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Side-by-side financial comparison of IREN Ltd (IREN) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $152.8M, roughly 1.2× Riot Platforms, Inc.). IREN Ltd runs the higher net margin — -84.1% vs -452.0%, a 367.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 7.2%). IREN Ltd produced more free cash flow last quarter ($-468.0M vs $-774.3M).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
IREN vs RIOT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $152.8M |
| Net Profit | $-155.4M | $-690.7M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -447.9% |
| Net Margin | -84.1% | -452.0% |
| Revenue YoY | 59.0% | 7.2% |
| Net Profit YoY | -610.0% | -606.3% |
| EPS (diluted) | $-0.52 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $240.3M | $180.2M | ||
| Q2 25 | — | $153.0M | ||
| Q1 25 | — | $161.4M | ||
| Q4 24 | $116.1M | $142.6M | ||
| Q3 24 | $52.8M | $84.8M | ||
| Q2 24 | — | $70.0M | ||
| Q1 24 | $54.3M | $79.3M |
| Q4 25 | $-155.4M | $-690.7M | ||
| Q3 25 | $384.6M | $104.5M | ||
| Q2 25 | — | $219.5M | ||
| Q1 25 | — | $-296.4M | ||
| Q4 24 | $-21.9M | $136.4M | ||
| Q3 24 | $-51.7M | $-154.4M | ||
| Q2 24 | — | $-84.4M | ||
| Q1 24 | $8.6M | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | -31.8% | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | -143.3% | ||
| Q2 24 | — | -167.2% | ||
| Q1 24 | 11.1% | — |
| Q4 25 | -84.1% | -452.0% | ||
| Q3 25 | 160.1% | 58.0% | ||
| Q2 25 | — | 143.4% | ||
| Q1 25 | — | -183.6% | ||
| Q4 24 | -18.8% | 95.7% | ||
| Q3 24 | -98.0% | -182.1% | ||
| Q2 24 | — | -120.6% | ||
| Q1 24 | 15.9% | 267.1% |
| Q4 25 | $-0.52 | $-1.89 | ||
| Q3 25 | $1.08 | $0.26 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | $-0.10 | $0.39 | ||
| Q3 24 | $-0.27 | $-0.54 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | $0.00 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $2.5B | $2.9B |
| Total Assets | $7.0B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $233.5M | ||
| Q3 25 | $1.0B | $330.7M | ||
| Q2 25 | — | $255.4M | ||
| Q1 25 | — | $163.7M | ||
| Q4 24 | $427.3M | $277.9M | ||
| Q3 24 | $98.6M | $355.7M | ||
| Q2 24 | — | $481.2M | ||
| Q1 24 | $259.7M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $1.2B | $3.1B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | $677.2M | $2.5B |
| Q4 25 | $7.0B | $3.9B | ||
| Q3 25 | $4.3B | $4.5B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $1.9B | $3.9B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $723.6M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $-774.3M |
| FCF MarginFCF / Revenue | -253.4% | -506.6% |
| Capex IntensityCapex / Revenue | 292.2% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-572.9M | ||
| Q3 25 | $142.4M | $-114.0M | ||
| Q2 25 | — | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | $53.6M | $-255.1M | ||
| Q3 24 | $-3.9M | $-56.3M | ||
| Q2 24 | — | $-42.5M | ||
| Q1 24 | $-27.1M | $-57.9M |
| Q4 25 | $-468.0M | $-774.3M | ||
| Q3 25 | $-38.0M | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | $-85.5M | $-495.4M | ||
| Q3 24 | $-109.7M | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | $-108.3M | $-115.2M |
| Q4 25 | -253.4% | -506.6% | ||
| Q3 25 | -15.8% | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | -73.6% | -347.5% | ||
| Q3 24 | -208.0% | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | -199.4% | -145.2% |
| Q4 25 | 292.2% | 131.8% | ||
| Q3 25 | 75.0% | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | 119.7% | 168.6% | ||
| Q3 24 | 200.6% | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | 149.5% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
