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Side-by-side financial comparison of IREN Ltd (IREN) and Navios Maritime Partners L.P. (NMM). Click either name above to swap in a different company.
Navios Maritime Partners L.P. is the larger business by last-quarter revenue ($327.6M vs $184.7M, roughly 1.8× IREN Ltd). Navios Maritime Partners L.P. runs the higher net margin — 21.4% vs -84.1%, a 105.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -4.3%).
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.
Navios Maritime Holdings Inc. is a multinational, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
IREN vs NMM — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $327.6M |
| Net Profit | $-155.4M | $69.9M |
| Gross Margin | 64.4% | 90.5% |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | 21.4% |
| Revenue YoY | 59.0% | -4.3% |
| Net Profit YoY | -610.0% | -31.1% |
| 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 | $184.7M | — | ||
| Q3 25 | $240.3M | — | ||
| Q2 25 | — | $327.6M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | — | ||
| Q2 24 | — | $342.2M | ||
| Q1 24 | $54.3M | — | ||
| Q4 23 | $42.6M | — |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | — | ||
| Q2 25 | — | $69.9M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | — | ||
| Q2 24 | — | $101.5M | ||
| Q1 24 | $8.6M | — | ||
| Q4 23 | $-5.2M | — |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | 90.5% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | 88.3% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 11.1% | — | ||
| Q4 23 | -5.2% | — |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | — | ||
| Q2 25 | — | 21.4% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | — | ||
| Q2 24 | — | 29.7% | ||
| Q1 24 | 15.9% | — | ||
| Q4 23 | -12.3% | — |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q2 24 | — | — | ||
| 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 | $377.0M |
| Total DebtLower is stronger | — | $2.0B |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $7.0B | $5.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | $377.0M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | — | ||
| Q2 24 | — | $272.0M | ||
| Q1 24 | $259.7M | — | ||
| Q4 23 | $90.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $677.2M | — | ||
| Q4 23 | $381.8M | — |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | — | $5.9B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | — | $5.3B | ||
| 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 | — |
| 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.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-27.1M | — | ||
| Q4 23 | $17.4M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-108.3M | — | ||
| Q4 23 | — | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -199.4% | — | ||
| Q4 23 | — | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 149.5% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
NMM
Segment breakdown not available.
