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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Driven Brands Holdings Inc. (DRVN). Click either name above to swap in a different company.
Driven Brands Holdings Inc. is the larger business by last-quarter revenue ($535.7M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 11.4%, a 20.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $39.5M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -4.0%).
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.
Standard Brands was a packaged foods company, formed in 1929 by J. P. Morgan & Co. with the merger of:Fleischmann Company Royal Baking Powder Company E. W. Gillett Company of Canada (1929) - Toronto-based baking goods company founded by P. W. Gillett in 1852 Widlar Food Products Company Chase & Sanborn Coffee Company
AFRM vs DRVN — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $535.7M |
| Net Profit | $129.6M | $60.9M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 11.6% |
| Net Margin | 32.3% | 11.4% |
| Revenue YoY | 32.5% | 6.6% |
| Net Profit YoY | 61.3% | 507.2% |
| EPS (diluted) | $0.37 | $0.37 |
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 | $535.7M | ||
| Q2 25 | $306.6M | $551.0M | ||
| Q1 25 | $272.5M | $516.2M | ||
| Q4 24 | $303.0M | $836.5M | ||
| Q3 24 | $231.8M | $502.3M | ||
| Q2 24 | $224.0M | $518.8M | ||
| Q1 24 | $195.0M | $482.0M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $60.9M | ||
| Q2 25 | $69.2M | $47.6M | ||
| Q1 25 | $2.8M | $5.5M | ||
| Q4 24 | $80.4M | $-312.0M | ||
| Q3 24 | $-100.2M | $-14.9M | ||
| Q2 24 | $-45.1M | $30.2M | ||
| Q1 24 | $-133.9M | $4.3M |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 11.6% | ||
| Q2 25 | 18.9% | 6.9% | ||
| Q1 25 | -3.1% | 11.9% | ||
| Q4 24 | -1.4% | -41.6% | ||
| Q3 24 | -57.2% | 9.9% | ||
| Q2 24 | -32.8% | 17.4% | ||
| Q1 24 | -82.5% | 14.1% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 11.4% | ||
| Q2 25 | 22.6% | 8.6% | ||
| Q1 25 | 1.0% | 1.1% | ||
| Q4 24 | 26.5% | -37.3% | ||
| Q3 24 | -43.2% | -3.0% | ||
| Q2 24 | -20.2% | 5.8% | ||
| Q1 24 | -68.7% | 0.9% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.37 | ||
| Q2 25 | $0.22 | $0.29 | ||
| Q1 25 | $0.01 | $0.04 | ||
| Q4 24 | $0.23 | $-1.93 | ||
| Q3 24 | $-0.31 | $-0.09 | ||
| Q2 24 | $-0.13 | $0.18 | ||
| Q1 24 | $-0.43 | $0.02 |
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 | $162.0M |
| Total DebtLower is stronger | $9.0B | $1.9B |
| Stockholders' EquityBook value | $3.5B | $793.5M |
| Total Assets | $13.0B | $4.2B |
| Debt / EquityLower = less leverage | 2.54× | 2.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $162.0M | ||
| Q2 25 | $1.4B | $166.1M | ||
| Q1 25 | $1.4B | $152.0M | ||
| Q4 24 | $1.2B | $149.6M | ||
| Q3 24 | $1.0B | $204.2M | ||
| Q2 24 | $1.0B | $148.8M | ||
| Q1 24 | $1.3B | $165.5M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $1.9B | ||
| Q2 25 | $7.6B | $2.1B | ||
| Q1 25 | $7.1B | $2.6B | ||
| Q4 24 | $7.3B | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $1.8B | $2.9B | ||
| Q1 24 | — | $2.9B |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $793.5M | ||
| Q2 25 | $3.1B | $743.4M | ||
| Q1 25 | $2.9B | $643.2M | ||
| Q4 24 | $2.8B | $607.3M | ||
| Q3 24 | $2.8B | $962.8M | ||
| Q2 24 | $2.7B | $942.8M | ||
| Q1 24 | $2.6B | $906.2M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $4.2B | ||
| Q2 25 | $11.2B | $4.3B | ||
| Q1 25 | $10.4B | $5.3B | ||
| Q4 24 | $10.5B | $5.3B | ||
| Q3 24 | $10.1B | $5.8B | ||
| Q2 24 | $9.5B | $5.8B | ||
| Q1 24 | $9.2B | $5.9B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 2.44× | ||
| Q2 25 | 2.48× | 2.82× | ||
| Q1 25 | 2.49× | 4.07× | ||
| Q4 24 | 2.62× | 4.37× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | 0.67× | 3.03× | ||
| Q1 24 | — | 3.21× |
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 | $79.2M |
| Free Cash FlowOCF − Capex | $118.0M | $39.5M |
| FCF MarginFCF / Revenue | 29.4% | 7.4% |
| Capex IntensityCapex / Revenue | 13.9% | 7.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.30× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $31.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $79.2M | ||
| Q2 25 | $74.6M | $80.4M | ||
| Q1 25 | $210.4M | $75.1M | ||
| Q4 24 | $312.0M | $32.9M | ||
| Q3 24 | $196.9M | $101.3M | ||
| Q2 24 | $68.8M | $46.9M | ||
| Q1 24 | $208.2M | $60.3M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $39.5M | ||
| Q2 25 | $23.5M | $9.0M | ||
| Q1 25 | $157.4M | $18.9M | ||
| Q4 24 | $268.1M | $-36.3M | ||
| Q3 24 | $152.7M | $37.9M | ||
| Q2 24 | $30.5M | $-19.5M | ||
| Q1 24 | $161.7M | $-29.2M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 7.4% | ||
| Q2 25 | 7.7% | 1.6% | ||
| Q1 25 | 57.7% | 3.7% | ||
| Q4 24 | 88.5% | -4.3% | ||
| Q3 24 | 65.9% | 7.5% | ||
| Q2 24 | 13.6% | -3.8% | ||
| Q1 24 | 82.9% | -6.1% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 7.4% | ||
| Q2 25 | 16.7% | 13.0% | ||
| Q1 25 | 19.5% | 10.9% | ||
| Q4 24 | 14.5% | 8.3% | ||
| Q3 24 | 19.0% | 12.6% | ||
| Q2 24 | 17.1% | 12.8% | ||
| Q1 24 | 23.8% | 18.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 1.30× | ||
| Q2 25 | 1.08× | 1.69× | ||
| Q1 25 | 75.03× | 13.65× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 14.15× |
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% |
DRVN
| Company Operated Store Sales | $331.3M | 62% |
| Supply And Other | $74.3M | 14% |
| Car Wash Segment | $54.0M | 10% |
| Independently Operated Store Sales | $51.4M | 10% |
| Advertising | $27.9M | 5% |
| Employee Services Leasing Agreement | $2.0M | 0% |
