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Side-by-side financial comparison of IREN Ltd (IREN) and Revolve Group, Inc. (RVLV). Click either name above to swap in a different company.
Revolve Group, Inc. is the larger business by last-quarter revenue ($324.4M vs $184.7M, roughly 1.8× IREN Ltd). Revolve Group, Inc. runs the higher net margin — 5.7% vs -84.1%, a 89.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 10.4%). Revolve Group, Inc. produced more free cash flow last quarter ($-13.3M 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.
Revolve Theatre Company is a Henley-on-Thames based theatre company specialising in political and Shakespearean plays. The company is owned by Oliver Dench, Joe Morris and Tom Smith.
IREN vs RVLV — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $324.4M |
| Net Profit | $-155.4M | $18.6M |
| Gross Margin | 64.4% | 53.3% |
| Operating Margin | -63.0% | 6.3% |
| Net Margin | -84.1% | 5.7% |
| Revenue YoY | 59.0% | 10.4% |
| Net Profit YoY | -610.0% | 50.4% |
| EPS (diluted) | $-0.52 | $0.27 |
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 | $324.4M | ||
| Q3 25 | $240.3M | $295.6M | ||
| Q2 25 | — | $309.0M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | $116.1M | $293.7M | ||
| Q3 24 | $52.8M | $283.1M | ||
| Q2 24 | — | $282.5M | ||
| Q1 24 | $54.3M | $270.6M |
| Q4 25 | $-155.4M | $18.6M | ||
| Q3 25 | $384.6M | $21.2M | ||
| Q2 25 | — | $10.2M | ||
| Q1 25 | — | $11.8M | ||
| Q4 24 | $-21.9M | $12.3M | ||
| Q3 24 | $-51.7M | $11.0M | ||
| Q2 24 | — | $15.4M | ||
| Q1 24 | $8.6M | $10.9M |
| Q4 25 | 64.4% | 53.3% | ||
| Q3 25 | 66.4% | 54.6% | ||
| Q2 25 | — | 54.1% | ||
| Q1 25 | — | 52.0% | ||
| Q4 24 | 72.2% | 52.5% | ||
| Q3 24 | 39.6% | 51.2% | ||
| Q2 24 | — | 54.0% | ||
| Q1 24 | — | 52.3% |
| Q4 25 | -63.0% | 6.3% | ||
| Q3 25 | -31.8% | 7.1% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | 14.9% | 3.9% | ||
| Q3 24 | -89.2% | 5.0% | ||
| Q2 24 | — | 5.8% | ||
| Q1 24 | 11.1% | 3.4% |
| Q4 25 | -84.1% | 5.7% | ||
| Q3 25 | 160.1% | 7.2% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | -18.8% | 4.2% | ||
| Q3 24 | -98.0% | 3.9% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | 15.9% | 4.0% |
| Q4 25 | $-0.52 | $0.27 | ||
| Q3 25 | $1.08 | $0.29 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | $-0.10 | $0.18 | ||
| Q3 24 | $-0.27 | $0.15 | ||
| Q2 24 | — | $0.21 | ||
| Q1 24 | $0.00 | $0.15 |
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 | $292.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $512.5M |
| Total Assets | $7.0B | $765.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $292.3M | ||
| Q3 25 | $1.0B | $315.4M | ||
| Q2 25 | — | $310.7M | ||
| Q1 25 | — | $300.8M | ||
| Q4 24 | $427.3M | $256.6M | ||
| Q3 24 | $98.6M | $252.8M | ||
| Q2 24 | — | $244.7M | ||
| Q1 24 | $259.7M | $273.4M |
| Q4 25 | $2.5B | $512.5M | ||
| Q3 25 | $2.9B | $490.2M | ||
| Q2 25 | — | $468.6M | ||
| Q1 25 | — | $453.4M | ||
| Q4 24 | $1.2B | $437.8M | ||
| Q3 24 | $1.1B | $420.8M | ||
| Q2 24 | — | $405.8M | ||
| Q1 24 | $677.2M | $389.9M |
| Q4 25 | $7.0B | $765.0M | ||
| Q3 25 | $4.3B | $751.3M | ||
| Q2 25 | — | $722.9M | ||
| Q1 25 | — | $713.9M | ||
| Q4 24 | $1.9B | $665.5M | ||
| Q3 24 | $1.3B | $670.9M | ||
| Q2 24 | — | $657.8M | ||
| Q1 24 | $723.6M | $650.0M |
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 | $-10.2M |
| Free Cash FlowOCF − Capex | $-468.0M | $-13.3M |
| FCF MarginFCF / Revenue | -253.4% | -4.1% |
| Capex IntensityCapex / Revenue | 292.2% | 1.0% |
| Cash ConversionOCF / Net Profit | — | -0.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $48.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-10.2M | ||
| Q3 25 | $142.4M | $11.8M | ||
| Q2 25 | — | $12.6M | ||
| Q1 25 | — | $45.1M | ||
| Q4 24 | $53.6M | $3.9M | ||
| Q3 24 | $-3.9M | $9.1M | ||
| Q2 24 | — | $-24.7M | ||
| Q1 24 | $-27.1M | $38.4M |
| Q4 25 | $-468.0M | $-13.3M | ||
| Q3 25 | $-38.0M | $7.5M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | — | $43.4M | ||
| Q4 24 | $-85.5M | $2.1M | ||
| Q3 24 | $-109.7M | $8.0M | ||
| Q2 24 | — | $-25.7M | ||
| Q1 24 | $-108.3M | $36.7M |
| Q4 25 | -253.4% | -4.1% | ||
| Q3 25 | -15.8% | 2.5% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | -73.6% | 0.7% | ||
| Q3 24 | -208.0% | 2.8% | ||
| Q2 24 | — | -9.1% | ||
| Q1 24 | -199.4% | 13.5% |
| Q4 25 | 292.2% | 1.0% | ||
| Q3 25 | 75.0% | 1.5% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | 119.7% | 0.6% | ||
| Q3 24 | 200.6% | 0.4% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | 149.5% | 0.6% |
| Q4 25 | — | -0.55× | ||
| Q3 25 | 0.37× | 0.56× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | -1.60× | ||
| Q1 24 | -3.13× | 3.53× |
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% |
RVLV
| Fashion Apparel | $155.1M | 48% |
| Dresses | $76.4M | 24% |
| Handbags Shoes And Accessories | $67.6M | 21% |
| Beauty | $20.3M | 6% |
| Manufactured Product Other | $5.0M | 2% |
| Breakage On Store Credit And Gift Cards | $900.0K | 0% |
