vs
Side-by-side financial comparison of IREN Ltd (IREN) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $184.7M, roughly 1.3× IREN Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -84.1%, a 89.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M 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.
IREN vs OSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $242.1M |
| Net Profit | $-155.4M | $12.1M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 6.8% |
| Net Margin | -84.1% | 5.0% |
| Revenue YoY | 59.0% | 11.5% |
| Net Profit YoY | -610.0% | -16.2% |
| EPS (diluted) | $-0.52 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $240.3M | $258.5M | ||
| Q2 25 | — | $240.7M | ||
| Q1 25 | — | $219.6M | ||
| Q4 24 | $116.1M | $217.2M | ||
| Q3 24 | $52.8M | $241.7M | ||
| Q2 24 | — | $224.9M | ||
| Q1 24 | $54.3M | $211.2M |
| Q4 25 | $-155.4M | $12.1M | ||
| Q3 25 | $384.6M | $24.3M | ||
| Q2 25 | — | $19.9M | ||
| Q1 25 | — | $15.3M | ||
| Q4 24 | $-21.9M | $14.4M | ||
| Q3 24 | $-51.7M | $21.6M | ||
| Q2 24 | — | $15.8M | ||
| Q1 24 | $8.6M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | -31.8% | 10.2% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | 14.9% | 7.9% | ||
| Q3 24 | -89.2% | 10.3% | ||
| Q2 24 | — | 8.4% | ||
| Q1 24 | 11.1% | 8.0% |
| Q4 25 | -84.1% | 5.0% | ||
| Q3 25 | 160.1% | 9.4% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | -18.8% | 6.6% | ||
| Q3 24 | -98.0% | 8.9% | ||
| Q2 24 | — | 7.0% | ||
| Q1 24 | 15.9% | 10.0% |
| Q4 25 | $-0.52 | $0.12 | ||
| Q3 25 | $1.08 | $0.23 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.15 | ||
| Q4 24 | $-0.10 | $0.13 | ||
| Q3 24 | $-0.27 | $0.20 | ||
| Q2 24 | — | $0.15 | ||
| Q1 24 | $0.00 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $2.5B | $542.6M |
| Total Assets | $7.0B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $16.3M | ||
| Q3 25 | $1.0B | $29.6M | ||
| Q2 25 | — | $35.0M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | $427.3M | $57.4M | ||
| Q3 24 | $98.6M | $48.8M | ||
| Q2 24 | — | $62.5M | ||
| Q1 24 | $259.7M | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $2.5B | $542.6M | ||
| Q3 25 | $2.9B | $552.8M | ||
| Q2 25 | — | $548.3M | ||
| Q1 25 | — | $530.6M | ||
| Q4 24 | $1.2B | $554.5M | ||
| Q3 24 | $1.1B | $540.1M | ||
| Q2 24 | — | $532.7M | ||
| Q1 24 | $677.2M | $515.5M |
| Q4 25 | $7.0B | $707.1M | ||
| Q3 25 | $4.3B | $732.6M | ||
| Q2 25 | — | $731.8M | ||
| Q1 25 | — | $708.7M | ||
| Q4 24 | $1.9B | $746.4M | ||
| Q3 24 | $1.3B | $734.0M | ||
| Q2 24 | — | $756.8M | ||
| Q1 24 | $723.6M | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-468.0M | $14.9M |
| FCF MarginFCF / Revenue | -253.4% | 6.2% |
| Capex IntensityCapex / Revenue | 292.2% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $20.0M | ||
| Q3 25 | $142.4M | $33.2M | ||
| Q2 25 | — | $20.3M | ||
| Q1 25 | — | $10.1M | ||
| Q4 24 | $53.6M | $16.6M | ||
| Q3 24 | $-3.9M | $28.6M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $-27.1M | $15.0M |
| Q4 25 | $-468.0M | $14.9M | ||
| Q3 25 | $-38.0M | $27.6M | ||
| Q2 25 | — | $17.6M | ||
| Q1 25 | — | $8.4M | ||
| Q4 24 | $-85.5M | $13.2M | ||
| Q3 24 | $-109.7M | $27.5M | ||
| Q2 24 | — | $17.6M | ||
| Q1 24 | $-108.3M | $13.7M |
| Q4 25 | -253.4% | 6.2% | ||
| Q3 25 | -15.8% | 10.7% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | -73.6% | 6.1% | ||
| Q3 24 | -208.0% | 11.4% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | -199.4% | 6.5% |
| Q4 25 | 292.2% | 2.1% | ||
| Q3 25 | 75.0% | 2.2% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 119.7% | 1.5% | ||
| Q3 24 | 200.6% | 0.5% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | 149.5% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | 0.37× | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | -3.13× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
