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Side-by-side financial comparison of IREN Ltd (IREN) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $124.7M, roughly 1.5× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -84.1%, a 85.7% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
IREN vs SWBI — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $124.7M |
| Net Profit | $-155.4M | $1.9M |
| Gross Margin | 64.4% | 24.3% |
| Operating Margin | -63.0% | 3.3% |
| Net Margin | -84.1% | 1.5% |
| Revenue YoY | 59.0% | -3.9% |
| Net Profit YoY | -610.0% | -53.6% |
| EPS (diluted) | $-0.52 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $240.3M | $85.1M | ||
| Q2 25 | — | $140.8M | ||
| Q1 25 | — | $115.9M | ||
| Q4 24 | $116.1M | $129.7M | ||
| Q3 24 | $52.8M | $88.3M | ||
| Q2 24 | — | $159.1M | ||
| Q1 24 | $54.3M | $137.5M |
| Q4 25 | $-155.4M | $1.9M | ||
| Q3 25 | $384.6M | $-3.4M | ||
| Q2 25 | — | $8.6M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | $-21.9M | $4.5M | ||
| Q3 24 | $-51.7M | $-1.9M | ||
| Q2 24 | — | $27.9M | ||
| Q1 24 | $8.6M | $7.9M |
| Q4 25 | 64.4% | 24.3% | ||
| Q3 25 | 66.4% | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | 72.2% | 26.6% | ||
| Q3 24 | 39.6% | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | -63.0% | 3.3% | ||
| Q3 25 | -31.8% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | 14.9% | 5.8% | ||
| Q3 24 | -89.2% | -1.7% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | 11.1% | 8.2% |
| Q4 25 | -84.1% | 1.5% | ||
| Q3 25 | 160.1% | -4.0% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | -18.8% | 3.5% | ||
| Q3 24 | -98.0% | -2.1% | ||
| Q2 24 | — | 17.5% | ||
| Q1 24 | 15.9% | 5.7% |
| Q4 25 | $-0.52 | $0.04 | ||
| Q3 25 | $1.08 | $-0.08 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | $-0.10 | $0.10 | ||
| Q3 24 | $-0.27 | $-0.04 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | $0.00 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $363.2M |
| Total Assets | $7.0B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $22.4M | ||
| Q3 25 | $1.0B | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | $427.3M | $39.1M | ||
| Q3 24 | $98.6M | $35.5M | ||
| Q2 24 | — | $60.8M | ||
| Q1 24 | $259.7M | $47.4M |
| Q4 25 | $2.5B | $363.2M | ||
| Q3 25 | $2.9B | $364.4M | ||
| Q2 25 | — | $372.5M | ||
| Q1 25 | — | $366.9M | ||
| Q4 24 | $1.2B | $371.5M | ||
| Q3 24 | $1.1B | $380.0M | ||
| Q2 24 | — | $399.9M | ||
| Q1 24 | $677.2M | $376.4M |
| Q4 25 | $7.0B | $548.6M | ||
| Q3 25 | $4.3B | $554.6M | ||
| Q2 25 | — | $559.6M | ||
| Q1 25 | — | $578.9M | ||
| Q4 24 | $1.9B | $587.4M | ||
| Q3 24 | $1.3B | $571.3M | ||
| Q2 24 | — | $577.4M | ||
| Q1 24 | $723.6M | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-468.0M | $16.3M |
| FCF MarginFCF / Revenue | -253.4% | 13.1% |
| Capex IntensityCapex / Revenue | 292.2% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $27.3M | ||
| Q3 25 | $142.4M | $-8.1M | ||
| Q2 25 | — | $40.8M | ||
| Q1 25 | — | $-9.8M | ||
| Q4 24 | $53.6M | $-7.4M | ||
| Q3 24 | $-3.9M | $-30.8M | ||
| Q2 24 | — | $43.7M | ||
| Q1 24 | $-27.1M | $25.2M |
| Q4 25 | $-468.0M | $16.3M | ||
| Q3 25 | $-38.0M | $-12.4M | ||
| Q2 25 | — | $33.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | $-85.5M | $-10.7M | ||
| Q3 24 | $-109.7M | $-35.5M | ||
| Q2 24 | — | $38.2M | ||
| Q1 24 | $-108.3M | $7.0M |
| Q4 25 | -253.4% | 13.1% | ||
| Q3 25 | -15.8% | -14.6% | ||
| Q2 25 | — | 23.8% | ||
| Q1 25 | — | -13.9% | ||
| Q4 24 | -73.6% | -8.3% | ||
| Q3 24 | -208.0% | -40.2% | ||
| Q2 24 | — | 24.0% | ||
| Q1 24 | -199.4% | 5.1% |
| Q4 25 | 292.2% | 8.8% | ||
| Q3 25 | 75.0% | 5.0% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 119.7% | 2.5% | ||
| Q3 24 | 200.6% | 5.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 149.5% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | -3.13× | 3.20× |
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% |
SWBI
Segment breakdown not available.
