vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ICF International, Inc. (ICFI). Click either name above to swap in a different company.
ICF International, Inc. is the larger business by last-quarter revenue ($443.7M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 3.9%, a 28.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -10.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $68.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -5.3%).
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.
ICF International, Inc. is an American publicly traded consulting and technology services company based in Reston, Virginia.
AFRM vs ICFI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $443.7M |
| Net Profit | $129.6M | $17.3M |
| Gross Margin | — | 35.7% |
| Operating Margin | 29.3% | 6.5% |
| Net Margin | 32.3% | 3.9% |
| Revenue YoY | 32.5% | -10.6% |
| Net Profit YoY | 61.3% | -29.5% |
| EPS (diluted) | $0.37 | $0.95 |
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 | $443.7M | ||
| Q3 25 | $320.5M | $465.4M | ||
| Q2 25 | $306.6M | $476.2M | ||
| Q1 25 | $272.5M | $487.6M | ||
| Q4 24 | $303.0M | $496.3M | ||
| Q3 24 | $231.8M | $517.0M | ||
| Q2 24 | $224.0M | $512.0M | ||
| Q1 24 | $195.0M | $494.4M |
| Q4 25 | $129.6M | $17.3M | ||
| Q3 25 | $80.7M | $23.8M | ||
| Q2 25 | $69.2M | $23.7M | ||
| Q1 25 | $2.8M | $26.9M | ||
| Q4 24 | $80.4M | $24.6M | ||
| Q3 24 | $-100.2M | $32.7M | ||
| Q2 24 | $-45.1M | $25.6M | ||
| Q1 24 | $-133.9M | $27.3M |
| Q4 25 | — | 35.7% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 38.0% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 37.1% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.2% |
| Q4 25 | 29.3% | 6.5% | ||
| Q3 25 | 19.9% | 8.3% | ||
| Q2 25 | 18.9% | 8.4% | ||
| Q1 25 | -3.1% | 7.9% | ||
| Q4 24 | -1.4% | 7.3% | ||
| Q3 24 | -57.2% | 8.9% | ||
| Q2 24 | -32.8% | 8.3% | ||
| Q1 24 | -82.5% | 8.3% |
| Q4 25 | 32.3% | 3.9% | ||
| Q3 25 | 25.2% | 5.1% | ||
| Q2 25 | 22.6% | 5.0% | ||
| Q1 25 | 1.0% | 5.5% | ||
| Q4 24 | 26.5% | 4.9% | ||
| Q3 24 | -43.2% | 6.3% | ||
| Q2 24 | -20.2% | 5.0% | ||
| Q1 24 | -68.7% | 5.5% |
| Q4 25 | $0.37 | $0.95 | ||
| Q3 25 | $0.23 | $1.28 | ||
| Q2 25 | $0.22 | $1.28 | ||
| Q1 25 | $0.01 | $1.44 | ||
| Q4 24 | $0.23 | $1.29 | ||
| Q3 24 | $-0.31 | $1.73 | ||
| Q2 24 | $-0.13 | $1.36 | ||
| Q1 24 | $-0.43 | $1.44 |
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 | $5.3M |
| Total DebtLower is stronger | $9.0B | $401.4M |
| Stockholders' EquityBook value | $3.5B | $1.0B |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $5.3M | ||
| Q3 25 | $1.4B | $4.0M | ||
| Q2 25 | $1.4B | $7.0M | ||
| Q1 25 | $1.4B | $5.7M | ||
| Q4 24 | $1.2B | $5.0M | ||
| Q3 24 | $1.0B | $6.9M | ||
| Q2 24 | $1.0B | $4.1M | ||
| Q1 24 | $1.3B | $3.7M |
| Q4 25 | $9.0B | $401.4M | ||
| Q3 25 | $7.7B | $449.4M | ||
| Q2 25 | $7.6B | $462.3M | ||
| Q1 25 | $7.1B | $502.0M | ||
| Q4 24 | $7.3B | $411.7M | ||
| Q3 24 | — | $419.1M | ||
| Q2 24 | $1.8B | $433.9M | ||
| Q1 24 | — | $474.7M |
| Q4 25 | $3.5B | $1.0B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $968.9M | ||
| Q4 24 | $2.8B | $982.5M | ||
| Q3 24 | $2.8B | $976.3M | ||
| Q2 24 | $2.7B | $943.3M | ||
| Q1 24 | $2.6B | $916.1M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.1B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $2.0B | ||
| Q1 24 | $9.2B | $2.0B |
| Q4 25 | 2.54× | 0.39× | ||
| Q3 25 | 2.35× | 0.44× | ||
| Q2 25 | 2.48× | 0.46× | ||
| Q1 25 | 2.49× | 0.52× | ||
| Q4 24 | 2.62× | 0.42× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | 0.67× | 0.46× | ||
| Q1 24 | — | 0.52× |
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 | $75.6M |
| Free Cash FlowOCF − Capex | $118.0M | $68.7M |
| FCF MarginFCF / Revenue | 29.4% | 15.5% |
| Capex IntensityCapex / Revenue | 13.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.37× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $120.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $75.6M | ||
| Q3 25 | $374.6M | $47.3M | ||
| Q2 25 | $74.6M | $52.0M | ||
| Q1 25 | $210.4M | $-33.0M | ||
| Q4 24 | $312.0M | $95.4M | ||
| Q3 24 | $196.9M | $25.5M | ||
| Q2 24 | $68.8M | $60.6M | ||
| Q1 24 | $208.2M | $-10.0M |
| Q4 25 | $118.0M | $68.7M | ||
| Q3 25 | $320.2M | $41.8M | ||
| Q2 25 | $23.5M | $46.2M | ||
| Q1 25 | $157.4M | $-36.5M | ||
| Q4 24 | $268.1M | $89.5M | ||
| Q3 24 | $152.7M | $20.4M | ||
| Q2 24 | $30.5M | $55.5M | ||
| Q1 24 | $161.7M | $-15.2M |
| Q4 25 | 29.4% | 15.5% | ||
| Q3 25 | 99.9% | 9.0% | ||
| Q2 25 | 7.7% | 9.7% | ||
| Q1 25 | 57.7% | -7.5% | ||
| Q4 24 | 88.5% | 18.0% | ||
| Q3 24 | 65.9% | 3.9% | ||
| Q2 24 | 13.6% | 10.8% | ||
| Q1 24 | 82.9% | -3.1% |
| Q4 25 | 13.9% | 1.6% | ||
| Q3 25 | 17.0% | 1.2% | ||
| Q2 25 | 16.7% | 1.2% | ||
| Q1 25 | 19.5% | 0.7% | ||
| Q4 24 | 14.5% | 1.2% | ||
| Q3 24 | 19.0% | 1.0% | ||
| Q2 24 | 17.1% | 1.0% | ||
| Q1 24 | 23.8% | 1.1% |
| Q4 25 | 1.34× | 4.37× | ||
| Q3 25 | 4.64× | 1.99× | ||
| Q2 25 | 1.08× | 2.20× | ||
| Q1 25 | 75.03× | -1.23× | ||
| Q4 24 | 3.88× | 3.88× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 2.37× | ||
| Q1 24 | — | -0.37× |
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% |
ICFI
| US Federal Government | $166.7M | 38% |
| Commercial | $164.4M | 37% |
| US State And Local Government | $78.7M | 18% |
| International Government | $33.8M | 8% |
