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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Global Business Travel Group, Inc. is the larger business by last-quarter revenue ($792.0M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 10.5%, a 21.8% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. 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 $13.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.9%).
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.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
AFRM vs GBTG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $792.0M |
| Net Profit | $129.6M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 3.7% |
| Net Margin | 32.3% | 10.5% |
| Revenue YoY | 32.5% | 34.0% |
| Net Profit YoY | 61.3% | 692.9% |
| EPS (diluted) | $0.37 | $0.16 |
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 | $792.0M | ||
| Q3 25 | $320.5M | $674.0M | ||
| Q2 25 | $306.6M | $631.0M | ||
| Q1 25 | $272.5M | $621.0M | ||
| Q4 24 | $303.0M | $591.0M | ||
| Q3 24 | $231.8M | $597.0M | ||
| Q2 24 | $224.0M | $625.0M | ||
| Q1 24 | $195.0M | $610.0M |
| Q4 25 | $129.6M | $83.0M | ||
| Q3 25 | $80.7M | $-62.0M | ||
| Q2 25 | $69.2M | $15.0M | ||
| Q1 25 | $2.8M | $75.0M | ||
| Q4 24 | $80.4M | $-14.0M | ||
| Q3 24 | $-100.2M | $-128.0M | ||
| Q2 24 | $-45.1M | $27.0M | ||
| Q1 24 | $-133.9M | $-19.0M |
| Q4 25 | 29.3% | 3.7% | ||
| Q3 25 | 19.9% | 1.8% | ||
| Q2 25 | 18.9% | 5.4% | ||
| Q1 25 | -3.1% | 8.9% | ||
| Q4 24 | -1.4% | 5.1% | ||
| Q3 24 | -57.2% | 4.5% | ||
| Q2 24 | -32.8% | 6.7% | ||
| Q1 24 | -82.5% | 2.6% |
| Q4 25 | 32.3% | 10.5% | ||
| Q3 25 | 25.2% | -9.2% | ||
| Q2 25 | 22.6% | 2.4% | ||
| Q1 25 | 1.0% | 12.1% | ||
| Q4 24 | 26.5% | -2.4% | ||
| Q3 24 | -43.2% | -21.4% | ||
| Q2 24 | -20.2% | 4.3% | ||
| Q1 24 | -68.7% | -3.1% |
| Q4 25 | $0.37 | $0.16 | ||
| Q3 25 | $0.23 | $-0.13 | ||
| Q2 25 | $0.22 | $0.03 | ||
| Q1 25 | $0.01 | $0.16 | ||
| Q4 24 | $0.23 | $-0.04 | ||
| Q3 24 | $-0.31 | $-0.28 | ||
| Q2 24 | $-0.13 | $0.06 | ||
| Q1 24 | $-0.43 | $-0.04 |
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 | $434.0M |
| Total DebtLower is stronger | $9.0B | $1.4B |
| Stockholders' EquityBook value | $3.5B | $1.6B |
| Total Assets | $13.0B | $4.9B |
| Debt / EquityLower = less leverage | 2.54× | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $434.0M | ||
| Q3 25 | $1.4B | $427.0M | ||
| Q2 25 | $1.4B | $601.0M | ||
| Q1 25 | $1.4B | $552.0M | ||
| Q4 24 | $1.2B | $536.0M | ||
| Q3 24 | $1.0B | $524.0M | ||
| Q2 24 | $1.0B | $515.0M | ||
| Q1 24 | $1.3B | $475.0M |
| Q4 25 | $9.0B | $1.4B | ||
| Q3 25 | $7.7B | $1.4B | ||
| Q2 25 | $7.6B | $1.4B | ||
| Q1 25 | $7.1B | $1.4B | ||
| Q4 24 | $7.3B | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.6B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | $13.0B | $4.9B | ||
| Q3 25 | $11.5B | $4.8B | ||
| Q2 25 | $11.2B | $3.9B | ||
| Q1 25 | $10.4B | $3.8B | ||
| Q4 24 | $10.5B | $3.6B | ||
| Q3 24 | $10.1B | $3.8B | ||
| Q2 24 | $9.5B | $3.8B | ||
| Q1 24 | $9.2B | $3.8B |
| Q4 25 | 2.54× | 0.88× | ||
| Q3 25 | 2.35× | 0.91× | ||
| Q2 25 | 2.48× | 1.15× | ||
| Q1 25 | 2.49× | 1.23× | ||
| Q4 24 | 2.62× | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| 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 | $52.0M |
| Free Cash FlowOCF − Capex | $118.0M | $13.0M |
| FCF MarginFCF / Revenue | 29.4% | 1.6% |
| Capex IntensityCapex / Revenue | 13.9% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $52.0M | ||
| Q3 25 | $374.6M | $71.0M | ||
| Q2 25 | $74.6M | $57.0M | ||
| Q1 25 | $210.4M | $53.0M | ||
| Q4 24 | $312.0M | $65.0M | ||
| Q3 24 | $196.9M | $85.0M | ||
| Q2 24 | $68.8M | $73.0M | ||
| Q1 24 | $208.2M | $49.0M |
| Q4 25 | $118.0M | $13.0M | ||
| Q3 25 | $320.2M | $38.0M | ||
| Q2 25 | $23.5M | $27.0M | ||
| Q1 25 | $157.4M | $26.0M | ||
| Q4 24 | $268.1M | $33.0M | ||
| Q3 24 | $152.7M | $59.0M | ||
| Q2 24 | $30.5M | $49.0M | ||
| Q1 24 | $161.7M | $24.0M |
| Q4 25 | 29.4% | 1.6% | ||
| Q3 25 | 99.9% | 5.6% | ||
| Q2 25 | 7.7% | 4.3% | ||
| Q1 25 | 57.7% | 4.2% | ||
| Q4 24 | 88.5% | 5.6% | ||
| Q3 24 | 65.9% | 9.9% | ||
| Q2 24 | 13.6% | 7.8% | ||
| Q1 24 | 82.9% | 3.9% |
| Q4 25 | 13.9% | 4.9% | ||
| Q3 25 | 17.0% | 4.9% | ||
| Q2 25 | 16.7% | 4.8% | ||
| Q1 25 | 19.5% | 4.3% | ||
| Q4 24 | 14.5% | 5.4% | ||
| Q3 24 | 19.0% | 4.4% | ||
| Q2 24 | 17.1% | 3.8% | ||
| Q1 24 | 23.8% | 4.1% |
| Q4 25 | 1.34× | 0.63× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 3.80× | ||
| Q1 25 | 75.03× | 0.71× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.70× | ||
| 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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
