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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and WORKIVA INC (WK). Click either name above to swap in a different company.
WORKIVA INC is the larger business by last-quarter revenue ($247.3M vs $152.8M, roughly 1.6× Riot Platforms, Inc.). WORKIVA INC runs the higher net margin — 7.7% vs -452.0%, a 459.6% gap on every dollar of revenue. On growth, WORKIVA INC posted the faster year-over-year revenue change (19.9% vs 7.2%). WORKIVA INC produced more free cash flow last quarter ($25.7M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 18.0%).
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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
RIOT vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $247.3M |
| Net Profit | $-690.7M | $19.0M |
| Gross Margin | — | 80.4% |
| Operating Margin | -447.9% | 25.8% |
| Net Margin | -452.0% | 7.7% |
| Revenue YoY | 7.2% | 19.9% |
| Net Profit YoY | -606.3% | — |
| EPS (diluted) | $-1.89 | $0.33 |
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 | — | $247.3M | ||
| Q4 25 | $152.8M | $238.9M | ||
| Q3 25 | $180.2M | $224.2M | ||
| Q2 25 | $153.0M | $215.2M | ||
| Q1 25 | $161.4M | $206.3M | ||
| Q4 24 | $142.6M | $199.9M | ||
| Q3 24 | $84.8M | $185.6M | ||
| Q2 24 | $70.0M | $177.5M |
| Q1 26 | — | $19.0M | ||
| Q4 25 | $-690.7M | $11.8M | ||
| Q3 25 | $104.5M | $2.8M | ||
| Q2 25 | $219.5M | $-19.4M | ||
| Q1 25 | $-296.4M | $-21.4M | ||
| Q4 24 | $136.4M | $-8.8M | ||
| Q3 24 | $-154.4M | $-17.0M | ||
| Q2 24 | $-84.4M | $-17.5M |
| Q1 26 | — | 80.4% | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | 25.8% | ||
| Q4 25 | -447.9% | 3.3% | ||
| Q3 25 | 44.4% | -1.5% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | -144.9% | -12.0% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | -143.3% | -11.7% | ||
| Q2 24 | -167.2% | -13.0% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -452.0% | 4.9% | ||
| Q3 25 | 58.0% | 1.2% | ||
| Q2 25 | 143.4% | -9.0% | ||
| Q1 25 | -183.6% | -10.4% | ||
| Q4 24 | 95.7% | -4.4% | ||
| Q3 24 | -182.1% | -9.2% | ||
| Q2 24 | -120.6% | -9.9% |
| Q1 26 | — | $0.33 | ||
| Q4 25 | $-1.89 | $0.21 | ||
| Q3 25 | $0.26 | $0.05 | ||
| Q2 25 | $0.58 | $-0.35 | ||
| Q1 25 | $-0.90 | $-0.38 | ||
| Q4 24 | $0.39 | $-0.15 | ||
| Q3 24 | $-0.54 | $-0.31 | ||
| Q2 24 | $-0.32 | $-0.32 |
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 | $334.3M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | — |
| Total Assets | $3.9B | $1.4B |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $334.3M | ||
| Q4 25 | $233.5M | $338.8M | ||
| Q3 25 | $330.7M | $315.9M | ||
| Q2 25 | $255.4M | $284.3M | ||
| Q1 25 | $163.7M | $242.0M | ||
| Q4 24 | $277.9M | $301.8M | ||
| Q3 24 | $355.7M | $248.2M | ||
| Q2 24 | $481.2M | $267.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $2.9B | $-5.4M | ||
| Q3 25 | $3.5B | $-36.9M | ||
| Q2 25 | $3.3B | $-66.5M | ||
| Q1 25 | $2.9B | $-75.7M | ||
| Q4 24 | $3.1B | $-41.7M | ||
| Q3 24 | $2.7B | $-50.8M | ||
| Q2 24 | $2.6B | $-77.7M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.9B | $1.5B | ||
| Q3 25 | $4.5B | $1.4B | ||
| Q2 25 | $4.3B | $1.3B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $3.9B | $1.4B | ||
| Q3 24 | $2.9B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B |
| Q1 26 | — | — | ||
| 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 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $-774.3M | $25.7M |
| FCF MarginFCF / Revenue | -506.6% | 10.4% |
| Capex IntensityCapex / Revenue | 131.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $171.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-572.9M | $51.0M | ||
| Q3 25 | $-114.0M | $46.2M | ||
| Q2 25 | $-231.3M | $50.3M | ||
| Q1 25 | $-122.1M | $-7.4M | ||
| Q4 24 | $-255.1M | $44.0M | ||
| Q3 24 | $-56.3M | $18.9M | ||
| Q2 24 | $-42.5M | $-14.0K |
| Q1 26 | — | $25.7M | ||
| Q4 25 | $-774.3M | $50.7M | ||
| Q3 25 | $-139.7M | $46.1M | ||
| Q2 25 | $-291.7M | $49.3M | ||
| Q1 25 | $-154.9M | $-8.1M | ||
| Q4 24 | $-495.4M | $43.2M | ||
| Q3 24 | $-127.6M | $18.7M | ||
| Q2 24 | $-96.1M | $-122.0K |
| Q1 26 | — | 10.4% | ||
| Q4 25 | -506.6% | 21.2% | ||
| Q3 25 | -77.5% | 20.5% | ||
| Q2 25 | -190.7% | 22.9% | ||
| Q1 25 | -96.0% | -3.9% | ||
| Q4 24 | -347.5% | 21.6% | ||
| Q3 24 | -150.5% | 10.1% | ||
| Q2 24 | -137.2% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 0.1% | ||
| Q3 25 | 14.3% | 0.0% | ||
| Q2 25 | 39.5% | 0.5% | ||
| Q1 25 | 20.4% | 0.4% | ||
| Q4 24 | 168.6% | 0.4% | ||
| Q3 24 | 84.1% | 0.1% | ||
| Q2 24 | 76.5% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.31× | ||
| Q3 25 | -1.09× | 16.57× | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
WK
| Subscription and support | $225.4M | 91% |
| Other | $22.0M | 9% |
