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Side-by-side financial comparison of IREN Ltd (IREN) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $93.7M, roughly 2.0× Ranpak Holdings Corp.). On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 2.3%).
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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
IREN vs PACK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $93.7M |
| Net Profit | $-155.4M | — |
| Gross Margin | 64.4% | 39.0% |
| Operating Margin | -63.0% | -1.0% |
| Net Margin | -84.1% | — |
| Revenue YoY | 59.0% | 2.3% |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-0.52 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $240.3M | $83.6M | ||
| Q2 25 | — | $77.8M | ||
| Q1 25 | — | $77.6M | ||
| Q4 24 | $116.1M | $91.6M | ||
| Q3 24 | $52.8M | $78.6M | ||
| Q2 24 | — | $72.8M | ||
| Q1 24 | $54.3M | $72.5M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-10.4M | ||
| Q2 25 | — | $-7.5M | ||
| Q1 25 | — | $-10.9M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-8.1M | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | $8.6M | $-8.1M |
| Q4 25 | 64.4% | 39.0% | ||
| Q3 25 | 66.4% | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | 72.2% | 45.2% | ||
| Q3 24 | 39.6% | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | -63.0% | -1.0% | ||
| Q3 25 | -31.8% | -6.8% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | 14.9% | 1.5% | ||
| Q3 24 | -89.2% | -5.3% | ||
| Q2 24 | — | -7.1% | ||
| Q1 24 | 11.1% | -6.6% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -12.4% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | -14.0% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -10.3% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | 15.9% | -11.2% |
| Q4 25 | $-0.52 | $-0.11 | ||
| Q3 25 | $1.08 | $-0.12 | ||
| Q2 25 | — | $-0.09 | ||
| Q1 25 | — | $-0.13 | ||
| Q4 24 | $-0.10 | $-0.13 | ||
| Q3 24 | $-0.27 | $-0.10 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | $0.00 | $-0.10 |
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 | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $2.5B | $534.9M |
| Total Assets | $7.0B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $63.0M | ||
| Q3 25 | $1.0B | $49.9M | ||
| Q2 25 | — | $49.2M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | $427.3M | $76.1M | ||
| Q3 24 | $98.6M | $69.5M | ||
| Q2 24 | — | $65.1M | ||
| Q1 24 | $259.7M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $2.5B | $534.9M | ||
| Q3 25 | $2.9B | $537.8M | ||
| Q2 25 | — | $539.0M | ||
| Q1 25 | — | $544.1M | ||
| Q4 24 | $1.2B | $548.1M | ||
| Q3 24 | $1.1B | $564.3M | ||
| Q2 24 | — | $566.2M | ||
| Q1 24 | $677.2M | $560.0M |
| Q4 25 | $7.0B | $1.1B | ||
| Q3 25 | $4.3B | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $723.6M | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| 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 | $19.5M | ||
| Q3 25 | $142.4M | $8.5M | ||
| Q2 25 | — | $-3.6M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | $53.6M | $6.5M | ||
| Q3 24 | $-3.9M | $10.1M | ||
| Q2 24 | — | $19.6M | ||
| Q1 24 | $-27.1M | $5.2M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-108.3M | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -199.4% | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 149.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
