vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.
EXELIXIS, INC. is the larger business by last-quarter revenue ($598.7M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). EXELIXIS, INC. runs the higher net margin — 40.8% vs 32.3%, a 8.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 18.7%).
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.
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
AFRM vs EXEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $598.7M |
| Net Profit | $129.6M | $244.5M |
| Gross Margin | — | 95.6% |
| Operating Margin | 29.3% | 39.3% |
| Net Margin | 32.3% | 40.8% |
| Revenue YoY | 32.5% | 5.6% |
| Net Profit YoY | 61.3% | 74.8% |
| EPS (diluted) | $0.37 | $0.89 |
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.
| Q1 26 | — | $598.7M | ||
| Q4 25 | $401.4M | $597.8M | ||
| Q3 25 | $320.5M | $568.3M | ||
| Q2 25 | $306.6M | $555.4M | ||
| Q1 25 | $272.5M | $566.8M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $539.5M | ||
| Q2 24 | $224.0M | $637.2M |
| Q1 26 | — | $244.5M | ||
| Q4 25 | $129.6M | $193.6M | ||
| Q3 25 | $80.7M | $184.8M | ||
| Q2 25 | $69.2M | $159.6M | ||
| Q1 25 | $2.8M | $139.9M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $118.0M | ||
| Q2 24 | $-45.1M | $226.1M |
| Q1 26 | — | 95.6% | ||
| Q4 25 | — | 96.9% | ||
| Q3 25 | — | 96.6% | ||
| Q2 25 | — | 96.5% | ||
| Q1 25 | — | 96.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 96.8% | ||
| Q2 24 | — | 97.2% |
| Q1 26 | — | 39.3% | ||
| Q4 25 | 29.3% | 39.6% | ||
| Q3 25 | 19.9% | 37.6% | ||
| Q2 25 | 18.9% | 33.6% | ||
| Q1 25 | -3.1% | 28.8% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | 25.2% | ||
| Q2 24 | -32.8% | 43.3% |
| Q1 26 | — | 40.8% | ||
| Q4 25 | 32.3% | 32.4% | ||
| Q3 25 | 25.2% | 32.5% | ||
| Q2 25 | 22.6% | 28.7% | ||
| Q1 25 | 1.0% | 24.7% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 21.9% | ||
| Q2 24 | -20.2% | 35.5% |
| Q1 26 | — | $0.89 | ||
| Q4 25 | $0.37 | $0.69 | ||
| Q3 25 | $0.23 | $0.65 | ||
| Q2 25 | $0.22 | $0.55 | ||
| Q1 25 | $0.01 | $0.47 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $0.40 | ||
| Q2 24 | $-0.13 | $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 | $1.1B |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.2B |
| Total Assets | $13.0B | $2.8B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.5B | $988.5M | ||
| Q3 25 | $1.4B | $791.1M | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.0B | $1.0B |
| Q1 26 | — | — | ||
| 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 26 | — | $2.2B | ||
| Q4 25 | $3.5B | $2.2B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $2.2B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.7B | $2.1B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $13.0B | $2.8B | ||
| Q3 25 | $11.5B | $2.7B | ||
| Q2 25 | $11.2B | $2.8B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $3.0B | ||
| Q2 24 | $9.5B | $2.8B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $333.5M |
| Free Cash FlowOCF − Capex | $118.0M | $332.4M |
| FCF MarginFCF / Revenue | 29.4% | 55.5% |
| Capex IntensityCapex / Revenue | 13.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.36× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $875.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $333.5M | ||
| Q4 25 | $173.7M | $290.3M | ||
| Q3 25 | $374.6M | $49.0M | ||
| Q2 25 | $74.6M | $211.4M | ||
| Q1 25 | $210.4M | $240.3M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $271.3M | ||
| Q2 24 | $68.8M | $119.5M |
| Q1 26 | — | $332.4M | ||
| Q4 25 | $118.0M | $288.8M | ||
| Q3 25 | $320.2M | $46.2M | ||
| Q2 25 | $23.5M | $208.5M | ||
| Q1 25 | $157.4M | $236.3M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $263.1M | ||
| Q2 24 | $30.5M | $113.0M |
| Q1 26 | — | 55.5% | ||
| Q4 25 | 29.4% | 48.3% | ||
| Q3 25 | 99.9% | 8.1% | ||
| Q2 25 | 7.7% | 37.5% | ||
| Q1 25 | 57.7% | 41.7% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 48.8% | ||
| Q2 24 | 13.6% | 17.7% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 13.9% | 0.2% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 16.7% | 0.5% | ||
| Q1 25 | 19.5% | 0.7% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 1.5% | ||
| Q2 24 | 17.1% | 1.0% |
| Q1 26 | — | 1.36× | ||
| Q4 25 | 1.34× | 1.50× | ||
| Q3 25 | 4.64× | 0.27× | ||
| Q2 25 | 1.08× | 1.32× | ||
| Q1 25 | 75.03× | 1.72× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 0.53× |
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% |
EXEL
| Cabometyx | $544.7M | 91% |
| Collaboration | $52.1M | 9% |
| Collaborative Arrangementwith Takeda | $5.9M | 1% |
| Cometriq | $1.8M | 0% |
