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Side-by-side financial comparison of IREN Ltd (IREN) and OneStream, Inc. (OS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $163.7M, roughly 1.1× OneStream, Inc.). OneStream, Inc. runs the higher net margin — 0.6% vs -84.1%, a 84.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 23.6%). OneStream, Inc. produced more free cash flow last quarter ($25.6M 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.
Blue Stream provides cable television, cable telephone, DVR, and up to 1 GIG Internet speed broadband services to customers in the Florida communities of Coral Springs and Weston.
IREN vs OS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $163.7M |
| Net Profit | $-155.4M | $999.0K |
| Gross Margin | 64.4% | 69.8% |
| Operating Margin | -63.0% | -3.2% |
| Net Margin | -84.1% | 0.6% |
| Revenue YoY | 59.0% | 23.6% |
| 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 | $184.7M | $163.7M | ||
| Q3 25 | $240.3M | $154.3M | ||
| Q2 25 | — | $147.6M | ||
| Q1 25 | — | $136.3M | ||
| Q4 24 | $116.1M | $132.5M | ||
| Q3 24 | $52.8M | $129.1M | ||
| Q2 24 | — | $117.5M | ||
| Q1 24 | $54.3M | $110.3M |
| Q4 25 | $-155.4M | $999.0K | ||
| Q3 25 | $384.6M | $-8.8M | ||
| Q2 25 | — | $-18.4M | ||
| Q1 25 | — | $-24.0M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-171.9M | ||
| Q2 24 | — | $-7.8M | ||
| Q1 24 | $8.6M | $-5.0M |
| Q4 25 | 64.4% | 69.8% | ||
| Q3 25 | 66.4% | 68.1% | ||
| Q2 25 | — | 68.6% | ||
| Q1 25 | — | 68.0% | ||
| Q4 24 | 72.2% | 66.8% | ||
| Q3 24 | 39.6% | 50.1% | ||
| Q2 24 | — | 68.5% | ||
| Q1 24 | — | 69.1% |
| Q4 25 | -63.0% | -3.2% | ||
| Q3 25 | -31.8% | -11.3% | ||
| Q2 25 | — | -21.8% | ||
| Q1 25 | — | -29.3% | ||
| Q4 24 | 14.9% | -35.8% | ||
| Q3 24 | -89.2% | -197.6% | ||
| Q2 24 | — | -9.8% | ||
| Q1 24 | 11.1% | -4.9% |
| Q4 25 | -84.1% | 0.6% | ||
| Q3 25 | 160.1% | -5.7% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -133.1% | ||
| Q2 24 | — | -6.7% | ||
| Q1 24 | 15.9% | -4.5% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | $-1.06 | ||
| Q2 24 | — | — | ||
| Q1 24 | $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 | $693.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $504.7M |
| Total Assets | $7.0B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $693.6M | ||
| Q3 25 | $1.0B | $653.9M | ||
| Q2 25 | — | $652.1M | ||
| Q1 25 | — | $593.9M | ||
| Q4 24 | $427.3M | $544.2M | ||
| Q3 24 | $98.6M | $495.5M | ||
| Q2 24 | — | $140.5M | ||
| Q1 24 | $259.7M | — |
| Q4 25 | $2.5B | $504.7M | ||
| Q3 25 | $2.9B | $472.1M | ||
| Q2 25 | — | $458.2M | ||
| Q1 25 | — | $412.9M | ||
| Q4 24 | $1.2B | $386.2M | ||
| Q3 24 | $1.1B | $458.2M | ||
| Q2 24 | — | $97.5M | ||
| Q1 24 | $677.2M | $102.5M |
| Q4 25 | $7.0B | $1.0B | ||
| Q3 25 | $4.3B | $949.4M | ||
| Q2 25 | — | $910.5M | ||
| Q1 25 | — | $867.3M | ||
| Q4 24 | $1.9B | $823.2M | ||
| Q3 24 | $1.3B | $750.1M | ||
| Q2 24 | — | $379.7M | ||
| Q1 24 | $723.6M | — |
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 | $25.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $25.6M |
| FCF MarginFCF / Revenue | -253.4% | 15.7% |
| Capex IntensityCapex / Revenue | 292.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 25.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $95.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $25.8M | ||
| Q3 25 | $142.4M | $5.0M | ||
| Q2 25 | — | $29.7M | ||
| Q1 25 | — | $36.2M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | $2.4M | ||
| Q2 24 | — | $8.1M | ||
| Q1 24 | $-27.1M | $25.5M |
| Q4 25 | $-468.0M | $25.6M | ||
| Q3 25 | $-38.0M | $4.8M | ||
| Q2 25 | — | $29.4M | ||
| Q1 25 | — | $35.8M | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | $1.3M | ||
| Q2 24 | — | $7.7M | ||
| Q1 24 | $-108.3M | $24.9M |
| Q4 25 | -253.4% | 15.7% | ||
| Q3 25 | -15.8% | 3.1% | ||
| Q2 25 | — | 19.9% | ||
| Q1 25 | — | 26.3% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | 1.0% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | -199.4% | 22.5% |
| Q4 25 | 292.2% | 0.1% | ||
| Q3 25 | 75.0% | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | 0.8% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | 149.5% | 0.6% |
| Q4 25 | — | 25.79× | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
OS
| Subscription And Circulation | $150.3M | 92% |
| Professional Services And Other | $9.4M | 6% |
| License | $4.0M | 2% |
