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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Equity Residential (EQR). Click either name above to swap in a different company.
Equity Residential is the larger business by last-quarter revenue ($781.9M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). Equity Residential runs the higher net margin — 48.9% vs 32.3%, a 16.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 2.0%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 3.4%).
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.
Equity Residential is a United States–based publicly traded real estate investment trust that invests in apartments.
AFRM vs EQR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $781.9M |
| Net Profit | $129.6M | $382.1M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 50.6% |
| Net Margin | 32.3% | 48.9% |
| Revenue YoY | 32.5% | 2.0% |
| Net Profit YoY | 61.3% | -8.8% |
| EPS (diluted) | $0.37 | $1.01 |
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 | $781.9M | ||
| Q3 25 | $320.5M | $782.4M | ||
| Q2 25 | $306.6M | $768.8M | ||
| Q1 25 | $272.5M | $760.8M | ||
| Q4 24 | $303.0M | $766.8M | ||
| Q3 24 | $231.8M | $748.3M | ||
| Q2 24 | $224.0M | $734.2M | ||
| Q1 24 | $195.0M | $730.8M |
| Q4 25 | $129.6M | $382.1M | ||
| Q3 25 | $80.7M | $289.1M | ||
| Q2 25 | $69.2M | $192.4M | ||
| Q1 25 | $2.8M | $256.6M | ||
| Q4 24 | $80.4M | $419.1M | ||
| Q3 24 | $-100.2M | $143.4M | ||
| Q2 24 | $-45.1M | $177.5M | ||
| Q1 24 | $-133.9M | $295.8M |
| Q4 25 | 29.3% | 50.6% | ||
| Q3 25 | 19.9% | 38.5% | ||
| Q2 25 | 18.9% | 26.6% | ||
| Q1 25 | -3.1% | 35.7% | ||
| Q4 24 | -1.4% | 57.2% | ||
| Q3 24 | -57.2% | 20.1% | ||
| Q2 24 | -32.8% | 25.3% | ||
| Q1 24 | -82.5% | 42.0% |
| Q4 25 | 32.3% | 48.9% | ||
| Q3 25 | 25.2% | 36.9% | ||
| Q2 25 | 22.6% | 25.0% | ||
| Q1 25 | 1.0% | 33.7% | ||
| Q4 24 | 26.5% | 54.7% | ||
| Q3 24 | -43.2% | 19.2% | ||
| Q2 24 | -20.2% | 24.2% | ||
| Q1 24 | -68.7% | 40.5% |
| Q4 25 | $0.37 | $1.01 | ||
| Q3 25 | $0.23 | $0.76 | ||
| Q2 25 | $0.22 | $0.50 | ||
| Q1 25 | $0.01 | $0.67 | ||
| Q4 24 | $0.23 | $1.10 | ||
| Q3 24 | $-0.31 | $0.38 | ||
| Q2 24 | $-0.13 | $0.47 | ||
| Q1 24 | $-0.43 | $0.77 |
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 | $55.9M |
| Total DebtLower is stronger | $9.0B | $8.2B |
| Stockholders' EquityBook value | $3.5B | $11.0B |
| Total Assets | $13.0B | $20.7B |
| Debt / EquityLower = less leverage | 2.54× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $55.9M | ||
| Q3 25 | $1.4B | $93.1M | ||
| Q2 25 | $1.4B | $31.3M | ||
| Q1 25 | $1.4B | $39.8M | ||
| Q4 24 | $1.2B | $62.3M | ||
| Q3 24 | $1.0B | $28.6M | ||
| Q2 24 | $1.0B | $38.3M | ||
| Q1 24 | $1.3B | $44.5M |
| Q4 25 | $9.0B | $8.2B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $8.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $11.0B | ||
| Q3 25 | $3.3B | $11.1B | ||
| Q2 25 | $3.1B | $11.0B | ||
| Q1 25 | $2.9B | $11.0B | ||
| Q4 24 | $2.8B | $11.0B | ||
| Q3 24 | $2.8B | $10.9B | ||
| Q2 24 | $2.7B | $11.0B | ||
| Q1 24 | $2.6B | $11.1B |
| Q4 25 | $13.0B | $20.7B | ||
| Q3 25 | $11.5B | $21.1B | ||
| Q2 25 | $11.2B | $21.0B | ||
| Q1 25 | $10.4B | $20.6B | ||
| Q4 24 | $10.5B | $20.8B | ||
| Q3 24 | $10.1B | $20.9B | ||
| Q2 24 | $9.5B | $19.8B | ||
| Q1 24 | $9.2B | $19.9B |
| Q4 25 | 2.54× | 0.75× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.74× | ||
| 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 | $387.0M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 1.01× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $387.0M | ||
| Q3 25 | $374.6M | $476.7M | ||
| Q2 25 | $74.6M | $359.5M | ||
| Q1 25 | $210.4M | $425.5M | ||
| Q4 24 | $312.0M | $354.2M | ||
| Q3 24 | $196.9M | $401.4M | ||
| Q2 24 | $68.8M | $396.9M | ||
| Q1 24 | $208.2M | $421.0M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | 1.01× | ||
| Q3 25 | 4.64× | 1.65× | ||
| Q2 25 | 1.08× | 1.87× | ||
| Q1 25 | 75.03× | 1.66× | ||
| Q4 24 | 3.88× | 0.85× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | 2.24× | ||
| Q1 24 | — | 1.42× |
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% |
EQR
Segment breakdown not available.
