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Side-by-side financial comparison of IREN Ltd (IREN) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $184.7M, roughly 1.0× IREN Ltd). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -84.1%, a 148.6% gap on every dollar of revenue.
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.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
IREN vs MRP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $189.5M |
| Net Profit | $-155.4M | $122.2M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 84.8% |
| Net Margin | -84.1% | 64.5% |
| Revenue YoY | 59.0% | — |
| Net Profit YoY | -610.0% | 285.8% |
| EPS (diluted) | $-0.52 | $0.74 |
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 | $189.5M | ||
| Q3 25 | $240.3M | $179.3M | ||
| Q2 25 | — | $149.0M | ||
| Q1 25 | — | $82.7M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | — | ||
| Q1 24 | $54.3M | — | ||
| Q4 23 | $42.6M | — |
| Q4 25 | $-155.4M | $122.2M | ||
| Q3 25 | $384.6M | $105.1M | ||
| Q2 25 | — | $112.8M | ||
| Q1 25 | — | $39.8M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | — | ||
| Q1 24 | $8.6M | — | ||
| Q4 23 | $-5.2M | — |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | -63.0% | 84.8% | ||
| Q3 25 | -31.8% | 85.3% | ||
| Q2 25 | — | 85.1% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | — | ||
| Q1 24 | 11.1% | — | ||
| Q4 23 | -5.2% | — |
| Q4 25 | -84.1% | 64.5% | ||
| Q3 25 | 160.1% | 58.6% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | — | ||
| Q1 24 | 15.9% | — | ||
| Q4 23 | -12.3% | — |
| Q4 25 | $-0.52 | $0.74 | ||
| Q3 25 | $1.08 | $0.63 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $0.39 | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q1 24 | $0.00 | — | ||
| Q4 23 | $-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 | $3.3B | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $5.9B |
| Total Assets | $7.0B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $35.0M | ||
| Q3 25 | $1.0B | $242.6M | ||
| Q2 25 | — | $66.6M | ||
| Q1 25 | — | $89.5M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | — | ||
| Q1 24 | $259.7M | — | ||
| Q4 23 | $90.3M | — |
| Q4 25 | $2.5B | $5.9B | ||
| Q3 25 | $2.9B | $5.9B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q1 24 | $677.2M | — | ||
| Q4 23 | $381.8M | — |
| Q4 25 | $7.0B | $9.3B | ||
| Q3 25 | $4.3B | $9.0B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | — | ||
| Q1 24 | $723.6M | — | ||
| Q4 23 | $417.2M | — |
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 | $3.7B |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $3.7B | ||
| Q3 25 | $142.4M | $123.1M | ||
| Q2 25 | — | $109.1M | ||
| Q1 25 | — | $21.3M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | — | ||
| Q1 24 | $-27.1M | — | ||
| Q4 23 | $17.4M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q1 24 | $-108.3M | — | ||
| Q4 23 | — | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q1 24 | -199.4% | — | ||
| Q4 23 | — | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q1 24 | 149.5% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | 30.05× | ||
| Q3 25 | 0.37× | 1.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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% |
MRP
Segment breakdown not available.
