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Side-by-side financial comparison of IREN Ltd (IREN) and MARA Holdings, Inc. (MARA), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $12.0M, roughly 15.4× MARA Holdings, Inc.). IREN Ltd runs the higher net margin — -84.1% vs -14298.3%, a 14214.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 21.4%). MARA Holdings, Inc. produced more free cash flow last quarter ($-389.2M 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.
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
IREN vs MARA — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $12.0M |
| Net Profit | $-155.4M | $-1.7B |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -11795.9% |
| Net Margin | -84.1% | -14298.3% |
| Revenue YoY | 59.0% | 21.4% |
| Net Profit YoY | -610.0% | -423.5% |
| EPS (diluted) | $-0.52 | $-4.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $184.7M | $12.0M | ||
| Q3 25 | $240.3M | $16.8M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $14.7M | ||
| Q4 24 | $116.1M | $9.8M | ||
| Q3 24 | $52.8M | $17.1M | ||
| Q2 24 | — | $26.4M | ||
| Q1 24 | $54.3M | $43.2M |
| Q4 25 | $-155.4M | $-1.7B | ||
| Q3 25 | $384.6M | $123.1M | ||
| Q2 25 | — | $808.2M | ||
| Q1 25 | — | $-533.4M | ||
| Q4 24 | $-21.9M | $528.5M | ||
| Q3 24 | $-51.7M | $-124.8M | ||
| Q2 24 | — | $-199.7M | ||
| Q1 24 | $8.6M | $337.2M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | -2613.4% | ||
| Q3 24 | 39.6% | -1065.0% | ||
| Q2 24 | — | -587.6% | ||
| Q1 24 | — | -289.4% |
| Q4 25 | -63.0% | -11795.9% | ||
| Q3 25 | -31.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3675.5% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | -1009.9% | ||
| Q2 24 | — | -879.5% | ||
| Q1 24 | 11.1% | — |
| Q4 25 | -84.1% | -14298.3% | ||
| Q3 25 | 160.1% | 733.2% | ||
| Q2 25 | — | 5306.0% | ||
| Q1 25 | — | -3623.7% | ||
| Q4 24 | -18.8% | 5367.4% | ||
| Q3 24 | -98.0% | -731.8% | ||
| Q2 24 | — | -755.6% | ||
| Q1 24 | 15.9% | 780.5% |
| Q4 25 | $-0.52 | $-4.25 | ||
| Q3 25 | $1.08 | $0.27 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $-1.55 | ||
| Q4 24 | $-0.10 | $1.60 | ||
| Q3 24 | $-0.27 | $-0.42 | ||
| Q2 24 | — | $-0.72 | ||
| Q1 24 | $0.08 | $1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.3B | $547.1M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $2.5B | $3.5B |
| Total Assets | $7.0B | $7.3B |
| Debt / EquityLower = less leverage | — | 1.04× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.3B | $547.1M | ||
| Q3 25 | $1.0B | $826.4M | ||
| Q2 25 | — | $109.5M | ||
| Q1 25 | — | $196.2M | ||
| Q4 24 | $427.3M | $391.8M | ||
| Q3 24 | $98.6M | $164.3M | ||
| Q2 24 | — | $256.0M | ||
| Q1 24 | $259.7M | $324.3M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $618.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $3.5B | ||
| Q3 25 | $2.9B | $5.2B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $1.2B | $4.1B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | $677.2M | $2.5B |
| Q4 25 | $7.0B | $7.3B | ||
| Q3 25 | $4.3B | $9.2B | ||
| Q2 25 | — | $7.7B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | $1.9B | $6.8B | ||
| Q3 24 | $1.3B | $3.6B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $723.6M | $3.0B |
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.22× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $71.7M | $-224.7M |
| Free Cash FlowOCF − Capex | $-468.0M | $-389.2M |
| FCF MarginFCF / Revenue | -253.4% | -3254.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 292.2% | 1375.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-1.2B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $71.7M | $-224.7M | ||
| Q3 25 | $142.4M | $-199.0M | ||
| Q2 25 | — | $-163.4M | ||
| Q1 25 | — | $-215.5M | ||
| Q4 24 | $53.6M | $-313.4M | ||
| Q3 24 | $-3.9M | $-160.1M | ||
| Q2 24 | — | $-115.2M | ||
| Q1 24 | $26.6M | $-88.3M |
| Q4 25 | $-468.0M | $-389.2M | ||
| Q3 25 | $-38.0M | $-283.9M | ||
| Q2 25 | — | $-282.4M | ||
| Q1 25 | — | $-254.3M | ||
| Q4 24 | $-85.5M | $-499.9M | ||
| Q3 24 | $-109.7M | $-198.1M | ||
| Q2 24 | — | $-132.4M | ||
| Q1 24 | — | $-97.4M |
| Q4 25 | -253.4% | -3254.9% | ||
| Q3 25 | -15.8% | -1690.4% | ||
| Q2 25 | — | -1853.7% | ||
| Q1 25 | — | -1727.8% | ||
| Q4 24 | -73.6% | -5077.2% | ||
| Q3 24 | -208.0% | -1161.5% | ||
| Q2 24 | — | -501.0% | ||
| Q1 24 | — | -225.5% |
| Q4 25 | 292.2% | 1375.4% | ||
| Q3 25 | 75.0% | 505.1% | ||
| Q2 25 | — | 780.7% | ||
| Q1 25 | — | 263.9% | ||
| Q4 24 | 119.7% | 1894.2% | ||
| Q3 24 | 200.6% | 222.8% | ||
| Q2 24 | — | 65.2% | ||
| Q1 24 | — | 21.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | -1.62× | ||
| Q2 25 | — | -0.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.59× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.08× | -0.26× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
MARA
| Participant | $9.5M | 79% |
| Operator Transaction Fees | $1.3M | 11% |
| Other | $1.2M | 10% |
