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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 21.8%, a 10.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% 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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
AFRM vs MSGE — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $424.8M |
| Net Profit | $129.6M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 38.6% |
| Net Margin | 32.3% | 21.8% |
| Revenue YoY | 32.5% | 12.5% |
| Net Profit YoY | 61.3% | 22.2% |
| EPS (diluted) | $0.37 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $320.5M | $154.1M | ||
| Q2 25 | $306.6M | $145.1M | ||
| Q1 25 | $272.5M | $206.0M | ||
| Q4 24 | $303.0M | $377.6M | ||
| Q3 24 | $231.8M | $134.1M | ||
| Q2 24 | $224.0M | $177.6M | ||
| Q1 24 | $195.0M | $191.6M |
| Q4 25 | $129.6M | $92.7M | ||
| Q3 25 | $80.7M | $-21.7M | ||
| Q2 25 | $69.2M | $-27.2M | ||
| Q1 25 | $2.8M | $8.0M | ||
| Q4 24 | $80.4M | $75.9M | ||
| Q3 24 | $-100.2M | $-19.3M | ||
| Q2 24 | $-45.1M | $66.9M | ||
| Q1 24 | $-133.9M | $2.8M |
| Q4 25 | 29.3% | 38.6% | ||
| Q3 25 | 19.9% | -19.3% | ||
| Q2 25 | 18.9% | -17.7% | ||
| Q1 25 | -3.1% | 13.3% | ||
| Q4 24 | -1.4% | 36.8% | ||
| Q3 24 | -57.2% | -13.8% | ||
| Q2 24 | -32.8% | -5.0% | ||
| Q1 24 | -82.5% | 8.8% |
| Q4 25 | 32.3% | 21.8% | ||
| Q3 25 | 25.2% | -14.0% | ||
| Q2 25 | 22.6% | -18.7% | ||
| Q1 25 | 1.0% | 3.9% | ||
| Q4 24 | 26.5% | 20.1% | ||
| Q3 24 | -43.2% | -14.4% | ||
| Q2 24 | -20.2% | 37.7% | ||
| Q1 24 | -68.7% | 1.5% |
| Q4 25 | $0.37 | $1.94 | ||
| Q3 25 | $0.23 | $-0.46 | ||
| Q2 25 | $0.22 | $-0.56 | ||
| Q1 25 | $0.01 | $0.17 | ||
| Q4 24 | $0.23 | $1.56 | ||
| Q3 24 | $-0.31 | $-0.40 | ||
| Q2 24 | $-0.13 | $1.32 | ||
| Q1 24 | $-0.43 | $0.06 |
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 | $157.1M |
| Total DebtLower is stronger | $9.0B | $554.6M |
| Stockholders' EquityBook value | $3.5B | $36.0M |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $157.1M | ||
| Q3 25 | $1.4B | $29.9M | ||
| Q2 25 | $1.4B | $43.0M | ||
| Q1 25 | $1.4B | $89.0M | ||
| Q4 24 | $1.2B | $54.9M | ||
| Q3 24 | $1.0B | $37.3M | ||
| Q2 24 | $1.0B | $33.3M | ||
| Q1 24 | $1.3B | $28.0M |
| Q4 25 | $9.0B | $554.6M | ||
| Q3 25 | $7.7B | $581.7M | ||
| Q2 25 | $7.6B | $568.8M | ||
| Q1 25 | $7.1B | $577.4M | ||
| Q4 24 | $7.3B | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | $1.8B | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $3.5B | $36.0M | ||
| Q3 25 | $3.3B | $-65.8M | ||
| Q2 25 | $3.1B | $-13.3M | ||
| Q1 25 | $2.9B | $9.5M | ||
| Q4 24 | $2.8B | $10.3M | ||
| Q3 24 | $2.8B | $-48.7M | ||
| Q2 24 | $2.7B | $-23.2M | ||
| Q1 24 | $2.6B | $-94.6M |
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.6B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.5B |
| Q4 25 | 2.54× | 15.40× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | 60.61× | ||
| Q4 24 | 2.62× | 56.61× | ||
| 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 | $164.4M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $164.4M | ||
| Q3 25 | $374.6M | $19.8M | ||
| Q2 25 | $74.6M | $-27.0M | ||
| Q1 25 | $210.4M | $56.8M | ||
| Q4 24 | $312.0M | $112.9M | ||
| Q3 24 | $196.9M | $-27.4M | ||
| Q2 24 | $68.8M | $212.0K | ||
| Q1 24 | $208.2M | $5.8M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | 1.77× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 7.07× | ||
| Q4 24 | 3.88× | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
