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Side-by-side financial comparison of PagerDuty, Inc. (PD) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $124.5M, roughly 1.2× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs -452.0%, a 581.7% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 4.7%). PagerDuty, Inc. produced more free cash flow last quarter ($24.1M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 5.9%).
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
PD vs RIOT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $124.5M | $152.8M |
| Net Profit | $161.6M | $-690.7M |
| Gross Margin | 85.3% | — |
| Operating Margin | 6.5% | -447.9% |
| Net Margin | 129.7% | -452.0% |
| Revenue YoY | 4.7% | 7.2% |
| Net Profit YoY | 2827.7% | -606.3% |
| EPS (diluted) | $1.69 | $-1.89 |
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 | $124.5M | $152.8M | ||
| Q3 25 | $123.4M | $180.2M | ||
| Q2 25 | $119.8M | $153.0M | ||
| Q1 25 | $121.4M | $161.4M | ||
| Q4 24 | $118.9M | $142.6M | ||
| Q3 24 | $115.9M | $84.8M | ||
| Q2 24 | $111.2M | $70.0M | ||
| Q1 24 | $111.1M | $79.3M |
| Q4 25 | $161.6M | $-690.7M | ||
| Q3 25 | $9.6M | $104.5M | ||
| Q2 25 | $-7.2M | $219.5M | ||
| Q1 25 | $-8.8M | $-296.4M | ||
| Q4 24 | $-5.9M | $136.4M | ||
| Q3 24 | $-10.9M | $-154.4M | ||
| Q2 24 | $-17.1M | $-84.4M | ||
| Q1 24 | $-28.2M | $211.8M |
| Q4 25 | 85.3% | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | 84.0% | — | ||
| Q1 25 | 83.6% | — | ||
| Q4 24 | 83.0% | — | ||
| Q3 24 | 82.7% | — | ||
| Q2 24 | 82.6% | — | ||
| Q1 24 | 81.7% | — |
| Q4 25 | 6.5% | -447.9% | ||
| Q3 25 | 2.9% | 44.4% | ||
| Q2 25 | -8.6% | — | ||
| Q1 25 | -9.6% | -144.9% | ||
| Q4 24 | -8.7% | — | ||
| Q3 24 | -13.8% | -143.3% | ||
| Q2 24 | -19.5% | -167.2% | ||
| Q1 24 | -30.1% | — |
| Q4 25 | 129.7% | -452.0% | ||
| Q3 25 | 7.8% | 58.0% | ||
| Q2 25 | -6.0% | 143.4% | ||
| Q1 25 | -7.2% | -183.6% | ||
| Q4 24 | -5.0% | 95.7% | ||
| Q3 24 | -9.4% | -182.1% | ||
| Q2 24 | -15.4% | -120.6% | ||
| Q1 24 | -25.3% | 267.1% |
| Q4 25 | $1.69 | $-1.89 | ||
| Q3 25 | $0.10 | $0.26 | ||
| Q2 25 | $-0.07 | $0.58 | ||
| Q1 25 | $-0.12 | $-0.90 | ||
| Q4 24 | $-0.07 | $0.39 | ||
| Q3 24 | $-0.14 | $-0.54 | ||
| Q2 24 | $-0.26 | $-0.32 | ||
| Q1 24 | $-0.34 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $547.8M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $320.5M | $2.9B |
| Total Assets | $1.0B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.8M | $233.5M | ||
| Q3 25 | $567.9M | $330.7M | ||
| Q2 25 | $597.1M | $255.4M | ||
| Q1 25 | $570.8M | $163.7M | ||
| Q4 24 | $542.2M | $277.9M | ||
| Q3 24 | $599.3M | $355.7M | ||
| Q2 24 | $592.8M | $481.2M | ||
| Q1 24 | $571.2M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | $484.5M | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | $489.5M | — |
| Q4 25 | $320.5M | $2.9B | ||
| Q3 25 | $180.7M | $3.5B | ||
| Q2 25 | $145.7M | $3.3B | ||
| Q1 25 | $129.8M | $2.9B | ||
| Q4 24 | $111.6M | $3.1B | ||
| Q3 24 | $164.7M | $2.7B | ||
| Q2 24 | $174.0M | $2.6B | ||
| Q1 24 | $171.6M | $2.5B |
| Q4 25 | $1.0B | $3.9B | ||
| Q3 25 | $891.5M | $4.5B | ||
| Q2 25 | $926.8M | $4.3B | ||
| Q1 25 | $927.3M | $3.7B | ||
| Q4 24 | $866.8M | $3.9B | ||
| Q3 24 | $916.0M | $2.9B | ||
| Q2 24 | $924.0M | $2.7B | ||
| Q1 24 | $925.3M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | 3.73× | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.85× | — |
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 | $24.8M | $-572.9M |
| Free Cash FlowOCF − Capex | $24.1M | $-774.3M |
| FCF MarginFCF / Revenue | 19.3% | -506.6% |
| Capex IntensityCapex / Revenue | 0.6% | 131.8% |
| Cash ConversionOCF / Net Profit | 0.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $117.6M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.8M | $-572.9M | ||
| Q3 25 | $34.0M | $-114.0M | ||
| Q2 25 | $30.7M | $-231.3M | ||
| Q1 25 | $31.4M | $-122.1M | ||
| Q4 24 | $22.1M | $-255.1M | ||
| Q3 24 | $35.8M | $-56.3M | ||
| Q2 24 | $28.6M | $-42.5M | ||
| Q1 24 | $22.2M | $-57.9M |
| Q4 25 | $24.1M | $-774.3M | ||
| Q3 25 | $33.1M | $-139.7M | ||
| Q2 25 | $30.2M | $-291.7M | ||
| Q1 25 | $30.3M | $-154.9M | ||
| Q4 24 | $21.5M | $-495.4M | ||
| Q3 24 | $35.1M | $-127.6M | ||
| Q2 24 | $28.2M | $-96.1M | ||
| Q1 24 | $21.2M | $-115.2M |
| Q4 25 | 19.3% | -506.6% | ||
| Q3 25 | 26.8% | -77.5% | ||
| Q2 25 | 25.2% | -190.7% | ||
| Q1 25 | 24.9% | -96.0% | ||
| Q4 24 | 18.1% | -347.5% | ||
| Q3 24 | 30.3% | -150.5% | ||
| Q2 24 | 25.4% | -137.2% | ||
| Q1 24 | 19.1% | -145.2% |
| Q4 25 | 0.6% | 131.8% | ||
| Q3 25 | 0.7% | 14.3% | ||
| Q2 25 | 0.4% | 39.5% | ||
| Q1 25 | 0.9% | 20.4% | ||
| Q4 24 | 0.5% | 168.6% | ||
| Q3 24 | 0.5% | 84.1% | ||
| Q2 24 | 0.4% | 76.5% | ||
| Q1 24 | 0.9% | 72.3% |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 3.55× | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
