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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Shift4 Payments, Inc. (FOUR). Click either name above to swap in a different company.
Shift4 Payments, Inc. is the larger business by last-quarter revenue ($1.2B vs $401.4M, roughly 3.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 3.4%, a 28.9% gap on every dollar of revenue. On growth, Shift4 Payments, Inc. posted the faster year-over-year revenue change (34.0% vs 32.5%). Shift4 Payments, Inc. produced more free cash flow last quarter ($222.5M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 29.6%).
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.
Shift4 Payments, Inc. is an American payment processing company based in Allentown, Pennsylvania. The company, founded in 1999 by the then 16-year-old Jared Isaacman, processes payments for over 200,000 businesses in the retail, hospitality, leisure, and restaurant industries. Shift4 specializes in commerce technology such as mobile payment software and hardware. The company was publicly listed on the New York Stock Exchange in 2020.
AFRM vs FOUR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $1.2B |
| Net Profit | $129.6M | $40.2M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 10.8% |
| Net Margin | 32.3% | 3.4% |
| Revenue YoY | 32.5% | 34.0% |
| Net Profit YoY | 61.3% | -65.3% |
| EPS (diluted) | $0.37 | — |
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 | $1.2B | ||
| Q3 25 | $320.5M | $1.2B | ||
| Q2 25 | $306.6M | $966.2M | ||
| Q1 25 | $272.5M | $848.3M | ||
| Q4 24 | $303.0M | $887.0M | ||
| Q3 24 | $231.8M | $909.2M | ||
| Q2 24 | $224.0M | $827.0M | ||
| Q1 24 | $195.0M | $707.4M |
| Q4 25 | $129.6M | $40.2M | ||
| Q3 25 | $80.7M | $28.1M | ||
| Q2 25 | $69.2M | $34.0M | ||
| Q1 25 | $2.8M | $16.7M | ||
| Q4 24 | $80.4M | $116.0M | ||
| Q3 24 | $-100.2M | $53.8M | ||
| Q2 24 | $-45.1M | $39.2M | ||
| Q1 24 | $-133.9M | $20.6M |
| Q4 25 | 29.3% | 10.8% | ||
| Q3 25 | 19.9% | 9.7% | ||
| Q2 25 | 18.9% | 8.6% | ||
| Q1 25 | -3.1% | 3.0% | ||
| Q4 24 | -1.4% | 9.7% | ||
| Q3 24 | -57.2% | 8.8% | ||
| Q2 24 | -32.8% | 7.2% | ||
| Q1 24 | -82.5% | 3.0% |
| Q4 25 | 32.3% | 3.4% | ||
| Q3 25 | 25.2% | 2.4% | ||
| Q2 25 | 22.6% | 3.5% | ||
| Q1 25 | 1.0% | 2.0% | ||
| Q4 24 | 26.5% | 13.1% | ||
| Q3 24 | -43.2% | 5.9% | ||
| Q2 24 | -20.2% | 4.7% | ||
| Q1 24 | -68.7% | 2.9% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.43 | — |
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 | $964.0M |
| Total DebtLower is stronger | $9.0B | $4.5B |
| Stockholders' EquityBook value | $3.5B | $1.4B |
| Total Assets | $13.0B | $8.7B |
| Debt / EquityLower = less leverage | 2.54× | 3.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $964.0M | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $205.0M | ||
| Q1 24 | $1.3B | $522.9M |
| Q4 25 | $9.0B | $4.5B | ||
| Q3 25 | $7.7B | $4.7B | ||
| Q2 25 | $7.6B | $3.7B | ||
| Q1 25 | $7.1B | $2.8B | ||
| Q4 24 | $7.3B | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.4B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $2.9B | $805.2M | ||
| Q4 24 | $2.8B | $806.6M | ||
| Q3 24 | $2.8B | $811.8M | ||
| Q2 24 | $2.7B | $700.8M | ||
| Q1 24 | $2.6B | $674.5M |
| Q4 25 | $13.0B | $8.7B | ||
| Q3 25 | $11.5B | $9.0B | ||
| Q2 25 | $11.2B | $7.0B | ||
| Q1 25 | $10.4B | $5.0B | ||
| Q4 24 | $10.5B | $5.0B | ||
| Q3 24 | $10.1B | $5.0B | ||
| Q2 24 | $9.5B | $3.5B | ||
| Q1 24 | $9.2B | $3.4B |
| Q4 25 | 2.54× | 3.15× | ||
| Q3 25 | 2.35× | 2.83× | ||
| Q2 25 | 2.48× | 2.34× | ||
| Q1 25 | 2.49× | 3.53× | ||
| Q4 24 | 2.62× | 3.52× | ||
| 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 | $223.7M |
| Free Cash FlowOCF − Capex | $118.0M | $222.5M |
| FCF MarginFCF / Revenue | 29.4% | 18.7% |
| Capex IntensityCapex / Revenue | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 5.56× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $624.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $223.7M | ||
| Q3 25 | $374.6M | $171.8M | ||
| Q2 25 | $74.6M | $141.9M | ||
| Q1 25 | $210.4M | $96.6M | ||
| Q4 24 | $312.0M | $145.4M | ||
| Q3 24 | $196.9M | $182.1M | ||
| Q2 24 | $68.8M | $116.1M | ||
| Q1 24 | $208.2M | $56.7M |
| Q4 25 | $118.0M | $222.5M | ||
| Q3 25 | $320.2M | $165.4M | ||
| Q2 25 | $23.5M | $141.0M | ||
| Q1 25 | $157.4M | $95.1M | ||
| Q4 24 | $268.1M | $143.8M | ||
| Q3 24 | $152.7M | $180.1M | ||
| Q2 24 | $30.5M | $113.9M | ||
| Q1 24 | $161.7M | $55.4M |
| Q4 25 | 29.4% | 18.7% | ||
| Q3 25 | 99.9% | 14.1% | ||
| Q2 25 | 7.7% | 14.6% | ||
| Q1 25 | 57.7% | 11.2% | ||
| Q4 24 | 88.5% | 16.2% | ||
| Q3 24 | 65.9% | 19.8% | ||
| Q2 24 | 13.6% | 13.8% | ||
| Q1 24 | 82.9% | 7.8% |
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 16.7% | 0.1% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.2% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.3% | ||
| Q1 24 | 23.8% | 0.2% |
| Q4 25 | 1.34× | 5.56× | ||
| Q3 25 | 4.64× | 6.11× | ||
| Q2 25 | 1.08× | 4.17× | ||
| Q1 25 | 75.03× | 5.78× | ||
| Q4 24 | 3.88× | 1.25× | ||
| Q3 24 | — | 3.38× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | 2.75× |
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% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
