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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and APPIAN CORP (APPN). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $202.9M, roughly 2.0× APPIAN CORP). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -2.5%, a 34.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 21.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $270.0K). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 16.4%).
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.
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
AFRM vs APPN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $202.9M |
| Net Profit | $129.6M | $-5.1M |
| Gross Margin | — | 64.8% |
| Operating Margin | 29.3% | -0.3% |
| Net Margin | 32.3% | -2.5% |
| Revenue YoY | 32.5% | 21.7% |
| Net Profit YoY | 61.3% | 62.6% |
| EPS (diluted) | $0.37 | $-0.06 |
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 | $401.4M | $202.9M | ||
| Q3 25 | $320.5M | $187.0M | ||
| Q2 25 | $306.6M | $170.6M | ||
| Q1 25 | $272.5M | $166.4M | ||
| Q4 24 | $303.0M | $166.7M | ||
| Q3 24 | $231.8M | $154.1M | ||
| Q2 24 | $224.0M | $146.4M | ||
| Q1 24 | $195.0M | $149.8M |
| Q4 25 | $129.6M | $-5.1M | ||
| Q3 25 | $80.7M | $7.8M | ||
| Q2 25 | $69.2M | $-312.0K | ||
| Q1 25 | $2.8M | $-1.2M | ||
| Q4 24 | $80.4M | $-13.6M | ||
| Q3 24 | $-100.2M | $-2.1M | ||
| Q2 24 | $-45.1M | $-43.6M | ||
| Q1 24 | $-133.9M | $-32.9M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 75.8% | ||
| Q2 25 | — | 74.3% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 67.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 73.1% | ||
| Q1 24 | — | 74.6% |
| Q4 25 | 29.3% | -0.3% | ||
| Q3 25 | 19.9% | 7.0% | ||
| Q2 25 | 18.9% | -6.4% | ||
| Q1 25 | -3.1% | -0.5% | ||
| Q4 24 | -1.4% | 3.0% | ||
| Q3 24 | -57.2% | -4.6% | ||
| Q2 24 | -32.8% | -26.8% | ||
| Q1 24 | -82.5% | -13.0% |
| Q4 25 | 32.3% | -2.5% | ||
| Q3 25 | 25.2% | 4.2% | ||
| Q2 25 | 22.6% | -0.2% | ||
| Q1 25 | 1.0% | -0.7% | ||
| Q4 24 | 26.5% | -8.2% | ||
| Q3 24 | -43.2% | -1.4% | ||
| Q2 24 | -20.2% | -29.8% | ||
| Q1 24 | -68.7% | -22.0% |
| Q4 25 | $0.37 | $-0.06 | ||
| Q3 25 | $0.23 | $0.10 | ||
| Q2 25 | $0.22 | $0.00 | ||
| Q1 25 | $0.01 | $-0.02 | ||
| Q4 24 | $0.23 | $-0.18 | ||
| Q3 24 | $-0.31 | $-0.03 | ||
| Q2 24 | $-0.13 | $-0.60 | ||
| Q1 24 | $-0.43 | $-0.45 |
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 | $187.2M |
| Total DebtLower is stronger | $9.0B | $240.8M |
| Stockholders' EquityBook value | $3.5B | $-47.0M |
| Total Assets | $13.0B | $691.4M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $187.2M | ||
| Q3 25 | $1.4B | $191.6M | ||
| Q2 25 | $1.4B | $184.8M | ||
| Q1 25 | $1.4B | $199.7M | ||
| Q4 24 | $1.2B | $159.9M | ||
| Q3 24 | $1.0B | $99.2M | ||
| Q2 24 | $1.0B | $120.8M | ||
| Q1 24 | $1.3B | $170.1M |
| Q4 25 | $9.0B | $240.8M | ||
| Q3 25 | $7.7B | $245.7M | ||
| Q2 25 | $7.6B | $245.6M | ||
| Q1 25 | $7.1B | $248.0M | ||
| Q4 24 | $7.3B | $250.4M | ||
| Q3 24 | — | $252.8M | ||
| Q2 24 | $1.8B | $254.0M | ||
| Q1 24 | — | $255.1M |
| Q4 25 | $3.5B | $-47.0M | ||
| Q3 25 | $3.3B | $-48.5M | ||
| Q2 25 | $3.1B | $-53.7M | ||
| Q1 25 | $2.9B | $-31.7M | ||
| Q4 24 | $2.8B | $-32.6M | ||
| Q3 24 | $2.8B | $-49.8M | ||
| Q2 24 | $2.7B | $-45.7M | ||
| Q1 24 | $2.6B | $-9.7M |
| Q4 25 | $13.0B | $691.4M | ||
| Q3 25 | $11.5B | $611.7M | ||
| Q2 25 | $11.2B | $590.7M | ||
| Q1 25 | $10.4B | $592.9M | ||
| Q4 24 | $10.5B | $621.0M | ||
| Q3 24 | $10.1B | $549.9M | ||
| Q2 24 | $9.5B | $554.6M | ||
| Q1 24 | $9.2B | $595.4M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| 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 | $173.7M | $1.1M |
| Free Cash FlowOCF − Capex | $118.0M | $270.0K |
| FCF MarginFCF / Revenue | 29.4% | 0.1% |
| Capex IntensityCapex / Revenue | 13.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $59.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $1.1M | ||
| Q3 25 | $374.6M | $18.7M | ||
| Q2 25 | $74.6M | $-1.9M | ||
| Q1 25 | $210.4M | $45.0M | ||
| Q4 24 | $312.0M | $13.9M | ||
| Q3 24 | $196.9M | $-8.2M | ||
| Q2 24 | $68.8M | $-17.6M | ||
| Q1 24 | $208.2M | $18.9M |
| Q4 25 | $118.0M | $270.0K | ||
| Q3 25 | $320.2M | $18.1M | ||
| Q2 25 | $23.5M | $-3.1M | ||
| Q1 25 | $157.4M | $44.3M | ||
| Q4 24 | $268.1M | $13.4M | ||
| Q3 24 | $152.7M | $-8.6M | ||
| Q2 24 | $30.5M | $-18.3M | ||
| Q1 24 | $161.7M | $16.7M |
| Q4 25 | 29.4% | 0.1% | ||
| Q3 25 | 99.9% | 9.7% | ||
| Q2 25 | 7.7% | -1.8% | ||
| Q1 25 | 57.7% | 26.6% | ||
| Q4 24 | 88.5% | 8.0% | ||
| Q3 24 | 65.9% | -5.6% | ||
| Q2 24 | 13.6% | -12.5% | ||
| Q1 24 | 82.9% | 11.1% |
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.7% | ||
| Q1 25 | 19.5% | 0.4% | ||
| Q4 24 | 14.5% | 0.3% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.5% | ||
| Q1 24 | 23.8% | 1.5% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.39× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
