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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and NELNET INC (NNI). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $107.1M, roughly 3.7× NELNET INC). NELNET INC runs the higher net margin — 53.9% vs 32.3%, a 21.7% gap on every dollar of revenue. On growth, NELNET INC posted the faster year-over-year revenue change (33.8% vs 32.5%). NELNET INC produced more free cash flow last quarter ($130.1M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 20.1%).
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.
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
AFRM vs NNI — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $107.1M |
| Net Profit | $129.6M | $57.8M |
| Gross Margin | — | 50.5% |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | 53.9% |
| Revenue YoY | 32.5% | 33.8% |
| Net Profit YoY | 61.3% | -8.8% |
| EPS (diluted) | $0.37 | $1.62 |
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 | $107.1M | ||
| Q3 25 | $320.5M | $85.3M | ||
| Q2 25 | $306.6M | $79.4M | ||
| Q1 25 | $272.5M | $82.7M | ||
| Q4 24 | $303.0M | $80.1M | ||
| Q3 24 | $231.8M | $72.2M | ||
| Q2 24 | $224.0M | $66.4M | ||
| Q1 24 | $195.0M | $74.2M |
| Q4 25 | $129.6M | $57.8M | ||
| Q3 25 | $80.7M | $106.7M | ||
| Q2 25 | $69.2M | $181.5M | ||
| Q1 25 | $2.8M | $82.6M | ||
| Q4 24 | $80.4M | $63.4M | ||
| Q3 24 | $-100.2M | $2.4M | ||
| Q2 24 | $-45.1M | $45.1M | ||
| Q1 24 | $-133.9M | $73.2M |
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | 97.7% | ||
| Q3 24 | -57.2% | -3.1% | ||
| Q2 24 | -32.8% | 88.0% | ||
| Q1 24 | -82.5% | — |
| Q4 25 | 32.3% | 53.9% | ||
| Q3 25 | 25.2% | 125.1% | ||
| Q2 25 | 22.6% | 228.4% | ||
| Q1 25 | 1.0% | 99.8% | ||
| Q4 24 | 26.5% | 79.1% | ||
| Q3 24 | -43.2% | 3.3% | ||
| Q2 24 | -20.2% | 67.9% | ||
| Q1 24 | -68.7% | 98.6% |
| Q4 25 | $0.37 | $1.62 | ||
| Q3 25 | $0.23 | $2.94 | ||
| Q2 25 | $0.22 | $4.97 | ||
| Q1 25 | $0.01 | $2.26 | ||
| Q4 24 | $0.23 | $1.75 | ||
| Q3 24 | $-0.31 | $0.07 | ||
| Q2 24 | $-0.13 | $1.23 | ||
| Q1 24 | $-0.43 | $1.97 |
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 | $296.0M |
| Total DebtLower is stronger | $9.0B | $7.8B |
| Stockholders' EquityBook value | $3.5B | $3.7B |
| Total Assets | $13.0B | $14.1B |
| Debt / EquityLower = less leverage | 2.54× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $296.0M | ||
| Q3 25 | $1.4B | $216.4M | ||
| Q2 25 | $1.4B | $225.8M | ||
| Q1 25 | $1.4B | $220.5M | ||
| Q4 24 | $1.2B | $194.5M | ||
| Q3 24 | $1.0B | $219.7M | ||
| Q2 24 | $1.0B | $145.5M | ||
| Q1 24 | $1.3B | $179.7M |
| Q4 25 | $9.0B | $7.8B | ||
| Q3 25 | $7.7B | $7.8B | ||
| Q2 25 | $7.6B | $7.9B | ||
| Q1 25 | $7.1B | $8.7B | ||
| Q4 24 | $7.3B | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | $1.8B | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $3.5B | $3.7B | ||
| Q3 25 | $3.3B | $3.7B | ||
| Q2 25 | $3.1B | $3.6B | ||
| Q1 25 | $2.9B | $3.4B | ||
| Q4 24 | $2.8B | $3.3B | ||
| Q3 24 | $2.8B | $3.3B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
| Q4 25 | $13.0B | $14.1B | ||
| Q3 25 | $11.5B | $13.9B | ||
| Q2 25 | $11.2B | $13.7B | ||
| Q1 25 | $10.4B | $14.2B | ||
| Q4 24 | $10.5B | $13.8B | ||
| Q3 24 | $10.1B | $14.1B | ||
| Q2 24 | $9.5B | $14.5B | ||
| Q1 24 | $9.2B | $15.4B |
| Q4 25 | 2.54× | 2.11× | ||
| Q3 25 | 2.35× | 2.14× | ||
| Q2 25 | 2.48× | 2.21× | ||
| Q1 25 | 2.49× | 2.53× | ||
| Q4 24 | 2.62× | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 0.67× | 2.90× | ||
| Q1 24 | — | 3.20× |
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 | $137.6M |
| Free Cash FlowOCF − Capex | $118.0M | $130.1M |
| FCF MarginFCF / Revenue | 29.4% | 121.5% |
| Capex IntensityCapex / Revenue | 13.9% | 7.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $396.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $137.6M | ||
| Q3 25 | $374.6M | $112.4M | ||
| Q2 25 | $74.6M | $81.8M | ||
| Q1 25 | $210.4M | $91.2M | ||
| Q4 24 | $312.0M | $180.5M | ||
| Q3 24 | $196.9M | $137.0M | ||
| Q2 24 | $68.8M | $133.4M | ||
| Q1 24 | $208.2M | $211.9M |
| Q4 25 | $118.0M | $130.1M | ||
| Q3 25 | $320.2M | $100.8M | ||
| Q2 25 | $23.5M | $78.1M | ||
| Q1 25 | $157.4M | $87.8M | ||
| Q4 24 | $268.1M | $163.2M | ||
| Q3 24 | $152.7M | $132.6M | ||
| Q2 24 | $30.5M | $122.8M | ||
| Q1 24 | $161.7M | $188.7M |
| Q4 25 | 29.4% | 121.5% | ||
| Q3 25 | 99.9% | 118.2% | ||
| Q2 25 | 7.7% | 98.3% | ||
| Q1 25 | 57.7% | 106.1% | ||
| Q4 24 | 88.5% | 203.7% | ||
| Q3 24 | 65.9% | 183.8% | ||
| Q2 24 | 13.6% | 184.9% | ||
| Q1 24 | 82.9% | 254.2% |
| Q4 25 | 13.9% | 7.0% | ||
| Q3 25 | 17.0% | 13.7% | ||
| Q2 25 | 16.7% | 4.7% | ||
| Q1 25 | 19.5% | 4.1% | ||
| Q4 24 | 14.5% | 21.7% | ||
| Q3 24 | 19.0% | 6.2% | ||
| Q2 24 | 17.1% | 16.0% | ||
| Q1 24 | 23.8% | 31.3% |
| Q4 25 | 1.34× | 2.38× | ||
| Q3 25 | 4.64× | 1.05× | ||
| Q2 25 | 1.08× | 0.45× | ||
| Q1 25 | 75.03× | 1.10× | ||
| Q4 24 | 3.88× | 2.85× | ||
| Q3 24 | — | 57.39× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | 2.89× |
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% |
NNI
| Reinsurance Premiums Earned | $33.5M | 31% |
| Tuition Payment Plan Services | $32.2M | 30% |
| Private Education And Consumer Loan Servicing | $24.8M | 23% |
| Software Services | $11.4M | 11% |
| Solar Construction Revenue | $3.4M | 3% |
| Investment Advice | $1.4M | 1% |
