IREN vs Cloudflare
Cloudflare reported revenue of $2.2 billion in fiscal 2025, 3.1 times IREN's $707 million in fiscal 2026. IREN's revenue grew 41.1% in its latest year, and Cloudflare's grew 29.9%. IREN had an operating margin of -148.1%, against -9.6% at Cloudflare. Free cash flow was −$898 million at IREN and $288 million at Cloudflare. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| IREN | Cloudflare | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $707M | $2.2B |
| Revenue growth | 41.1% | 29.9% |
| Revenue growth a year, last 5 years | 145.7% | 38.1% |
| Gross margin | 68.9% | 74.5% |
| Operating margin | −148.1% | −9.6% |
| Net margin | −99.4% | −4.7% |
| Free cash flow | −$898M | $288M |
| Free cash flow margin | −127.0% | 13.3% |
| Return on capital | −19.8% | −29.7% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 41.6% | 2.0% |
| Last close | $25.43 | $331.86 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | sold $664.8 million |
| Piotroski F-score | 3 of 9 | 3 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
IRENCloudflare
Operating margin
Percent of revenue
IRENCloudflare
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IRENCloudflare
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the IREN and Cloudflare pages.