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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $240.5M, roughly 1.7× COGENT COMMUNICATIONS HOLDINGS, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -12.8%, a 45.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -4.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-43.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -4.9%).
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.
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
AFRM vs CCOI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $240.5M |
| Net Profit | $129.6M | $-30.8M |
| Gross Margin | — | 46.6% |
| Operating Margin | 29.3% | -4.7% |
| Net Margin | 32.3% | -12.8% |
| Revenue YoY | 32.5% | -4.7% |
| Net Profit YoY | 61.3% | 28.9% |
| EPS (diluted) | $0.37 | $-0.63 |
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 | $240.5M | ||
| Q3 25 | $320.5M | $241.9M | ||
| Q2 25 | $306.6M | $246.2M | ||
| Q1 25 | $272.5M | $247.0M | ||
| Q4 24 | $303.0M | $252.3M | ||
| Q3 24 | $231.8M | $257.2M | ||
| Q2 24 | $224.0M | $260.4M | ||
| Q1 24 | $195.0M | $266.2M |
| Q4 25 | $129.6M | $-30.8M | ||
| Q3 25 | $80.7M | $-41.5M | ||
| Q2 25 | $69.2M | $-57.8M | ||
| Q1 25 | $2.8M | $-52.0M | ||
| Q4 24 | $80.4M | $-43.3M | ||
| Q3 24 | $-100.2M | $-63.1M | ||
| Q2 24 | $-45.1M | $-32.3M | ||
| Q1 24 | $-133.9M | $-65.3M |
| Q4 25 | — | 46.6% | ||
| Q3 25 | — | 45.6% | ||
| Q2 25 | — | 44.2% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.2% | ||
| Q2 24 | — | 40.0% | ||
| Q1 24 | — | 36.5% |
| Q4 25 | 29.3% | -4.7% | ||
| Q3 25 | 19.9% | -7.5% | ||
| Q2 25 | 18.9% | -12.8% | ||
| Q1 25 | -3.1% | -16.3% | ||
| Q4 24 | -1.4% | -13.2% | ||
| Q3 24 | -57.2% | -22.5% | ||
| Q2 24 | -32.8% | -18.1% | ||
| Q1 24 | -82.5% | -22.3% |
| Q4 25 | 32.3% | -12.8% | ||
| Q3 25 | 25.2% | -17.2% | ||
| Q2 25 | 22.6% | -23.5% | ||
| Q1 25 | 1.0% | -21.1% | ||
| Q4 24 | 26.5% | -17.2% | ||
| Q3 24 | -43.2% | -24.5% | ||
| Q2 24 | -20.2% | -12.4% | ||
| Q1 24 | -68.7% | -24.5% |
| Q4 25 | $0.37 | $-0.63 | ||
| Q3 25 | $0.23 | $-0.87 | ||
| Q2 25 | $0.22 | $-1.21 | ||
| Q1 25 | $0.01 | $-1.09 | ||
| Q4 24 | $0.23 | $-0.89 | ||
| Q3 24 | $-0.31 | $-1.33 | ||
| Q2 24 | $-0.13 | $-0.68 | ||
| Q1 24 | $-0.43 | $-1.38 |
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 | $148.5M |
| Total DebtLower is stronger | $9.0B | $1.7B |
| Stockholders' EquityBook value | $3.5B | $-63.8M |
| Total Assets | $13.0B | $3.1B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $148.5M | ||
| Q3 25 | $1.4B | $147.1M | ||
| Q2 25 | $1.4B | $213.7M | ||
| Q1 25 | $1.4B | $153.8M | ||
| Q4 24 | $1.2B | $198.5M | ||
| Q3 24 | $1.0B | $279.2M | ||
| Q2 24 | $1.0B | $384.4M | ||
| Q1 24 | $1.3B | $118.4M |
| Q4 25 | $9.0B | $1.7B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $-63.8M | ||
| Q3 25 | $3.3B | $-39.2M | ||
| Q2 25 | $3.1B | $46.7M | ||
| Q1 25 | $2.9B | $142.8M | ||
| Q4 24 | $2.8B | $222.8M | ||
| Q3 24 | $2.8B | $323.6M | ||
| Q2 24 | $2.7B | $415.5M | ||
| Q1 24 | $2.6B | $500.6M |
| Q4 25 | $13.0B | $3.1B | ||
| Q3 25 | $11.5B | $3.1B | ||
| Q2 25 | $11.2B | $3.3B | ||
| Q1 25 | $10.4B | $3.1B | ||
| Q4 24 | $10.5B | $3.2B | ||
| Q3 24 | $10.1B | $3.2B | ||
| Q2 24 | $9.5B | $3.3B | ||
| Q1 24 | $9.2B | $3.1B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 6.53× | ||
| 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 | $-6.0M |
| Free Cash FlowOCF − Capex | $118.0M | $-43.0M |
| FCF MarginFCF / Revenue | 29.4% | -17.9% |
| Capex IntensityCapex / Revenue | 13.9% | 15.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-198.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-6.0M | ||
| Q3 25 | $374.6M | $3.1M | ||
| Q2 25 | $74.6M | $-44.0M | ||
| Q1 25 | $210.4M | $36.4M | ||
| Q4 24 | $312.0M | $14.5M | ||
| Q3 24 | $196.9M | $-20.2M | ||
| Q2 24 | $68.8M | $-22.2M | ||
| Q1 24 | $208.2M | $19.2M |
| Q4 25 | $118.0M | $-43.0M | ||
| Q3 25 | $320.2M | $-33.1M | ||
| Q2 25 | $23.5M | $-100.2M | ||
| Q1 25 | $157.4M | $-21.7M | ||
| Q4 24 | $268.1M | $-31.6M | ||
| Q3 24 | $152.7M | $-79.5M | ||
| Q2 24 | $30.5M | $-70.9M | ||
| Q1 24 | $161.7M | $-21.7M |
| Q4 25 | 29.4% | -17.9% | ||
| Q3 25 | 99.9% | -13.7% | ||
| Q2 25 | 7.7% | -40.7% | ||
| Q1 25 | 57.7% | -8.8% | ||
| Q4 24 | 88.5% | -12.5% | ||
| Q3 24 | 65.9% | -30.9% | ||
| Q2 24 | 13.6% | -27.2% | ||
| Q1 24 | 82.9% | -8.1% |
| Q4 25 | 13.9% | 15.4% | ||
| Q3 25 | 17.0% | 15.0% | ||
| Q2 25 | 16.7% | 22.8% | ||
| Q1 25 | 19.5% | 23.5% | ||
| Q4 24 | 14.5% | 18.3% | ||
| Q3 24 | 19.0% | 23.0% | ||
| Q2 24 | 17.1% | 18.7% | ||
| Q1 24 | 23.8% | 15.4% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| 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% |
CCOI
Segment breakdown not available.
