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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Churchill Downs Inc (CHDN). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 12.5%, a 19.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.1%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -13.7%).
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.
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
AFRM vs CHDN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $663.0M |
| Net Profit | $129.6M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 21.6% |
| Net Margin | 32.3% | 12.5% |
| Revenue YoY | 32.5% | 3.1% |
| Net Profit YoY | 61.3% | 7.8% |
| EPS (diluted) | $0.37 | $1.16 |
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.
| Q1 26 | — | $663.0M | ||
| Q4 25 | $401.4M | $665.9M | ||
| Q3 25 | $320.5M | $683.0M | ||
| Q2 25 | $306.6M | $934.4M | ||
| Q1 25 | $272.5M | $642.6M | ||
| Q4 24 | $303.0M | $624.2M | ||
| Q3 24 | $231.8M | $628.5M | ||
| Q2 24 | $224.0M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $129.6M | $51.3M | ||
| Q3 25 | $80.7M | $38.1M | ||
| Q2 25 | $69.2M | $216.9M | ||
| Q1 25 | $2.8M | $76.7M | ||
| Q4 24 | $80.4M | $71.7M | ||
| Q3 24 | $-100.2M | $65.4M | ||
| Q2 24 | $-45.1M | $209.3M |
| Q1 26 | — | 21.6% | ||
| Q4 25 | 29.3% | 18.5% | ||
| Q3 25 | 19.9% | 14.3% | ||
| Q2 25 | 18.9% | 35.1% | ||
| Q1 25 | -3.1% | 20.9% | ||
| Q4 24 | -1.4% | 20.3% | ||
| Q3 24 | -57.2% | 20.0% | ||
| Q2 24 | -32.8% | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | 32.3% | 7.7% | ||
| Q3 25 | 25.2% | 5.6% | ||
| Q2 25 | 22.6% | 23.2% | ||
| Q1 25 | 1.0% | 11.9% | ||
| Q4 24 | 26.5% | 11.5% | ||
| Q3 24 | -43.2% | 10.4% | ||
| Q2 24 | -20.2% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — |
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 | $200.0M |
| Total DebtLower is stronger | $9.0B | $840.0M |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | $7.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | $1.5B | $200.6M | ||
| Q3 25 | $1.4B | $180.5M | ||
| Q2 25 | $1.4B | $182.4M | ||
| Q1 25 | $1.4B | $174.2M | ||
| Q4 24 | $1.2B | $175.5M | ||
| Q3 24 | $1.0B | $152.7M | ||
| Q2 24 | $1.0B | $140.3M |
| Q1 26 | — | $840.0M | ||
| 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 26 | — | — | ||
| Q4 25 | $3.5B | $1.0B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | $13.0B | $7.5B | ||
| Q3 25 | $11.5B | $7.5B | ||
| Q2 25 | $11.2B | $7.4B | ||
| Q1 25 | $10.4B | $7.3B | ||
| Q4 24 | $10.5B | $7.3B | ||
| Q3 24 | $10.1B | $7.2B | ||
| Q2 24 | $9.5B | $7.2B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $295.0M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $187.7M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | $246.5M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $169.4M | ||
| Q2 24 | $68.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $166.3M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $233.9M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $154.4M | ||
| Q2 24 | $30.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 24.3% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 36.4% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 24.6% | ||
| Q2 24 | 13.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.6% | ||
| Q3 25 | 17.0% | 3.1% | ||
| Q2 25 | 16.7% | 2.0% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 5.4% | ||
| Q3 24 | 19.0% | 2.4% | ||
| Q2 24 | 17.1% | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 4.93× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 3.21× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.59× | ||
| Q2 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% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
