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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Axon Enterprise (AXON). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.3%, a 31.9% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 32.5%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 31.5%).
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.
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
AFRM vs AXON — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $796.7M |
| Net Profit | $129.6M | $2.7M |
| Gross Margin | — | 57.9% |
| Operating Margin | 29.3% | -6.3% |
| Net Margin | 32.3% | 0.3% |
| Revenue YoY | 32.5% | 38.9% |
| Net Profit YoY | 61.3% | -98.0% |
| EPS (diluted) | $0.37 | $0.02 |
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 | $796.7M | ||
| Q3 25 | $320.5M | $710.6M | ||
| Q2 25 | $306.6M | $668.5M | ||
| Q1 25 | $272.5M | $603.6M | ||
| Q4 24 | $303.0M | $573.4M | ||
| Q3 24 | $231.8M | $544.3M | ||
| Q2 24 | $224.0M | $504.1M | ||
| Q1 24 | $195.0M | $460.7M |
| Q4 25 | $129.6M | $2.7M | ||
| Q3 25 | $80.7M | $-2.2M | ||
| Q2 25 | $69.2M | $36.1M | ||
| Q1 25 | $2.8M | $88.0M | ||
| Q4 24 | $80.4M | $136.0M | ||
| Q3 24 | $-100.2M | $67.0M | ||
| Q2 24 | $-45.1M | $40.8M | ||
| Q1 24 | $-133.9M | $133.2M |
| Q4 25 | — | 57.9% | ||
| Q3 25 | — | 60.1% | ||
| Q2 25 | — | 60.4% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 60.5% | ||
| Q3 24 | — | 60.8% | ||
| Q2 24 | — | 60.3% | ||
| Q1 24 | — | 56.4% |
| Q4 25 | 29.3% | -6.3% | ||
| Q3 25 | 19.9% | -0.3% | ||
| Q2 25 | 18.9% | -0.2% | ||
| Q1 25 | -3.1% | -1.5% | ||
| Q4 24 | -1.4% | -2.6% | ||
| Q3 24 | -57.2% | 4.4% | ||
| Q2 24 | -32.8% | 6.5% | ||
| Q1 24 | -82.5% | 3.5% |
| Q4 25 | 32.3% | 0.3% | ||
| Q3 25 | 25.2% | -0.3% | ||
| Q2 25 | 22.6% | 5.4% | ||
| Q1 25 | 1.0% | 14.6% | ||
| Q4 24 | 26.5% | 23.7% | ||
| Q3 24 | -43.2% | 12.3% | ||
| Q2 24 | -20.2% | 8.1% | ||
| Q1 24 | -68.7% | 28.9% |
| Q4 25 | $0.37 | $0.02 | ||
| Q3 25 | $0.23 | $-0.03 | ||
| Q2 25 | $0.22 | $0.44 | ||
| Q1 25 | $0.01 | $1.08 | ||
| Q4 24 | $0.23 | $1.68 | ||
| Q3 24 | $-0.31 | $0.86 | ||
| Q2 24 | $-0.13 | $0.53 | ||
| Q1 24 | $-0.43 | $1.73 |
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 | $1.7B |
| Total DebtLower is stronger | $9.0B | $1.8B |
| Stockholders' EquityBook value | $3.5B | $3.2B |
| Total Assets | $13.0B | $7.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.2B | $788.1M | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $1.0B | $968.9M | ||
| Q1 24 | $1.3B | $964.1M |
| Q4 25 | $9.0B | $1.8B | ||
| Q3 25 | $7.7B | $2.0B | ||
| Q2 25 | $7.6B | $2.0B | ||
| Q1 25 | $7.1B | $2.0B | ||
| Q4 24 | $7.3B | $680.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $3.2B | ||
| Q3 25 | $3.3B | $3.0B | ||
| Q2 25 | $3.1B | $2.7B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $1.9B | ||
| Q1 24 | $2.6B | $1.8B |
| Q4 25 | $13.0B | $7.0B | ||
| Q3 25 | $11.5B | $6.7B | ||
| Q2 25 | $11.2B | $6.2B | ||
| Q1 25 | $10.4B | $6.1B | ||
| Q4 24 | $10.5B | $4.5B | ||
| Q3 24 | $10.1B | $4.0B | ||
| Q2 24 | $9.5B | $3.7B | ||
| Q1 24 | $9.2B | $3.6B |
| Q4 25 | 2.54× | 0.56× | ||
| Q3 25 | 2.35× | 0.66× | ||
| Q2 25 | 2.48× | 0.73× | ||
| Q1 25 | 2.49× | 0.79× | ||
| Q4 24 | 2.62× | 0.29× | ||
| 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 | $217.2M |
| Free Cash FlowOCF − Capex | $118.0M | $155.4M |
| FCF MarginFCF / Revenue | 29.4% | 19.5% |
| Capex IntensityCapex / Revenue | 13.9% | 7.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 79.14× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $75.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $217.2M | ||
| Q3 25 | $374.6M | $60.0M | ||
| Q2 25 | $74.6M | $-91.7M | ||
| Q1 25 | $210.4M | $25.8M | ||
| Q4 24 | $312.0M | $250.2M | ||
| Q3 24 | $196.9M | $91.3M | ||
| Q2 24 | $68.8M | $82.8M | ||
| Q1 24 | $208.2M | $-15.9M |
| Q4 25 | $118.0M | $155.4M | ||
| Q3 25 | $320.2M | $33.4M | ||
| Q2 25 | $23.5M | $-114.7M | ||
| Q1 25 | $157.4M | $932.0K | ||
| Q4 24 | $268.1M | $225.4M | ||
| Q3 24 | $152.7M | $64.8M | ||
| Q2 24 | $30.5M | $71.4M | ||
| Q1 24 | $161.7M | $-32.1M |
| Q4 25 | 29.4% | 19.5% | ||
| Q3 25 | 99.9% | 4.7% | ||
| Q2 25 | 7.7% | -17.2% | ||
| Q1 25 | 57.7% | 0.2% | ||
| Q4 24 | 88.5% | 39.3% | ||
| Q3 24 | 65.9% | 11.9% | ||
| Q2 24 | 13.6% | 14.2% | ||
| Q1 24 | 82.9% | -7.0% |
| Q4 25 | 13.9% | 7.8% | ||
| Q3 25 | 17.0% | 3.7% | ||
| Q2 25 | 16.7% | 3.4% | ||
| Q1 25 | 19.5% | 4.1% | ||
| Q4 24 | 14.5% | 4.3% | ||
| Q3 24 | 19.0% | 4.9% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 23.8% | 3.5% |
| Q4 25 | 1.34× | 79.14× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | -2.54× | ||
| Q1 25 | 75.03× | 0.29× | ||
| Q4 24 | 3.88× | 1.84× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 2.03× | ||
| Q1 24 | — | -0.12× |
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% |
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
