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Side-by-side financial comparison of IREN Ltd (IREN) and ZIPRECRUITER, INC. (ZIP). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $111.7M, roughly 1.7× ZIPRECRUITER, INC.). ZIPRECRUITER, INC. runs the higher net margin — -0.7% vs -84.1%, a 83.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 0.6%). ZIPRECRUITER, INC. produced more free cash flow last quarter ($7.6M 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.
ZipRecruiter, Inc. is an American employment marketplace for job seekers and employers.
IREN vs ZIP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $111.7M |
| Net Profit | $-155.4M | $-835.0K |
| Gross Margin | 64.4% | 89.1% |
| Operating Margin | -63.0% | 3.6% |
| Net Margin | -84.1% | -0.7% |
| Revenue YoY | 59.0% | 0.6% |
| Net Profit YoY | -610.0% | 92.3% |
| EPS (diluted) | $-0.52 | $-0.03 |
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 | $111.7M | ||
| Q3 25 | $240.3M | $115.0M | ||
| Q2 25 | — | $112.2M | ||
| Q1 25 | — | $110.1M | ||
| Q4 24 | $116.1M | $111.0M | ||
| Q3 24 | $52.8M | $117.1M | ||
| Q2 24 | — | $123.7M | ||
| Q1 24 | $54.3M | $122.2M |
| Q4 25 | $-155.4M | $-835.0K | ||
| Q3 25 | $384.6M | $-9.8M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | — | $-12.8M | ||
| Q4 24 | $-21.9M | $-10.8M | ||
| Q3 24 | $-51.7M | $-2.6M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | $8.6M | $-6.5M |
| Q4 25 | 64.4% | 89.1% | ||
| Q3 25 | 66.4% | 89.1% | ||
| Q2 25 | — | 89.3% | ||
| Q1 25 | — | 89.4% | ||
| Q4 24 | 72.2% | 89.6% | ||
| Q3 24 | 39.6% | 89.4% | ||
| Q2 24 | — | 89.5% | ||
| Q1 24 | — | 89.1% |
| Q4 25 | -63.0% | 3.6% | ||
| Q3 25 | -31.8% | -4.4% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -10.6% | ||
| Q4 24 | 14.9% | -3.6% | ||
| Q3 24 | -89.2% | -2.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | 11.1% | -0.7% |
| Q4 25 | -84.1% | -0.7% | ||
| Q3 25 | 160.1% | -8.5% | ||
| Q2 25 | — | -8.5% | ||
| Q1 25 | — | -11.7% | ||
| Q4 24 | -18.8% | -9.7% | ||
| Q3 24 | -98.0% | -2.2% | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | 15.9% | -5.3% |
| Q4 25 | $-0.52 | $-0.03 | ||
| Q3 25 | $1.08 | $-0.11 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $-0.13 | ||
| Q4 24 | $-0.10 | $-0.10 | ||
| Q3 24 | $-0.27 | $-0.03 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | $0.00 | $-0.07 |
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 | $188.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $-77.2M |
| Total Assets | $7.0B | $569.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $188.0M | ||
| Q3 25 | $1.0B | $211.8M | ||
| Q2 25 | — | $203.5M | ||
| Q1 25 | — | $221.1M | ||
| Q4 24 | $427.3M | $218.4M | ||
| Q3 24 | $98.6M | $225.6M | ||
| Q2 24 | — | $271.7M | ||
| Q1 24 | $259.7M | $282.5M |
| Q4 25 | $2.5B | $-77.2M | ||
| Q3 25 | $2.9B | $-76.1M | ||
| Q2 25 | — | $-65.9M | ||
| Q1 25 | — | $-11.3M | ||
| Q4 24 | $1.2B | $13.4M | ||
| Q3 24 | $1.1B | $13.6M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | $677.2M | $12.7M |
| Q4 25 | $7.0B | $569.7M | ||
| Q3 25 | $4.3B | $573.6M | ||
| Q2 25 | — | $592.4M | ||
| Q1 25 | — | $629.4M | ||
| Q4 24 | $1.9B | $664.1M | ||
| Q3 24 | $1.3B | $652.0M | ||
| Q2 24 | — | $665.3M | ||
| Q1 24 | $723.6M | $662.4M |
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 | $7.7M |
| Free Cash FlowOCF − Capex | $-468.0M | $7.6M |
| FCF MarginFCF / Revenue | -253.4% | 6.8% |
| Capex IntensityCapex / Revenue | 292.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $7.7M | ||
| Q3 25 | $142.4M | $2.6M | ||
| Q2 25 | — | $10.5M | ||
| Q1 25 | — | $-9.9M | ||
| Q4 24 | $53.6M | $12.5M | ||
| Q3 24 | $-3.9M | $9.3M | ||
| Q2 24 | — | $21.9M | ||
| Q1 24 | $-27.1M | $2.0M |
| Q4 25 | $-468.0M | $7.6M | ||
| Q3 25 | $-38.0M | $2.2M | ||
| Q2 25 | — | $10.2M | ||
| Q1 25 | — | $-10.2M | ||
| Q4 24 | $-85.5M | $12.0M | ||
| Q3 24 | $-109.7M | $9.2M | ||
| Q2 24 | — | $21.7M | ||
| Q1 24 | $-108.3M | $1.9M |
| Q4 25 | -253.4% | 6.8% | ||
| Q3 25 | -15.8% | 1.9% | ||
| Q2 25 | — | 9.1% | ||
| Q1 25 | — | -9.3% | ||
| Q4 24 | -73.6% | 10.8% | ||
| Q3 24 | -208.0% | 7.8% | ||
| Q2 24 | — | 17.6% | ||
| Q1 24 | -199.4% | 1.6% |
| Q4 25 | 292.2% | 0.1% | ||
| Q3 25 | 75.0% | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 119.7% | 0.4% | ||
| Q3 24 | 200.6% | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | 149.5% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.12× | ||
| Q1 24 | -3.13× | — |
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% |
ZIP
| License | $84.3M | 75% |
| Services | $27.4M | 25% |
