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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $124.7M, roughly 1.2× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -452.0%, a 453.5% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
RIOT vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $124.7M |
| Net Profit | $-690.7M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | -447.9% | 3.3% |
| Net Margin | -452.0% | 1.5% |
| Revenue YoY | 7.2% | -3.9% |
| Net Profit YoY | -606.3% | -53.6% |
| EPS (diluted) | $-1.89 | $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 | $152.8M | $124.7M | ||
| Q3 25 | $180.2M | $85.1M | ||
| Q2 25 | $153.0M | $140.8M | ||
| Q1 25 | $161.4M | $115.9M | ||
| Q4 24 | $142.6M | $129.7M | ||
| Q3 24 | $84.8M | $88.3M | ||
| Q2 24 | $70.0M | $159.1M | ||
| Q1 24 | $79.3M | $137.5M |
| Q4 25 | $-690.7M | $1.9M | ||
| Q3 25 | $104.5M | $-3.4M | ||
| Q2 25 | $219.5M | $8.6M | ||
| Q1 25 | $-296.4M | $2.1M | ||
| Q4 24 | $136.4M | $4.5M | ||
| Q3 24 | $-154.4M | $-1.9M | ||
| Q2 24 | $-84.4M | $27.9M | ||
| Q1 24 | $211.8M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | -447.9% | 3.3% | ||
| Q3 25 | 44.4% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | -144.9% | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | -143.3% | -1.7% | ||
| Q2 24 | -167.2% | 17.4% | ||
| Q1 24 | — | 8.2% |
| Q4 25 | -452.0% | 1.5% | ||
| Q3 25 | 58.0% | -4.0% | ||
| Q2 25 | 143.4% | 6.1% | ||
| Q1 25 | -183.6% | 1.8% | ||
| Q4 24 | 95.7% | 3.5% | ||
| Q3 24 | -182.1% | -2.1% | ||
| Q2 24 | -120.6% | 17.5% | ||
| Q1 24 | 267.1% | 5.7% |
| Q4 25 | $-1.89 | $0.04 | ||
| Q3 25 | $0.26 | $-0.08 | ||
| Q2 25 | $0.58 | $0.19 | ||
| Q1 25 | $-0.90 | $0.05 | ||
| Q4 24 | $0.39 | $0.10 | ||
| Q3 24 | $-0.54 | $-0.04 | ||
| Q2 24 | $-0.32 | $0.60 | ||
| Q1 24 | $0.51 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $233.5M | $22.4M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $363.2M |
| Total Assets | $3.9B | $548.6M |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $22.4M | ||
| Q3 25 | $330.7M | $18.0M | ||
| Q2 25 | $255.4M | $25.2M | ||
| Q1 25 | $163.7M | $26.7M | ||
| Q4 24 | $277.9M | $39.1M | ||
| Q3 24 | $355.7M | $35.5M | ||
| Q2 24 | $481.2M | $60.8M | ||
| Q1 24 | $688.5M | $47.4M |
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $584.6M | — | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $363.2M | ||
| Q3 25 | $3.5B | $364.4M | ||
| Q2 25 | $3.3B | $372.5M | ||
| Q1 25 | $2.9B | $366.9M | ||
| Q4 24 | $3.1B | $371.5M | ||
| Q3 24 | $2.7B | $380.0M | ||
| Q2 24 | $2.6B | $399.9M | ||
| Q1 24 | $2.5B | $376.4M |
| Q4 25 | $3.9B | $548.6M | ||
| Q3 25 | $4.5B | $554.6M | ||
| Q2 25 | $4.3B | $559.6M | ||
| Q1 25 | $3.7B | $578.9M | ||
| Q4 24 | $3.9B | $587.4M | ||
| Q3 24 | $2.9B | $571.3M | ||
| Q2 24 | $2.7B | $577.4M | ||
| Q1 24 | $2.6B | $570.6M |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M | $27.3M |
| Free Cash FlowOCF − Capex | $-774.3M | $16.3M |
| FCF MarginFCF / Revenue | -506.6% | 13.1% |
| Capex IntensityCapex / Revenue | 131.8% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $27.3M | ||
| Q3 25 | $-114.0M | $-8.1M | ||
| Q2 25 | $-231.3M | $40.8M | ||
| Q1 25 | $-122.1M | $-9.8M | ||
| Q4 24 | $-255.1M | $-7.4M | ||
| Q3 24 | $-56.3M | $-30.8M | ||
| Q2 24 | $-42.5M | $43.7M | ||
| Q1 24 | $-57.9M | $25.2M |
| Q4 25 | $-774.3M | $16.3M | ||
| Q3 25 | $-139.7M | $-12.4M | ||
| Q2 25 | $-291.7M | $33.5M | ||
| Q1 25 | $-154.9M | $-16.1M | ||
| Q4 24 | $-495.4M | $-10.7M | ||
| Q3 24 | $-127.6M | $-35.5M | ||
| Q2 24 | $-96.1M | $38.2M | ||
| Q1 24 | $-115.2M | $7.0M |
| Q4 25 | -506.6% | 13.1% | ||
| Q3 25 | -77.5% | -14.6% | ||
| Q2 25 | -190.7% | 23.8% | ||
| Q1 25 | -96.0% | -13.9% | ||
| Q4 24 | -347.5% | -8.3% | ||
| Q3 24 | -150.5% | -40.2% | ||
| Q2 24 | -137.2% | 24.0% | ||
| Q1 24 | -145.2% | 5.1% |
| Q4 25 | 131.8% | 8.8% | ||
| Q3 25 | 14.3% | 5.0% | ||
| Q2 25 | 39.5% | 5.2% | ||
| Q1 25 | 20.4% | 5.4% | ||
| Q4 24 | 168.6% | 2.5% | ||
| Q3 24 | 84.1% | 5.3% | ||
| Q2 24 | 76.5% | 3.5% | ||
| Q1 24 | 72.3% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | -1.87× | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | -0.27× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
SWBI
Segment breakdown not available.
