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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and GUESS INC (GES). Click either name above to swap in a different company.
GUESS INC is the larger business by last-quarter revenue ($791.4M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 3.2%, a 29.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 7.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-56.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -5.8%).
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.
Guess?, Inc. is an American clothing company, notable for its black-and-white advertisements. It licenses its brand on other fashion accessories, such as watches, jewelry, perfumes, bags and shoes.
AFRM vs GES — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $791.4M |
| Net Profit | $129.6M | $25.6M |
| Gross Margin | — | 42.5% |
| Operating Margin | 29.3% | 2.9% |
| Net Margin | 32.3% | 3.2% |
| Revenue YoY | 32.5% | 7.2% |
| Net Profit YoY | 61.3% | 209.6% |
| EPS (diluted) | $0.37 | $0.48 |
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 | $791.4M | ||
| Q3 25 | $320.5M | $772.9M | ||
| Q2 25 | $306.6M | $647.8M | ||
| Q1 25 | $272.5M | $932.3M | ||
| Q4 24 | $303.0M | $738.5M | ||
| Q3 24 | $231.8M | $732.6M | ||
| Q2 24 | $224.0M | $591.9M | ||
| Q1 24 | $195.0M | $891.0M |
| Q4 25 | $129.6M | $25.6M | ||
| Q3 25 | $80.7M | $6.2M | ||
| Q2 25 | $69.2M | $-32.9M | ||
| Q1 25 | $2.8M | $81.4M | ||
| Q4 24 | $80.4M | $-23.4M | ||
| Q3 24 | $-100.2M | $-10.6M | ||
| Q2 24 | $-45.1M | $13.0M | ||
| Q1 24 | $-133.9M | $115.3M |
| Q4 25 | — | 42.5% | ||
| Q3 25 | — | 42.5% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 43.6% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 41.9% | ||
| Q1 24 | — | 45.4% |
| Q4 25 | 29.3% | 2.9% | ||
| Q3 25 | 19.9% | 2.3% | ||
| Q2 25 | 18.9% | -5.1% | ||
| Q1 25 | -3.1% | 11.1% | ||
| Q4 24 | -1.4% | 5.7% | ||
| Q3 24 | -57.2% | 6.5% | ||
| Q2 24 | -32.8% | -3.4% | ||
| Q1 24 | -82.5% | 16.3% |
| Q4 25 | 32.3% | 3.2% | ||
| Q3 25 | 25.2% | 0.8% | ||
| Q2 25 | 22.6% | -5.1% | ||
| Q1 25 | 1.0% | 8.7% | ||
| Q4 24 | 26.5% | -3.2% | ||
| Q3 24 | -43.2% | -1.4% | ||
| Q2 24 | -20.2% | 2.2% | ||
| Q1 24 | -68.7% | 12.9% |
| Q4 25 | $0.37 | $0.48 | ||
| Q3 25 | $0.23 | $0.12 | ||
| Q2 25 | $0.22 | $-0.65 | ||
| Q1 25 | $0.01 | $1.29 | ||
| Q4 24 | $0.23 | $-0.47 | ||
| Q3 24 | $-0.31 | $-0.28 | ||
| Q2 24 | $-0.13 | $0.23 | ||
| Q1 24 | $-0.43 | $1.90 |
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 | $154.2M |
| Total DebtLower is stronger | $9.0B | $299.5M |
| Stockholders' EquityBook value | $3.5B | $508.5M |
| Total Assets | $13.0B | $3.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $154.2M | ||
| Q3 25 | $1.4B | $189.6M | ||
| Q2 25 | $1.4B | $151.2M | ||
| Q1 25 | $1.4B | $187.7M | ||
| Q4 24 | $1.2B | $140.9M | ||
| Q3 24 | $1.0B | $218.9M | ||
| Q2 24 | $1.0B | $241.7M | ||
| Q1 24 | $1.3B | $360.3M |
| Q4 25 | $9.0B | $299.5M | ||
| Q3 25 | $7.7B | $258.4M | ||
| Q2 25 | $7.6B | $241.7M | ||
| Q1 25 | $7.1B | $150.7M | ||
| Q4 24 | $7.3B | $238.3M | ||
| Q3 24 | — | $187.8M | ||
| Q2 24 | $1.8B | $196.9M | ||
| Q1 24 | — | $28.2M |
| Q4 25 | $3.5B | $508.5M | ||
| Q3 25 | $3.3B | $487.6M | ||
| Q2 25 | $3.1B | $483.6M | ||
| Q1 25 | $2.9B | $505.0M | ||
| Q4 24 | $2.8B | $450.7M | ||
| Q3 24 | $2.8B | $491.2M | ||
| Q2 24 | $2.7B | $565.5M | ||
| Q1 24 | $2.6B | $684.9M |
| Q4 25 | $13.0B | $3.0B | ||
| Q3 25 | $11.5B | $3.0B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.8B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $2.8B | ||
| Q2 24 | $9.5B | $2.7B | ||
| Q1 24 | $9.2B | $2.6B |
| Q4 25 | 2.54× | 0.59× | ||
| Q3 25 | 2.35× | 0.53× | ||
| Q2 25 | 2.48× | 0.50× | ||
| Q1 25 | 2.49× | 0.30× | ||
| Q4 24 | 2.62× | 0.53× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | 0.67× | 0.35× | ||
| Q1 24 | — | 0.04× |
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 | $-39.5M |
| Free Cash FlowOCF − Capex | $118.0M | $-56.3M |
| FCF MarginFCF / Revenue | 29.4% | -7.1% |
| Capex IntensityCapex / Revenue | 13.9% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.34× | -1.54× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $62.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-39.5M | ||
| Q3 25 | $374.6M | $74.9M | ||
| Q2 25 | $74.6M | $-73.4M | ||
| Q1 25 | $210.4M | $183.2M | ||
| Q4 24 | $312.0M | $-83.3M | ||
| Q3 24 | $196.9M | $44.7M | ||
| Q2 24 | $68.8M | $-22.9M | ||
| Q1 24 | $208.2M | $289.5M |
| Q4 25 | $118.0M | $-56.3M | ||
| Q3 25 | $320.2M | $53.4M | ||
| Q2 25 | $23.5M | $-95.3M | ||
| Q1 25 | $157.4M | $160.7M | ||
| Q4 24 | $268.1M | $-105.4M | ||
| Q3 24 | $152.7M | $24.3M | ||
| Q2 24 | $30.5M | $-44.0M | ||
| Q1 24 | $161.7M | $267.8M |
| Q4 25 | 29.4% | -7.1% | ||
| Q3 25 | 99.9% | 6.9% | ||
| Q2 25 | 7.7% | -14.7% | ||
| Q1 25 | 57.7% | 17.2% | ||
| Q4 24 | 88.5% | -14.3% | ||
| Q3 24 | 65.9% | 3.3% | ||
| Q2 24 | 13.6% | -7.4% | ||
| Q1 24 | 82.9% | 30.1% |
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 2.8% | ||
| Q2 25 | 16.7% | 3.4% | ||
| Q1 25 | 19.5% | 2.4% | ||
| Q4 24 | 14.5% | 3.0% | ||
| Q3 24 | 19.0% | 2.8% | ||
| Q2 24 | 17.1% | 3.6% | ||
| Q1 24 | 23.8% | 2.4% |
| Q4 25 | 1.34× | -1.54× | ||
| Q3 25 | 4.64× | 12.00× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 2.25× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.76× | ||
| Q1 24 | — | 2.51× |
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% |
GES
| Products | $760.3M | 96% |
| Royalty | $31.1M | 4% |
