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Side-by-side financial comparison of Great Lakes Dredge & Dock CORP (GLDD) and IREN Ltd (IREN). Click either name above to swap in a different company.
Great Lakes Dredge & Dock CORP is the larger business by last-quarter revenue ($256.5M vs $184.7M, roughly 1.4× IREN Ltd). Great Lakes Dredge & Dock CORP runs the higher net margin — 4.9% vs -84.1%, a 89.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 26.5%). Great Lakes Dredge & Dock CORP produced more free cash flow last quarter ($50.3M vs $-468.0M).
Great Lakes Dredge and Dock Company is an American company providing construction services in dredging and land reclamation, currently the largest such provider in the United States. GLD&D operates primarily in the United States but conducts one-quarter of its business overseas. The company was based in Oak Brook, Illinois, but in October 2020 relocated its corporate headquarters to Houston, Texas.
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.
GLDD vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $256.5M | $184.7M |
| Net Profit | $12.6M | $-155.4M |
| Gross Margin | 20.9% | 64.4% |
| Operating Margin | 12.7% | -63.0% |
| Net Margin | 4.9% | -84.1% |
| Revenue YoY | 26.5% | 59.0% |
| Net Profit YoY | -35.9% | -610.0% |
| EPS (diluted) | $0.19 | $-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 | $256.5M | $184.7M | ||
| Q3 25 | $195.2M | $240.3M | ||
| Q2 25 | $193.8M | — | ||
| Q1 25 | $242.9M | — | ||
| Q4 24 | $202.8M | $116.1M | ||
| Q3 24 | $191.2M | $52.8M | ||
| Q2 24 | $170.1M | — | ||
| Q1 24 | $198.7M | $54.3M |
| Q4 25 | $12.6M | $-155.4M | ||
| Q3 25 | $17.7M | $384.6M | ||
| Q2 25 | $9.7M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $19.7M | $-21.9M | ||
| Q3 24 | $8.9M | $-51.7M | ||
| Q2 24 | $7.7M | — | ||
| Q1 24 | $21.0M | $8.6M |
| Q4 25 | 20.9% | 64.4% | ||
| Q3 25 | 22.4% | 66.4% | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | 28.6% | — | ||
| Q4 24 | 24.1% | 72.2% | ||
| Q3 24 | 19.0% | 39.6% | ||
| Q2 24 | 17.5% | — | ||
| Q1 24 | 22.9% | — |
| Q4 25 | 12.7% | -63.0% | ||
| Q3 25 | 14.4% | -31.8% | ||
| Q2 25 | 8.8% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 14.8% | 14.9% | ||
| Q3 24 | 8.7% | -89.2% | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 15.8% | 11.1% |
| Q4 25 | 4.9% | -84.1% | ||
| Q3 25 | 9.1% | 160.1% | ||
| Q2 25 | 5.0% | — | ||
| Q1 25 | 13.8% | — | ||
| Q4 24 | 9.7% | -18.8% | ||
| Q3 24 | 4.6% | -98.0% | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 10.6% | 15.9% |
| Q4 25 | $0.19 | $-0.52 | ||
| Q3 25 | $0.26 | $1.08 | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $0.29 | $-0.10 | ||
| Q3 24 | $0.13 | $-0.27 | ||
| Q2 24 | $0.11 | — | ||
| Q1 24 | $0.31 | $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 | $13.4M | $3.3B |
| Total DebtLower is stronger | $378.2M | — |
| Stockholders' EquityBook value | $517.1M | $2.5B |
| Total Assets | $1.3B | $7.0B |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $3.3B | ||
| Q3 25 | $12.7M | $1.0B | ||
| Q2 25 | $2.9M | — | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $10.2M | $427.3M | ||
| Q3 24 | $12.0M | $98.6M | ||
| Q2 24 | $23.1M | — | ||
| Q1 24 | $22.8M | $259.7M |
| Q4 25 | $378.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $448.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $517.1M | $2.5B | ||
| Q3 25 | $502.1M | $2.9B | ||
| Q2 25 | $481.9M | — | ||
| Q1 25 | $479.9M | — | ||
| Q4 24 | $448.9M | $1.2B | ||
| Q3 24 | $425.4M | $1.1B | ||
| Q2 24 | $418.0M | — | ||
| Q1 24 | $409.0M | $677.2M |
| Q4 25 | $1.3B | $7.0B | ||
| Q3 25 | $1.3B | $4.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $723.6M |
| Q4 25 | 0.73× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $79.7M | $71.7M |
| Free Cash FlowOCF − Capex | $50.3M | $-468.0M |
| FCF MarginFCF / Revenue | 19.6% | -253.4% |
| Capex IntensityCapex / Revenue | 11.5% | 292.2% |
| Cash ConversionOCF / Net Profit | 6.31× | — |
| TTM Free Cash FlowTrailing 4 quarters | $99.5M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $79.7M | $71.7M | ||
| Q3 25 | $49.2M | $142.4M | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $60.9M | — | ||
| Q4 24 | $-13.5M | $53.6M | ||
| Q3 24 | $26.8M | $-3.9M | ||
| Q2 24 | $18.4M | — | ||
| Q1 24 | $38.4M | $-27.1M |
| Q4 25 | $50.3M | $-468.0M | ||
| Q3 25 | $13.2M | $-38.0M | ||
| Q2 25 | $-3.7M | — | ||
| Q1 25 | $39.6M | — | ||
| Q4 24 | $-36.1M | $-85.5M | ||
| Q3 24 | $-11.5M | $-109.7M | ||
| Q2 24 | $-34.0M | — | ||
| Q1 24 | $26.5M | $-108.3M |
| Q4 25 | 19.6% | -253.4% | ||
| Q3 25 | 6.8% | -15.8% | ||
| Q2 25 | -1.9% | — | ||
| Q1 25 | 16.3% | — | ||
| Q4 24 | -17.8% | -73.6% | ||
| Q3 24 | -6.0% | -208.0% | ||
| Q2 24 | -20.0% | — | ||
| Q1 24 | 13.4% | -199.4% |
| Q4 25 | 11.5% | 292.2% | ||
| Q3 25 | 18.4% | 75.0% | ||
| Q2 25 | 31.3% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 11.2% | 119.7% | ||
| Q3 24 | 20.0% | 200.6% | ||
| Q2 24 | 30.8% | — | ||
| Q1 24 | 6.0% | 149.5% |
| Q4 25 | 6.31× | — | ||
| Q3 25 | 2.77× | 0.37× | ||
| Q2 25 | 5.87× | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | -0.69× | — | ||
| Q3 24 | 3.02× | — | ||
| Q2 24 | 2.39× | — | ||
| Q1 24 | 1.83× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLDD
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
