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Side-by-side financial comparison of IREN Ltd (IREN) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $184.7M, roughly 1.0× IREN Ltd). SPS COMMERCE INC runs the higher net margin — 13.4% vs -84.1%, a 97.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
IREN vs SPSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $192.7M |
| Net Profit | $-155.4M | $25.8M |
| Gross Margin | 64.4% | 70.4% |
| Operating Margin | -63.0% | 18.0% |
| Net Margin | -84.1% | 13.4% |
| Revenue YoY | 59.0% | 12.7% |
| Net Profit YoY | -610.0% | 47.2% |
| EPS (diluted) | $-0.52 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $240.3M | $189.9M | ||
| Q2 25 | — | $187.4M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | $116.1M | $170.9M | ||
| Q3 24 | $52.8M | $163.7M | ||
| Q2 24 | — | $153.6M | ||
| Q1 24 | $54.3M | $149.6M |
| Q4 25 | $-155.4M | $25.8M | ||
| Q3 25 | $384.6M | $25.6M | ||
| Q2 25 | — | $19.7M | ||
| Q1 25 | — | $22.2M | ||
| Q4 24 | $-21.9M | $17.6M | ||
| Q3 24 | $-51.7M | $23.5M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | $8.6M | $18.0M |
| Q4 25 | 64.4% | 70.4% | ||
| Q3 25 | 66.4% | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | 72.2% | 67.5% | ||
| Q3 24 | 39.6% | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -63.0% | 18.0% | ||
| Q3 25 | -31.8% | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | 14.9% | 14.5% | ||
| Q3 24 | -89.2% | 15.6% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | 11.1% | 10.3% |
| Q4 25 | -84.1% | 13.4% | ||
| Q3 25 | 160.1% | 13.5% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | -18.8% | 10.3% | ||
| Q3 24 | -98.0% | 14.3% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | 15.9% | 12.0% |
| Q4 25 | $-0.52 | $0.69 | ||
| Q3 25 | $1.08 | $0.67 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | $-0.10 | $0.46 | ||
| Q3 24 | $-0.27 | $0.62 | ||
| Q2 24 | — | $0.48 | ||
| Q1 24 | $0.00 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $973.9M |
| Total Assets | $7.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $151.4M | ||
| Q3 25 | $1.0B | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | $427.3M | $241.0M | ||
| Q3 24 | $98.6M | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | $259.7M | $290.8M |
| Q4 25 | $2.5B | $973.9M | ||
| Q3 25 | $2.9B | $958.9M | ||
| Q2 25 | — | $949.8M | ||
| Q1 25 | — | $920.9M | ||
| Q4 24 | $1.2B | $854.7M | ||
| Q3 24 | $1.1B | $829.4M | ||
| Q2 24 | — | $703.4M | ||
| Q1 24 | $677.2M | $683.0M |
| Q4 25 | $7.0B | $1.2B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | — | $854.5M | ||
| Q1 24 | $723.6M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $38.2M |
| FCF MarginFCF / Revenue | -253.4% | 19.8% |
| Capex IntensityCapex / Revenue | 292.2% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $45.9M | ||
| Q3 25 | $142.4M | $60.6M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $53.6M | $40.6M | ||
| Q3 24 | $-3.9M | $53.3M | ||
| Q2 24 | — | $29.4M | ||
| Q1 24 | $-27.1M | $34.1M |
| Q4 25 | $-468.0M | $38.2M | ||
| Q3 25 | $-38.0M | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | $-85.5M | $34.3M | ||
| Q3 24 | $-109.7M | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | $-108.3M | $30.5M |
| Q4 25 | -253.4% | 19.8% | ||
| Q3 25 | -15.8% | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | -73.6% | 20.1% | ||
| Q3 24 | -208.0% | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | -199.4% | 20.4% |
| Q4 25 | 292.2% | 4.0% | ||
| Q3 25 | 75.0% | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 119.7% | 3.6% | ||
| Q3 24 | 200.6% | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | 149.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 0.37× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | -3.13× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
