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Side-by-side financial comparison of IREN Ltd (IREN) and Grand Canyon Education, Inc. (LOPE). Click either name above to swap in a different company.
Grand Canyon Education, Inc. is the larger business by last-quarter revenue ($308.1M vs $184.7M, roughly 1.7× IREN Ltd). Grand Canyon Education, Inc. runs the higher net margin — 28.1% vs -84.1%, a 112.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $-468.0M).
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.
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
IREN vs LOPE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $308.1M |
| Net Profit | $-155.4M | $86.7M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 35.1% |
| Net Margin | -84.1% | 28.1% |
| Revenue YoY | 59.0% | 5.3% |
| Net Profit YoY | -610.0% | 5.9% |
| EPS (diluted) | $-0.52 | $3.13 |
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 | $184.7M | $308.1M | ||
| Q3 25 | $240.3M | $261.1M | ||
| Q2 25 | — | $247.5M | ||
| Q1 25 | — | $289.3M | ||
| Q4 24 | $116.1M | $292.6M | ||
| Q3 24 | $52.8M | $238.3M | ||
| Q2 24 | — | $227.5M | ||
| Q1 24 | $54.3M | $274.7M |
| Q4 25 | $-155.4M | $86.7M | ||
| Q3 25 | $384.6M | $16.3M | ||
| Q2 25 | — | $41.5M | ||
| Q1 25 | — | $71.6M | ||
| Q4 24 | $-21.9M | $81.9M | ||
| Q3 24 | $-51.7M | $41.5M | ||
| Q2 24 | — | $34.9M | ||
| Q1 24 | $8.6M | $68.0M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -63.0% | 35.1% | ||
| Q3 25 | -31.8% | 6.9% | ||
| Q2 25 | — | 20.9% | ||
| Q1 25 | — | 30.4% | ||
| Q4 24 | 14.9% | 34.2% | ||
| Q3 24 | -89.2% | 20.2% | ||
| Q2 24 | — | 18.8% | ||
| Q1 24 | 11.1% | 30.8% |
| Q4 25 | -84.1% | 28.1% | ||
| Q3 25 | 160.1% | 6.2% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | -18.8% | 28.0% | ||
| Q3 24 | -98.0% | 17.4% | ||
| Q2 24 | — | 15.3% | ||
| Q1 24 | 15.9% | 24.8% |
| Q4 25 | $-0.52 | $3.13 | ||
| Q3 25 | $1.08 | $0.58 | ||
| Q2 25 | — | $1.48 | ||
| Q1 25 | — | $2.52 | ||
| Q4 24 | $-0.10 | $2.83 | ||
| Q3 24 | $-0.27 | $1.42 | ||
| Q2 24 | — | $1.19 | ||
| Q1 24 | $0.00 | $2.29 |
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 | $111.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $746.9M |
| Total Assets | $7.0B | $992.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $111.8M | ||
| Q3 25 | $1.0B | $97.3M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | — | $144.5M | ||
| Q4 24 | $427.3M | $324.6M | ||
| Q3 24 | $98.6M | $263.6M | ||
| Q2 24 | — | $241.3M | ||
| Q1 24 | $259.7M | $196.2M |
| Q4 25 | $2.5B | $746.9M | ||
| Q3 25 | $2.9B | $758.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $780.7M | ||
| Q4 24 | $1.2B | $783.9M | ||
| Q3 24 | $1.1B | $764.1M | ||
| Q2 24 | — | $759.2M | ||
| Q1 24 | $677.2M | $759.4M |
| Q4 25 | $7.0B | $992.3M | ||
| Q3 25 | $4.3B | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.3B | $992.9M | ||
| Q2 24 | — | $992.7M | ||
| Q1 24 | $723.6M | $1.0B |
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 | $130.5M |
| Free Cash FlowOCF − Capex | $-468.0M | $122.9M |
| FCF MarginFCF / Revenue | -253.4% | 39.9% |
| Capex IntensityCapex / Revenue | 292.2% | 2.5% |
| Cash ConversionOCF / Net Profit | — | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $238.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $130.5M | ||
| Q3 25 | $142.4M | $-48.6M | ||
| Q2 25 | — | $124.0M | ||
| Q1 25 | — | $67.6M | ||
| Q4 24 | $53.6M | $135.8M | ||
| Q3 24 | $-3.9M | $-29.4M | ||
| Q2 24 | — | $98.6M | ||
| Q1 24 | $-27.1M | $85.0M |
| Q4 25 | $-468.0M | $122.9M | ||
| Q3 25 | $-38.0M | $-58.3M | ||
| Q2 25 | — | $115.4M | ||
| Q1 25 | — | $58.7M | ||
| Q4 24 | $-85.5M | $126.1M | ||
| Q3 24 | $-109.7M | $-39.0M | ||
| Q2 24 | — | $89.6M | ||
| Q1 24 | $-108.3M | $76.0M |
| Q4 25 | -253.4% | 39.9% | ||
| Q3 25 | -15.8% | -22.3% | ||
| Q2 25 | — | 46.6% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | -73.6% | 43.1% | ||
| Q3 24 | -208.0% | -16.3% | ||
| Q2 24 | — | 39.4% | ||
| Q1 24 | -199.4% | 27.7% |
| Q4 25 | 292.2% | 2.5% | ||
| Q3 25 | 75.0% | 3.7% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 119.7% | 3.3% | ||
| Q3 24 | 200.6% | 4.0% | ||
| Q2 24 | — | 3.9% | ||
| Q1 24 | 149.5% | 3.3% |
| Q4 25 | — | 1.50× | ||
| Q3 25 | 0.37× | -2.99× | ||
| Q2 25 | — | 2.98× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 1.66× | ||
| Q3 24 | — | -0.71× | ||
| Q2 24 | — | 2.83× | ||
| Q1 24 | -3.13× | 1.25× |
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% |
LOPE
Segment breakdown not available.
