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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Dine Brands Global, Inc. (DIN). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $217.6M, roughly 1.8× Dine Brands Global, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -5.6%, a 37.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-8.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.7%).
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.
Dine Brands Global Inc. is a publicly traded food and beverage company based in Pasadena, California. Founded in 1958 as IHOP, it operates franchised and corporate owned full-service restaurants including three restaurant concepts, Applebee's Neighborhood Grill & Bar, International House of Pancakes (IHOP), and Fuzzy's Taco Shop.
AFRM vs DIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $217.6M |
| Net Profit | $129.6M | $-12.2M |
| Gross Margin | — | 42.4% |
| Operating Margin | 29.3% | -7.6% |
| Net Margin | 32.3% | -5.6% |
| Revenue YoY | 32.5% | 6.3% |
| Net Profit YoY | 61.3% | -336.1% |
| EPS (diluted) | $0.37 | $-0.79 |
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 | $217.6M | ||
| Q3 25 | $320.5M | $216.2M | ||
| Q2 25 | $306.6M | $230.8M | ||
| Q1 25 | $272.5M | $214.8M | ||
| Q4 24 | $303.0M | $204.8M | ||
| Q3 24 | $231.8M | $195.0M | ||
| Q2 24 | $224.0M | $206.3M | ||
| Q1 24 | $195.0M | $206.2M |
| Q4 25 | $129.6M | $-12.2M | ||
| Q3 25 | $80.7M | $7.3M | ||
| Q2 25 | $69.2M | $13.8M | ||
| Q1 25 | $2.8M | $8.2M | ||
| Q4 24 | $80.4M | $5.2M | ||
| Q3 24 | $-100.2M | $19.1M | ||
| Q2 24 | $-45.1M | $23.2M | ||
| Q1 24 | $-133.9M | $17.5M |
| Q4 25 | — | 42.4% | ||
| Q3 25 | — | 39.1% | ||
| Q2 25 | — | 40.0% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | — | 47.8% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 47.2% |
| Q4 25 | 29.3% | -7.6% | ||
| Q3 25 | 19.9% | 4.7% | ||
| Q2 25 | 18.9% | 8.2% | ||
| Q1 25 | -3.1% | 6.0% | ||
| Q4 24 | -1.4% | 3.8% | ||
| Q3 24 | -57.2% | 13.6% | ||
| Q2 24 | -32.8% | 15.1% | ||
| Q1 24 | -82.5% | 11.7% |
| Q4 25 | 32.3% | -5.6% | ||
| Q3 25 | 25.2% | 3.4% | ||
| Q2 25 | 22.6% | 6.0% | ||
| Q1 25 | 1.0% | 3.8% | ||
| Q4 24 | 26.5% | 2.5% | ||
| Q3 24 | -43.2% | 9.8% | ||
| Q2 24 | -20.2% | 11.2% | ||
| Q1 24 | -68.7% | 8.5% |
| Q4 25 | $0.37 | $-0.79 | ||
| Q3 25 | $0.23 | $0.48 | ||
| Q2 25 | $0.22 | $0.89 | ||
| Q1 25 | $0.01 | $0.53 | ||
| Q4 24 | $0.23 | $0.35 | ||
| Q3 24 | $-0.31 | $1.24 | ||
| Q2 24 | $-0.13 | $1.50 | ||
| Q1 24 | $-0.43 | $1.13 |
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 | $128.2M |
| Total DebtLower is stronger | $9.0B | $1.2B |
| Stockholders' EquityBook value | $3.5B | $-273.9M |
| Total Assets | $13.0B | $1.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $128.2M | ||
| Q3 25 | $1.4B | $167.9M | ||
| Q2 25 | $1.4B | $194.2M | ||
| Q1 25 | $1.4B | $186.5M | ||
| Q4 24 | $1.2B | $186.7M | ||
| Q3 24 | $1.0B | $169.6M | ||
| Q2 24 | $1.0B | $153.5M | ||
| Q1 24 | $1.3B | $145.0M |
| Q4 25 | $9.0B | $1.2B | ||
| Q3 25 | $7.7B | $1.2B | ||
| Q2 25 | $7.6B | $1.2B | ||
| Q1 25 | $7.1B | $1.2B | ||
| Q4 24 | $7.3B | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $3.5B | $-273.9M | ||
| Q3 25 | $3.3B | $-231.9M | ||
| Q2 25 | $3.1B | $-212.5M | ||
| Q1 25 | $2.9B | $-215.7M | ||
| Q4 24 | $2.8B | $-216.0M | ||
| Q3 24 | $2.8B | $-216.7M | ||
| Q2 24 | $2.7B | $-231.7M | ||
| Q1 24 | $2.6B | $-244.8M |
| Q4 25 | $13.0B | $1.7B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.7B | ||
| Q2 24 | $9.5B | $1.7B | ||
| Q1 24 | $9.2B | $1.7B |
| 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 | $5.7M |
| Free Cash FlowOCF − Capex | $118.0M | $-8.6M |
| FCF MarginFCF / Revenue | 29.4% | -3.9% |
| Capex IntensityCapex / Revenue | 13.9% | 6.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $53.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $5.7M | ||
| Q3 25 | $374.6M | $30.2M | ||
| Q2 25 | $74.6M | $37.0M | ||
| Q1 25 | $210.4M | $16.1M | ||
| Q4 24 | $312.0M | $30.5M | ||
| Q3 24 | $196.9M | $25.5M | ||
| Q2 24 | $68.8M | $21.6M | ||
| Q1 24 | $208.2M | $30.6M |
| Q4 25 | $118.0M | $-8.6M | ||
| Q3 25 | $320.2M | $18.1M | ||
| Q2 25 | $23.5M | $31.0M | ||
| Q1 25 | $157.4M | $12.8M | ||
| Q4 24 | $268.1M | $26.7M | ||
| Q3 24 | $152.7M | $22.0M | ||
| Q2 24 | $30.5M | $18.2M | ||
| Q1 24 | $161.7M | $27.2M |
| Q4 25 | 29.4% | -3.9% | ||
| Q3 25 | 99.9% | 8.4% | ||
| Q2 25 | 7.7% | 13.4% | ||
| Q1 25 | 57.7% | 6.0% | ||
| Q4 24 | 88.5% | 13.0% | ||
| Q3 24 | 65.9% | 11.3% | ||
| Q2 24 | 13.6% | 8.8% | ||
| Q1 24 | 82.9% | 13.2% |
| Q4 25 | 13.9% | 6.6% | ||
| Q3 25 | 17.0% | 5.6% | ||
| Q2 25 | 16.7% | 2.6% | ||
| Q1 25 | 19.5% | 1.5% | ||
| Q4 24 | 14.5% | 1.9% | ||
| Q3 24 | 19.0% | 1.8% | ||
| Q2 24 | 17.1% | 1.7% | ||
| Q1 24 | 23.8% | 1.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 4.12× | ||
| Q2 25 | 1.08× | 2.68× | ||
| Q1 25 | 75.03× | 1.97× | ||
| Q4 24 | 3.88× | 5.88× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | — | 1.75× |
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% |
DIN
| Franchisor | $163.2M | 75% |
| Food And Beverage | $27.3M | 13% |
| Proprietary Product Sales And Other | $17.0M | 8% |
| Other | $8.1M | 4% |
| Franchise And Development Fees | $2.0M | 1% |
