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Side-by-side financial comparison of IREN Ltd (IREN) and ROGERS CORP (ROG). Click either name above to swap in a different company.
ROGERS CORP is the larger business by last-quarter revenue ($200.5M vs $184.7M, roughly 1.1× IREN Ltd). ROGERS CORP runs the higher net margin — 2.2% vs -84.1%, a 86.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 5.2%). ROGERS CORP produced more free cash flow last quarter ($1.1M 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.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
IREN vs ROG — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $200.5M |
| Net Profit | $-155.4M | $4.5M |
| Gross Margin | 64.4% | 32.2% |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | 2.2% |
| Revenue YoY | 59.0% | 5.2% |
| Net Profit YoY | -610.0% | 421.4% |
| EPS (diluted) | $-0.52 | $0.25 |
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 | — | $200.5M | ||
| Q4 25 | $184.7M | $201.5M | ||
| Q3 25 | $240.3M | $216.0M | ||
| Q2 25 | — | $202.8M | ||
| Q1 25 | — | $190.5M | ||
| Q4 24 | $116.1M | $192.2M | ||
| Q3 24 | $52.8M | $210.3M | ||
| Q2 24 | — | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $-155.4M | $4.6M | ||
| Q3 25 | $384.6M | $8.6M | ||
| Q2 25 | — | $-73.6M | ||
| Q1 25 | — | $-1.4M | ||
| Q4 24 | $-21.9M | $-500.0K | ||
| Q3 24 | $-51.7M | $10.7M | ||
| Q2 24 | — | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | 64.4% | 31.5% | ||
| Q3 25 | 66.4% | 33.5% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | 72.2% | 32.1% | ||
| Q3 24 | 39.6% | 35.2% | ||
| Q2 24 | — | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | -63.0% | 3.5% | ||
| Q3 25 | -31.8% | 7.3% | ||
| Q2 25 | — | -33.3% | ||
| Q1 25 | — | -0.2% | ||
| Q4 24 | 14.9% | -6.6% | ||
| Q3 24 | -89.2% | 6.9% | ||
| Q2 24 | — | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -84.1% | 2.3% | ||
| Q3 25 | 160.1% | 4.0% | ||
| Q2 25 | — | -36.3% | ||
| Q1 25 | — | -0.7% | ||
| Q4 24 | -18.8% | -0.3% | ||
| Q3 24 | -98.0% | 5.1% | ||
| Q2 24 | — | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $-0.52 | $0.20 | ||
| Q3 25 | $1.08 | $0.48 | ||
| Q2 25 | — | $-4.00 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | $-0.10 | $-0.04 | ||
| Q3 24 | $-0.27 | $0.58 | ||
| Q2 24 | — | $0.44 |
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 | $195.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.2B |
| Total Assets | $7.0B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | $3.3B | $197.0M | ||
| Q3 25 | $1.0B | $167.8M | ||
| Q2 25 | — | $157.2M | ||
| Q1 25 | — | $175.6M | ||
| Q4 24 | $427.3M | $159.8M | ||
| Q3 24 | $98.6M | $146.4M | ||
| Q2 24 | — | $119.9M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $7.0B | $1.4B | ||
| Q3 25 | $4.3B | $1.4B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | — | $1.5B |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $1.1M |
| FCF MarginFCF / Revenue | -253.4% | 0.5% |
| Capex IntensityCapex / Revenue | 292.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $71.7M | $46.9M | ||
| Q3 25 | $142.4M | $28.9M | ||
| Q2 25 | — | $13.7M | ||
| Q1 25 | — | $11.7M | ||
| Q4 24 | $53.6M | $33.7M | ||
| Q3 24 | $-3.9M | $42.4M | ||
| Q2 24 | — | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $-468.0M | $42.2M | ||
| Q3 25 | $-38.0M | $21.2M | ||
| Q2 25 | — | $5.6M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | $-85.5M | $18.3M | ||
| Q3 24 | $-109.7M | $25.2M | ||
| Q2 24 | — | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | -253.4% | 20.9% | ||
| Q3 25 | -15.8% | 9.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | -73.6% | 9.5% | ||
| Q3 24 | -208.0% | 12.0% | ||
| Q2 24 | — | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 292.2% | 2.3% | ||
| Q3 25 | 75.0% | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | 119.7% | 8.0% | ||
| Q3 24 | 200.6% | 8.2% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | — | 10.20× | ||
| Q3 25 | 0.37× | 3.36× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.96× | ||
| Q2 24 | — | 2.83× |
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% |
ROG
Segment breakdown not available.
