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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -2.0%, a 34.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $105.2M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 27.4%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
AFRM vs NET — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $614.5M |
| Net Profit | $129.6M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 29.3% | -8.0% |
| Net Margin | 32.3% | -2.0% |
| Revenue YoY | 32.5% | 33.6% |
| Net Profit YoY | 61.3% | 6.0% |
| EPS (diluted) | $0.37 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $320.5M | $562.0M | ||
| Q2 25 | $306.6M | $512.3M | ||
| Q1 25 | $272.5M | $479.1M | ||
| Q4 24 | $303.0M | $459.9M | ||
| Q3 24 | $231.8M | $430.1M | ||
| Q2 24 | $224.0M | $401.0M | ||
| Q1 24 | $195.0M | $378.6M |
| Q4 25 | $129.6M | $-12.1M | ||
| Q3 25 | $80.7M | $-1.3M | ||
| Q2 25 | $69.2M | $-50.4M | ||
| Q1 25 | $2.8M | $-38.5M | ||
| Q4 24 | $80.4M | $-12.8M | ||
| Q3 24 | $-100.2M | $-15.3M | ||
| Q2 24 | $-45.1M | $-15.1M | ||
| Q1 24 | $-133.9M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 29.3% | -8.0% | ||
| Q3 25 | 19.9% | -6.7% | ||
| Q2 25 | 18.9% | -13.1% | ||
| Q1 25 | -3.1% | -11.1% | ||
| Q4 24 | -1.4% | -7.5% | ||
| Q3 24 | -57.2% | -7.2% | ||
| Q2 24 | -32.8% | -8.7% | ||
| Q1 24 | -82.5% | -14.4% |
| Q4 25 | 32.3% | -2.0% | ||
| Q3 25 | 25.2% | -0.2% | ||
| Q2 25 | 22.6% | -9.8% | ||
| Q1 25 | 1.0% | -8.0% | ||
| Q4 24 | 26.5% | -2.8% | ||
| Q3 24 | -43.2% | -3.6% | ||
| Q2 24 | -20.2% | -3.8% | ||
| Q1 24 | -68.7% | -9.4% |
| Q4 25 | $0.37 | $-0.03 | ||
| Q3 25 | $0.23 | $0.00 | ||
| Q2 25 | $0.22 | $-0.15 | ||
| Q1 25 | $0.01 | $-0.11 | ||
| Q4 24 | $0.23 | $-0.05 | ||
| Q3 24 | $-0.31 | $-0.04 | ||
| Q2 24 | $-0.13 | $-0.04 | ||
| Q1 24 | $-0.43 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.5B |
| Total Assets | $13.0B | $6.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.4B | $204.5M | ||
| Q4 24 | $1.2B | $147.7M | ||
| Q3 24 | $1.0B | $182.9M | ||
| Q2 24 | $1.0B | $157.0M | ||
| Q1 24 | $1.3B | $254.4M |
| 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 | $1.5B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $973.1M | ||
| Q2 24 | $2.7B | $881.5M | ||
| Q1 24 | $2.6B | $797.2M |
| Q4 25 | $13.0B | $6.0B | ||
| Q3 25 | $11.5B | $5.8B | ||
| Q2 25 | $11.2B | $5.6B | ||
| Q1 25 | $10.4B | $3.7B | ||
| Q4 24 | $10.5B | $3.3B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $2.9B | ||
| Q1 24 | $9.2B | $2.8B |
| 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 | $190.4M |
| Free Cash FlowOCF − Capex | $118.0M | $105.2M |
| FCF MarginFCF / Revenue | 29.4% | 17.1% |
| Capex IntensityCapex / Revenue | 13.9% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $190.4M | ||
| Q3 25 | $374.6M | $167.1M | ||
| Q2 25 | $74.6M | $99.8M | ||
| Q1 25 | $210.4M | $145.8M | ||
| Q4 24 | $312.0M | $127.3M | ||
| Q3 24 | $196.9M | $104.7M | ||
| Q2 24 | $68.8M | $74.8M | ||
| Q1 24 | $208.2M | $73.6M |
| Q4 25 | $118.0M | $105.2M | ||
| Q3 25 | $320.2M | $82.5M | ||
| Q2 25 | $23.5M | $39.9M | ||
| Q1 25 | $157.4M | $59.9M | ||
| Q4 24 | $268.1M | $54.2M | ||
| Q3 24 | $152.7M | $54.5M | ||
| Q2 24 | $30.5M | $45.2M | ||
| Q1 24 | $161.7M | $41.5M |
| Q4 25 | 29.4% | 17.1% | ||
| Q3 25 | 99.9% | 14.7% | ||
| Q2 25 | 7.7% | 7.8% | ||
| Q1 25 | 57.7% | 12.5% | ||
| Q4 24 | 88.5% | 11.8% | ||
| Q3 24 | 65.9% | 12.7% | ||
| Q2 24 | 13.6% | 11.3% | ||
| Q1 24 | 82.9% | 11.0% |
| Q4 25 | 13.9% | 13.9% | ||
| Q3 25 | 17.0% | 15.1% | ||
| Q2 25 | 16.7% | 11.7% | ||
| Q1 25 | 19.5% | 17.9% | ||
| Q4 24 | 14.5% | 15.9% | ||
| Q3 24 | 19.0% | 11.7% | ||
| Q2 24 | 17.1% | 7.4% | ||
| Q1 24 | 23.8% | 8.5% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
