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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Krispy Kreme, Inc. (DNUT). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $392.4M, roughly 1.0× Krispy Kreme, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -7.1%, a 39.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -2.9%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $27.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -5.9%).
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.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
AFRM vs DNUT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $392.4M |
| Net Profit | $129.6M | $-27.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -1.9% |
| Net Margin | 32.3% | -7.1% |
| Revenue YoY | 32.5% | -2.9% |
| Net Profit YoY | 61.3% | -23.8% |
| EPS (diluted) | $0.37 | $-0.18 |
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 | $392.4M | ||
| Q3 25 | $320.5M | $375.3M | ||
| Q2 25 | $306.6M | $379.8M | ||
| Q1 25 | $272.5M | $375.2M | ||
| Q4 24 | $303.0M | $404.0M | ||
| Q3 24 | $231.8M | $379.9M | ||
| Q2 24 | $224.0M | $438.8M | ||
| Q1 24 | $195.0M | $442.7M |
| Q4 25 | $129.6M | $-27.8M | ||
| Q3 25 | $80.7M | $-19.4M | ||
| Q2 25 | $69.2M | $-435.3M | ||
| Q1 25 | $2.8M | $-33.3M | ||
| Q4 24 | $80.4M | $-22.4M | ||
| Q3 24 | $-100.2M | $39.6M | ||
| Q2 24 | $-45.1M | $-5.5M | ||
| Q1 24 | $-133.9M | $-8.5M |
| Q4 25 | 29.3% | -1.9% | ||
| Q3 25 | 19.9% | -1.9% | ||
| Q2 25 | 18.9% | -114.4% | ||
| Q1 25 | -3.1% | -5.4% | ||
| Q4 24 | -1.4% | -2.8% | ||
| Q3 24 | -57.2% | -4.2% | ||
| Q2 24 | -32.8% | 1.6% | ||
| Q1 24 | -82.5% | 2.7% |
| Q4 25 | 32.3% | -7.1% | ||
| Q3 25 | 25.2% | -5.2% | ||
| Q2 25 | 22.6% | -114.6% | ||
| Q1 25 | 1.0% | -8.9% | ||
| Q4 24 | 26.5% | -5.6% | ||
| Q3 24 | -43.2% | 10.4% | ||
| Q2 24 | -20.2% | -1.3% | ||
| Q1 24 | -68.7% | -1.9% |
| Q4 25 | $0.37 | $-0.18 | ||
| Q3 25 | $0.23 | $-0.11 | ||
| Q2 25 | $0.22 | $-2.55 | ||
| Q1 25 | $0.01 | $-0.20 | ||
| Q4 24 | $0.23 | $-0.13 | ||
| Q3 24 | $-0.31 | $0.23 | ||
| Q2 24 | $-0.13 | $-0.03 | ||
| Q1 24 | $-0.43 | $-0.05 |
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 | $42.4M |
| Total DebtLower is stronger | $9.0B | $911.9M |
| Stockholders' EquityBook value | $3.5B | $650.1M |
| Total Assets | $13.0B | $2.6B |
| Debt / EquityLower = less leverage | 2.54× | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $42.4M | ||
| Q3 25 | $1.4B | $30.7M | ||
| Q2 25 | $1.4B | $21.3M | ||
| Q1 25 | $1.4B | $18.7M | ||
| Q4 24 | $1.2B | $29.0M | ||
| Q3 24 | $1.0B | $25.4M | ||
| Q2 24 | $1.0B | $28.6M | ||
| Q1 24 | $1.3B | $33.1M |
| Q4 25 | $9.0B | $911.9M | ||
| Q3 25 | $7.7B | $906.2M | ||
| Q2 25 | $7.6B | $889.4M | ||
| Q1 25 | $7.1B | $935.0M | ||
| Q4 24 | $7.3B | $844.5M | ||
| Q3 24 | — | $804.6M | ||
| Q2 24 | $1.8B | $895.0M | ||
| Q1 24 | — | $881.8M |
| Q4 25 | $3.5B | $650.1M | ||
| Q3 25 | $3.3B | $670.3M | ||
| Q2 25 | $3.1B | $693.6M | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | $13.0B | $2.6B | ||
| Q3 25 | $11.5B | $2.6B | ||
| Q2 25 | $11.2B | $2.6B | ||
| Q1 25 | $10.4B | $3.1B | ||
| Q4 24 | $10.5B | $3.1B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $3.2B | ||
| Q1 24 | $9.2B | $3.2B |
| Q4 25 | 2.54× | 1.40× | ||
| Q3 25 | 2.35× | 1.35× | ||
| Q2 25 | 2.48× | 1.28× | ||
| Q1 25 | 2.49× | 0.85× | ||
| Q4 24 | 2.62× | 0.74× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 0.67× | 0.79× | ||
| Q1 24 | — | 0.76× |
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 | $45.0M |
| Free Cash FlowOCF − Capex | $118.0M | $27.9M |
| FCF MarginFCF / Revenue | 29.4% | 7.1% |
| Capex IntensityCapex / Revenue | 13.9% | 4.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-64.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $45.0M | ||
| Q3 25 | $374.6M | $42.3M | ||
| Q2 25 | $74.6M | $-32.5M | ||
| Q1 25 | $210.4M | $-20.8M | ||
| Q4 24 | $312.0M | $27.0M | ||
| Q3 24 | $196.9M | $3.3M | ||
| Q2 24 | $68.8M | $33.2M | ||
| Q1 24 | $208.2M | $-17.7M |
| Q4 25 | $118.0M | $27.9M | ||
| Q3 25 | $320.2M | $15.5M | ||
| Q2 25 | $23.5M | $-60.8M | ||
| Q1 25 | $157.4M | $-46.7M | ||
| Q4 24 | $268.1M | $-6.9M | ||
| Q3 24 | $152.7M | $-22.9M | ||
| Q2 24 | $30.5M | $1.6M | ||
| Q1 24 | $161.7M | $-46.8M |
| Q4 25 | 29.4% | 7.1% | ||
| Q3 25 | 99.9% | 4.1% | ||
| Q2 25 | 7.7% | -16.0% | ||
| Q1 25 | 57.7% | -12.5% | ||
| Q4 24 | 88.5% | -1.7% | ||
| Q3 24 | 65.9% | -6.0% | ||
| Q2 24 | 13.6% | 0.4% | ||
| Q1 24 | 82.9% | -10.6% |
| Q4 25 | 13.9% | 4.4% | ||
| Q3 25 | 17.0% | 7.1% | ||
| Q2 25 | 16.7% | 7.4% | ||
| Q1 25 | 19.5% | 6.9% | ||
| Q4 24 | 14.5% | 8.4% | ||
| Q3 24 | 19.0% | 6.9% | ||
| Q2 24 | 17.1% | 7.2% | ||
| Q1 24 | 23.8% | 6.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | — | ||
| 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% |
DNUT
Segment breakdown not available.
