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Side-by-side financial comparison of IREN Ltd (IREN) and Utz Brands, Inc. (UTZ). Click either name above to swap in a different company.
Utz Brands, Inc. is the larger business by last-quarter revenue ($341.0M vs $184.7M, roughly 1.8× IREN Ltd). Utz Brands, Inc. runs the higher net margin — 0.7% vs -84.1%, a 84.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -3.1%). Utz Brands, Inc. produced more free cash flow last quarter ($16.5M 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.
Utz Brands, Inc., more commonly known as Utz, is an American snack food company based in Hanover, Pennsylvania. The company produces a variety of potato chips, pretzels, and other snacks, with most products sold under their family of brands. Utz is also a snack supplier to warehouse clubs and merchandisers.
IREN vs UTZ — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $341.0M |
| Net Profit | $-155.4M | $2.3M |
| Gross Margin | 64.4% | 25.5% |
| Operating Margin | -63.0% | 2.1% |
| Net Margin | -84.1% | 0.7% |
| Revenue YoY | 59.0% | -3.1% |
| Net Profit YoY | -610.0% | 108.3% |
| 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 | — | ||
| Q3 25 | $240.3M | — | ||
| Q4 24 | $116.1M | $341.0M | ||
| Q3 24 | $52.8M | $365.5M | ||
| Q2 24 | — | $356.2M | ||
| Q1 24 | $54.3M | $346.5M | ||
| Q4 23 | $42.6M | $371.9M | ||
| Q3 23 | — | $362.9M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | — | ||
| Q4 24 | $-21.9M | $2.3M | ||
| Q3 24 | $-51.7M | $-2.2M | ||
| Q2 24 | — | $19.8M | ||
| Q1 24 | $8.6M | $-4.0M | ||
| Q4 23 | $-5.2M | $16.0M | ||
| Q3 23 | — | $-4.1M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q4 24 | 72.2% | 25.5% | ||
| Q3 24 | 39.6% | 26.9% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 25.5% | ||
| Q4 23 | — | 32.1% | ||
| Q3 23 | — | 32.4% |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | — | ||
| Q4 24 | 14.9% | 2.1% | ||
| Q3 24 | -89.2% | 5.3% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | 11.1% | 2.8% | ||
| Q4 23 | -5.2% | 1.4% | ||
| Q3 23 | — | 0.7% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | — | ||
| Q4 24 | -18.8% | 0.7% | ||
| Q3 24 | -98.0% | -0.6% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | 15.9% | -1.2% | ||
| Q4 23 | -12.3% | 4.3% | ||
| Q3 23 | — | -1.1% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q4 24 | $-0.10 | $0.04 | ||
| Q3 24 | $-0.27 | $-0.03 | ||
| Q2 24 | — | $0.23 | ||
| Q1 24 | $0.00 | $-0.05 | ||
| Q4 23 | $-0.00 | $0.19 | ||
| Q3 23 | — | $-0.05 |
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 | $56.1M |
| Total DebtLower is stronger | — | $768.6M |
| Stockholders' EquityBook value | $2.5B | $696.9M |
| Total Assets | $7.0B | $2.7B |
| Debt / EquityLower = less leverage | — | 1.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | — | ||
| Q4 24 | $427.3M | $56.1M | ||
| Q3 24 | $98.6M | $64.9M | ||
| Q2 24 | — | $66.6M | ||
| Q1 24 | $259.7M | $47.0M | ||
| Q4 23 | $90.3M | $60.1M | ||
| Q3 23 | — | $73.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q4 24 | — | $768.6M | ||
| Q3 24 | — | $780.8M | ||
| Q2 24 | — | $797.6M | ||
| Q1 24 | — | $756.9M | ||
| Q4 23 | — | $915.8M | ||
| Q3 23 | — | $967.0M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | — | ||
| Q4 24 | $1.2B | $696.9M | ||
| Q3 24 | $1.1B | $685.7M | ||
| Q2 24 | — | $686.0M | ||
| Q1 24 | $677.2M | $671.1M | ||
| Q4 23 | $381.8M | $705.9M | ||
| Q3 23 | — | $688.5M |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | — | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $723.6M | $2.6B | ||
| Q4 23 | $417.2M | $2.8B | ||
| Q3 23 | — | $2.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q4 24 | — | 1.10× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.16× | ||
| Q1 24 | — | 1.13× | ||
| Q4 23 | — | 1.30× | ||
| Q3 23 | — | 1.40× |
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 | $54.2M |
| Free Cash FlowOCF − Capex | $-468.0M | $16.5M |
| FCF MarginFCF / Revenue | -253.4% | 4.8% |
| Capex IntensityCapex / Revenue | 292.2% | 11.1% |
| Cash ConversionOCF / Net Profit | — | 23.67× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $7.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | — | ||
| Q4 24 | $53.6M | $54.2M | ||
| Q3 24 | $-3.9M | $52.2M | ||
| Q2 24 | — | $8.9M | ||
| Q1 24 | $-27.1M | $-9.1M | ||
| Q4 23 | $17.4M | $53.4M | ||
| Q3 23 | — | $4.1M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q4 24 | $-85.5M | $16.5M | ||
| Q3 24 | $-109.7M | $29.1M | ||
| Q2 24 | — | $-15.3M | ||
| Q1 24 | $-108.3M | $-22.7M | ||
| Q4 23 | — | $37.9M | ||
| Q3 23 | — | $-12.1M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q4 24 | -73.6% | 4.8% | ||
| Q3 24 | -208.0% | 8.0% | ||
| Q2 24 | — | -4.3% | ||
| Q1 24 | -199.4% | -6.5% | ||
| Q4 23 | — | 10.2% | ||
| Q3 23 | — | -3.3% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q4 24 | 119.7% | 11.1% | ||
| Q3 24 | 200.6% | 6.3% | ||
| Q2 24 | — | 6.8% | ||
| Q1 24 | 149.5% | 3.9% | ||
| Q4 23 | — | 4.2% | ||
| Q3 23 | — | 4.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q4 24 | — | 23.67× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | 3.34× | ||
| Q3 23 | — | — |
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% |
UTZ
Segment breakdown not available.
