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Side-by-side financial comparison of IREN Ltd (IREN) and El Pollo Loco Holdings, Inc. (LOCO). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $126.2M, roughly 1.5× El Pollo Loco Holdings, Inc.). El Pollo Loco Holdings, Inc. runs the higher net margin — 6.5% vs -84.1%, a 90.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 5.9%).
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.
El Pollo Loco, Inc., is a restaurant chain based in the United States, specializing in Mexican-style grilled chicken. Restaurant service consists of dine-in and take-out, with some locations offering drive-through options. The company is headquartered in Costa Mesa, California, and operates about 500 company-owned and franchised restaurants in the Southwestern United States.
IREN vs LOCO — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $126.2M |
| Net Profit | $-155.4M | $8.2M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 9.7% |
| Net Margin | -84.1% | 6.5% |
| Revenue YoY | 59.0% | 5.9% |
| Net Profit YoY | -610.0% | 48.8% |
| EPS (diluted) | $-0.52 | $0.27 |
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 | — | $126.2M | ||
| Q4 25 | $184.7M | $123.5M | ||
| Q3 25 | $240.3M | $121.5M | ||
| Q2 25 | — | $125.8M | ||
| Q1 25 | — | $119.2M | ||
| Q4 24 | $116.1M | $114.3M | ||
| Q3 24 | $52.8M | $120.4M | ||
| Q2 24 | — | $122.2M |
| Q1 26 | — | $8.2M | ||
| Q4 25 | $-155.4M | $6.5M | ||
| Q3 25 | $384.6M | $7.4M | ||
| Q2 25 | — | $7.1M | ||
| Q1 25 | — | $5.5M | ||
| Q4 24 | $-21.9M | $6.0M | ||
| Q3 24 | $-51.7M | $6.2M | ||
| Q2 24 | — | $7.6M |
| 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 | — | 9.7% | ||
| Q4 25 | -63.0% | 8.3% | ||
| Q3 25 | -31.8% | 9.4% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | 14.9% | 7.9% | ||
| Q3 24 | -89.2% | 8.4% | ||
| Q2 24 | — | 10.1% |
| Q1 26 | — | 6.5% | ||
| Q4 25 | -84.1% | 5.3% | ||
| Q3 25 | 160.1% | 6.1% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | -18.8% | 5.2% | ||
| Q3 24 | -98.0% | 5.1% | ||
| Q2 24 | — | 6.2% |
| Q1 26 | — | $0.27 | ||
| Q4 25 | $-0.52 | $0.22 | ||
| Q3 25 | $1.08 | $0.25 | ||
| Q2 25 | — | $0.24 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | $-0.10 | $0.21 | ||
| Q3 24 | $-0.27 | $0.21 | ||
| Q2 24 | — | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.3B | $3.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $302.5M |
| Total Assets | $7.0B | $609.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.9M | ||
| Q4 25 | $3.3B | $6.2M | ||
| Q3 25 | $1.0B | $10.9M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $4.3M | ||
| Q4 24 | $427.3M | $2.5M | ||
| Q3 24 | $98.6M | $7.9M | ||
| Q2 24 | — | $10.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $51.0M | ||
| Q3 25 | — | $61.0M | ||
| Q2 25 | — | $69.0M | ||
| Q1 25 | — | $73.0M | ||
| Q4 24 | — | $71.0M | ||
| Q3 24 | — | $76.0M | ||
| Q2 24 | — | $87.0M |
| Q1 26 | — | $302.5M | ||
| Q4 25 | $2.5B | $291.1M | ||
| Q3 25 | $2.9B | $282.9M | ||
| Q2 25 | — | $274.2M | ||
| Q1 25 | — | $265.7M | ||
| Q4 24 | $1.2B | $260.7M | ||
| Q3 24 | $1.1B | $255.2M | ||
| Q2 24 | — | $248.6M |
| Q1 26 | — | $609.1M | ||
| Q4 25 | $7.0B | $606.6M | ||
| Q3 25 | $4.3B | $602.7M | ||
| Q2 25 | — | $596.8M | ||
| Q1 25 | — | $590.5M | ||
| Q4 24 | $1.9B | $592.0M | ||
| Q3 24 | $1.3B | $590.0M | ||
| Q2 24 | — | $593.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.35× |
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 | $71.7M | $13.9M | ||
| Q3 25 | $142.4M | $15.3M | ||
| Q2 25 | — | $14.1M | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | $53.6M | $5.6M | ||
| Q3 24 | $-3.9M | $13.0M | ||
| Q2 24 | — | $17.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $5.1M | ||
| Q3 25 | $-38.0M | $9.9M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $-85.5M | $1.1M | ||
| Q3 24 | $-109.7M | $9.1M | ||
| Q2 24 | — | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 4.1% | ||
| Q3 25 | -15.8% | 8.2% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | -73.6% | 1.0% | ||
| Q3 24 | -208.0% | 7.6% | ||
| Q2 24 | — | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 7.1% | ||
| Q3 25 | 75.0% | 4.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | 119.7% | 3.9% | ||
| Q3 24 | 200.6% | 3.2% | ||
| Q2 24 | — | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.13× | ||
| Q3 25 | 0.37× | 2.08× | ||
| Q2 25 | — | 1.99× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.95× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 2.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
LOCO
Segment breakdown not available.
