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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Nutanix, Inc. (NTNX). Click either name above to swap in a different company.
Nutanix, Inc. is the larger business by last-quarter revenue ($670.6M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 9.3%, a 23.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 13.5%). Nutanix, Inc. produced more free cash flow last quarter ($174.5M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 8.9%).
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.
Nutanix, Inc. is an American cloud computing company that sells software for datacenters and hybrid multi-cloud deployments. This includes software for virtualization, Kubernetes, database-as-a-service, software-defined networking, security, as well as software-defined storage for file, object, and block storage.
AFRM vs NTNX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $670.6M |
| Net Profit | $129.6M | $62.1M |
| Gross Margin | — | 87.0% |
| Operating Margin | 29.3% | 7.4% |
| Net Margin | 32.3% | 9.3% |
| Revenue YoY | 32.5% | 13.5% |
| Net Profit YoY | 61.3% | 107.5% |
| EPS (diluted) | $0.37 | $0.21 |
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 | $670.6M | ||
| Q3 25 | $320.5M | $653.3M | ||
| Q2 25 | $306.6M | $639.0M | ||
| Q1 25 | $272.5M | $654.7M | ||
| Q4 24 | $303.0M | $591.0M | ||
| Q3 24 | $231.8M | $548.0M | ||
| Q2 24 | $224.0M | $524.6M | ||
| Q1 24 | $195.0M | $565.2M |
| Q4 25 | $129.6M | $62.1M | ||
| Q3 25 | $80.7M | $38.6M | ||
| Q2 25 | $69.2M | $63.4M | ||
| Q1 25 | $2.8M | $56.4M | ||
| Q4 24 | $80.4M | $29.9M | ||
| Q3 24 | $-100.2M | $-126.1M | ||
| Q2 24 | $-45.1M | $-15.6M | ||
| Q1 24 | $-133.9M | $32.8M |
| Q4 25 | — | 87.0% | ||
| Q3 25 | — | 87.2% | ||
| Q2 25 | — | 87.0% | ||
| Q1 25 | — | 87.0% | ||
| Q4 24 | — | 86.0% | ||
| Q3 24 | — | 85.2% | ||
| Q2 24 | — | 84.8% | ||
| Q1 24 | — | 85.6% |
| Q4 25 | 29.3% | 7.4% | ||
| Q3 25 | 19.9% | 4.8% | ||
| Q2 25 | 18.9% | 7.6% | ||
| Q1 25 | -3.1% | 10.0% | ||
| Q4 24 | -1.4% | 4.6% | ||
| Q3 24 | -57.2% | -2.2% | ||
| Q2 24 | -32.8% | -2.2% | ||
| Q1 24 | -82.5% | 6.6% |
| Q4 25 | 32.3% | 9.3% | ||
| Q3 25 | 25.2% | 5.9% | ||
| Q2 25 | 22.6% | 9.9% | ||
| Q1 25 | 1.0% | 8.6% | ||
| Q4 24 | 26.5% | 5.1% | ||
| Q3 24 | -43.2% | -23.0% | ||
| Q2 24 | -20.2% | -3.0% | ||
| Q1 24 | -68.7% | 5.8% |
| Q4 25 | $0.37 | $0.21 | ||
| Q3 25 | $0.23 | $0.14 | ||
| Q2 25 | $0.22 | $0.22 | ||
| Q1 25 | $0.01 | $0.19 | ||
| Q4 24 | $0.23 | $0.10 | ||
| Q3 24 | $-0.31 | $-0.50 | ||
| Q2 24 | $-0.13 | $-0.06 | ||
| Q1 24 | $-0.43 | $0.12 |
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 | $780.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $-668.6M |
| Total Assets | $13.0B | $3.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $780.4M | ||
| Q3 25 | $1.4B | $769.5M | ||
| Q2 25 | $1.4B | $872.6M | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $716.6M | ||
| Q3 24 | $1.0B | $655.3M | ||
| Q2 24 | $1.0B | $598.0M | ||
| Q1 24 | $1.3B | $679.2M |
| 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 | $-668.6M | ||
| Q3 25 | $3.3B | $-694.5M | ||
| Q2 25 | $3.1B | $-711.4M | ||
| Q1 25 | $2.9B | $-807.7M | ||
| Q4 24 | $2.8B | $-685.3M | ||
| Q3 24 | $2.8B | $-728.1M | ||
| Q2 24 | $2.7B | $-619.5M | ||
| Q1 24 | $2.6B | $-611.7M |
| Q4 25 | $13.0B | $3.3B | ||
| Q3 25 | $11.5B | $3.3B | ||
| Q2 25 | $11.2B | $3.1B | ||
| Q1 25 | $10.4B | $3.0B | ||
| Q4 24 | $10.5B | $2.2B | ||
| Q3 24 | $10.1B | $2.1B | ||
| Q2 24 | $9.5B | $2.8B | ||
| Q1 24 | $9.2B | $2.7B |
| 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 | $196.8M |
| Free Cash FlowOCF − Capex | $118.0M | $174.5M |
| FCF MarginFCF / Revenue | 29.4% | 26.0% |
| Capex IntensityCapex / Revenue | 13.9% | 3.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 3.17× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $772.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $196.8M | ||
| Q3 25 | $374.6M | $219.5M | ||
| Q2 25 | $74.6M | $218.5M | ||
| Q1 25 | $210.4M | $221.7M | ||
| Q4 24 | $312.0M | $161.8M | ||
| Q3 24 | $196.9M | $244.7M | ||
| Q2 24 | $68.8M | $96.4M | ||
| Q1 24 | $208.2M | $186.4M |
| Q4 25 | $118.0M | $174.5M | ||
| Q3 25 | $320.2M | $207.8M | ||
| Q2 25 | $23.5M | $203.4M | ||
| Q1 25 | $157.4M | $187.1M | ||
| Q4 24 | $268.1M | $151.9M | ||
| Q3 24 | $152.7M | $224.3M | ||
| Q2 24 | $30.5M | $78.3M | ||
| Q1 24 | $161.7M | $162.6M |
| Q4 25 | 29.4% | 26.0% | ||
| Q3 25 | 99.9% | 31.8% | ||
| Q2 25 | 7.7% | 31.8% | ||
| Q1 25 | 57.7% | 28.6% | ||
| Q4 24 | 88.5% | 25.7% | ||
| Q3 24 | 65.9% | 40.9% | ||
| Q2 24 | 13.6% | 14.9% | ||
| Q1 24 | 82.9% | 28.8% |
| Q4 25 | 13.9% | 3.3% | ||
| Q3 25 | 17.0% | 1.8% | ||
| Q2 25 | 16.7% | 2.4% | ||
| Q1 25 | 19.5% | 5.3% | ||
| Q4 24 | 14.5% | 1.7% | ||
| Q3 24 | 19.0% | 3.7% | ||
| Q2 24 | 17.1% | 3.4% | ||
| Q1 24 | 23.8% | 4.2% |
| Q4 25 | 1.34× | 3.17× | ||
| Q3 25 | 4.64× | 5.68× | ||
| Q2 25 | 1.08× | 3.45× | ||
| Q1 25 | 75.03× | 3.93× | ||
| Q4 24 | 3.88× | 5.41× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.68× |
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% |
NTNX
| Services | $335.5M | 50% |
| Subscriptionand Circulation Software Entitlementand Support Subscription | $320.8M | 48% |
| Other | $14.3M | 2% |
