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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and LendingClub Corp (LC). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $266.5M, roughly 1.5× LendingClub Corp). On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 22.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-919.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 21.4%).
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.
LendingClub Corporation is an American financial services company headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. At its height, LendingClub was the world's largest peer-to-peer lending platform. The company reported that $15.98 billion in loans had been originated through its platform up to December 31, 2015.
AFRM vs LC — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $266.5M |
| Net Profit | $129.6M | — |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 18.8% |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | 22.7% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $0.36 |
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 | $266.5M | ||
| Q3 25 | $320.5M | $266.2M | ||
| Q2 25 | $306.6M | $248.4M | ||
| Q1 25 | $272.5M | $217.7M | ||
| Q4 24 | $303.0M | $217.2M | ||
| Q3 24 | $231.8M | $201.9M | ||
| Q2 24 | $224.0M | $187.2M | ||
| Q1 24 | $195.0M | $180.7M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $44.3M | ||
| Q2 25 | $69.2M | $38.2M | ||
| Q1 25 | $2.8M | $11.7M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $14.5M | ||
| Q2 24 | $-45.1M | $14.9M | ||
| Q1 24 | $-133.9M | $12.3M |
| Q4 25 | 29.3% | 18.8% | ||
| Q3 25 | 19.9% | 21.5% | ||
| Q2 25 | 18.9% | 21.7% | ||
| Q1 25 | -3.1% | 7.2% | ||
| Q4 24 | -1.4% | 5.1% | ||
| Q3 24 | -57.2% | 8.9% | ||
| Q2 24 | -32.8% | 10.4% | ||
| Q1 24 | -82.5% | 9.1% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 16.6% | ||
| Q2 25 | 22.6% | 15.4% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 7.2% | ||
| Q2 24 | -20.2% | 8.0% | ||
| Q1 24 | -68.7% | 6.8% |
| Q4 25 | $0.37 | $0.36 | ||
| Q3 25 | $0.23 | $0.37 | ||
| Q2 25 | $0.22 | $0.33 | ||
| Q1 25 | $0.01 | $0.10 | ||
| Q4 24 | $0.23 | $0.08 | ||
| Q3 24 | $-0.31 | $0.13 | ||
| Q2 24 | $-0.13 | $0.13 | ||
| Q1 24 | $-0.43 | $0.11 |
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 | — |
| Total DebtLower is stronger | $9.0B | $0 |
| Stockholders' EquityBook value | $3.5B | $1.5B |
| Total Assets | $13.0B | $11.6B |
| Debt / EquityLower = less leverage | 2.54× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | $0 | ||
| Q3 25 | $7.7B | $0 | ||
| Q2 25 | $7.6B | $0 | ||
| Q1 25 | $7.1B | $0 | ||
| Q4 24 | $7.3B | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | $13.0B | $11.6B | ||
| Q3 25 | $11.5B | $11.1B | ||
| Q2 25 | $11.2B | $10.8B | ||
| Q1 25 | $10.4B | $10.5B | ||
| Q4 24 | $10.5B | $10.6B | ||
| Q3 24 | $10.1B | $11.0B | ||
| Q2 24 | $9.5B | $9.6B | ||
| Q1 24 | $9.2B | $9.2B |
| Q4 25 | 2.54× | 0.00× | ||
| Q3 25 | 2.35× | 0.00× | ||
| Q2 25 | 2.48× | 0.00× | ||
| Q1 25 | 2.49× | 0.00× | ||
| Q4 24 | 2.62× | 0.00× | ||
| 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 | $-903.8M |
| Free Cash FlowOCF − Capex | $118.0M | $-919.3M |
| FCF MarginFCF / Revenue | 29.4% | -345.0% |
| Capex IntensityCapex / Revenue | 13.9% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-2.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-903.8M | ||
| Q3 25 | $374.6M | $-770.8M | ||
| Q2 25 | $74.6M | $-713.1M | ||
| Q1 25 | $210.4M | $-339.3M | ||
| Q4 24 | $312.0M | $-185.4M | ||
| Q3 24 | $196.9M | $-669.8M | ||
| Q2 24 | $68.8M | $-932.5M | ||
| Q1 24 | $208.2M | $-846.5M |
| Q4 25 | $118.0M | $-919.3M | ||
| Q3 25 | $320.2M | $-791.8M | ||
| Q2 25 | $23.5M | $-803.8M | ||
| Q1 25 | $157.4M | $-352.3M | ||
| Q4 24 | $268.1M | $-202.6M | ||
| Q3 24 | $152.7M | $-682.3M | ||
| Q2 24 | $30.5M | $-945.3M | ||
| Q1 24 | $161.7M | $-858.3M |
| Q4 25 | 29.4% | -345.0% | ||
| Q3 25 | 99.9% | -297.4% | ||
| Q2 25 | 7.7% | -323.5% | ||
| Q1 25 | 57.7% | -161.8% | ||
| Q4 24 | 88.5% | -93.3% | ||
| Q3 24 | 65.9% | -338.0% | ||
| Q2 24 | 13.6% | -504.9% | ||
| Q1 24 | 82.9% | -475.0% |
| Q4 25 | 13.9% | 5.8% | ||
| Q3 25 | 17.0% | 7.9% | ||
| Q2 25 | 16.7% | 36.5% | ||
| Q1 25 | 19.5% | 6.0% | ||
| Q4 24 | 14.5% | 7.9% | ||
| Q3 24 | 19.0% | 6.2% | ||
| Q2 24 | 17.1% | 6.9% | ||
| Q1 24 | 23.8% | 6.5% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | -17.41× | ||
| Q2 25 | 1.08× | -18.68× | ||
| Q1 25 | 75.03× | -29.07× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | -46.33× | ||
| Q2 24 | — | -62.57× | ||
| Q1 24 | — | -69.10× |
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% |
LC
| Lending Club Bank | $162.8M | 61% |
| Other | $82.3M | 31% |
| Servicing Fees | $12.8M | 5% |
| Lending Club Corporation | $8.5M | 3% |
