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Side-by-side financial comparison of IREN Ltd (IREN) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $143.3M, roughly 1.3× Piedmont Realty Trust, Inc.). Piedmont Realty Trust, Inc. runs the higher net margin — -31.4% vs -84.1%, a 52.7% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 0.4%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
IREN vs PDM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $143.3M |
| Net Profit | $-155.4M | $-45.0M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | -31.4% |
| Revenue YoY | 59.0% | 0.4% |
| Net Profit YoY | -610.0% | -27.9% |
| EPS (diluted) | $-0.52 | $-0.10 |
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.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $184.7M | $142.9M | ||
| Q3 25 | $240.3M | $139.2M | ||
| Q2 25 | — | $140.3M | ||
| Q1 25 | — | $142.7M | ||
| Q4 24 | $116.1M | $143.2M | ||
| Q3 24 | $52.8M | $139.3M | ||
| Q2 24 | — | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $-155.4M | $-43.2M | ||
| Q3 25 | $384.6M | $-13.5M | ||
| Q2 25 | — | $-16.8M | ||
| Q1 25 | — | $-10.1M | ||
| Q4 24 | $-21.9M | $-30.0M | ||
| Q3 24 | $-51.7M | $-11.5M | ||
| Q2 24 | — | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | -84.1% | -30.3% | ||
| Q3 25 | 160.1% | -9.7% | ||
| Q2 25 | — | -12.0% | ||
| Q1 25 | — | -7.1% | ||
| Q4 24 | -18.8% | -20.9% | ||
| Q3 24 | -98.0% | -8.3% | ||
| Q2 24 | — | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $-0.52 | $-0.34 | ||
| Q3 25 | $1.08 | $-0.11 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | $-0.10 | $-0.25 | ||
| Q3 24 | $-0.27 | $-0.09 | ||
| Q2 24 | — | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.5B |
| Total Assets | $7.0B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $3.3B | $731.0K | ||
| Q3 25 | $1.0B | $3.0M | ||
| Q2 25 | — | $3.3M | ||
| Q1 25 | — | $2.9M | ||
| Q4 24 | $427.3M | $109.6M | ||
| Q3 24 | $98.6M | $133.6M | ||
| Q2 24 | — | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $7.0B | $4.0B | ||
| Q3 25 | $4.3B | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $1.9B | $4.1B | ||
| Q3 24 | $1.3B | $4.1B | ||
| Q2 24 | — | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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% | 110.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $71.7M | $140.6M | ||
| Q3 25 | $142.4M | $35.8M | ||
| Q2 25 | — | $50.1M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | $53.6M | $198.1M | ||
| Q3 24 | $-3.9M | $42.9M | ||
| Q2 24 | — | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
PDM
Segment breakdown not available.
