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Side-by-side financial comparison of JFrog Ltd (FROG) 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 $145.3M, roughly 1.3× JFrog Ltd). JFrog Ltd runs the higher net margin — -10.5% vs -84.1%, a 73.7% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 25.2%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $-468.0M).
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
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.
FROG vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $145.3M | $184.7M |
| Net Profit | $-15.2M | $-155.4M |
| Gross Margin | 77.9% | 64.4% |
| Operating Margin | -14.7% | -63.0% |
| Net Margin | -10.5% | -84.1% |
| Revenue YoY | 25.2% | 59.0% |
| Net Profit YoY | 34.4% | -610.0% |
| EPS (diluted) | $-0.13 | $-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 | $145.3M | $184.7M | ||
| Q3 25 | $136.9M | $240.3M | ||
| Q2 25 | $127.2M | — | ||
| Q1 25 | $122.4M | — | ||
| Q4 24 | $116.1M | $116.1M | ||
| Q3 24 | $109.1M | $52.8M | ||
| Q2 24 | $103.0M | — | ||
| Q1 24 | $100.3M | $54.3M |
| Q4 25 | $-15.2M | $-155.4M | ||
| Q3 25 | $-16.4M | $384.6M | ||
| Q2 25 | $-21.7M | — | ||
| Q1 25 | $-18.5M | — | ||
| Q4 24 | $-23.2M | $-21.9M | ||
| Q3 24 | $-22.9M | $-51.7M | ||
| Q2 24 | $-14.3M | — | ||
| Q1 24 | $-8.8M | $8.6M |
| Q4 25 | 77.9% | 64.4% | ||
| Q3 25 | 77.4% | 66.4% | ||
| Q2 25 | 76.3% | — | ||
| Q1 25 | 75.3% | — | ||
| Q4 24 | 75.4% | 72.2% | ||
| Q3 24 | 75.0% | 39.6% | ||
| Q2 24 | 78.8% | — | ||
| Q1 24 | 79.5% | — |
| Q4 25 | -14.7% | -63.0% | ||
| Q3 25 | -15.8% | -31.8% | ||
| Q2 25 | -20.4% | — | ||
| Q1 25 | -18.8% | — | ||
| Q4 24 | -21.9% | 14.9% | ||
| Q3 24 | -27.4% | -89.2% | ||
| Q2 24 | -18.6% | — | ||
| Q1 24 | -16.6% | 11.1% |
| Q4 25 | -10.5% | -84.1% | ||
| Q3 25 | -12.0% | 160.1% | ||
| Q2 25 | -17.0% | — | ||
| Q1 25 | -15.1% | — | ||
| Q4 24 | -20.0% | -18.8% | ||
| Q3 24 | -21.0% | -98.0% | ||
| Q2 24 | -13.9% | — | ||
| Q1 24 | -8.8% | 15.9% |
| Q4 25 | $-0.13 | $-0.52 | ||
| Q3 25 | $-0.14 | $1.08 | ||
| Q2 25 | $-0.19 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.21 | $-0.10 | ||
| Q3 24 | $-0.21 | $-0.27 | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.08 | $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 | $704.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $887.4M | $2.5B |
| Total Assets | $1.3B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $704.4M | $3.3B | ||
| Q3 25 | $651.1M | $1.0B | ||
| Q2 25 | $611.7M | — | ||
| Q1 25 | $563.5M | — | ||
| Q4 24 | $522.0M | $427.3M | ||
| Q3 24 | $467.8M | $98.6M | ||
| Q2 24 | $591.3M | — | ||
| Q1 24 | $579.6M | $259.7M |
| Q4 25 | $887.4M | $2.5B | ||
| Q3 25 | $859.4M | $2.9B | ||
| Q2 25 | $826.5M | — | ||
| Q1 25 | $800.0M | — | ||
| Q4 24 | $773.5M | $1.2B | ||
| Q3 24 | $756.2M | $1.1B | ||
| Q2 24 | $721.4M | — | ||
| Q1 24 | $707.8M | $677.2M |
| Q4 25 | $1.3B | $7.0B | ||
| Q3 25 | $1.3B | $4.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $997.1M | $723.6M |
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 | $50.7M | $71.7M |
| Free Cash FlowOCF − Capex | $49.9M | $-468.0M |
| FCF MarginFCF / Revenue | 34.3% | -253.4% |
| Capex IntensityCapex / Revenue | 0.6% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $142.3M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $50.7M | $71.7M | ||
| Q3 25 | $30.2M | $142.4M | ||
| Q2 25 | $36.1M | — | ||
| Q1 25 | $28.8M | — | ||
| Q4 24 | $49.1M | $53.6M | ||
| Q3 24 | $27.6M | $-3.9M | ||
| Q2 24 | $16.7M | — | ||
| Q1 24 | $17.5M | $-27.1M |
| Q4 25 | $49.9M | $-468.0M | ||
| Q3 25 | $28.8M | $-38.0M | ||
| Q2 25 | $35.5M | — | ||
| Q1 25 | $28.1M | — | ||
| Q4 24 | $48.5M | $-85.5M | ||
| Q3 24 | $26.7M | $-109.7M | ||
| Q2 24 | $16.0M | — | ||
| Q1 24 | $16.6M | $-108.3M |
| Q4 25 | 34.3% | -253.4% | ||
| Q3 25 | 21.0% | -15.8% | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 23.0% | — | ||
| Q4 24 | 41.8% | -73.6% | ||
| Q3 24 | 24.5% | -208.0% | ||
| Q2 24 | 15.5% | — | ||
| Q1 24 | 16.6% | -199.4% |
| Q4 25 | 0.6% | 292.2% | ||
| Q3 25 | 1.0% | 75.0% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.5% | 119.7% | ||
| Q3 24 | 0.9% | 200.6% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.8% | 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
FROG
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
