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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $173.0M, roughly 1.1× Fastly, Inc.). Fastly, Inc. runs the higher net margin — -11.9% vs -84.1%, a 72.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 19.8%). Fastly, Inc. produced more free cash flow last quarter ($4.1M vs $-468.0M).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $173.0M | $184.7M |
| Net Profit | $-20.5M | $-155.4M |
| Gross Margin | 62.5% | 64.4% |
| Operating Margin | 23.7% | -63.0% |
| Net Margin | -11.9% | -84.1% |
| Revenue YoY | 19.8% | 59.0% |
| Net Profit YoY | 47.6% | -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.
| Q1 26 | $173.0M | — | ||
| Q4 25 | $172.6M | $184.7M | ||
| Q3 25 | $158.2M | $240.3M | ||
| Q2 25 | $148.7M | — | ||
| Q1 25 | $144.5M | — | ||
| Q4 24 | $140.6M | $116.1M | ||
| Q3 24 | $137.2M | $52.8M | ||
| Q2 24 | $132.4M | — |
| Q1 26 | $-20.5M | — | ||
| Q4 25 | $-15.5M | $-155.4M | ||
| Q3 25 | $-29.5M | $384.6M | ||
| Q2 25 | $-37.5M | — | ||
| Q1 25 | $-39.1M | — | ||
| Q4 24 | $-32.9M | $-21.9M | ||
| Q3 24 | $-38.0M | $-51.7M | ||
| Q2 24 | $-43.7M | — |
| Q1 26 | 62.5% | — | ||
| Q4 25 | 61.4% | 64.4% | ||
| Q3 25 | 58.4% | 66.4% | ||
| Q2 25 | 54.5% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.4% | 72.2% | ||
| Q3 24 | 54.5% | 39.6% | ||
| Q2 24 | 55.1% | — |
| Q1 26 | 23.7% | — | ||
| Q4 25 | -8.7% | -63.0% | ||
| Q3 25 | -18.2% | -31.8% | ||
| Q2 25 | -24.8% | — | ||
| Q1 25 | -26.4% | — | ||
| Q4 24 | -24.4% | 14.9% | ||
| Q3 24 | -29.6% | -89.2% | ||
| Q2 24 | -35.3% | — |
| Q1 26 | -11.9% | — | ||
| Q4 25 | -9.0% | -84.1% | ||
| Q3 25 | -18.6% | 160.1% | ||
| Q2 25 | -25.2% | — | ||
| Q1 25 | -27.1% | — | ||
| Q4 24 | -23.4% | -18.8% | ||
| Q3 24 | -27.7% | -98.0% | ||
| Q2 24 | -33.0% | — |
| Q1 26 | $-0.13 | — | ||
| Q4 25 | $-0.10 | $-0.52 | ||
| Q3 25 | $-0.20 | $1.08 | ||
| Q2 25 | $-0.26 | — | ||
| Q1 25 | $-0.27 | — | ||
| Q4 24 | $-0.23 | $-0.10 | ||
| Q3 24 | $-0.27 | $-0.27 | ||
| Q2 24 | $-0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $146.7M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $977.1M | $2.5B |
| Total Assets | $1.5B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $146.7M | — | ||
| Q4 25 | $361.8M | $3.3B | ||
| Q3 25 | $342.9M | $1.0B | ||
| Q2 25 | $321.2M | — | ||
| Q1 25 | $307.3M | — | ||
| Q4 24 | $295.9M | $427.3M | ||
| Q3 24 | $308.2M | $98.6M | ||
| Q2 24 | $311.8M | — |
| Q1 26 | $977.1M | — | ||
| Q4 25 | $929.6M | $2.5B | ||
| Q3 25 | $937.0M | $2.9B | ||
| Q2 25 | $942.6M | — | ||
| Q1 25 | $957.0M | — | ||
| Q4 24 | $965.3M | $1.2B | ||
| Q3 24 | $969.5M | $1.1B | ||
| Q2 24 | $981.2M | — |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.5B | $4.3B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.5B | — |
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 | $28.9M | $71.7M |
| Free Cash FlowOCF − Capex | $4.1M | $-468.0M |
| FCF MarginFCF / Revenue | 2.4% | -253.4% |
| Capex IntensityCapex / Revenue | 14.3% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $55.2M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.9M | — | ||
| Q4 25 | $22.4M | $71.7M | ||
| Q3 25 | $28.9M | $142.4M | ||
| Q2 25 | $25.8M | — | ||
| Q1 25 | $17.3M | — | ||
| Q4 24 | $5.2M | $53.6M | ||
| Q3 24 | $5.0M | $-3.9M | ||
| Q2 24 | $-4.9M | — |
| Q1 26 | $4.1M | — | ||
| Q4 25 | $12.2M | $-468.0M | ||
| Q3 25 | $22.9M | $-38.0M | ||
| Q2 25 | $15.9M | — | ||
| Q1 25 | $14.7M | — | ||
| Q4 24 | $251.0K | $-85.5M | ||
| Q3 24 | $3.0M | $-109.7M | ||
| Q2 24 | $-6.7M | — |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 7.1% | -253.4% | ||
| Q3 25 | 14.5% | -15.8% | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | 10.2% | — | ||
| Q4 24 | 0.2% | -73.6% | ||
| Q3 24 | 2.2% | -208.0% | ||
| Q2 24 | -5.1% | — |
| Q1 26 | 14.3% | — | ||
| Q4 25 | 5.9% | 292.2% | ||
| Q3 25 | 3.8% | 75.0% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 3.5% | 119.7% | ||
| Q3 24 | 1.5% | 200.6% | ||
| Q2 24 | 1.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $126.2M | 73% |
| Security | $38.8M | 22% |
| Other | $8.0M | 5% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
