vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and CIRRUS LOGIC, INC. (CRUS). Click either name above to swap in a different company.
CIRRUS LOGIC, INC. is the larger business by last-quarter revenue ($448.5M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 18.2%, a 14.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 5.7%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.5%).
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.
Cirrus Logic Inc. is an American fabless semiconductor supplier that specializes in analog, mixed-signal, and audio DSP integrated circuits (ICs). Since 1998, the company's headquarters have been in Austin, Texas.
AFRM vs CRUS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $448.5M |
| Net Profit | $129.6M | $81.8M |
| Gross Margin | — | 53.0% |
| Operating Margin | 29.3% | 20.1% |
| Net Margin | 32.3% | 18.2% |
| Revenue YoY | 32.5% | 5.7% |
| Net Profit YoY | 61.3% | 299.0% |
| EPS (diluted) | $0.37 | $1.56 |
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 | — | $448.5M | ||
| Q4 25 | $401.4M | $580.6M | ||
| Q3 25 | $320.5M | $561.0M | ||
| Q2 25 | $306.6M | $407.3M | ||
| Q1 25 | $272.5M | $424.5M | ||
| Q4 24 | $303.0M | $555.7M | ||
| Q3 24 | $231.8M | $541.9M | ||
| Q2 24 | $224.0M | $374.0M |
| Q1 26 | — | $81.8M | ||
| Q4 25 | $129.6M | $140.3M | ||
| Q3 25 | $80.7M | $131.6M | ||
| Q2 25 | $69.2M | $60.7M | ||
| Q1 25 | $2.8M | $71.3M | ||
| Q4 24 | $80.4M | $116.0M | ||
| Q3 24 | $-100.2M | $102.1M | ||
| Q2 24 | $-45.1M | $42.1M |
| Q1 26 | — | 53.0% | ||
| Q4 25 | — | 53.1% | ||
| Q3 25 | — | 52.5% | ||
| Q2 25 | — | 52.6% | ||
| Q1 25 | — | 53.4% | ||
| Q4 24 | — | 53.6% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 50.5% |
| Q1 26 | — | 20.1% | ||
| Q4 25 | 29.3% | 26.3% | ||
| Q3 25 | 19.9% | 25.8% | ||
| Q2 25 | 18.9% | 17.8% | ||
| Q1 25 | -3.1% | 20.2% | ||
| Q4 24 | -1.4% | 26.2% | ||
| Q3 24 | -57.2% | 24.3% | ||
| Q2 24 | -32.8% | 12.5% |
| Q1 26 | — | 18.2% | ||
| Q4 25 | 32.3% | 24.2% | ||
| Q3 25 | 25.2% | 23.5% | ||
| Q2 25 | 22.6% | 14.9% | ||
| Q1 25 | 1.0% | 16.8% | ||
| Q4 24 | 26.5% | 20.9% | ||
| Q3 24 | -43.2% | 18.8% | ||
| Q2 24 | -20.2% | 11.3% |
| Q1 26 | — | $1.56 | ||
| Q4 25 | $0.37 | $2.66 | ||
| Q3 25 | $0.23 | $2.48 | ||
| Q2 25 | $0.22 | $1.14 | ||
| Q1 25 | $0.01 | $1.30 | ||
| Q4 24 | $0.23 | $2.11 | ||
| Q3 24 | $-0.31 | $1.83 | ||
| Q2 24 | $-0.13 | $0.76 |
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 | $800.9M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.1B |
| Total Assets | $13.0B | $2.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $800.9M | ||
| Q4 25 | $1.5B | $778.1M | ||
| Q3 25 | $1.4B | $593.5M | ||
| Q2 25 | $1.4B | $548.9M | ||
| Q1 25 | $1.4B | $539.6M | ||
| Q4 24 | $1.2B | $526.4M | ||
| Q3 24 | $1.0B | $445.8M | ||
| Q2 24 | $1.0B | $491.4M |
| Q1 26 | — | — | ||
| 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 | — | $2.1B | ||
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.8B | $1.9B | ||
| Q2 24 | $2.7B | $1.8B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $13.0B | $2.5B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.3B | ||
| Q1 25 | $10.4B | $2.3B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.5B | $2.3B |
| 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 | $151.4M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 3.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $151.4M | ||
| Q4 25 | $173.7M | $290.8M | ||
| Q3 25 | $374.6M | $92.2M | ||
| Q2 25 | $74.6M | $116.1M | ||
| Q1 25 | $210.4M | $130.4M | ||
| Q4 24 | $312.0M | $218.6M | ||
| Q3 24 | $196.9M | $8.2M | ||
| Q2 24 | $68.8M | $87.2M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $285.7M | ||
| Q3 25 | $320.2M | $88.3M | ||
| Q2 25 | $23.5M | $113.5M | ||
| Q1 25 | $157.4M | $127.0M | ||
| Q4 24 | $268.1M | $211.9M | ||
| Q3 24 | $152.7M | $5.6M | ||
| Q2 24 | $30.5M | $77.2M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 49.2% | ||
| Q3 25 | 99.9% | 15.7% | ||
| Q2 25 | 7.7% | 27.9% | ||
| Q1 25 | 57.7% | 29.9% | ||
| Q4 24 | 88.5% | 38.1% | ||
| Q3 24 | 65.9% | 1.0% | ||
| Q2 24 | 13.6% | 20.6% |
| Q1 26 | — | 3.3% | ||
| Q4 25 | 13.9% | 0.9% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 0.6% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 14.5% | 1.2% | ||
| Q3 24 | 19.0% | 0.5% | ||
| Q2 24 | 17.1% | 2.7% |
| Q1 26 | — | 1.85× | ||
| Q4 25 | 1.34× | 2.07× | ||
| Q3 25 | 4.64× | 0.70× | ||
| Q2 25 | 1.08× | 1.91× | ||
| Q1 25 | 75.03× | 1.83× | ||
| Q4 24 | 3.88× | 1.88× | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | 2.07× |
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% |
CRUS
| Audio | $257.2M | 57% |
| High-Performance Mixed-Signal | $191.3M | 43% |
