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Side-by-side financial comparison of Freshworks Inc. (FRSH) and IREN Ltd (IREN). Click either name above to swap in a different company.
Freshworks Inc. is the larger business by last-quarter revenue ($222.7M vs $184.7M, roughly 1.2× IREN Ltd). Freshworks Inc. runs the higher net margin — 86.0% vs -84.1%, a 170.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 14.5%). Freshworks Inc. produced more free cash flow last quarter ($60.1M vs $-468.0M).
Freshworks Inc. is a cloud-based software-as-a-service company, founded in 2010 in Chennai, India. The company provides cloud-based tools for customer relationship management (CRM), IT service management (ITSM), and e-commerce marketing.
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.
FRSH vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $222.7M | $184.7M |
| Net Profit | $191.4M | $-155.4M |
| Gross Margin | 85.6% | 64.4% |
| Operating Margin | 17.8% | -63.0% |
| Net Margin | 86.0% | -84.1% |
| Revenue YoY | 14.5% | 59.0% |
| Net Profit YoY | 974.2% | -610.0% |
| EPS (diluted) | $0.66 | $-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 | $222.7M | $184.7M | ||
| Q3 25 | $215.1M | $240.3M | ||
| Q2 25 | $204.7M | — | ||
| Q1 25 | $196.3M | — | ||
| Q4 24 | $194.6M | $116.1M | ||
| Q3 24 | $186.6M | $52.8M | ||
| Q2 24 | $174.1M | — | ||
| Q1 24 | $165.1M | $54.3M |
| Q4 25 | $191.4M | $-155.4M | ||
| Q3 25 | $-4.7M | $384.6M | ||
| Q2 25 | $-1.7M | — | ||
| Q1 25 | $-1.3M | — | ||
| Q4 24 | $-21.9M | $-21.9M | ||
| Q3 24 | $-30.0M | $-51.7M | ||
| Q2 24 | $-20.2M | — | ||
| Q1 24 | $-23.3M | $8.6M |
| Q4 25 | 85.6% | 64.4% | ||
| Q3 25 | 84.7% | 66.4% | ||
| Q2 25 | 84.8% | — | ||
| Q1 25 | 84.8% | — | ||
| Q4 24 | 84.9% | 72.2% | ||
| Q3 24 | 84.0% | 39.6% | ||
| Q2 24 | 83.8% | — | ||
| Q1 24 | 84.3% | — |
| Q4 25 | 17.8% | -63.0% | ||
| Q3 25 | -3.5% | -31.8% | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -5.3% | — | ||
| Q4 24 | -12.2% | 14.9% | ||
| Q3 24 | -20.8% | -89.2% | ||
| Q2 24 | -25.1% | — | ||
| Q1 24 | -19.5% | 11.1% |
| Q4 25 | 86.0% | -84.1% | ||
| Q3 25 | -2.2% | 160.1% | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | -0.7% | — | ||
| Q4 24 | -11.3% | -18.8% | ||
| Q3 24 | -16.1% | -98.0% | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -14.1% | 15.9% |
| Q4 25 | $0.66 | $-0.52 | ||
| Q3 25 | $-0.02 | $1.08 | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.07 | $-0.10 | ||
| Q3 24 | $-0.10 | $-0.27 | ||
| Q2 24 | $-0.07 | — | ||
| 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 | $781.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $2.5B |
| Total Assets | $1.6B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $781.4M | $3.3B | ||
| Q3 25 | $813.2M | $1.0B | ||
| Q2 25 | $926.2M | — | ||
| Q1 25 | $995.3M | — | ||
| Q4 24 | $1.1B | $427.3M | ||
| Q3 24 | $1.1B | $98.6M | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.2B | $259.7M |
| Q4 25 | $1.0B | $2.5B | ||
| Q3 25 | $851.5M | $2.9B | ||
| Q2 25 | $984.6M | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $677.2M |
| Q4 25 | $1.6B | $7.0B | ||
| Q3 25 | $1.4B | $4.3B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | $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 | $62.3M | $71.7M |
| Free Cash FlowOCF − Capex | $60.1M | $-468.0M |
| FCF MarginFCF / Revenue | 27.0% | -253.4% |
| Capex IntensityCapex / Revenue | 1.0% | 292.2% |
| Cash ConversionOCF / Net Profit | 0.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $236.7M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.3M | $71.7M | ||
| Q3 25 | $63.5M | $142.4M | ||
| Q2 25 | $58.6M | — | ||
| Q1 25 | $58.0M | — | ||
| Q4 24 | $41.4M | $53.6M | ||
| Q3 24 | $42.3M | $-3.9M | ||
| Q2 24 | $36.3M | — | ||
| Q1 24 | $40.6M | $-27.1M |
| Q4 25 | $60.1M | $-468.0M | ||
| Q3 25 | $61.7M | $-38.0M | ||
| Q2 25 | $58.2M | — | ||
| Q1 25 | $56.7M | — | ||
| Q4 24 | $36.3M | $-85.5M | ||
| Q3 24 | $41.3M | $-109.7M | ||
| Q2 24 | $34.0M | — | ||
| Q1 24 | $39.9M | $-108.3M |
| Q4 25 | 27.0% | -253.4% | ||
| Q3 25 | 28.7% | -15.8% | ||
| Q2 25 | 28.4% | — | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | 18.7% | -73.6% | ||
| Q3 24 | 22.1% | -208.0% | ||
| Q2 24 | 19.5% | — | ||
| Q1 24 | 24.1% | -199.4% |
| Q4 25 | 1.0% | 292.2% | ||
| Q3 25 | 0.8% | 75.0% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 2.6% | 119.7% | ||
| Q3 24 | 0.6% | 200.6% | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 0.4% | 149.5% |
| Q4 25 | 0.33× | — | ||
| 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
FRSH
| Subscription Services Software Licenses And Maintenance | $220.2M | 99% |
| Professional Services | $2.5M | 1% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
