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Side-by-side financial comparison of IREN Ltd (IREN) and Sun Country Airlines Holdings, Inc. (SNCY). Click either name above to swap in a different company.
Sun Country Airlines Holdings, Inc. is the larger business by last-quarter revenue ($281.0M vs $184.7M, roughly 1.5× IREN Ltd). Sun Country Airlines Holdings, Inc. runs the higher net margin — 2.9% vs -84.1%, a 87.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 7.9%). Sun Country Airlines Holdings, Inc. produced more free cash flow last quarter ($34.9M 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.
Frontier Airlines, Inc. is a major American ultra low-cost airline headquartered in Denver, Colorado. It operates flights to over 120 destinations in the United States, the Caribbean, Mexico and Central America, and employs more than 5,000 staff. The carrier is a publicly traded company and maintains bases at Denver International Airport, Orlando International Airport, and eleven other cities across the contiguous United States and Puerto Rico.
IREN vs SNCY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $281.0M |
| Net Profit | $-155.4M | $8.1M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 6.5% |
| Net Margin | -84.1% | 2.9% |
| Revenue YoY | 59.0% | 7.9% |
| Net Profit YoY | -610.0% | -39.4% |
| EPS (diluted) | $-0.52 | $0.15 |
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 | $281.0M | ||
| Q3 25 | $240.3M | $255.5M | ||
| Q2 25 | — | $263.6M | ||
| Q1 25 | — | $326.6M | ||
| Q4 24 | $116.1M | $260.4M | ||
| Q3 24 | $52.8M | $249.5M | ||
| Q2 24 | — | $254.4M | ||
| Q1 24 | $54.3M | $311.5M |
| Q4 25 | $-155.4M | $8.1M | ||
| Q3 25 | $384.6M | $1.6M | ||
| Q2 25 | — | $6.6M | ||
| Q1 25 | — | $36.5M | ||
| Q4 24 | $-21.9M | $13.4M | ||
| Q3 24 | $-51.7M | $2.3M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | $8.6M | $35.3M |
| 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% | 6.5% | ||
| Q3 25 | -31.8% | 3.9% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 17.2% | ||
| Q4 24 | 14.9% | 10.0% | ||
| Q3 24 | -89.2% | 5.0% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | 11.1% | 17.7% |
| Q4 25 | -84.1% | 2.9% | ||
| Q3 25 | 160.1% | 0.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | -18.8% | 5.2% | ||
| Q3 24 | -98.0% | 0.9% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 15.9% | 11.3% |
| Q4 25 | $-0.52 | $0.15 | ||
| Q3 25 | $1.08 | $0.03 | ||
| Q2 25 | — | $0.12 | ||
| Q1 25 | — | $0.66 | ||
| Q4 24 | $-0.10 | $0.25 | ||
| Q3 24 | $-0.27 | $0.04 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | $0.00 | $0.64 |
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 | $234.3M |
| Total DebtLower is stronger | — | $323.3M |
| Stockholders' EquityBook value | $2.5B | $625.2M |
| Total Assets | $7.0B | $1.7B |
| Debt / EquityLower = less leverage | — | 0.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $234.3M | ||
| Q3 25 | $1.0B | $176.2M | ||
| Q2 25 | — | $138.3M | ||
| Q1 25 | — | $158.8M | ||
| Q4 24 | $427.3M | $187.3M | ||
| Q3 24 | $98.6M | $146.5M | ||
| Q2 24 | — | $135.2M | ||
| Q1 24 | $259.7M | $161.2M |
| Q4 25 | — | $323.3M | ||
| Q3 25 | — | $301.3M | ||
| Q2 25 | — | $282.1M | ||
| Q1 25 | — | $312.6M | ||
| Q4 24 | — | $327.1M | ||
| Q3 24 | — | $351.8M | ||
| Q2 24 | — | $365.5M | ||
| Q1 24 | — | $388.1M |
| Q4 25 | $2.5B | $625.2M | ||
| Q3 25 | $2.9B | $610.2M | ||
| Q2 25 | — | $613.0M | ||
| Q1 25 | — | $603.0M | ||
| Q4 24 | $1.2B | $570.4M | ||
| Q3 24 | $1.1B | $552.5M | ||
| Q2 24 | — | $546.9M | ||
| Q1 24 | $677.2M | $541.0M |
| Q4 25 | $7.0B | $1.7B | ||
| Q3 25 | $4.3B | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $723.6M | $1.6B |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.67× | ||
| Q1 24 | — | 0.72× |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $34.9M |
| FCF MarginFCF / Revenue | -253.4% | 12.4% |
| Capex IntensityCapex / Revenue | 292.2% | 15.7% |
| Cash ConversionOCF / Net Profit | — | 9.69× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $84.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $78.9M | ||
| Q3 25 | $142.4M | $41.9M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $16.4M | ||
| Q4 24 | $53.6M | $90.6M | ||
| Q3 24 | $-3.9M | $35.4M | ||
| Q2 24 | — | $8.2M | ||
| Q1 24 | $-27.1M | $30.7M |
| Q4 25 | $-468.0M | $34.9M | ||
| Q3 25 | $-38.0M | $34.0M | ||
| Q2 25 | — | $14.0M | ||
| Q1 25 | — | $1.0M | ||
| Q4 24 | $-85.5M | $85.8M | ||
| Q3 24 | $-109.7M | $31.0M | ||
| Q2 24 | — | $-382.0K | ||
| Q1 24 | $-108.3M | $1.0M |
| Q4 25 | -253.4% | 12.4% | ||
| Q3 25 | -15.8% | 13.3% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | -73.6% | 33.0% | ||
| Q3 24 | -208.0% | 12.4% | ||
| Q2 24 | — | -0.2% | ||
| Q1 24 | -199.4% | 0.3% |
| Q4 25 | 292.2% | 15.7% | ||
| Q3 25 | 75.0% | 3.1% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | 119.7% | 1.8% | ||
| Q3 24 | 200.6% | 1.8% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | 149.5% | 9.5% |
| Q4 25 | — | 9.69× | ||
| Q3 25 | 0.37× | 27.03× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 6.74× | ||
| Q3 24 | — | 15.13× | ||
| Q2 24 | — | 4.50× | ||
| Q1 24 | -3.13× | 0.87× |
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% |
SNCY
| Scheduled Service | $95.6M | 34% |
| Ancillary | $69.3M | 25% |
| Charter Service | $56.6M | 20% |
| Cargo And Freight | $48.0M | 17% |
| Service Other | $11.4M | 4% |
