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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Allegiant Travel CO (ALGT). Click either name above to swap in a different company.
Allegiant Travel CO is the larger business by last-quarter revenue ($732.4M vs $401.4M, roughly 1.8× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.8%, a 26.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 4.8%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 11.0%).
Affirm Holdings, Inc. is an American financial technology company and a point-of-sale lender. Founded in 2012 by PayPal co-founder Max Levchin, it is the largest U.S. based buy now, pay later (BNPL) financier. As of 2025, Affirm reports nearly 26 million users and processing $37 billion in annual payments.
Allegiant Air, styled as allegiant, is an American low-cost airline headquartered in Las Vegas, Nevada. The airline focuses on serving leisure traffic from small and medium-sized cities which it considers to be underserved, using an ultra low-cost business model with minimal inclusions in fares and a greater number of add-on fees.
AFRM vs ALGT — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $732.4M |
| Net Profit | $129.6M | $42.5M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 11.1% |
| Net Margin | 32.3% | 5.8% |
| Revenue YoY | 32.5% | 4.8% |
| Net Profit YoY | 61.3% | 32.4% |
| EPS (diluted) | $0.37 | $2.30 |
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 | — | $732.4M | ||
| Q4 25 | $401.4M | $595.5M | ||
| Q3 25 | $320.5M | $494.1M | ||
| Q2 25 | $306.6M | $617.9M | ||
| Q1 25 | $272.5M | $616.8M | ||
| Q4 24 | $303.0M | $553.6M | ||
| Q3 24 | $231.8M | $489.0M | ||
| Q2 24 | $224.0M | $594.5M |
| Q1 26 | — | $42.5M | ||
| Q4 25 | $129.6M | $31.9M | ||
| Q3 25 | $80.7M | $-43.6M | ||
| Q2 25 | $69.2M | $-65.2M | ||
| Q1 25 | $2.8M | $32.1M | ||
| Q4 24 | $80.4M | $-216.2M | ||
| Q3 24 | $-100.2M | $-36.8M | ||
| Q2 24 | $-45.1M | $13.7M |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 29.3% | 11.2% | ||
| Q3 25 | 19.9% | -5.5% | ||
| Q2 25 | 18.9% | -10.9% | ||
| Q1 25 | -3.1% | 10.5% | ||
| Q4 24 | -1.4% | -47.7% | ||
| Q3 24 | -57.2% | -5.4% | ||
| Q2 24 | -32.8% | 5.9% |
| Q1 26 | — | 5.8% | ||
| Q4 25 | 32.3% | 5.4% | ||
| Q3 25 | 25.2% | -8.8% | ||
| Q2 25 | 22.6% | -10.5% | ||
| Q1 25 | 1.0% | 5.2% | ||
| Q4 24 | 26.5% | -39.1% | ||
| Q3 24 | -43.2% | -7.5% | ||
| Q2 24 | -20.2% | 2.3% |
| Q1 26 | — | $2.30 | ||
| Q4 25 | $0.37 | $1.82 | ||
| Q3 25 | $0.23 | $-2.41 | ||
| Q2 25 | $0.22 | $-3.62 | ||
| Q1 25 | $0.01 | $1.73 | ||
| Q4 24 | $0.23 | $-12.12 | ||
| Q3 24 | $-0.31 | $-2.05 | ||
| Q2 24 | $-0.13 | $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 | $1.5B | $902.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | — |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $902.1M | ||
| Q4 25 | $1.5B | $805.7M | ||
| Q3 25 | $1.4B | $956.7M | ||
| Q2 25 | $1.4B | $842.8M | ||
| Q1 25 | $1.4B | $878.6M | ||
| Q4 24 | $1.2B | $781.1M | ||
| Q3 24 | $1.0B | $759.3M | ||
| Q2 24 | $1.0B | $791.9M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $1.7B | ||
| Q3 25 | $7.7B | $1.8B | ||
| Q2 25 | $7.6B | $1.8B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.3B | $1.6B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $1.8B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $13.0B | $4.2B | ||
| Q3 25 | $11.5B | $4.4B | ||
| Q2 25 | $11.2B | $4.4B | ||
| Q1 25 | $10.4B | $4.5B | ||
| Q4 24 | $10.5B | $4.4B | ||
| Q3 24 | $10.1B | $4.8B | ||
| Q2 24 | $9.5B | $4.9B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 1.60× | ||
| Q3 25 | 2.35× | 1.76× | ||
| Q2 25 | 2.48× | 1.68× | ||
| Q1 25 | 2.49× | 1.57× | ||
| Q4 24 | 2.62× | 1.48× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | 0.67× | 1.30× |
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 | $173.7M | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $112.2M | ||
| Q3 25 | $374.6M | $-6.1M | ||
| Q2 25 | $74.6M | $92.2M | ||
| Q1 25 | $210.4M | $191.4M | ||
| Q4 24 | $312.0M | $84.4M | ||
| Q3 24 | $196.9M | $17.3M | ||
| Q2 24 | $68.8M | $68.9M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $90.4M | ||
| Q3 25 | $320.2M | $-121.7M | ||
| Q2 25 | $23.5M | $-10.5M | ||
| Q1 25 | $157.4M | $116.9M | ||
| Q4 24 | $268.1M | $24.0M | ||
| Q3 24 | $152.7M | $-28.7M | ||
| Q2 24 | $30.5M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 15.2% | ||
| Q3 25 | 99.9% | -24.6% | ||
| Q2 25 | 7.7% | -1.7% | ||
| Q1 25 | 57.7% | 19.0% | ||
| Q4 24 | 88.5% | 4.3% | ||
| Q3 24 | 65.9% | -5.9% | ||
| Q2 24 | 13.6% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 3.7% | ||
| Q3 25 | 17.0% | 23.4% | ||
| Q2 25 | 16.7% | 16.6% | ||
| Q1 25 | 19.5% | 12.1% | ||
| Q4 24 | 14.5% | 10.9% | ||
| Q3 24 | 19.0% | 9.4% | ||
| Q2 24 | 17.1% | 10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 3.51× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 5.96× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
ALGT
| Passenger | $671.8M | 92% |
| Third party products | $42.3M | 6% |
| Fixed fee contracts | $18.1M | 2% |
| Resort and other | $175.0K | 0% |
