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Side-by-side financial comparison of IREN Ltd (IREN) and Strategic Education, Inc. (STRA). Click either name above to swap in a different company.
Strategic Education, Inc. is the larger business by last-quarter revenue ($305.9M vs $184.7M, roughly 1.7× IREN Ltd). Strategic Education, Inc. runs the higher net margin — 10.7% vs -84.1%, a 94.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 0.8%). Strategic Education, Inc. produced more free cash flow last quarter ($77.3M 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.
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
IREN vs STRA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $305.9M |
| Net Profit | $-155.4M | $32.8M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 13.4% |
| Net Margin | -84.1% | 10.7% |
| Revenue YoY | 59.0% | 0.8% |
| Net Profit YoY | -610.0% | 10.3% |
| EPS (diluted) | $-0.52 | $1.48 |
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 | — | $305.9M | ||
| Q4 25 | $184.7M | $323.2M | ||
| Q3 25 | $240.3M | $319.9M | ||
| Q2 25 | — | $321.5M | ||
| Q1 25 | — | $303.6M | ||
| Q4 24 | $116.1M | $311.5M | ||
| Q3 24 | $52.8M | $306.0M | ||
| Q2 24 | — | $312.3M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-155.4M | $37.9M | ||
| Q3 25 | $384.6M | $26.6M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $-21.9M | $25.3M | ||
| Q3 24 | $-51.7M | $27.7M | ||
| Q2 24 | — | $29.9M |
| Q1 26 | — | — | ||
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 13.4% | ||
| Q4 25 | -63.0% | 16.0% | ||
| Q3 25 | -31.8% | 11.6% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | 13.1% | ||
| Q4 24 | 14.9% | 11.6% | ||
| Q3 24 | -89.2% | 11.9% | ||
| Q2 24 | — | 13.4% |
| Q1 26 | — | 10.7% | ||
| Q4 25 | -84.1% | 11.7% | ||
| Q3 25 | 160.1% | 8.3% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | -18.8% | 8.1% | ||
| Q3 24 | -98.0% | 9.1% | ||
| Q2 24 | — | 9.6% |
| Q1 26 | — | $1.48 | ||
| Q4 25 | $-0.52 | $1.65 | ||
| Q3 25 | $1.08 | $1.15 | ||
| Q2 25 | — | $1.37 | ||
| Q1 25 | — | $1.24 | ||
| Q4 24 | $-0.10 | $1.05 | ||
| Q3 24 | $-0.27 | $1.15 | ||
| Q2 24 | — | $1.24 |
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 | $150.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.6B |
| Total Assets | $7.0B | $2.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $150.3M | ||
| Q4 25 | $3.3B | $148.1M | ||
| Q3 25 | $1.0B | $172.6M | ||
| Q2 25 | — | $164.9M | ||
| Q1 25 | — | $182.6M | ||
| Q4 24 | $427.3M | $184.0M | ||
| Q3 24 | $98.6M | $222.1M | ||
| Q2 24 | — | $256.2M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $7.0B | $2.0B | ||
| Q3 25 | $4.3B | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $1.9B | $2.0B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | — | $2.2B |
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 | $87.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $77.3M |
| FCF MarginFCF / Revenue | -253.4% | 25.3% |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.66× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $173.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $87.4M | ||
| Q4 25 | $71.7M | $39.2M | ||
| Q3 25 | $142.4M | $60.1M | ||
| Q2 25 | — | $31.2M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | $53.6M | $15.9M | ||
| Q3 24 | $-3.9M | $51.5M | ||
| Q2 24 | — | $24.3M |
| Q1 26 | — | $77.3M | ||
| Q4 25 | $-468.0M | $27.0M | ||
| Q3 25 | $-38.0M | $49.3M | ||
| Q2 25 | — | $20.4M | ||
| Q1 25 | — | $57.3M | ||
| Q4 24 | $-85.5M | $4.7M | ||
| Q3 24 | $-109.7M | $42.1M | ||
| Q2 24 | — | $13.6M |
| Q1 26 | — | 25.3% | ||
| Q4 25 | -253.4% | 8.3% | ||
| Q3 25 | -15.8% | 15.4% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 18.9% | ||
| Q4 24 | -73.6% | 1.5% | ||
| Q3 24 | -208.0% | 13.8% | ||
| Q2 24 | — | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 3.8% | ||
| Q3 25 | 75.0% | 3.4% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 119.7% | 3.6% | ||
| Q3 24 | 200.6% | 3.1% | ||
| Q2 24 | — | 3.4% |
| Q1 26 | — | 2.66× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 0.37× | 2.26× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 2.27× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 0.81× |
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% |
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
