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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and CALERES INC (CAL). Click either name above to swap in a different company.
CALERES INC is the larger business by last-quarter revenue ($790.1M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.3%, a 32.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-12.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.5%).
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.
Caleres Inc. is an American footwear company that owns and operates a variety of footwear brands. Its headquarters is located in Clayton, Missouri, a suburb of St. Louis. The company was founded in 1878 as Bryan, Brown & Company in St. Louis, though it underwent several name changes. The Hamilton-Brown Shoe Company was the largest manufacturer of shoes in America in the early 20th century, but it went bankrupt in June 1939.
AFRM vs CAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $790.1M |
| Net Profit | $129.6M | $2.4M |
| Gross Margin | — | 41.8% |
| Operating Margin | 29.3% | 1.5% |
| Net Margin | 32.3% | 0.3% |
| Revenue YoY | 32.5% | 6.6% |
| Net Profit YoY | 61.3% | -94.2% |
| EPS (diluted) | $0.37 | $0.07 |
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 | $790.1M | ||
| Q3 25 | $320.5M | $658.5M | ||
| Q2 25 | $306.6M | $614.2M | ||
| Q1 25 | $272.5M | $639.2M | ||
| Q4 24 | $303.0M | $740.9M | ||
| Q3 24 | $231.8M | $683.3M | ||
| Q2 24 | $224.0M | $659.2M | ||
| Q1 24 | $195.0M | $697.1M |
| Q4 25 | $129.6M | $2.4M | ||
| Q3 25 | $80.7M | $6.7M | ||
| Q2 25 | $69.2M | $6.9M | ||
| Q1 25 | $2.8M | $4.9M | ||
| Q4 24 | $80.4M | $41.4M | ||
| Q3 24 | $-100.2M | $30.0M | ||
| Q2 24 | $-45.1M | $30.9M | ||
| Q1 24 | $-133.9M | $55.7M |
| Q4 25 | — | 41.8% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 45.4% | ||
| Q1 25 | — | 43.0% | ||
| Q4 24 | — | 44.1% | ||
| Q3 24 | — | 45.5% | ||
| Q2 24 | — | 46.9% | ||
| Q1 24 | — | 43.9% |
| Q4 25 | 29.3% | 1.5% | ||
| Q3 25 | 19.9% | 1.4% | ||
| Q2 25 | 18.9% | 1.9% | ||
| Q1 25 | -3.1% | 1.2% | ||
| Q4 24 | -1.4% | 7.7% | ||
| Q3 24 | -57.2% | 6.2% | ||
| Q2 24 | -32.8% | 6.5% | ||
| Q1 24 | -82.5% | 4.4% |
| Q4 25 | 32.3% | 0.3% | ||
| Q3 25 | 25.2% | 1.0% | ||
| Q2 25 | 22.6% | 1.1% | ||
| Q1 25 | 1.0% | 0.8% | ||
| Q4 24 | 26.5% | 5.6% | ||
| Q3 24 | -43.2% | 4.4% | ||
| Q2 24 | -20.2% | 4.7% | ||
| Q1 24 | -68.7% | 8.0% |
| Q4 25 | $0.37 | $0.07 | ||
| Q3 25 | $0.23 | $0.20 | ||
| Q2 25 | $0.22 | $0.21 | ||
| Q1 25 | $0.01 | $0.17 | ||
| Q4 24 | $0.23 | $1.19 | ||
| Q3 24 | $-0.31 | $0.85 | ||
| Q2 24 | $-0.13 | $0.88 | ||
| Q1 24 | $-0.43 | $1.56 |
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 | $34.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $616.8M |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $34.0M | ||
| Q3 25 | $1.4B | $191.5M | ||
| Q2 25 | $1.4B | $33.1M | ||
| Q1 25 | $1.4B | $29.6M | ||
| Q4 24 | $1.2B | $33.7M | ||
| Q3 24 | $1.0B | $51.8M | ||
| Q2 24 | $1.0B | $30.7M | ||
| Q1 24 | $1.3B | $21.4M |
| 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 24 | — | — |
| Q4 25 | $3.5B | $616.8M | ||
| Q3 25 | $3.3B | $613.3M | ||
| Q2 25 | $3.1B | $605.2M | ||
| Q1 25 | $2.9B | $599.0M | ||
| Q4 24 | $2.8B | $598.3M | ||
| Q3 24 | $2.8B | $606.1M | ||
| Q2 24 | $2.7B | $570.3M | ||
| Q1 24 | $2.6B | $560.6M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.9B | ||
| Q4 24 | $10.5B | $2.0B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $1.9B | ||
| Q1 24 | $9.2B | $1.8B |
| 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× | — | ||
| 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 | $-1.2M |
| Free Cash FlowOCF − Capex | $118.0M | $-12.4M |
| FCF MarginFCF / Revenue | 29.4% | -1.6% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.34× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $14.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-1.2M | ||
| Q3 25 | $374.6M | $47.3M | ||
| Q2 25 | $74.6M | $-5.7M | ||
| Q1 25 | $210.4M | $28.7M | ||
| Q4 24 | $312.0M | $-39.8M | ||
| Q3 24 | $196.9M | $79.6M | ||
| Q2 24 | $68.8M | $36.1M | ||
| Q1 24 | $208.2M | $43.0M |
| Q4 25 | $118.0M | $-12.4M | ||
| Q3 25 | $320.2M | $35.0M | ||
| Q2 25 | $23.5M | $-26.2M | ||
| Q1 25 | $157.4M | $18.0M | ||
| Q4 24 | $268.1M | $-57.4M | ||
| Q3 24 | $152.7M | $68.5M | ||
| Q2 24 | $30.5M | $26.3M | ||
| Q1 24 | $161.7M | $32.4M |
| Q4 25 | 29.4% | -1.6% | ||
| Q3 25 | 99.9% | 5.3% | ||
| Q2 25 | 7.7% | -4.3% | ||
| Q1 25 | 57.7% | 2.8% | ||
| Q4 24 | 88.5% | -7.7% | ||
| Q3 24 | 65.9% | 10.0% | ||
| Q2 24 | 13.6% | 4.0% | ||
| Q1 24 | 82.9% | 4.6% |
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 17.0% | 1.9% | ||
| Q2 25 | 16.7% | 3.3% | ||
| Q1 25 | 19.5% | 1.7% | ||
| Q4 24 | 14.5% | 2.4% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 1.5% | ||
| Q1 24 | 23.8% | 1.5% |
| Q4 25 | 1.34× | -0.50× | ||
| Q3 25 | 4.64× | 7.05× | ||
| Q2 25 | 1.08× | -0.81× | ||
| Q1 25 | 75.03× | 5.82× | ||
| Q4 24 | 3.88× | -0.96× | ||
| Q3 24 | — | 2.66× | ||
| Q2 24 | — | 1.17× | ||
| Q1 24 | — | 0.77× |
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% |
CAL
| Brand Portfolio | $383.7M | 49% |
| Landed Wholesale | $148.1M | 19% |
| Wholesale E Commerce | $75.0M | 9% |
| Ecommerce | $68.8M | 9% |
| Stuart Weitzman Brand | $45.8M | 6% |
| Landed Wholesale Ecommerce Drop Ship | $30.6M | 4% |
| First Cost Wholesale | $14.9M | 2% |
| Clt Brand Solutions | $10.2M | 1% |
| License And Royalty | $2.1M | 0% |
