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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and BREAD FINANCIAL HOLDINGS, INC. (BFH). Click either name above to swap in a different company.
BREAD FINANCIAL HOLDINGS, INC. is the larger business by last-quarter revenue ($975.0M vs $401.4M, roughly 2.4× Affirm Holdings, Inc.). On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 5.4%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -0.8%).
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.
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
AFRM vs BFH — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $975.0M |
| Net Profit | $129.6M | — |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 4.9% |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | 5.4% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $1.21 |
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 | $975.0M | ||
| Q3 25 | $320.5M | $971.0M | ||
| Q2 25 | $306.6M | $929.0M | ||
| Q1 25 | $272.5M | $970.0M | ||
| Q4 24 | $303.0M | $925.0M | ||
| Q3 24 | $231.8M | $983.0M | ||
| Q2 24 | $224.0M | $939.0M | ||
| Q1 24 | $195.0M | $991.0M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $188.0M | ||
| Q2 25 | $69.2M | $139.0M | ||
| Q1 25 | $2.8M | $138.0M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $2.0M | ||
| Q2 24 | $-45.1M | $133.0M | ||
| Q1 24 | $-133.9M | $134.0M |
| Q4 25 | 29.3% | 4.9% | ||
| Q3 25 | 19.9% | 20.2% | ||
| Q2 25 | 18.9% | 18.7% | ||
| Q1 25 | -3.1% | 20.3% | ||
| Q4 24 | -1.4% | -2.9% | ||
| Q3 24 | -57.2% | 4.1% | ||
| Q2 24 | -32.8% | 19.2% | ||
| Q1 24 | -82.5% | 19.0% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 19.4% | ||
| Q2 25 | 22.6% | 15.0% | ||
| Q1 25 | 1.0% | 14.2% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 0.2% | ||
| Q2 24 | -20.2% | 14.2% | ||
| Q1 24 | -68.7% | 13.5% |
| Q4 25 | $0.37 | $1.21 | ||
| Q3 25 | $0.23 | $3.96 | ||
| Q2 25 | $0.22 | $2.94 | ||
| Q1 25 | $0.01 | $2.78 | ||
| Q4 24 | $0.23 | $0.08 | ||
| Q3 24 | $-0.31 | $0.05 | ||
| Q2 24 | $-0.13 | $2.66 | ||
| Q1 24 | $-0.43 | $2.70 |
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 | $3.6B |
| Total DebtLower is stronger | $9.0B | $4.3B |
| Stockholders' EquityBook value | $3.5B | $3.3B |
| Total Assets | $13.0B | $22.7B |
| Debt / EquityLower = less leverage | 2.54× | 1.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $3.6B | ||
| Q3 25 | $1.4B | $3.8B | ||
| Q2 25 | $1.4B | $3.8B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | $1.0B | $3.5B | ||
| Q2 24 | $1.0B | $4.1B | ||
| Q1 24 | $1.3B | $3.8B |
| Q4 25 | $9.0B | $4.3B | ||
| Q3 25 | $7.7B | $3.8B | ||
| Q2 25 | $7.6B | $4.2B | ||
| Q1 25 | $7.1B | $5.1B | ||
| Q4 24 | $7.3B | $5.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $3.3B | ||
| Q3 25 | $3.3B | $3.3B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $2.9B | $3.1B | ||
| Q4 24 | $2.8B | $3.1B | ||
| Q3 24 | $2.8B | $3.1B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.6B | $3.0B |
| Q4 25 | $13.0B | $22.7B | ||
| Q3 25 | $11.5B | $21.7B | ||
| Q2 25 | $11.2B | $21.8B | ||
| Q1 25 | $10.4B | $22.4B | ||
| Q4 24 | $10.5B | $22.9B | ||
| Q3 24 | $10.1B | $21.7B | ||
| Q2 24 | $9.5B | $22.1B | ||
| Q1 24 | $9.2B | $22.3B |
| Q4 25 | 2.54× | 1.29× | ||
| Q3 25 | 2.35× | 1.14× | ||
| Q2 25 | 2.48× | 1.34× | ||
| Q1 25 | 2.49× | 1.67× | ||
| Q4 24 | 2.62× | 1.82× | ||
| Q3 24 | — | 1.47× | ||
| 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 | $568.0M |
| 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.
| Q4 25 | $173.7M | $568.0M | ||
| Q3 25 | $374.6M | $605.0M | ||
| Q2 25 | $74.6M | $526.0M | ||
| Q1 25 | $210.4M | $393.0M | ||
| Q4 24 | $312.0M | $479.0M | ||
| Q3 24 | $196.9M | $456.0M | ||
| Q2 24 | $68.8M | $477.0M | ||
| Q1 24 | $208.2M | $447.0M |
| 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 24 | $161.7M | — |
| 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 24 | 82.9% | — |
| 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 24 | 23.8% | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 3.22× | ||
| Q2 25 | 1.08× | 3.78× | ||
| Q1 25 | 75.03× | 2.85× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 228.00× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.34× |
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% |
BFH
Segment breakdown not available.
