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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and DELUXE CORP (DLX). Click either name above to swap in a different company.
DELUXE CORP is the larger business by last-quarter revenue ($535.2M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 2.2%, a 30.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 2.8%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 0.0%).
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.
Deluxe Corporation is an American company that provides payment processing, data services, checks and promotional products, and merchant services. It operates in four divisions: B2B payments, data, print, and merchant services. As of 2025, the company serves millions of small businesses and thousands of financial institutions, processing more than $2.8 trillion in payments annually. While its legacy business centers on check printing and other printed products, payments and data services now ...
AFRM vs DLX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $535.2M |
| Net Profit | $129.6M | $12.0M |
| Gross Margin | — | 52.2% |
| Operating Margin | 29.3% | 8.9% |
| Net Margin | 32.3% | 2.2% |
| Revenue YoY | 32.5% | 2.8% |
| Net Profit YoY | 61.3% | -5.0% |
| EPS (diluted) | $0.37 | $0.25 |
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 | $535.2M | ||
| Q3 25 | $320.5M | $540.2M | ||
| Q2 25 | $306.6M | $521.3M | ||
| Q1 25 | $272.5M | $536.5M | ||
| Q4 24 | $303.0M | $520.6M | ||
| Q3 24 | $231.8M | $528.4M | ||
| Q2 24 | $224.0M | $537.8M | ||
| Q1 24 | $195.0M | $535.0M |
| Q4 25 | $129.6M | $12.0M | ||
| Q3 25 | $80.7M | $33.7M | ||
| Q2 25 | $69.2M | $22.4M | ||
| Q1 25 | $2.8M | $14.0M | ||
| Q4 24 | $80.4M | $12.6M | ||
| Q3 24 | $-100.2M | $8.9M | ||
| Q2 24 | $-45.1M | $20.5M | ||
| Q1 24 | $-133.9M | $10.8M |
| Q4 25 | — | 52.2% | ||
| Q3 25 | — | 53.9% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 52.4% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | — | 53.3% | ||
| Q2 24 | — | 53.7% | ||
| Q1 24 | — | 53.0% |
| Q4 25 | 29.3% | 8.9% | ||
| Q3 25 | 19.9% | 14.0% | ||
| Q2 25 | 18.9% | 11.7% | ||
| Q1 25 | -3.1% | 9.0% | ||
| Q4 24 | -1.4% | 9.0% | ||
| Q3 24 | -57.2% | 7.9% | ||
| Q2 24 | -32.8% | 11.0% | ||
| Q1 24 | -82.5% | 8.3% |
| Q4 25 | 32.3% | 2.2% | ||
| Q3 25 | 25.2% | 6.2% | ||
| Q2 25 | 22.6% | 4.3% | ||
| Q1 25 | 1.0% | 2.6% | ||
| Q4 24 | 26.5% | 2.4% | ||
| Q3 24 | -43.2% | 1.7% | ||
| Q2 24 | -20.2% | 3.8% | ||
| Q1 24 | -68.7% | 2.0% |
| Q4 25 | $0.37 | $0.25 | ||
| Q3 25 | $0.23 | $0.74 | ||
| Q2 25 | $0.22 | $0.50 | ||
| Q1 25 | $0.01 | $0.31 | ||
| Q4 24 | $0.23 | $0.28 | ||
| Q3 24 | $-0.31 | $0.20 | ||
| Q2 24 | $-0.13 | $0.46 | ||
| Q1 24 | $-0.43 | $0.24 |
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 | $36.9M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $680.7M |
| Total Assets | $13.0B | $2.9B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $36.9M | ||
| Q3 25 | $1.4B | $25.8M | ||
| Q2 25 | $1.4B | $26.0M | ||
| Q1 25 | $1.4B | $30.3M | ||
| Q4 24 | $1.2B | $34.4M | ||
| Q3 24 | $1.0B | $41.3M | ||
| Q2 24 | $1.0B | $23.1M | ||
| Q1 24 | $1.3B | $23.5M |
| 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 24 | — | — |
| Q4 25 | $3.5B | $680.7M | ||
| Q3 25 | $3.3B | $664.1M | ||
| Q2 25 | $3.1B | $638.7M | ||
| Q1 25 | $2.9B | $622.5M | ||
| Q4 24 | $2.8B | $620.9M | ||
| Q3 24 | $2.8B | $612.7M | ||
| Q2 24 | $2.7B | $620.5M | ||
| Q1 24 | $2.6B | $608.4M |
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | $2.6B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.6B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $2.6B | ||
| Q2 24 | $9.5B | $2.7B | ||
| Q1 24 | $9.2B | $2.7B |
| 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 | $102.1M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 8.53× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $102.1M | ||
| Q3 25 | $374.6M | $67.1M | ||
| Q2 25 | $74.6M | $51.1M | ||
| Q1 25 | $210.4M | $50.3M | ||
| Q4 24 | $312.0M | $60.2M | ||
| Q3 24 | $196.9M | $67.9M | ||
| Q2 24 | $68.8M | $39.6M | ||
| Q1 24 | $208.2M | $26.6M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | $27.8M | ||
| Q1 25 | $157.4M | $24.3M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $46.7M | ||
| Q2 24 | $30.5M | $11.4M | ||
| Q1 24 | $161.7M | $6.1M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | 5.3% | ||
| Q1 25 | 57.7% | 4.5% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 8.8% | ||
| Q2 24 | 13.6% | 2.1% | ||
| Q1 24 | 82.9% | 1.1% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | 4.5% | ||
| Q1 25 | 19.5% | 4.8% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 4.0% | ||
| Q2 24 | 17.1% | 5.2% | ||
| Q1 24 | 23.8% | 3.8% |
| Q4 25 | 1.34× | 8.53× | ||
| Q3 25 | 4.64× | 1.99× | ||
| Q2 25 | 1.08× | 2.28× | ||
| Q1 25 | 75.03× | 3.59× | ||
| Q4 24 | 3.88× | 4.77× | ||
| Q3 24 | — | 7.60× | ||
| Q2 24 | — | 1.94× | ||
| Q1 24 | — | 2.46× |
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% |
DLX
| Services | $247.9M | 46% |
| B2B Payments | $76.3M | 14% |
| Datadrivenmarketingsolutions | $68.5M | 13% |
| Promotional Solutions Revenue | $60.9M | 11% |
| Treasurymanagementsolutions | $59.8M | 11% |
| Other | $17.3M | 3% |
| Other Web Based Solutions | $4.6M | 1% |
