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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Dayforce (DAY). Click either name above to swap in a different company.
Dayforce is the larger business by last-quarter revenue ($481.6M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -40.9%, a 73.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.8%).
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.
Dayforce, Inc., formerly Ceridian, is an American human resources software and services company.
AFRM vs DAY — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $481.6M |
| Net Profit | $129.6M | $-196.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 6.3% |
| Net Margin | 32.3% | -40.9% |
| Revenue YoY | 32.5% | 9.5% |
| Net Profit YoY | 61.3% | -9940.0% |
| EPS (diluted) | $0.37 | $-1.23 |
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 | — | ||
| Q3 25 | $320.5M | $481.6M | ||
| Q2 25 | $306.6M | $464.7M | ||
| Q1 25 | $272.5M | $481.8M | ||
| Q4 24 | $303.0M | $465.2M | ||
| Q3 24 | $231.8M | $440.0M | ||
| Q2 24 | $224.0M | $423.3M | ||
| Q1 24 | $195.0M | $431.5M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-196.8M | ||
| Q2 25 | $69.2M | $21.3M | ||
| Q1 25 | $2.8M | $14.9M | ||
| Q4 24 | $80.4M | $10.8M | ||
| Q3 24 | $-100.2M | $2.0M | ||
| Q2 24 | $-45.1M | $-1.8M | ||
| Q1 24 | $-133.9M | $7.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 47.0% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 6.3% | ||
| Q2 25 | 18.9% | 9.1% | ||
| Q1 25 | -3.1% | 6.4% | ||
| Q4 24 | -1.4% | 6.1% | ||
| Q3 24 | -57.2% | 4.7% | ||
| Q2 24 | -32.8% | 3.3% | ||
| Q1 24 | -82.5% | 9.4% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -40.9% | ||
| Q2 25 | 22.6% | 4.6% | ||
| Q1 25 | 1.0% | 3.1% | ||
| Q4 24 | 26.5% | 2.3% | ||
| Q3 24 | -43.2% | 0.5% | ||
| Q2 24 | -20.2% | -0.4% | ||
| Q1 24 | -68.7% | 1.6% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-1.23 | ||
| Q2 25 | $0.22 | $0.13 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $0.07 | ||
| Q3 24 | $-0.31 | $0.01 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.43 | $0.04 |
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 | $627.6M |
| Total DebtLower is stronger | $9.0B | $631.1M |
| Stockholders' EquityBook value | $3.5B | $2.7B |
| Total Assets | $13.0B | $8.7B |
| Debt / EquityLower = less leverage | 2.54× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $627.6M | ||
| Q2 25 | $1.4B | $625.2M | ||
| Q1 25 | $1.4B | $557.3M | ||
| Q4 24 | $1.2B | $579.7M | ||
| Q3 24 | $1.0B | $494.1M | ||
| Q2 24 | $1.0B | $465.4M | ||
| Q1 24 | $1.3B | $392.5M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $631.1M | ||
| Q2 25 | $7.6B | $631.8M | ||
| Q1 25 | $7.1B | $632.4M | ||
| Q4 24 | $7.3B | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $2.7B | ||
| Q2 25 | $3.1B | $2.7B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.8B | $2.5B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $2.4B |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $8.7B | ||
| Q2 25 | $11.2B | $8.5B | ||
| Q1 25 | $10.4B | $9.5B | ||
| Q4 24 | $10.5B | $9.1B | ||
| Q3 24 | $10.1B | $8.1B | ||
| Q2 24 | $9.5B | $9.0B | ||
| Q1 24 | $9.2B | $10.8B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.23× | ||
| Q2 25 | 2.48× | 0.23× | ||
| Q1 25 | 2.49× | 0.24× | ||
| Q4 24 | 2.62× | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 0.67× | 0.49× | ||
| Q1 24 | — | 0.50× |
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 | $31.2M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $31.2M | ||
| Q2 25 | $74.6M | $112.7M | ||
| Q1 25 | $210.4M | $49.6M | ||
| Q4 24 | $312.0M | $81.0M | ||
| Q3 24 | $196.9M | $91.8M | ||
| Q2 24 | $68.8M | $99.2M | ||
| Q1 24 | $208.2M | $9.1M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 5.29× | ||
| Q1 25 | 75.03× | 3.33× | ||
| Q4 24 | 3.88× | 7.50× | ||
| Q3 24 | — | 45.90× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.28× |
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% |
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
