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Side-by-side financial comparison of IREN Ltd (IREN) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $124.5M, roughly 1.5× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs -84.1%, a 213.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 4.7%). PagerDuty, Inc. produced more free cash flow last quarter ($24.1M 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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
IREN vs PD — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $124.5M |
| Net Profit | $-155.4M | $161.6M |
| Gross Margin | 64.4% | 85.3% |
| Operating Margin | -63.0% | 6.5% |
| Net Margin | -84.1% | 129.7% |
| Revenue YoY | 59.0% | 4.7% |
| Net Profit YoY | -610.0% | 2827.7% |
| EPS (diluted) | $-0.52 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $240.3M | $123.4M | ||
| Q2 25 | — | $119.8M | ||
| Q1 25 | — | $121.4M | ||
| Q4 24 | $116.1M | $118.9M | ||
| Q3 24 | $52.8M | $115.9M | ||
| Q2 24 | — | $111.2M | ||
| Q1 24 | $54.3M | $111.1M |
| Q4 25 | $-155.4M | $161.6M | ||
| Q3 25 | $384.6M | $9.6M | ||
| Q2 25 | — | $-7.2M | ||
| Q1 25 | — | $-8.8M | ||
| Q4 24 | $-21.9M | $-5.9M | ||
| Q3 24 | $-51.7M | $-10.9M | ||
| Q2 24 | — | $-17.1M | ||
| Q1 24 | $8.6M | $-28.2M |
| Q4 25 | 64.4% | 85.3% | ||
| Q3 25 | 66.4% | 84.6% | ||
| Q2 25 | — | 84.0% | ||
| Q1 25 | — | 83.6% | ||
| Q4 24 | 72.2% | 83.0% | ||
| Q3 24 | 39.6% | 82.7% | ||
| Q2 24 | — | 82.6% | ||
| Q1 24 | — | 81.7% |
| Q4 25 | -63.0% | 6.5% | ||
| Q3 25 | -31.8% | 2.9% | ||
| Q2 25 | — | -8.6% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | 14.9% | -8.7% | ||
| Q3 24 | -89.2% | -13.8% | ||
| Q2 24 | — | -19.5% | ||
| Q1 24 | 11.1% | -30.1% |
| Q4 25 | -84.1% | 129.7% | ||
| Q3 25 | 160.1% | 7.8% | ||
| Q2 25 | — | -6.0% | ||
| Q1 25 | — | -7.2% | ||
| Q4 24 | -18.8% | -5.0% | ||
| Q3 24 | -98.0% | -9.4% | ||
| Q2 24 | — | -15.4% | ||
| Q1 24 | 15.9% | -25.3% |
| Q4 25 | $-0.52 | $1.69 | ||
| Q3 25 | $1.08 | $0.10 | ||
| Q2 25 | — | $-0.07 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | $-0.10 | $-0.07 | ||
| Q3 24 | $-0.27 | $-0.14 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | $0.00 | $-0.34 |
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 | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $320.5M |
| Total Assets | $7.0B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $547.8M | ||
| Q3 25 | $1.0B | $567.9M | ||
| Q2 25 | — | $597.1M | ||
| Q1 25 | — | $570.8M | ||
| Q4 24 | $427.3M | $542.2M | ||
| Q3 24 | $98.6M | $599.3M | ||
| Q2 24 | — | $592.8M | ||
| Q1 24 | $259.7M | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $2.5B | $320.5M | ||
| Q3 25 | $2.9B | $180.7M | ||
| Q2 25 | — | $145.7M | ||
| Q1 25 | — | $129.8M | ||
| Q4 24 | $1.2B | $111.6M | ||
| Q3 24 | $1.1B | $164.7M | ||
| Q2 24 | — | $174.0M | ||
| Q1 24 | $677.2M | $171.6M |
| Q4 25 | $7.0B | $1.0B | ||
| Q3 25 | $4.3B | $891.5M | ||
| Q2 25 | — | $926.8M | ||
| Q1 25 | — | $927.3M | ||
| Q4 24 | $1.9B | $866.8M | ||
| Q3 24 | $1.3B | $916.0M | ||
| Q2 24 | — | $924.0M | ||
| Q1 24 | $723.6M | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $24.1M |
| FCF MarginFCF / Revenue | -253.4% | 19.3% |
| Capex IntensityCapex / Revenue | 292.2% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $24.8M | ||
| Q3 25 | $142.4M | $34.0M | ||
| Q2 25 | — | $30.7M | ||
| Q1 25 | — | $31.4M | ||
| Q4 24 | $53.6M | $22.1M | ||
| Q3 24 | $-3.9M | $35.8M | ||
| Q2 24 | — | $28.6M | ||
| Q1 24 | $-27.1M | $22.2M |
| Q4 25 | $-468.0M | $24.1M | ||
| Q3 25 | $-38.0M | $33.1M | ||
| Q2 25 | — | $30.2M | ||
| Q1 25 | — | $30.3M | ||
| Q4 24 | $-85.5M | $21.5M | ||
| Q3 24 | $-109.7M | $35.1M | ||
| Q2 24 | — | $28.2M | ||
| Q1 24 | $-108.3M | $21.2M |
| Q4 25 | -253.4% | 19.3% | ||
| Q3 25 | -15.8% | 26.8% | ||
| Q2 25 | — | 25.2% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | -73.6% | 18.1% | ||
| Q3 24 | -208.0% | 30.3% | ||
| Q2 24 | — | 25.4% | ||
| Q1 24 | -199.4% | 19.1% |
| Q4 25 | 292.2% | 0.6% | ||
| Q3 25 | 75.0% | 0.7% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 119.7% | 0.5% | ||
| Q3 24 | 200.6% | 0.5% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | 149.5% | 0.9% |
| Q4 25 | — | 0.15× | ||
| Q3 25 | 0.37× | 3.55× | ||
| 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% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
