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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Torrid Holdings Inc. (CURV). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $235.2M, roughly 1.7× Torrid Holdings Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -2.7%, a 35.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -10.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-6.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -10.5%).
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.
Torrid Holdings Inc. is an American women's retail chain formerly owned by Hot Topic. While it is still owned by Sycamore Partners, owners of Hot Topic, in 2015, the company branched off to become Torrid, LLC. The store offers plus-size clothing and accessories for women size 10-30. Torrid began operations in April 2001. The first location opened in the Brea Mall in Brea, California. As of 2024, Torrid has over 650 stores in operation across all states in the United States and some regions of...
AFRM vs CURV — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $235.2M |
| Net Profit | $129.6M | $-6.4M |
| Gross Margin | — | 34.9% |
| Operating Margin | 29.3% | 0.1% |
| Net Margin | 32.3% | -2.7% |
| Revenue YoY | 32.5% | -10.8% |
| Net Profit YoY | 61.3% | -438.2% |
| EPS (diluted) | $0.37 | $-0.06 |
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 | $235.2M | ||
| Q3 25 | $320.5M | $262.8M | ||
| Q2 25 | $306.6M | $266.0M | ||
| Q1 25 | $272.5M | $275.6M | ||
| Q4 24 | $303.0M | $263.8M | ||
| Q3 24 | $231.8M | $284.6M | ||
| Q2 24 | $224.0M | $279.8M | ||
| Q1 24 | $195.0M | $293.5M |
| Q4 25 | $129.6M | $-6.4M | ||
| Q3 25 | $80.7M | $1.6M | ||
| Q2 25 | $69.2M | $5.9M | ||
| Q1 25 | $2.8M | $-3.0M | ||
| Q4 24 | $80.4M | $-1.2M | ||
| Q3 24 | $-100.2M | $8.3M | ||
| Q2 24 | $-45.1M | $12.2M | ||
| Q1 24 | $-133.9M | $-4.1M |
| Q4 25 | — | 34.9% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 38.1% | ||
| Q1 25 | — | 33.6% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 38.7% | ||
| Q2 24 | — | 41.3% | ||
| Q1 24 | — | 34.5% |
| Q4 25 | 29.3% | 0.1% | ||
| Q3 25 | 19.9% | 3.9% | ||
| Q2 25 | 18.9% | 6.0% | ||
| Q1 25 | -3.1% | 1.3% | ||
| Q4 24 | -1.4% | 2.7% | ||
| Q3 24 | -57.2% | 7.2% | ||
| Q2 24 | -32.8% | 9.3% | ||
| Q1 24 | -82.5% | 1.4% |
| Q4 25 | 32.3% | -2.7% | ||
| Q3 25 | 25.2% | 0.6% | ||
| Q2 25 | 22.6% | 2.2% | ||
| Q1 25 | 1.0% | -1.1% | ||
| Q4 24 | 26.5% | -0.5% | ||
| Q3 24 | -43.2% | 2.9% | ||
| Q2 24 | -20.2% | 4.4% | ||
| Q1 24 | -68.7% | -1.4% |
| Q4 25 | $0.37 | $-0.06 | ||
| Q3 25 | $0.23 | $0.02 | ||
| Q2 25 | $0.22 | $0.06 | ||
| Q1 25 | $0.01 | $-0.04 | ||
| Q4 24 | $0.23 | $-0.01 | ||
| Q3 24 | $-0.31 | $0.08 | ||
| Q2 24 | $-0.13 | $0.12 | ||
| Q1 24 | $-0.43 | $-0.03 |
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 | $17.2M |
| Total DebtLower is stronger | $9.0B | $276.4M |
| Stockholders' EquityBook value | $3.5B | $-206.5M |
| Total Assets | $13.0B | $402.9M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $17.2M | ||
| Q3 25 | $1.4B | $21.5M | ||
| Q2 25 | $1.4B | $23.7M | ||
| Q1 25 | $1.4B | $48.5M | ||
| Q4 24 | $1.2B | $44.0M | ||
| Q3 24 | $1.0B | $53.9M | ||
| Q2 24 | $1.0B | $20.5M | ||
| Q1 24 | $1.3B | $11.7M |
| Q4 25 | $9.0B | $276.4M | ||
| Q3 25 | $7.7B | $280.5M | ||
| Q2 25 | $7.6B | $284.5M | ||
| Q1 25 | $7.1B | $288.6M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $-206.5M | ||
| Q3 25 | $3.3B | $-201.1M | ||
| Q2 25 | $3.1B | $-183.8M | ||
| Q1 25 | $2.9B | $-191.1M | ||
| Q4 24 | $2.8B | $-189.3M | ||
| Q3 24 | $2.8B | $-188.9M | ||
| Q2 24 | $2.7B | $-198.6M | ||
| Q1 24 | $2.6B | $-211.7M |
| Q4 25 | $13.0B | $402.9M | ||
| Q3 25 | $11.5B | $414.5M | ||
| Q2 25 | $11.2B | $451.4M | ||
| Q1 25 | $10.4B | $488.4M | ||
| Q4 24 | $10.5B | $493.0M | ||
| Q3 24 | $10.1B | $487.5M | ||
| Q2 24 | $9.5B | $479.7M | ||
| Q1 24 | $9.2B | $476.9M |
| 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 | $-4.9M |
| Free Cash FlowOCF − Capex | $118.0M | $-6.6M |
| FCF MarginFCF / Revenue | 29.4% | -2.8% |
| Capex IntensityCapex / Revenue | 13.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-2.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-4.9M | ||
| Q3 25 | $374.6M | $15.7M | ||
| Q2 25 | $74.6M | $-18.0M | ||
| Q1 25 | $210.4M | $12.0M | ||
| Q4 24 | $312.0M | $-3.1M | ||
| Q3 24 | $196.9M | $40.8M | ||
| Q2 24 | $68.8M | $27.6M | ||
| Q1 24 | $208.2M | $9.0M |
| Q4 25 | $118.0M | $-6.6M | ||
| Q3 25 | $320.2M | $14.6M | ||
| Q2 25 | $23.5M | $-20.6M | ||
| Q1 25 | $157.4M | $10.2M | ||
| Q4 24 | $268.1M | $-5.5M | ||
| Q3 24 | $152.7M | $37.7M | ||
| Q2 24 | $30.5M | $20.6M | ||
| Q1 24 | $161.7M | $-1.7M |
| Q4 25 | 29.4% | -2.8% | ||
| Q3 25 | 99.9% | 5.6% | ||
| Q2 25 | 7.7% | -7.7% | ||
| Q1 25 | 57.7% | 3.7% | ||
| Q4 24 | 88.5% | -2.1% | ||
| Q3 24 | 65.9% | 13.2% | ||
| Q2 24 | 13.6% | 7.4% | ||
| Q1 24 | 82.9% | -0.6% |
| Q4 25 | 13.9% | 0.7% | ||
| Q3 25 | 17.0% | 0.4% | ||
| Q2 25 | 16.7% | 1.0% | ||
| Q1 25 | 19.5% | 0.6% | ||
| Q4 24 | 14.5% | 0.9% | ||
| Q3 24 | 19.0% | 1.1% | ||
| Q2 24 | 17.1% | 2.5% | ||
| Q1 24 | 23.8% | 3.7% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 10.05× | ||
| Q2 25 | 1.08× | -3.03× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 4.90× | ||
| Q2 24 | — | 2.27× | ||
| 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% |
CURV
| Apparel | $213.6M | 91% |
| Non Apparel | $12.3M | 5% |
| Other | $9.2M | 4% |
| Loyalty Program | $1.1M | 0% |
