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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $152.8M, roughly 1.6× Riot Platforms, Inc.). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs -452.0%, a 463.2% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -15.3%). XPLR Infrastructure, LP produced more free cash flow last quarter ($-88.0M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
RIOT vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $249.0M |
| Net Profit | $-690.7M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | -447.9% | -19.3% |
| Net Margin | -452.0% | 11.2% |
| Revenue YoY | 7.2% | -15.3% |
| Net Profit YoY | -606.3% | 124.3% |
| EPS (diluted) | $-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 | $152.8M | $249.0M | ||
| Q3 25 | $180.2M | $315.0M | ||
| Q2 25 | $153.0M | $342.0M | ||
| Q1 25 | $161.4M | $282.0M | ||
| Q4 24 | $142.6M | $294.0M | ||
| Q3 24 | $84.8M | $319.0M | ||
| Q2 24 | $70.0M | $360.0M | ||
| Q1 24 | $79.3M | $257.0M |
| Q4 25 | $-690.7M | $28.0M | ||
| Q3 25 | $104.5M | $-37.0M | ||
| Q2 25 | $219.5M | $79.0M | ||
| Q1 25 | $-296.4M | $-98.0M | ||
| Q4 24 | $136.4M | $-115.0M | ||
| Q3 24 | $-154.4M | $-40.0M | ||
| Q2 24 | $-84.4M | $62.0M | ||
| Q1 24 | $211.8M | $70.0M |
| Q4 25 | -447.9% | -19.3% | ||
| Q3 25 | 44.4% | 1.6% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | -144.9% | -82.6% | ||
| Q4 24 | — | -188.1% | ||
| Q3 24 | -143.3% | 15.4% | ||
| Q2 24 | -167.2% | 18.3% | ||
| Q1 24 | — | -8.2% |
| Q4 25 | -452.0% | 11.2% | ||
| Q3 25 | 58.0% | -11.7% | ||
| Q2 25 | 143.4% | 23.1% | ||
| Q1 25 | -183.6% | -34.8% | ||
| Q4 24 | 95.7% | -39.1% | ||
| Q3 24 | -182.1% | -12.5% | ||
| Q2 24 | -120.6% | 17.2% | ||
| Q1 24 | 267.1% | 27.2% |
| Q4 25 | $-1.89 | — | ||
| Q3 25 | $0.26 | $-0.40 | ||
| Q2 25 | $0.58 | $0.84 | ||
| Q1 25 | $-0.90 | $-1.05 | ||
| Q4 24 | $0.39 | — | ||
| Q3 24 | $-0.54 | $-0.43 | ||
| Q2 24 | $-0.32 | $0.66 | ||
| Q1 24 | $0.51 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | $840.8M | $6.2B |
| Stockholders' EquityBook value | $2.9B | $10.9B |
| Total Assets | $3.9B | $19.6B |
| Debt / EquityLower = less leverage | 0.29× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $960.0M | ||
| Q3 25 | $330.7M | $711.0M | ||
| Q2 25 | $255.4M | $880.0M | ||
| Q1 25 | $163.7M | $1.5B | ||
| Q4 24 | $277.9M | $283.0M | ||
| Q3 24 | $355.7M | $290.0M | ||
| Q2 24 | $481.2M | $281.0M | ||
| Q1 24 | $688.5M | $245.0M |
| Q4 25 | $840.8M | $6.2B | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $584.6M | $5.3B | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $10.9B | ||
| Q3 25 | $3.5B | $11.0B | ||
| Q2 25 | $3.3B | $11.3B | ||
| Q1 25 | $2.9B | $12.6B | ||
| Q4 24 | $3.1B | $12.9B | ||
| Q3 24 | $2.7B | $13.6B | ||
| Q2 24 | $2.6B | $13.9B | ||
| Q1 24 | $2.5B | $14.0B |
| Q4 25 | $3.9B | $19.6B | ||
| Q3 25 | $4.5B | $19.1B | ||
| Q2 25 | $4.3B | $20.5B | ||
| Q1 25 | $3.7B | $21.4B | ||
| Q4 24 | $3.9B | $20.3B | ||
| Q3 24 | $2.9B | $20.9B | ||
| Q2 24 | $2.7B | $21.7B | ||
| Q1 24 | $2.6B | $22.3B |
| Q4 25 | 0.29× | 0.57× | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $-774.3M | $-88.0M |
| FCF MarginFCF / Revenue | -506.6% | -35.3% |
| Capex IntensityCapex / Revenue | 131.8% | 110.0% |
| Cash ConversionOCF / Net Profit | — | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $186.0M | ||
| Q3 25 | $-114.0M | $231.0M | ||
| Q2 25 | $-231.3M | $232.0M | ||
| Q1 25 | $-122.1M | $90.0M | ||
| Q4 24 | $-255.1M | $283.0M | ||
| Q3 24 | $-56.3M | $208.0M | ||
| Q2 24 | $-42.5M | $231.0M | ||
| Q1 24 | $-57.9M | $78.0M |
| Q4 25 | $-774.3M | $-88.0M | ||
| Q3 25 | $-139.7M | $-283.0M | ||
| Q2 25 | $-291.7M | $151.0M | ||
| Q1 25 | $-154.9M | $1.0M | ||
| Q4 24 | $-495.4M | $231.0M | ||
| Q3 24 | $-127.6M | $152.0M | ||
| Q2 24 | $-96.1M | $162.0M | ||
| Q1 24 | $-115.2M | $14.0M |
| Q4 25 | -506.6% | -35.3% | ||
| Q3 25 | -77.5% | -89.8% | ||
| Q2 25 | -190.7% | 44.2% | ||
| Q1 25 | -96.0% | 0.4% | ||
| Q4 24 | -347.5% | 78.6% | ||
| Q3 24 | -150.5% | 47.6% | ||
| Q2 24 | -137.2% | 45.0% | ||
| Q1 24 | -145.2% | 5.4% |
| Q4 25 | 131.8% | 110.0% | ||
| Q3 25 | 14.3% | 163.2% | ||
| Q2 25 | 39.5% | 23.7% | ||
| Q1 25 | 20.4% | 31.6% | ||
| Q4 24 | 168.6% | 17.7% | ||
| Q3 24 | 84.1% | 17.6% | ||
| Q2 24 | 76.5% | 19.2% | ||
| Q1 24 | 72.3% | 24.9% |
| Q4 25 | — | 6.64× | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | -0.27× | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
