Q3 25 | -64.5% | -15.8% | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | — | ||
| Q4 24 | -42.4% | -73.6% | ||
| Q3 24 | -14.0% | -208.0% | ||
| Q2 24 | -37.9% | — | ||
| Q1 24 | -20.3% | -199.4% |
| Q4 25 | 45.9% | 292.2% | ||
| Q3 25 | 47.2% | 75.0% | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 32.5% | 119.7% | ||
| Q3 24 | 31.1% | 200.6% | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 15.6% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| 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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
