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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and BILL Holdings, Inc. (BILL). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $401.4M, roughly 1.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -0.6%, a 32.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 14.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $103.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.3%).
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.
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
AFRM vs BILL — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $414.7M |
| Net Profit | $129.6M | $-2.6M |
| Gross Margin | — | 79.8% |
| Operating Margin | 29.3% | -4.4% |
| Net Margin | 32.3% | -0.6% |
| Revenue YoY | 32.5% | 14.4% |
| Net Profit YoY | 61.3% | -107.7% |
| EPS (diluted) | $0.37 | $-0.03 |
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 | $414.7M | ||
| Q3 25 | $320.5M | $395.7M | ||
| Q2 25 | $306.6M | $383.3M | ||
| Q1 25 | $272.5M | $358.2M | ||
| Q4 24 | $303.0M | $362.6M | ||
| Q3 24 | $231.8M | $358.4M | ||
| Q2 24 | $224.0M | $343.7M | ||
| Q1 24 | $195.0M | $323.0M |
| Q4 25 | $129.6M | $-2.6M | ||
| Q3 25 | $80.7M | $-3.0M | ||
| Q2 25 | $69.2M | $-7.1M | ||
| Q1 25 | $2.8M | $-11.6M | ||
| Q4 24 | $80.4M | $33.5M | ||
| Q3 24 | $-100.2M | $8.9M | ||
| Q2 24 | $-45.1M | $7.6M | ||
| Q1 24 | $-133.9M | $31.8M |
| Q4 25 | — | 79.8% | ||
| Q3 25 | — | 80.5% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 81.2% | ||
| Q4 24 | — | 81.6% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 81.0% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | 29.3% | -4.4% | ||
| Q3 25 | 19.9% | -5.2% | ||
| Q2 25 | 18.9% | -5.8% | ||
| Q1 25 | -3.1% | -8.1% | ||
| Q4 24 | -1.4% | -6.0% | ||
| Q3 24 | -57.2% | -2.1% | ||
| Q2 24 | -32.8% | -6.5% | ||
| Q1 24 | -82.5% | -8.6% |
| Q4 25 | 32.3% | -0.6% | ||
| Q3 25 | 25.2% | -0.7% | ||
| Q2 25 | 22.6% | -1.8% | ||
| Q1 25 | 1.0% | -3.2% | ||
| Q4 24 | 26.5% | 9.3% | ||
| Q3 24 | -43.2% | 2.5% | ||
| Q2 24 | -20.2% | 2.2% | ||
| Q1 24 | -68.7% | 9.8% |
| Q4 25 | $0.37 | $-0.03 | ||
| Q3 25 | $0.23 | $-0.03 | ||
| Q2 25 | $0.22 | $0.02 | ||
| Q1 25 | $0.01 | $-0.11 | ||
| Q4 24 | $0.23 | $-0.06 | ||
| Q3 24 | $-0.31 | $0.08 | ||
| Q2 24 | $-0.13 | $0.37 | ||
| Q1 24 | $-0.43 | $0.00 |
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 | $1.1B |
| Total DebtLower is stronger | $9.0B | $1.8B |
| Stockholders' EquityBook value | $3.5B | $3.8B |
| Total Assets | $13.0B | $10.1B |
| Debt / EquityLower = less leverage | 2.54× | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.0B | $853.5M | ||
| Q2 24 | $1.0B | $985.9M | ||
| Q1 24 | $1.3B | $952.5M |
| Q4 25 | $9.0B | $1.8B | ||
| Q3 25 | $7.7B | $1.9B | ||
| Q2 25 | $7.6B | $1.7B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.3B | $1.7B | ||
| Q3 24 | — | $914.8M | ||
| Q2 24 | $1.8B | $914.0M | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $3.5B | $3.8B | ||
| Q3 25 | $3.3B | $3.9B | ||
| Q2 25 | $3.1B | $3.9B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $2.8B | $3.8B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.7B | $4.1B | ||
| Q1 24 | $2.6B | $4.1B |
| Q4 25 | $13.0B | $10.1B | ||
| Q3 25 | $11.5B | $10.2B | ||
| Q2 25 | $11.2B | $10.1B | ||
| Q1 25 | $10.4B | $9.6B | ||
| Q4 24 | $10.5B | $9.7B | ||
| Q3 24 | $10.1B | $9.0B | ||
| Q2 24 | $9.5B | $9.2B | ||
| Q1 24 | $9.2B | $9.1B |
| Q4 25 | 2.54× | 0.48× | ||
| Q3 25 | 2.35× | 0.48× | ||
| Q2 25 | 2.48× | 0.44× | ||
| Q1 25 | 2.49× | 0.43× | ||
| Q4 24 | 2.62× | 0.44× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | 0.67× | 0.22× | ||
| Q1 24 | — | 0.28× |
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 | $105.3M |
| Free Cash FlowOCF − Capex | $118.0M | $103.8M |
| FCF MarginFCF / Revenue | 29.4% | 25.0% |
| Capex IntensityCapex / Revenue | 13.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $378.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $105.3M | ||
| Q3 25 | $374.6M | $96.9M | ||
| Q2 25 | $74.6M | $83.8M | ||
| Q1 25 | $210.4M | $99.5M | ||
| Q4 24 | $312.0M | $78.7M | ||
| Q3 24 | $196.9M | $88.6M | ||
| Q2 24 | $68.8M | $78.6M | ||
| Q1 24 | $208.2M | $66.8M |
| Q4 25 | $118.0M | $103.8M | ||
| Q3 25 | $320.2M | $95.6M | ||
| Q2 25 | $23.5M | $81.0M | ||
| Q1 25 | $157.4M | $98.4M | ||
| Q4 24 | $268.1M | $78.3M | ||
| Q3 24 | $152.7M | $88.6M | ||
| Q2 24 | $30.5M | $78.4M | ||
| Q1 24 | $161.7M | $66.8M |
| Q4 25 | 29.4% | 25.0% | ||
| Q3 25 | 99.9% | 24.1% | ||
| Q2 25 | 7.7% | 21.1% | ||
| Q1 25 | 57.7% | 27.5% | ||
| Q4 24 | 88.5% | 21.6% | ||
| Q3 24 | 65.9% | 24.7% | ||
| Q2 24 | 13.6% | 22.8% | ||
| Q1 24 | 82.9% | 20.7% |
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.7% | ||
| Q1 25 | 19.5% | 0.3% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 0.0% | ||
| Q2 24 | 17.1% | 0.1% | ||
| Q1 24 | 23.8% | 0.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 2.35× | ||
| Q3 24 | — | 9.94× | ||
| Q2 24 | — | 10.35× | ||
| Q1 24 | — | 2.10× |
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% |
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
