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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Federal Realty Investment Trust (FRT). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $336.0M, roughly 1.2× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 32.3%, a 6.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.7%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.5%).
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.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
AFRM vs FRT — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $336.0M |
| Net Profit | $129.6M | $129.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 53.8% |
| Net Margin | 32.3% | 38.6% |
| Revenue YoY | 32.5% | 8.7% |
| Net Profit YoY | 61.3% | 103.5% |
| EPS (diluted) | $0.37 | $1.49 |
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 | — | $336.0M | ||
| Q4 25 | $401.4M | $336.0M | ||
| Q3 25 | $320.5M | $322.3M | ||
| Q2 25 | $306.6M | $311.5M | ||
| Q1 25 | $272.5M | $309.2M | ||
| Q4 24 | $303.0M | $311.4M | ||
| Q3 24 | $231.8M | $303.6M | ||
| Q2 24 | $224.0M | $296.1M |
| Q1 26 | — | $129.7M | ||
| Q4 25 | $129.6M | $129.7M | ||
| Q3 25 | $80.7M | $61.6M | ||
| Q2 25 | $69.2M | $155.9M | ||
| Q1 25 | $2.8M | $63.8M | ||
| Q4 24 | $80.4M | $65.5M | ||
| Q3 24 | $-100.2M | $61.0M | ||
| Q2 24 | $-45.1M | $112.0M |
| Q1 26 | — | 53.8% | ||
| Q4 25 | 29.3% | 53.8% | ||
| Q3 25 | 19.9% | 34.3% | ||
| Q2 25 | 18.9% | 65.1% | ||
| Q1 25 | -3.1% | 35.0% | ||
| Q4 24 | -1.4% | 35.1% | ||
| Q3 24 | -57.2% | 34.9% | ||
| Q2 24 | -32.8% | 53.0% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 32.3% | 38.6% | ||
| Q3 25 | 25.2% | 19.1% | ||
| Q2 25 | 22.6% | 50.0% | ||
| Q1 25 | 1.0% | 20.6% | ||
| Q4 24 | 26.5% | 21.0% | ||
| Q3 24 | -43.2% | 20.1% | ||
| Q2 24 | -20.2% | 37.8% |
| Q1 26 | — | $1.49 | ||
| Q4 25 | $0.37 | $1.49 | ||
| Q3 25 | $0.23 | $0.69 | ||
| Q2 25 | $0.22 | $1.78 | ||
| Q1 25 | $0.01 | $0.72 | ||
| Q4 24 | $0.23 | $0.74 | ||
| Q3 24 | $-0.31 | $0.70 | ||
| Q2 24 | $-0.13 | $1.32 |
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 | $107.4M |
| Total DebtLower is stronger | $9.0B | $5.0B |
| Stockholders' EquityBook value | $3.5B | $3.2B |
| Total Assets | $13.0B | $9.1B |
| Debt / EquityLower = less leverage | 2.54× | 1.53× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $107.4M | ||
| Q4 25 | $1.5B | $107.4M | ||
| Q3 25 | $1.4B | $111.3M | ||
| Q2 25 | $1.4B | $177.0M | ||
| Q1 25 | $1.4B | $109.2M | ||
| Q4 24 | $1.2B | $123.4M | ||
| Q3 24 | $1.0B | $97.0M | ||
| Q2 24 | $1.0B | $103.2M |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $9.0B | $5.0B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $4.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $3.5B | $3.2B | ||
| Q3 25 | $3.3B | $3.2B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $2.9B | $3.2B | ||
| Q4 24 | $2.8B | $3.2B | ||
| Q3 24 | $2.8B | $3.1B | ||
| Q2 24 | $2.7B | $3.0B |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $13.0B | $9.1B | ||
| Q3 25 | $11.5B | $8.9B | ||
| Q2 25 | $11.2B | $8.6B | ||
| Q1 25 | $10.4B | $8.6B | ||
| Q4 24 | $10.5B | $8.5B | ||
| Q3 24 | $10.1B | $8.5B | ||
| Q2 24 | $9.5B | $8.4B |
| Q1 26 | — | 1.53× | ||
| Q4 25 | 2.54× | 1.53× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 1.42× | ||
| 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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $622.4M | ||
| Q3 25 | $374.6M | $147.8M | ||
| Q2 25 | $74.6M | $150.7M | ||
| Q1 25 | $210.4M | $179.0M | ||
| Q4 24 | $312.0M | $574.6M | ||
| Q3 24 | $196.9M | $144.1M | ||
| Q2 24 | $68.8M | $169.7M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.34× | 4.80× | ||
| Q3 25 | 4.64× | 2.40× | ||
| Q2 25 | 1.08× | 0.97× | ||
| Q1 25 | 75.03× | 2.81× | ||
| Q4 24 | 3.88× | 8.77× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 1.52× |
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% |
FRT
Segment breakdown not available.
