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Side-by-side financial comparison of IREN Ltd (IREN) and UNIVERSAL TECHNICAL INSTITUTE INC (UTI). Click either name above to swap in a different company.
UNIVERSAL TECHNICAL INSTITUTE INC is the larger business by last-quarter revenue ($220.8M vs $184.7M, roughly 1.2× IREN Ltd). UNIVERSAL TECHNICAL INSTITUTE INC runs the higher net margin — 5.8% vs -84.1%, a 90.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 9.6%). UNIVERSAL TECHNICAL INSTITUTE INC produced more free cash flow last quarter ($-19.2M 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.
Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges in the United States. It was established in 1965 by Robert Sweet.
IREN vs UTI — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $220.8M |
| Net Profit | $-155.4M | $12.8M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 7.1% |
| Net Margin | -84.1% | 5.8% |
| Revenue YoY | 59.0% | 9.6% |
| Net Profit YoY | -610.0% | -42.1% |
| EPS (diluted) | $-0.52 | $0.23 |
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 | $220.8M | ||
| Q3 25 | $240.3M | $222.4M | ||
| Q2 25 | — | $204.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | $116.1M | $201.4M | ||
| Q3 24 | $52.8M | $196.4M | ||
| Q2 24 | — | $177.5M | ||
| Q1 24 | $54.3M | $184.2M |
| Q4 25 | $-155.4M | $12.8M | ||
| Q3 25 | $384.6M | $18.8M | ||
| Q2 25 | — | $10.7M | ||
| Q1 25 | — | $11.4M | ||
| Q4 24 | $-21.9M | $22.2M | ||
| Q3 24 | $-51.7M | $18.8M | ||
| Q2 24 | — | $5.0M | ||
| Q1 24 | $8.6M | $7.8M |
| 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% | 7.1% | ||
| Q3 25 | -31.8% | 11.2% | ||
| Q2 25 | — | 6.9% | ||
| Q1 25 | — | 8.1% | ||
| Q4 24 | 14.9% | 13.6% | ||
| Q3 24 | -89.2% | 13.3% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | 11.1% | 6.1% |
| Q4 25 | -84.1% | 5.8% | ||
| Q3 25 | 160.1% | 8.4% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | -18.8% | 11.0% | ||
| Q3 24 | -98.0% | 9.6% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 15.9% | 4.2% |
| Q4 25 | $-0.52 | $0.23 | ||
| Q3 25 | $1.08 | $0.33 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.21 | ||
| Q4 24 | $-0.10 | $0.40 | ||
| Q3 24 | $-0.27 | $0.35 | ||
| Q2 24 | — | $0.09 | ||
| Q1 24 | $0.00 | $0.14 |
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 | $162.8M |
| Total DebtLower is stronger | — | $101.4M |
| Stockholders' EquityBook value | $2.5B | $335.9M |
| Total Assets | $7.0B | $834.0M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $162.8M | ||
| Q3 25 | $1.0B | $169.1M | ||
| Q2 25 | — | $70.7M | ||
| Q1 25 | — | $96.0M | ||
| Q4 24 | $427.3M | $172.0M | ||
| Q3 24 | $98.6M | $161.9M | ||
| Q2 24 | — | $115.5M | ||
| Q1 24 | $259.7M | $116.1M |
| Q4 25 | — | $101.4M | ||
| Q3 25 | — | $87.1M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $94.4M | ||
| Q4 24 | — | $120.1M | ||
| Q3 24 | — | $125.7M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $141.9M |
| Q4 25 | $2.5B | $335.9M | ||
| Q3 25 | $2.9B | $328.1M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $293.9M | ||
| Q4 24 | $1.2B | $280.0M | ||
| Q3 24 | $1.1B | $260.2M | ||
| Q2 24 | — | $239.4M | ||
| Q1 24 | $677.2M | $232.6M |
| Q4 25 | $7.0B | $834.0M | ||
| Q3 25 | $4.3B | $826.1M | ||
| Q2 25 | — | $740.8M | ||
| Q1 25 | — | $720.4M | ||
| Q4 24 | $1.9B | $753.8M | ||
| Q3 24 | $1.3B | $744.6M | ||
| Q2 24 | — | $706.0M | ||
| Q1 24 | $723.6M | $702.1M |
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.61× |
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 | $3.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $-19.2M |
| FCF MarginFCF / Revenue | -253.4% | -8.7% |
| Capex IntensityCapex / Revenue | 292.2% | 10.1% |
| Cash ConversionOCF / Net Profit | — | 0.24× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $16.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $3.1M | ||
| Q3 25 | $142.4M | $57.1M | ||
| Q2 25 | — | $18.1M | ||
| Q1 25 | — | $-789.0K | ||
| Q4 24 | $53.6M | $23.0M | ||
| Q3 24 | $-3.9M | $67.5M | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | $-27.1M | $-2.5M |
| Q4 25 | $-468.0M | $-19.2M | ||
| Q3 25 | $-38.0M | $40.6M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $-11.7M | ||
| Q4 24 | $-85.5M | $19.6M | ||
| Q3 24 | $-109.7M | $60.0M | ||
| Q2 24 | — | $3.0M | ||
| Q1 24 | $-108.3M | $-8.4M |
| Q4 25 | -253.4% | -8.7% | ||
| Q3 25 | -15.8% | 18.3% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | -5.7% | ||
| Q4 24 | -73.6% | 9.7% | ||
| Q3 24 | -208.0% | 30.6% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | -199.4% | -4.6% |
| Q4 25 | 292.2% | 10.1% | ||
| Q3 25 | 75.0% | 7.4% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | 119.7% | 1.7% | ||
| Q3 24 | 200.6% | 3.8% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | 149.5% | 3.2% |
| Q4 25 | — | 0.24× | ||
| Q3 25 | 0.37× | 3.04× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 3.58× | ||
| Q2 24 | — | 2.01× | ||
| Q1 24 | -3.13× | -0.32× |
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% |
UTI
| UTI | $142.8M | 65% |
| Concorde | $78.0M | 35% |
