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Side-by-side financial comparison of IREN Ltd (IREN) and Wingstop Inc. (WING). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $183.7M, roughly 1.0× Wingstop Inc.). Wingstop Inc. runs the higher net margin — 16.3% vs -84.1%, a 100.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 7.4%).
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.
Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. Wingstop locations are decorated with a 1930s and 1940s pre-jet aviation theme.
IREN vs WING — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $183.7M |
| Net Profit | $-155.4M | $29.9M |
| Gross Margin | 64.4% | 86.5% |
| Operating Margin | -63.0% | 27.4% |
| Net Margin | -84.1% | 16.3% |
| Revenue YoY | 59.0% | 7.4% |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-0.52 | $1.08 |
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 | — | $183.7M | ||
| Q4 25 | $184.7M | $175.7M | ||
| Q3 25 | $240.3M | $175.7M | ||
| Q2 25 | — | $174.3M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $116.1M | $161.8M | ||
| Q3 24 | $52.8M | $162.5M | ||
| Q2 24 | — | $155.7M |
| Q1 26 | — | $29.9M | ||
| Q4 25 | $-155.4M | $26.8M | ||
| Q3 25 | $384.6M | $28.5M | ||
| Q2 25 | — | $26.8M | ||
| Q1 25 | — | $92.3M | ||
| Q4 24 | $-21.9M | $26.8M | ||
| Q3 24 | $-51.7M | $25.7M | ||
| Q2 24 | — | $27.5M |
| Q1 26 | — | 86.5% | ||
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | 85.6% | ||
| Q3 24 | 39.6% | 85.0% | ||
| Q2 24 | — | 85.4% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | -63.0% | 26.7% | ||
| Q3 25 | -31.8% | 27.9% | ||
| Q2 25 | — | 25.9% | ||
| Q1 25 | — | 22.4% | ||
| Q4 24 | 14.9% | 25.9% | ||
| Q3 24 | -89.2% | 24.5% | ||
| Q2 24 | — | 26.5% |
| Q1 26 | — | 16.3% | ||
| Q4 25 | -84.1% | 15.2% | ||
| Q3 25 | 160.1% | 16.2% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | — | 53.9% | ||
| Q4 24 | -18.8% | 16.5% | ||
| Q3 24 | -98.0% | 15.8% | ||
| Q2 24 | — | 17.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | $-0.52 | $0.99 | ||
| Q3 25 | $1.08 | $1.02 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $3.24 | ||
| Q4 24 | $-0.10 | $0.91 | ||
| Q3 24 | $-0.27 | $0.88 | ||
| Q2 24 | — | $0.93 |
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 | $128.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $7.0B | $648.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.8M | ||
| Q4 25 | $3.3B | $196.6M | ||
| Q3 25 | $1.0B | $237.6M | ||
| Q2 25 | — | $227.9M | ||
| Q1 25 | — | $251.4M | ||
| Q4 24 | $427.3M | $315.9M | ||
| Q3 24 | $98.6M | $84.0M | ||
| Q2 24 | — | $96.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $-736.8M | ||
| Q3 25 | $2.9B | $-702.6M | ||
| Q2 25 | — | $-686.0M | ||
| Q1 25 | — | $-715.0M | ||
| Q4 24 | $1.2B | $-675.6M | ||
| Q3 24 | $1.1B | $-447.5M | ||
| Q2 24 | — | $-437.5M |
| Q1 26 | — | $648.9M | ||
| Q4 25 | $7.0B | $693.4M | ||
| Q3 25 | $4.3B | $721.0M | ||
| Q2 25 | — | $708.3M | ||
| Q1 25 | — | $696.8M | ||
| Q4 24 | $1.9B | $716.2M | ||
| Q3 24 | $1.3B | $484.8M | ||
| Q2 24 | — | $451.8M |
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 | — |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $71.7M | $57.3M | ||
| Q3 25 | $142.4M | $63.9M | ||
| Q2 25 | — | $6.6M | ||
| Q1 25 | — | $25.3M | ||
| Q4 24 | $53.6M | $7.7M | ||
| Q3 24 | $-3.9M | $69.0M | ||
| Q2 24 | — | $36.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $34.5M | ||
| Q3 25 | $-38.0M | $61.7M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | $-85.5M | $-8.6M | ||
| Q3 24 | $-109.7M | $54.9M | ||
| Q2 24 | — | $25.9M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 19.6% | ||
| Q3 25 | -15.8% | 35.1% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | — | 10.1% | ||
| Q4 24 | -73.6% | -5.3% | ||
| Q3 24 | -208.0% | 33.8% | ||
| Q2 24 | — | 16.6% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 13.0% | ||
| Q3 25 | 75.0% | 1.3% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | 119.7% | 10.1% | ||
| Q3 24 | 200.6% | 8.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.14× | ||
| Q3 25 | 0.37× | 2.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 2.68× | ||
| Q2 24 | — | 1.32× |
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% |
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
