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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Bandwidth Inc. (BAND). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $208.8M, roughly 1.9× Bandwidth Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.9%, a 30.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 20.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-1.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.7%).
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.
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
AFRM vs BAND — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $208.8M |
| Net Profit | $129.6M | $4.0M |
| Gross Margin | — | 37.3% |
| Operating Margin | 29.3% | 60.5% |
| Net Margin | 32.3% | 1.9% |
| Revenue YoY | 32.5% | 20.1% |
| Net Profit YoY | 61.3% | 200.0% |
| EPS (diluted) | $0.37 | $-0.08 |
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 | — | $208.8M | ||
| Q4 25 | $401.4M | $207.7M | ||
| Q3 25 | $320.5M | $191.9M | ||
| Q2 25 | $306.6M | $180.0M | ||
| Q1 25 | $272.5M | $174.2M | ||
| Q4 24 | $303.0M | $210.0M | ||
| Q3 24 | $231.8M | $193.9M | ||
| Q2 24 | $224.0M | $173.6M |
| Q1 26 | — | $4.0M | ||
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-1.2M | ||
| Q2 25 | $69.2M | $-4.9M | ||
| Q1 25 | $2.8M | $-3.7M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $413.0K | ||
| Q2 24 | $-45.1M | $4.1M |
| Q1 26 | — | 37.3% | ||
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 38.5% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 41.0% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 37.3% |
| Q1 26 | — | 60.5% | ||
| Q4 25 | 29.3% | -1.9% | ||
| Q3 25 | 19.9% | -1.0% | ||
| Q2 25 | 18.9% | -2.1% | ||
| Q1 25 | -3.1% | -2.7% | ||
| Q4 24 | -1.4% | -1.3% | ||
| Q3 24 | -57.2% | -0.5% | ||
| Q2 24 | -32.8% | -3.5% |
| Q1 26 | — | 1.9% | ||
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -0.6% | ||
| Q2 25 | 22.6% | -2.7% | ||
| Q1 25 | 1.0% | -2.1% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 0.2% | ||
| Q2 24 | -20.2% | 2.3% |
| Q1 26 | — | $-0.08 | ||
| Q4 25 | $0.37 | $-0.10 | ||
| Q3 25 | $0.23 | $-0.04 | ||
| Q2 25 | $0.22 | $-0.16 | ||
| Q1 25 | $0.01 | $-0.13 | ||
| Q4 24 | $0.23 | $0.27 | ||
| Q3 24 | $-0.31 | $0.01 | ||
| Q2 24 | $-0.13 | $-0.17 |
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 | $47.3M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $405.7M |
| Total Assets | $13.0B | $984.2M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $47.3M | ||
| Q4 25 | $1.5B | $111.3M | ||
| Q3 25 | $1.4B | $80.4M | ||
| Q2 25 | $1.4B | $68.1M | ||
| Q1 25 | $1.4B | $41.7M | ||
| Q4 24 | $1.2B | $83.8M | ||
| Q3 24 | $1.0B | $79.9M | ||
| Q2 24 | $1.0B | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — |
| Q1 26 | — | $405.7M | ||
| Q4 25 | $3.5B | $400.0M | ||
| Q3 25 | $3.3B | $392.7M | ||
| Q2 25 | $3.1B | $384.5M | ||
| Q1 25 | $2.9B | $345.4M | ||
| Q4 24 | $2.8B | $312.5M | ||
| Q3 24 | $2.8B | $336.6M | ||
| Q2 24 | $2.7B | $307.4M |
| Q1 26 | — | $984.2M | ||
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $11.5B | $1.0B | ||
| Q2 25 | $11.2B | $1.0B | ||
| Q1 25 | $10.4B | $964.4M | ||
| Q4 24 | $10.5B | $989.2M | ||
| Q3 24 | $10.1B | $1.0B | ||
| Q2 24 | $9.5B | $1.0B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $-1.0M |
| FCF MarginFCF / Revenue | 29.4% | -0.5% |
| 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 | $38.6M | ||
| Q3 25 | $374.6M | $22.2M | ||
| Q2 25 | $74.6M | $31.7M | ||
| Q1 25 | $210.4M | $-3.1M | ||
| Q4 24 | $312.0M | $36.5M | ||
| Q3 24 | $196.9M | $20.5M | ||
| Q2 24 | $68.8M | $24.4M |
| Q1 26 | — | $-1.0M | ||
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — |
| Q1 26 | — | -0.5% | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 49.55× | ||
| Q2 24 | — | 6.03× |
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% |
BAND
Segment breakdown not available.
