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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Grand Canyon Education, Inc. (LOPE). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $308.1M, roughly 1.3× Grand Canyon Education, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 28.1%, a 4.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 5.9%).
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.
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
AFRM vs LOPE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $308.1M |
| Net Profit | $129.6M | $86.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 35.1% |
| Net Margin | 32.3% | 28.1% |
| Revenue YoY | 32.5% | 5.3% |
| Net Profit YoY | 61.3% | 5.9% |
| EPS (diluted) | $0.37 | $3.13 |
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 | $308.1M | ||
| Q3 25 | $320.5M | $261.1M | ||
| Q2 25 | $306.6M | $247.5M | ||
| Q1 25 | $272.5M | $289.3M | ||
| Q4 24 | $303.0M | $292.6M | ||
| Q3 24 | $231.8M | $238.3M | ||
| Q2 24 | $224.0M | $227.5M | ||
| Q1 24 | $195.0M | $274.7M |
| Q4 25 | $129.6M | $86.7M | ||
| Q3 25 | $80.7M | $16.3M | ||
| Q2 25 | $69.2M | $41.5M | ||
| Q1 25 | $2.8M | $71.6M | ||
| Q4 24 | $80.4M | $81.9M | ||
| Q3 24 | $-100.2M | $41.5M | ||
| Q2 24 | $-45.1M | $34.9M | ||
| Q1 24 | $-133.9M | $68.0M |
| Q4 25 | 29.3% | 35.1% | ||
| Q3 25 | 19.9% | 6.9% | ||
| Q2 25 | 18.9% | 20.9% | ||
| Q1 25 | -3.1% | 30.4% | ||
| Q4 24 | -1.4% | 34.2% | ||
| Q3 24 | -57.2% | 20.2% | ||
| Q2 24 | -32.8% | 18.8% | ||
| Q1 24 | -82.5% | 30.8% |
| Q4 25 | 32.3% | 28.1% | ||
| Q3 25 | 25.2% | 6.2% | ||
| Q2 25 | 22.6% | 16.8% | ||
| Q1 25 | 1.0% | 24.8% | ||
| Q4 24 | 26.5% | 28.0% | ||
| Q3 24 | -43.2% | 17.4% | ||
| Q2 24 | -20.2% | 15.3% | ||
| Q1 24 | -68.7% | 24.8% |
| Q4 25 | $0.37 | $3.13 | ||
| Q3 25 | $0.23 | $0.58 | ||
| Q2 25 | $0.22 | $1.48 | ||
| Q1 25 | $0.01 | $2.52 | ||
| Q4 24 | $0.23 | $2.83 | ||
| Q3 24 | $-0.31 | $1.42 | ||
| Q2 24 | $-0.13 | $1.19 | ||
| Q1 24 | $-0.43 | $2.29 |
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 | $111.8M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $746.9M |
| Total Assets | $13.0B | $992.3M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $111.8M | ||
| Q3 25 | $1.4B | $97.3M | ||
| Q2 25 | $1.4B | $192.3M | ||
| Q1 25 | $1.4B | $144.5M | ||
| Q4 24 | $1.2B | $324.6M | ||
| Q3 24 | $1.0B | $263.6M | ||
| Q2 24 | $1.0B | $241.3M | ||
| Q1 24 | $1.3B | $196.2M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $746.9M | ||
| Q3 25 | $3.3B | $758.0M | ||
| Q2 25 | $3.1B | $778.0M | ||
| Q1 25 | $2.9B | $780.7M | ||
| Q4 24 | $2.8B | $783.9M | ||
| Q3 24 | $2.8B | $764.1M | ||
| Q2 24 | $2.7B | $759.2M | ||
| Q1 24 | $2.6B | $759.4M |
| Q4 25 | $13.0B | $992.3M | ||
| Q3 25 | $11.5B | $1.0B | ||
| Q2 25 | $11.2B | $1.0B | ||
| Q1 25 | $10.4B | $1.0B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $992.9M | ||
| Q2 24 | $9.5B | $992.7M | ||
| Q1 24 | $9.2B | $1.0B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| 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 | $130.5M |
| Free Cash FlowOCF − Capex | $118.0M | $122.9M |
| FCF MarginFCF / Revenue | 29.4% | 39.9% |
| Capex IntensityCapex / Revenue | 13.9% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $238.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $130.5M | ||
| Q3 25 | $374.6M | $-48.6M | ||
| Q2 25 | $74.6M | $124.0M | ||
| Q1 25 | $210.4M | $67.6M | ||
| Q4 24 | $312.0M | $135.8M | ||
| Q3 24 | $196.9M | $-29.4M | ||
| Q2 24 | $68.8M | $98.6M | ||
| Q1 24 | $208.2M | $85.0M |
| Q4 25 | $118.0M | $122.9M | ||
| Q3 25 | $320.2M | $-58.3M | ||
| Q2 25 | $23.5M | $115.4M | ||
| Q1 25 | $157.4M | $58.7M | ||
| Q4 24 | $268.1M | $126.1M | ||
| Q3 24 | $152.7M | $-39.0M | ||
| Q2 24 | $30.5M | $89.6M | ||
| Q1 24 | $161.7M | $76.0M |
| Q4 25 | 29.4% | 39.9% | ||
| Q3 25 | 99.9% | -22.3% | ||
| Q2 25 | 7.7% | 46.6% | ||
| Q1 25 | 57.7% | 20.3% | ||
| Q4 24 | 88.5% | 43.1% | ||
| Q3 24 | 65.9% | -16.3% | ||
| Q2 24 | 13.6% | 39.4% | ||
| Q1 24 | 82.9% | 27.7% |
| Q4 25 | 13.9% | 2.5% | ||
| Q3 25 | 17.0% | 3.7% | ||
| Q2 25 | 16.7% | 3.5% | ||
| Q1 25 | 19.5% | 3.1% | ||
| Q4 24 | 14.5% | 3.3% | ||
| Q3 24 | 19.0% | 4.0% | ||
| Q2 24 | 17.1% | 3.9% | ||
| Q1 24 | 23.8% | 3.3% |
| Q4 25 | 1.34× | 1.50× | ||
| Q3 25 | 4.64× | -2.99× | ||
| Q2 25 | 1.08× | 2.98× | ||
| Q1 25 | 75.03× | 0.94× | ||
| Q4 24 | 3.88× | 1.66× | ||
| Q3 24 | — | -0.71× | ||
| Q2 24 | — | 2.83× | ||
| Q1 24 | — | 1.25× |
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% |
LOPE
Segment breakdown not available.
