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Side-by-side financial comparison of IHS Holding Ltd (IHS) and IREN Ltd (IREN). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $184.7M, roughly 1.4× IREN Ltd). On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $-468.0M).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $184.7M |
| Net Profit | — | $-155.4M |
| Gross Margin | 83.6% | 64.4% |
| Operating Margin | — | -63.0% |
| Net Margin | — | -84.1% |
| Revenue YoY | 0.1% | 59.0% |
| Net Profit YoY | — | -610.0% |
| EPS (diluted) | — | $-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 | $254.0M | $184.7M | ||
| Q3 25 | $455.1M | $240.3M | ||
| Q2 25 | $433.3M | — | ||
| Q1 25 | $439.6M | — | ||
| Q4 24 | $253.8M | $116.1M | ||
| Q3 24 | $420.3M | $52.8M | ||
| Q2 24 | $435.4M | — | ||
| Q1 24 | $417.7M | $54.3M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | $147.4M | $384.6M | ||
| Q2 25 | $32.3M | — | ||
| Q1 25 | $30.7M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | $-205.7M | $-51.7M | ||
| Q2 24 | $-124.3M | — | ||
| Q1 24 | $-1.6B | $8.6M |
| Q4 25 | 83.6% | 64.4% | ||
| Q3 25 | 47.5% | 66.4% | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | 72.2% | ||
| Q3 24 | 52.0% | 39.6% | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | -63.0% | ||
| Q3 25 | 35.1% | -31.8% | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 37.1% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | 29.9% | -89.2% | ||
| Q2 24 | 34.0% | — | ||
| Q1 24 | -1.7% | 11.1% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | 32.4% | 160.1% | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | -48.9% | -98.0% | ||
| Q2 24 | -28.5% | — | ||
| Q1 24 | -372.8% | 15.9% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | $0.44 | $1.08 | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | $-0.61 | $-0.27 | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $3.3B |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $2.5B |
| Total Assets | $4.5B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $3.3B | ||
| Q3 25 | $647.6M | $1.0B | ||
| Q2 25 | $531.8M | — | ||
| Q1 25 | $629.0M | — | ||
| Q4 24 | $578.0M | $427.3M | ||
| Q3 24 | $397.5M | $98.6M | ||
| Q2 24 | $445.7M | — | ||
| Q1 24 | $333.2M | $259.7M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $2.5B | ||
| Q3 25 | $38.1M | $2.9B | ||
| Q2 25 | $-98.4M | — | ||
| Q1 25 | $-184.4M | — | ||
| Q4 24 | $-314.4M | $1.2B | ||
| Q3 24 | $-284.7M | $1.1B | ||
| Q2 24 | $-308.3M | — | ||
| Q1 24 | $-163.2M | $677.2M |
| Q4 25 | $4.5B | $7.0B | ||
| Q3 25 | $4.7B | $4.3B | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.2B | $1.9B | ||
| Q3 24 | $4.6B | $1.3B | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.6B | $723.6M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $246.9M | $71.7M |
| Free Cash FlowOCF − Capex | $178.6M | $-468.0M |
| FCF MarginFCF / Revenue | 70.3% | -253.4% |
| Capex IntensityCapex / Revenue | 26.9% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $71.7M | ||
| Q3 25 | $251.3M | $142.4M | ||
| Q2 25 | $237.7M | — | ||
| Q1 25 | $200.3M | — | ||
| Q4 24 | $344.4M | $53.6M | ||
| Q3 24 | $174.5M | $-3.9M | ||
| Q2 24 | $134.7M | — | ||
| Q1 24 | $75.8M | $-27.1M |
| Q4 25 | $178.6M | $-468.0M | ||
| Q3 25 | $189.2M | $-38.0M | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $282.9M | $-85.5M | ||
| Q3 24 | $122.3M | $-109.7M | ||
| Q2 24 | $74.2M | — | ||
| Q1 24 | $14.8M | $-108.3M |
| Q4 25 | 70.3% | -253.4% | ||
| Q3 25 | 41.6% | -15.8% | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 111.5% | -73.6% | ||
| Q3 24 | 29.1% | -208.0% | ||
| Q2 24 | 17.0% | — | ||
| Q1 24 | 3.5% | -199.4% |
| Q4 25 | 26.9% | 292.2% | ||
| Q3 25 | 13.6% | 75.0% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 24.2% | 119.7% | ||
| Q3 24 | 12.4% | 200.6% | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 14.6% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | 0.37× | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| 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
IHS
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
