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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Magnera Corp (MAGN). Click either name above to swap in a different company.
Magnera Corp 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 -4.3%, a 36.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-13.0M). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% CAGR vs 43.5%).
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.
AFRM vs MAGN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $792.0M |
| Net Profit | $129.6M | $-34.0M |
| Gross Margin | — | 12.2% |
| Operating Margin | 29.3% | 1.8% |
| Net Margin | 32.3% | -4.3% |
| Revenue YoY | 32.5% | 12.8% |
| Net Profit YoY | 61.3% | 43.3% |
| 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 | $792.0M | ||
| Q3 25 | $320.5M | — | ||
| Q2 25 | $306.6M | $839.0M | ||
| Q1 25 | $272.5M | $824.0M | ||
| Q4 24 | $303.0M | $702.0M | ||
| Q3 24 | $231.8M | $332.1M | ||
| Q2 24 | $224.0M | $556.0M | ||
| Q1 24 | $195.0M | $558.0M |
| Q4 25 | $129.6M | $-34.0M | ||
| Q3 25 | $80.7M | — | ||
| Q2 25 | $69.2M | $-18.0M | ||
| Q1 25 | $2.8M | $-41.0M | ||
| Q4 24 | $80.4M | $-60.0M | ||
| Q3 24 | $-100.2M | $-15.2M | ||
| Q2 24 | $-45.1M | $19.0M | ||
| Q1 24 | $-133.9M | $14.0M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | 29.3% | 1.8% | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | 1.5% | ||
| Q1 25 | -3.1% | 0.5% | ||
| Q4 24 | -1.4% | -3.1% | ||
| Q3 24 | -57.2% | 0.9% | ||
| Q2 24 | -32.8% | 3.1% | ||
| Q1 24 | -82.5% | 3.8% |
| Q4 25 | 32.3% | -4.3% | ||
| Q3 25 | 25.2% | — | ||
| Q2 25 | 22.6% | -2.1% | ||
| Q1 25 | 1.0% | -5.0% | ||
| Q4 24 | 26.5% | -8.5% | ||
| Q3 24 | -43.2% | -4.6% | ||
| Q2 24 | -20.2% | 3.4% | ||
| Q1 24 | -68.7% | 2.5% |
| Q4 25 | $0.37 | $-0.95 | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | $-0.51 | ||
| Q1 25 | $0.01 | $-1.15 | ||
| Q4 24 | $0.23 | $-1.69 | ||
| Q3 24 | $-0.31 | $-0.33 | ||
| Q2 24 | $-0.13 | $0.60 | ||
| Q1 24 | $-0.43 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | $9.0B | $1.9B |
| Stockholders' EquityBook value | $3.5B | $1.0B |
| Total Assets | $13.0B | $3.9B |
| Debt / EquityLower = less leverage | 2.54× | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $264.0M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | $276.0M | ||
| Q1 25 | $1.4B | $282.0M | ||
| Q4 24 | $1.2B | $215.0M | ||
| Q3 24 | $1.0B | $230.0M | ||
| Q2 24 | $1.0B | $33.9M | ||
| Q1 24 | $1.3B | $30.2M |
| Q4 25 | $9.0B | $1.9B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | $2.0B | ||
| Q1 25 | $7.1B | $2.0B | ||
| Q4 24 | $7.3B | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | $1.8B | $877.4M | ||
| Q1 24 | — | $884.7M |
| Q4 25 | $3.5B | $1.0B | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $2.6B | $2.4B |
| Q4 25 | $13.0B | $3.9B | ||
| Q3 25 | $11.5B | — | ||
| Q2 25 | $11.2B | $4.1B | ||
| Q1 25 | $10.4B | $4.1B | ||
| Q4 24 | $10.5B | $4.0B | ||
| Q3 24 | $10.1B | $2.8B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.5B |
| Q4 25 | 2.54× | 1.86× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | 1.77× | ||
| Q1 25 | 2.49× | 1.83× | ||
| Q4 24 | 2.62× | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | 0.67× | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $118.0M | $-13.0M |
| FCF MarginFCF / Revenue | 29.4% | -1.6% |
| Capex IntensityCapex / Revenue | 13.9% | 1.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $2.0M | ||
| Q3 25 | $374.6M | — | ||
| Q2 25 | $74.6M | $0 | ||
| Q1 25 | $210.4M | $65.0M | ||
| Q4 24 | $312.0M | $-58.0M | ||
| Q3 24 | $196.9M | $12.2M | ||
| Q2 24 | $68.8M | $38.0M | ||
| Q1 24 | $208.2M | $20.0M |
| Q4 25 | $118.0M | $-13.0M | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $42.0M | ||
| Q4 24 | $268.1M | $-74.0M | ||
| Q3 24 | $152.7M | $3.6M | ||
| Q2 24 | $30.5M | $23.0M | ||
| Q1 24 | $161.7M | $12.5M |
| Q4 25 | 29.4% | -1.6% | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 5.1% | ||
| Q4 24 | 88.5% | -10.5% | ||
| Q3 24 | 65.9% | 1.1% | ||
| Q2 24 | 13.6% | 4.1% | ||
| Q1 24 | 82.9% | 2.2% |
| Q4 25 | 13.9% | 1.9% | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 2.8% | ||
| Q4 24 | 14.5% | 2.3% | ||
| Q3 24 | 19.0% | 2.6% | ||
| Q2 24 | 17.1% | 2.7% | ||
| Q1 24 | 23.8% | 1.3% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.00× | ||
| Q1 24 | — | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
