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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and IREN Ltd (IREN). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $184.7M, roughly 1.8× IREN Ltd). Federal Realty Investment Trust runs the higher net margin — 38.6% vs -84.1%, a 122.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 8.7%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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.
FRT vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $184.7M |
| Net Profit | $129.7M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 53.8% | -63.0% |
| Net Margin | 38.6% | -84.1% |
| Revenue YoY | 8.7% | 59.0% |
| Net Profit YoY | 103.5% | -610.0% |
| EPS (diluted) | $1.49 | $-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.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $184.7M | ||
| Q3 25 | $322.3M | $240.3M | ||
| Q2 25 | $311.5M | — | ||
| Q1 25 | $309.2M | — | ||
| Q4 24 | $311.4M | $116.1M | ||
| Q3 24 | $303.6M | $52.8M | ||
| Q2 24 | $296.1M | — |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-155.4M | ||
| Q3 25 | $61.6M | $384.6M | ||
| Q2 25 | $155.9M | — | ||
| Q1 25 | $63.8M | — | ||
| Q4 24 | $65.5M | $-21.9M | ||
| Q3 24 | $61.0M | $-51.7M | ||
| Q2 24 | $112.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | -63.0% | ||
| Q3 25 | 34.3% | -31.8% | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | 35.0% | — | ||
| Q4 24 | 35.1% | 14.9% | ||
| Q3 24 | 34.9% | -89.2% | ||
| Q2 24 | 53.0% | — |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -84.1% | ||
| Q3 25 | 19.1% | 160.1% | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.0% | -18.8% | ||
| Q3 24 | 20.1% | -98.0% | ||
| Q2 24 | 37.8% | — |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-0.52 | ||
| Q3 25 | $0.69 | $1.08 | ||
| Q2 25 | $1.78 | — | ||
| Q1 25 | $0.72 | — | ||
| Q4 24 | $0.74 | $-0.10 | ||
| Q3 24 | $0.70 | $-0.27 | ||
| Q2 24 | $1.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $3.3B |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $2.5B |
| Total Assets | $9.1B | $7.0B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $3.3B | ||
| Q3 25 | $111.3M | $1.0B | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $109.2M | — | ||
| Q4 24 | $123.4M | $427.3M | ||
| Q3 24 | $97.0M | $98.6M | ||
| Q2 24 | $103.2M | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.2B | $2.9B | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.1B | $1.1B | ||
| Q2 24 | $3.0B | — |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $7.0B | ||
| Q3 25 | $8.9B | $4.3B | ||
| Q2 25 | $8.6B | — | ||
| Q1 25 | $8.6B | — | ||
| Q4 24 | $8.5B | $1.9B | ||
| Q3 24 | $8.5B | $1.3B | ||
| Q2 24 | $8.4B | — |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $71.7M | ||
| Q3 25 | $147.8M | $142.4M | ||
| Q2 25 | $150.7M | — | ||
| Q1 25 | $179.0M | — | ||
| Q4 24 | $574.6M | $53.6M | ||
| Q3 24 | $144.1M | $-3.9M | ||
| Q2 24 | $169.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | — | ||
| Q3 25 | 2.40× | 0.37× | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
