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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Five9, Inc. (FIVN). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $300.3M, roughly 1.3× Five9, Inc.). On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 7.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $77.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 10.3%).
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.
Five9, Inc. is a leading global provider of cloud-native contact center software and solutions. It serves enterprises of all sizes across retail, healthcare, financial services, and technology sectors, offering omnichannel customer engagement tools, AI-powered automation, workforce management, and analytics to boost customer experience and operational efficiency.
AFRM vs FIVN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $300.3M |
| Net Profit | $129.6M | — |
| Gross Margin | — | 55.4% |
| Operating Margin | 29.3% | 6.6% |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | 7.8% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $0.22 |
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 | $300.3M | ||
| Q3 25 | $320.5M | $285.8M | ||
| Q2 25 | $306.6M | $283.3M | ||
| Q1 25 | $272.5M | $279.7M | ||
| Q4 24 | $303.0M | $278.7M | ||
| Q3 24 | $231.8M | $264.2M | ||
| Q2 24 | $224.0M | $252.1M | ||
| Q1 24 | $195.0M | $247.0M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $18.0M | ||
| Q2 25 | $69.2M | $1.2M | ||
| Q1 25 | $2.8M | $576.0K | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-4.5M | ||
| Q2 24 | $-45.1M | $-12.8M | ||
| Q1 24 | $-133.9M | $-7.1M |
| Q4 25 | — | 55.4% | ||
| Q3 25 | — | 55.0% | ||
| Q2 25 | — | 54.9% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 53.8% | ||
| Q2 24 | — | 53.0% | ||
| Q1 24 | — | 53.6% |
| Q4 25 | 29.3% | 6.6% | ||
| Q3 25 | 19.9% | 5.6% | ||
| Q2 25 | 18.9% | -0.6% | ||
| Q1 25 | -3.1% | -1.9% | ||
| Q4 24 | -1.4% | 1.5% | ||
| Q3 24 | -57.2% | -5.8% | ||
| Q2 24 | -32.8% | -7.7% | ||
| Q1 24 | -82.5% | -8.4% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 6.3% | ||
| Q2 25 | 22.6% | 0.4% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -1.7% | ||
| Q2 24 | -20.2% | -5.1% | ||
| Q1 24 | -68.7% | -2.9% |
| Q4 25 | $0.37 | $0.22 | ||
| Q3 25 | $0.23 | $0.21 | ||
| Q2 25 | $0.22 | $0.01 | ||
| Q1 25 | $0.01 | $0.01 | ||
| Q4 24 | $0.23 | $0.16 | ||
| Q3 24 | $-0.31 | $-0.06 | ||
| Q2 24 | $-0.13 | $-0.17 | ||
| Q1 24 | $-0.43 | $-0.10 |
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 | $232.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $785.8M |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $232.1M | ||
| Q3 25 | $1.4B | $193.4M | ||
| Q2 25 | $1.4B | $205.5M | ||
| Q1 25 | $1.4B | $370.3M | ||
| Q4 24 | $1.2B | $362.5M | ||
| Q3 24 | $1.0B | $291.0M | ||
| Q2 24 | $1.0B | $175.7M | ||
| Q1 24 | $1.3B | $240.2M |
| 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 | $785.8M | ||
| Q3 25 | $3.3B | $775.3M | ||
| Q2 25 | $3.1B | $717.4M | ||
| Q1 25 | $2.9B | $664.3M | ||
| Q4 24 | $2.8B | $622.2M | ||
| Q3 24 | $2.8B | $565.6M | ||
| Q2 24 | $2.7B | $525.9M | ||
| Q1 24 | $2.6B | $483.6M |
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $1.9B | ||
| Q1 24 | $9.2B | $1.9B |
| 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 | $83.6M |
| Free Cash FlowOCF − Capex | $118.0M | $77.3M |
| FCF MarginFCF / Revenue | 29.4% | 25.8% |
| Capex IntensityCapex / Revenue | 13.9% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $201.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $83.6M | ||
| Q3 25 | $374.6M | $59.2M | ||
| Q2 25 | $74.6M | $35.1M | ||
| Q1 25 | $210.4M | $48.4M | ||
| Q4 24 | $312.0M | $49.8M | ||
| Q3 24 | $196.9M | $41.1M | ||
| Q2 24 | $68.8M | $19.9M | ||
| Q1 24 | $208.2M | $32.4M |
| Q4 25 | $118.0M | $77.3M | ||
| Q3 25 | $320.2M | $48.7M | ||
| Q2 25 | $23.5M | $31.6M | ||
| Q1 25 | $157.4M | $43.7M | ||
| Q4 24 | $268.1M | $40.5M | ||
| Q3 24 | $152.7M | $26.7M | ||
| Q2 24 | $30.5M | $13.1M | ||
| Q1 24 | $161.7M | $20.4M |
| Q4 25 | 29.4% | 25.8% | ||
| Q3 25 | 99.9% | 17.0% | ||
| Q2 25 | 7.7% | 11.1% | ||
| Q1 25 | 57.7% | 15.6% | ||
| Q4 24 | 88.5% | 14.5% | ||
| Q3 24 | 65.9% | 10.1% | ||
| Q2 24 | 13.6% | 5.2% | ||
| Q1 24 | 82.9% | 8.3% |
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 3.7% | ||
| Q2 25 | 16.7% | 1.2% | ||
| Q1 25 | 19.5% | 1.7% | ||
| Q4 24 | 14.5% | 3.3% | ||
| Q3 24 | 19.0% | 5.4% | ||
| Q2 24 | 17.1% | 2.7% | ||
| Q1 24 | 23.8% | 4.8% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 3.29× | ||
| Q2 25 | 1.08× | 30.38× | ||
| Q1 25 | 75.03× | 84.00× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| 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% |
FIVN
Segment breakdown not available.
