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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Flywire Corp (FLYW). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $157.5M, roughly 2.5× Flywire Corp). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.0%, a 32.3% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $4.5M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 17.5%).
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.
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
AFRM vs FLYW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $157.5M |
| Net Profit | $129.6M | $33.0K |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -0.6% |
| Net Margin | 32.3% | 0.0% |
| Revenue YoY | 32.5% | 34.0% |
| Net Profit YoY | 61.3% | 100.2% |
| EPS (diluted) | $0.37 | $0.01 |
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 | $157.5M | ||
| Q3 25 | $320.5M | $200.1M | ||
| Q2 25 | $306.6M | $131.9M | ||
| Q1 25 | $272.5M | $133.5M | ||
| Q4 24 | $303.0M | $117.5M | ||
| Q3 24 | $231.8M | $156.8M | ||
| Q2 24 | $224.0M | $103.7M | ||
| Q1 24 | $195.0M | $114.1M |
| Q4 25 | $129.6M | $33.0K | ||
| Q3 25 | $80.7M | $29.6M | ||
| Q2 25 | $69.2M | $-12.0M | ||
| Q1 25 | $2.8M | $-4.2M | ||
| Q4 24 | $80.4M | $-15.9M | ||
| Q3 24 | $-100.2M | $38.9M | ||
| Q2 24 | $-45.1M | $-13.9M | ||
| Q1 24 | $-133.9M | $-6.2M |
| Q4 25 | 29.3% | -0.6% | ||
| Q3 25 | 19.9% | 16.1% | ||
| Q2 25 | 18.9% | -6.8% | ||
| Q1 25 | -3.1% | -8.2% | ||
| Q4 24 | -1.4% | -4.9% | ||
| Q3 24 | -57.2% | 12.9% | ||
| Q2 24 | -32.8% | -15.2% | ||
| Q1 24 | -82.5% | -5.2% |
| Q4 25 | 32.3% | 0.0% | ||
| Q3 25 | 25.2% | 14.8% | ||
| Q2 25 | 22.6% | -9.1% | ||
| Q1 25 | 1.0% | -3.1% | ||
| Q4 24 | 26.5% | -13.5% | ||
| Q3 24 | -43.2% | 24.8% | ||
| Q2 24 | -20.2% | -13.4% | ||
| Q1 24 | -68.7% | -5.4% |
| Q4 25 | $0.37 | $0.01 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.22 | $-0.10 | ||
| Q1 25 | $0.01 | $-0.03 | ||
| Q4 24 | $0.23 | $-0.12 | ||
| Q3 24 | $-0.31 | $0.30 | ||
| Q2 24 | $-0.13 | $-0.11 | ||
| Q1 24 | $-0.43 | $-0.05 |
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 | $355.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $835.2M |
| Total Assets | $13.0B | $1.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $355.0M | ||
| Q3 25 | $1.4B | $377.3M | ||
| Q2 25 | $1.4B | $274.2M | ||
| Q1 25 | $1.4B | $255.3M | ||
| Q4 24 | $1.2B | $611.1M | ||
| Q3 24 | $1.0B | $681.1M | ||
| Q2 24 | $1.0B | $571.0M | ||
| Q1 24 | $1.3B | $619.0M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $15.0M | ||
| Q2 25 | $7.6B | $60.0M | ||
| Q1 25 | $7.1B | $60.0M | ||
| Q4 24 | $7.3B | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $835.2M | ||
| Q3 25 | $3.3B | $829.1M | ||
| Q2 25 | $3.1B | $792.4M | ||
| Q1 25 | $2.9B | $784.3M | ||
| Q4 24 | $2.8B | $814.8M | ||
| Q3 24 | $2.8B | $843.2M | ||
| Q2 24 | $2.7B | $802.6M | ||
| Q1 24 | $2.6B | $-797.0M |
| Q4 25 | $13.0B | $1.3B | ||
| Q3 25 | $11.5B | $1.3B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.1B | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $998.7M | ||
| Q1 24 | $9.2B | $998.7M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.02× | ||
| Q2 25 | 2.48× | 0.08× | ||
| Q1 25 | 2.49× | 0.08× | ||
| Q4 24 | 2.62× | 0.00× | ||
| 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 | $4.9M |
| Free Cash FlowOCF − Capex | $118.0M | $4.5M |
| FCF MarginFCF / Revenue | 29.4% | 2.9% |
| Capex IntensityCapex / Revenue | 13.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.34× | 148.06× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $98.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $4.9M | ||
| Q3 25 | $374.6M | $150.1M | ||
| Q2 25 | $74.6M | $24.1M | ||
| Q1 25 | $210.4M | $-78.9M | ||
| Q4 24 | $312.0M | $-28.6M | ||
| Q3 24 | $196.9M | $184.6M | ||
| Q2 24 | $68.8M | $-19.3M | ||
| Q1 24 | $208.2M | $-38.1M |
| Q4 25 | $118.0M | $4.5M | ||
| Q3 25 | $320.2M | $149.9M | ||
| Q2 25 | $23.5M | $23.5M | ||
| Q1 25 | $157.4M | $-79.1M | ||
| Q4 24 | $268.1M | $-28.7M | ||
| Q3 24 | $152.7M | $184.4M | ||
| Q2 24 | $30.5M | $-19.7M | ||
| Q1 24 | $161.7M | $-38.3M |
| Q4 25 | 29.4% | 2.9% | ||
| Q3 25 | 99.9% | 74.9% | ||
| Q2 25 | 7.7% | 17.8% | ||
| Q1 25 | 57.7% | -59.3% | ||
| Q4 24 | 88.5% | -24.4% | ||
| Q3 24 | 65.9% | 117.6% | ||
| Q2 24 | 13.6% | -19.0% | ||
| Q1 24 | 82.9% | -33.6% |
| Q4 25 | 13.9% | 0.2% | ||
| Q3 25 | 17.0% | 0.1% | ||
| Q2 25 | 16.7% | 0.4% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.3% | ||
| Q1 24 | 23.8% | 0.2% |
| Q4 25 | 1.34× | 148.06× | ||
| Q3 25 | 4.64× | 5.07× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 4.75× | ||
| 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% |
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
