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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Barnes & Noble Education, Inc. (BNED). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 4.2%, a 28.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.9%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $61.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 20.0%).
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.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
AFRM vs BNED — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $598.2M |
| Net Profit | $129.6M | $25.0M |
| Gross Margin | — | 21.7% |
| Operating Margin | 29.3% | 6.8% |
| Net Margin | 32.3% | 4.2% |
| Revenue YoY | 32.5% | 6.9% |
| Net Profit YoY | 61.3% | -49.7% |
| EPS (diluted) | $0.37 | $0.72 |
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 | $598.2M | ||
| Q3 25 | $320.5M | $274.2M | ||
| Q2 25 | $306.6M | $233.0M | ||
| Q1 25 | $272.5M | $419.7M | ||
| Q4 24 | $303.0M | $559.7M | ||
| Q3 24 | $231.8M | $250.9M | ||
| Q2 24 | $224.0M | $192.7M | ||
| Q1 24 | $195.0M | $415.4M |
| Q4 25 | $129.6M | $25.0M | ||
| Q3 25 | $80.7M | $-18.3M | ||
| Q2 25 | $69.2M | $-23.0M | ||
| Q1 25 | $2.8M | $17.9M | ||
| Q4 24 | $80.4M | $43.2M | ||
| Q3 24 | $-100.2M | $-103.9M | ||
| Q2 24 | $-45.1M | $-41.9M | ||
| Q1 24 | $-133.9M | $-9.3M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 30.3% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 29.3% | 6.8% | ||
| Q3 25 | 19.9% | -8.4% | ||
| Q2 25 | 18.9% | -4.9% | ||
| Q1 25 | -3.1% | 4.5% | ||
| Q4 24 | -1.4% | 8.4% | ||
| Q3 24 | -57.2% | -15.4% | ||
| Q2 24 | -32.8% | -16.3% | ||
| Q1 24 | -82.5% | 0.4% |
| Q4 25 | 32.3% | 4.2% | ||
| Q3 25 | 25.2% | -6.7% | ||
| Q2 25 | 22.6% | -9.9% | ||
| Q1 25 | 1.0% | 4.3% | ||
| Q4 24 | 26.5% | 7.7% | ||
| Q3 24 | -43.2% | -41.4% | ||
| Q2 24 | -20.2% | -21.7% | ||
| Q1 24 | -68.7% | -2.2% |
| Q4 25 | $0.37 | $0.72 | ||
| Q3 25 | $0.23 | $-0.54 | ||
| Q2 25 | $0.22 | $2.97 | ||
| Q1 25 | $0.01 | $0.59 | ||
| Q4 24 | $0.23 | $1.63 | ||
| Q3 24 | $-0.31 | $-7.69 | ||
| Q2 24 | $-0.13 | $-15.68 | ||
| Q1 24 | $-0.43 | $-3.49 |
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 | $11.7M |
| Total DebtLower is stronger | $9.0B | $122.5M |
| Stockholders' EquityBook value | $3.5B | $283.2M |
| Total Assets | $13.0B | $1.1B |
| Debt / EquityLower = less leverage | 2.54× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $11.7M | ||
| Q3 25 | $1.4B | $7.3M | ||
| Q2 25 | $1.4B | $9.1M | ||
| Q1 25 | $1.4B | $9.2M | ||
| Q4 24 | $1.2B | $11.6M | ||
| Q3 24 | $1.0B | $8.2M | ||
| Q2 24 | $1.0B | $10.5M | ||
| Q1 24 | $1.3B | $8.1M |
| Q4 25 | $9.0B | $122.5M | ||
| Q3 25 | $7.7B | $170.0M | ||
| Q2 25 | $7.6B | $103.1M | ||
| Q1 25 | $7.1B | $141.2M | ||
| Q4 24 | $7.3B | $177.6M | ||
| Q3 24 | — | $221.9M | ||
| Q2 24 | $1.8B | $196.3M | ||
| Q1 24 | — | $30.2M |
| Q4 25 | $3.5B | $283.2M | ||
| Q3 25 | $3.3B | $256.5M | ||
| Q2 25 | $3.1B | $272.2M | ||
| Q1 25 | $2.9B | $292.9M | ||
| Q4 24 | $2.8B | $211.4M | ||
| Q3 24 | $2.8B | $149.8M | ||
| Q2 24 | $2.7B | $80.4M | ||
| Q1 24 | $2.6B | $121.5M |
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $11.5B | $950.8M | ||
| Q2 25 | $11.2B | $790.3M | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $973.2M | ||
| Q2 24 | $9.5B | $909.9M | ||
| Q1 24 | $9.2B | $1.2B |
| Q4 25 | 2.54× | 0.43× | ||
| Q3 25 | 2.35× | 0.66× | ||
| Q2 25 | 2.48× | 0.38× | ||
| Q1 25 | 2.49× | 0.48× | ||
| Q4 24 | 2.62× | 0.84× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | 0.67× | 2.44× | ||
| Q1 24 | — | 0.25× |
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 | $66.2M |
| Free Cash FlowOCF − Capex | $118.0M | $61.9M |
| FCF MarginFCF / Revenue | 29.4% | 10.4% |
| Capex IntensityCapex / Revenue | 13.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.65× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-4.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $66.2M | ||
| Q3 25 | $374.6M | $-67.6M | ||
| Q2 25 | $74.6M | $52.6M | ||
| Q1 25 | $210.4M | $-41.9M | ||
| Q4 24 | $312.0M | $47.4M | ||
| Q3 24 | $196.9M | $-143.5M | ||
| Q2 24 | $68.8M | $81.7M | ||
| Q1 24 | $208.2M | $-35.8M |
| Q4 25 | $118.0M | $61.9M | ||
| Q3 25 | $320.2M | $-71.3M | ||
| Q2 25 | $23.5M | $49.5M | ||
| Q1 25 | $157.4M | $-44.7M | ||
| Q4 24 | $268.1M | $44.4M | ||
| Q3 24 | $152.7M | $-147.5M | ||
| Q2 24 | $30.5M | $79.1M | ||
| Q1 24 | $161.7M | $-39.0M |
| Q4 25 | 29.4% | 10.4% | ||
| Q3 25 | 99.9% | -26.0% | ||
| Q2 25 | 7.7% | 21.3% | ||
| Q1 25 | 57.7% | -10.7% | ||
| Q4 24 | 88.5% | 7.9% | ||
| Q3 24 | 65.9% | -58.8% | ||
| Q2 24 | 13.6% | 41.1% | ||
| Q1 24 | 82.9% | -9.4% |
| Q4 25 | 13.9% | 0.7% | ||
| Q3 25 | 17.0% | 1.4% | ||
| Q2 25 | 16.7% | 1.3% | ||
| Q1 25 | 19.5% | 0.7% | ||
| Q4 24 | 14.5% | 0.5% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 0.8% |
| Q4 25 | 1.34× | 2.65× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | -2.34× | ||
| Q4 24 | 3.88× | 1.10× | ||
| 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% |
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
