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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $282.9M, roughly 1.4× Duolingo, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 14.8%, a 17.5% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $96.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 29.9%).
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.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
AFRM vs DUOL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $282.9M |
| Net Profit | $129.6M | $42.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 29.3% | 15.4% |
| Net Margin | 32.3% | 14.8% |
| Revenue YoY | 32.5% | 35.0% |
| Net Profit YoY | 61.3% | 201.7% |
| EPS (diluted) | $0.37 | $0.99 |
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 | $282.9M | ||
| Q3 25 | $320.5M | $271.7M | ||
| Q2 25 | $306.6M | $252.3M | ||
| Q1 25 | $272.5M | $230.7M | ||
| Q4 24 | $303.0M | $209.6M | ||
| Q3 24 | $231.8M | $192.6M | ||
| Q2 24 | $224.0M | $178.3M | ||
| Q1 24 | $195.0M | $167.6M |
| Q4 25 | $129.6M | $42.0M | ||
| Q3 25 | $80.7M | $292.2M | ||
| Q2 25 | $69.2M | $44.8M | ||
| Q1 25 | $2.8M | $35.1M | ||
| Q4 24 | $80.4M | $13.9M | ||
| Q3 24 | $-100.2M | $23.4M | ||
| Q2 24 | $-45.1M | $24.4M | ||
| Q1 24 | $-133.9M | $27.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.5% | ||
| Q2 25 | — | 72.4% | ||
| Q1 25 | — | 71.1% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 73.4% | ||
| Q1 24 | — | 73.0% |
| Q4 25 | 29.3% | 15.4% | ||
| Q3 25 | 19.9% | 12.9% | ||
| Q2 25 | 18.9% | 13.2% | ||
| Q1 25 | -3.1% | 10.2% | ||
| Q4 24 | -1.4% | 6.6% | ||
| Q3 24 | -57.2% | 7.0% | ||
| Q2 24 | -32.8% | 10.5% | ||
| Q1 24 | -82.5% | 9.8% |
| Q4 25 | 32.3% | 14.8% | ||
| Q3 25 | 25.2% | 107.5% | ||
| Q2 25 | 22.6% | 17.8% | ||
| Q1 25 | 1.0% | 15.2% | ||
| Q4 24 | 26.5% | 6.6% | ||
| Q3 24 | -43.2% | 12.1% | ||
| Q2 24 | -20.2% | 13.7% | ||
| Q1 24 | -68.7% | 16.1% |
| Q4 25 | $0.37 | $0.99 | ||
| Q3 25 | $0.23 | $5.95 | ||
| Q2 25 | $0.22 | $0.91 | ||
| Q1 25 | $0.01 | $0.72 | ||
| Q4 24 | $0.23 | $0.31 | ||
| Q3 24 | $-0.31 | $0.49 | ||
| Q2 24 | $-0.13 | $0.51 | ||
| Q1 24 | $-0.43 | $0.57 |
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 | $1.0B |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.3B |
| Total Assets | $13.0B | $2.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $1.0B | ||
| Q2 25 | $1.4B | $976.2M | ||
| Q1 25 | $1.4B | $884.0M | ||
| Q4 24 | $1.2B | $785.8M | ||
| Q3 24 | $1.0B | $854.4M | ||
| Q2 24 | $1.0B | $888.2M | ||
| Q1 24 | $1.3B | $829.7M |
| 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 | $1.3B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $977.0M | ||
| Q1 25 | $2.9B | $893.8M | ||
| Q4 24 | $2.8B | $824.5M | ||
| Q3 24 | $2.8B | $822.5M | ||
| Q2 24 | $2.7B | $766.9M | ||
| Q1 24 | $2.6B | $711.1M |
| Q4 25 | $13.0B | $2.0B | ||
| Q3 25 | $11.5B | $1.9B | ||
| Q2 25 | $11.2B | $1.5B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.3B | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $1.1B | ||
| Q1 24 | $9.2B | $1.1B |
| 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 | $107.3M |
| Free Cash FlowOCF − Capex | $118.0M | $96.6M |
| FCF MarginFCF / Revenue | 29.4% | 34.1% |
| Capex IntensityCapex / Revenue | 13.9% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $107.3M | ||
| Q3 25 | $374.6M | $84.2M | ||
| Q2 25 | $74.6M | $90.7M | ||
| Q1 25 | $210.4M | $105.6M | ||
| Q4 24 | $312.0M | $83.3M | ||
| Q3 24 | $196.9M | $56.3M | ||
| Q2 24 | $68.8M | $62.4M | ||
| Q1 24 | $208.2M | $83.5M |
| Q4 25 | $118.0M | $96.6M | ||
| Q3 25 | $320.2M | $79.4M | ||
| Q2 25 | $23.5M | $89.5M | ||
| Q1 25 | $157.4M | $104.3M | ||
| Q4 24 | $268.1M | $81.4M | ||
| Q3 24 | $152.7M | $53.1M | ||
| Q2 24 | $30.5M | $56.8M | ||
| Q1 24 | $161.7M | $82.1M |
| Q4 25 | 29.4% | 34.1% | ||
| Q3 25 | 99.9% | 29.2% | ||
| Q2 25 | 7.7% | 35.5% | ||
| Q1 25 | 57.7% | 45.2% | ||
| Q4 24 | 88.5% | 38.8% | ||
| Q3 24 | 65.9% | 27.6% | ||
| Q2 24 | 13.6% | 31.9% | ||
| Q1 24 | 82.9% | 49.0% |
| Q4 25 | 13.9% | 3.8% | ||
| Q3 25 | 17.0% | 1.8% | ||
| Q2 25 | 16.7% | 0.5% | ||
| Q1 25 | 19.5% | 0.6% | ||
| Q4 24 | 14.5% | 0.9% | ||
| Q3 24 | 19.0% | 1.7% | ||
| Q2 24 | 17.1% | 3.1% | ||
| Q1 24 | 23.8% | 0.8% |
| Q4 25 | 1.34× | 2.56× | ||
| Q3 25 | 4.64× | 0.29× | ||
| Q2 25 | 1.08× | 2.02× | ||
| Q1 25 | 75.03× | 3.01× | ||
| Q4 24 | 3.88× | 5.99× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 2.56× | ||
| Q1 24 | — | 3.10× |
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% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
