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Side-by-side financial comparison of IREN Ltd (IREN) and QUINSTREET, INC (QNST). Click either name above to swap in a different company.
QUINSTREET, INC is the larger business by last-quarter revenue ($287.8M vs $184.7M, roughly 1.6× IREN Ltd). QUINSTREET, INC runs the higher net margin — 17.4% vs -84.1%, a 101.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 1.9%). QUINSTREET, INC produced more free cash flow last quarter ($20.7M 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.
QUINSTREET, INCQNSTEarnings & Financial Report
QuinStreet, Inc. is a publicly traded online marketing company based in Foster City, California. The company helps generate web traffic for clients by acquiring popular domain names.
IREN vs QNST — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $287.8M |
| Net Profit | $-155.4M | $50.2M |
| Gross Margin | 64.4% | 9.6% |
| Operating Margin | -63.0% | 0.4% |
| Net Margin | -84.1% | 17.4% |
| Revenue YoY | 59.0% | 1.9% |
| Net Profit YoY | -610.0% | 3342.5% |
| EPS (diluted) | $-0.52 | $0.87 |
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 | $287.8M | ||
| Q3 25 | $240.3M | $285.9M | ||
| Q1 25 | — | $269.8M | ||
| Q4 24 | $116.1M | $282.6M | ||
| Q3 24 | $52.8M | $279.2M | ||
| Q2 24 | — | $198.3M | ||
| Q1 24 | $54.3M | $168.6M | ||
| Q4 23 | $42.6M | $122.7M |
| Q4 25 | $-155.4M | $50.2M | ||
| Q3 25 | $384.6M | $4.5M | ||
| Q1 25 | — | $4.4M | ||
| Q4 24 | $-21.9M | $-1.5M | ||
| Q3 24 | $-51.7M | $-1.4M | ||
| Q2 24 | — | $-2.2M | ||
| Q1 24 | $8.6M | $-7.0M | ||
| Q4 23 | $-5.2M | $-11.6M |
| Q4 25 | 64.4% | 9.6% | ||
| Q3 25 | 66.4% | 9.4% | ||
| Q1 25 | — | 10.3% | ||
| Q4 24 | 72.2% | 9.5% | ||
| Q3 24 | 39.6% | 10.2% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | 8.5% | ||
| Q4 23 | — | 5.6% |
| Q4 25 | -63.0% | 0.4% | ||
| Q3 25 | -31.8% | 1.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | 14.9% | -0.5% | ||
| Q3 24 | -89.2% | -0.4% | ||
| Q2 24 | — | -0.7% | ||
| Q1 24 | 11.1% | -3.2% | ||
| Q4 23 | -5.2% | -9.3% |
| Q4 25 | -84.1% | 17.4% | ||
| Q3 25 | 160.1% | 1.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | -18.8% | -0.5% | ||
| Q3 24 | -98.0% | -0.5% | ||
| Q2 24 | — | -1.1% | ||
| Q1 24 | 15.9% | -4.2% | ||
| Q4 23 | -12.3% | -9.4% |
| Q4 25 | $-0.52 | $0.87 | ||
| Q3 25 | $1.08 | $0.08 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | $-0.10 | $-0.03 | ||
| Q3 24 | $-0.27 | $-0.02 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | $0.00 | $-0.13 | ||
| Q4 23 | $-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 | $107.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $294.4M |
| Total Assets | $7.0B | $493.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $107.0M | ||
| Q3 25 | $1.0B | $101.3M | ||
| Q1 25 | — | $81.8M | ||
| Q4 24 | $427.3M | $57.8M | ||
| Q3 24 | $98.6M | $25.0M | ||
| Q2 24 | — | $50.5M | ||
| Q1 24 | $259.7M | $39.6M | ||
| Q4 23 | $90.3M | $45.5M |
| Q4 25 | $2.5B | $294.4M | ||
| Q3 25 | $2.9B | $246.7M | ||
| Q1 25 | — | $235.5M | ||
| Q4 24 | $1.2B | $224.3M | ||
| Q3 24 | $1.1B | $219.8M | ||
| Q2 24 | — | $216.8M | ||
| Q1 24 | $677.2M | $215.0M | ||
| Q4 23 | $381.8M | $215.3M |
| Q4 25 | $7.0B | $493.0M | ||
| Q3 25 | $4.3B | $442.6M | ||
| Q1 25 | — | $417.2M | ||
| Q4 24 | $1.9B | $409.6M | ||
| Q3 24 | $1.3B | $401.2M | ||
| Q2 24 | — | $368.5M | ||
| Q1 24 | $723.6M | $349.3M | ||
| Q4 23 | $417.2M | $320.9M |
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 | $21.6M |
| Free Cash FlowOCF − Capex | $-468.0M | $20.7M |
| FCF MarginFCF / Revenue | -253.4% | 7.2% |
| Capex IntensityCapex / Revenue | 292.2% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $106.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $21.6M | ||
| Q3 25 | $142.4M | $19.6M | ||
| Q1 25 | — | $30.1M | ||
| Q4 24 | $53.6M | $38.7M | ||
| Q3 24 | $-3.9M | $-13.7M | ||
| Q2 24 | — | $16.6M | ||
| Q1 24 | $-27.1M | $4.1M | ||
| Q4 23 | $17.4M | $-3.7M |
| Q4 25 | $-468.0M | $20.7M | ||
| Q3 25 | $-38.0M | $18.4M | ||
| Q1 25 | — | $29.5M | ||
| Q4 24 | $-85.5M | $38.2M | ||
| Q3 24 | $-109.7M | $-14.1M | ||
| Q2 24 | — | $15.4M | ||
| Q1 24 | $-108.3M | $2.9M | ||
| Q4 23 | — | $-5.0M |
| Q4 25 | -253.4% | 7.2% | ||
| Q3 25 | -15.8% | 6.4% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | -73.6% | 13.5% | ||
| Q3 24 | -208.0% | -5.1% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | -199.4% | 1.7% | ||
| Q4 23 | — | -4.1% |
| Q4 25 | 292.2% | 0.3% | ||
| Q3 25 | 75.0% | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 119.7% | 0.2% | ||
| Q3 24 | 200.6% | 0.2% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | 149.5% | 0.7% | ||
| Q4 23 | — | 1.1% |
| Q4 25 | — | 0.43× | ||
| Q3 25 | 0.37× | 4.32× | ||
| Q1 25 | — | 6.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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% |
QNST
| Financial Service | $216.8M | 75% |
| Home Services And Other Revenue | $71.0M | 25% |
