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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $387.0M, roughly 1.0× Paylocity Holding Corp). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 13.0%, a 19.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 11.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $113.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.7%).
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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
AFRM vs PCTY — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $387.0M |
| Net Profit | $129.6M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | 29.3% | 18.2% |
| Net Margin | 32.3% | 13.0% |
| Revenue YoY | 32.5% | 11.3% |
| Net Profit YoY | 61.3% | 34.0% |
| EPS (diluted) | $0.37 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $320.5M | $378.9M | ||
| Q2 25 | $306.6M | $369.9M | ||
| Q1 25 | $272.5M | $421.1M | ||
| Q4 24 | $303.0M | $347.7M | ||
| Q3 24 | $231.8M | $333.1M | ||
| Q2 24 | $224.0M | $324.7M | ||
| Q1 24 | $195.0M | $366.8M |
| Q4 25 | $129.6M | $50.2M | ||
| Q3 25 | $80.7M | $48.0M | ||
| Q2 25 | $69.2M | $48.6M | ||
| Q1 25 | $2.8M | $91.5M | ||
| Q4 24 | $80.4M | $37.5M | ||
| Q3 24 | $-100.2M | $49.6M | ||
| Q2 24 | $-45.1M | $48.8M | ||
| Q1 24 | $-133.9M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | 29.3% | 18.2% | ||
| Q3 25 | 19.9% | 19.6% | ||
| Q2 25 | 18.9% | 17.9% | ||
| Q1 25 | -3.1% | 30.2% | ||
| Q4 24 | -1.4% | 13.4% | ||
| Q3 24 | -57.2% | 19.3% | ||
| Q2 24 | -32.8% | 19.4% | ||
| Q1 24 | -82.5% | 29.0% |
| Q4 25 | 32.3% | 13.0% | ||
| Q3 25 | 25.2% | 12.7% | ||
| Q2 25 | 22.6% | 13.1% | ||
| Q1 25 | 1.0% | 21.7% | ||
| Q4 24 | 26.5% | 10.8% | ||
| Q3 24 | -43.2% | 14.9% | ||
| Q2 24 | -20.2% | 15.0% | ||
| Q1 24 | -68.7% | 23.3% |
| Q4 25 | $0.37 | $0.92 | ||
| Q3 25 | $0.23 | $0.86 | ||
| Q2 25 | $0.22 | $0.87 | ||
| Q1 25 | $0.01 | $1.61 | ||
| Q4 24 | $0.23 | $0.66 | ||
| Q3 24 | $-0.31 | $0.88 | ||
| Q2 24 | $-0.13 | $0.85 | ||
| Q1 24 | $-0.43 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $9.0B | $81.3M |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $7.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $162.5M | ||
| Q3 25 | $1.4B | $165.2M | ||
| Q2 25 | $1.4B | $398.1M | ||
| Q1 25 | $1.4B | $477.8M | ||
| Q4 24 | $1.2B | $482.4M | ||
| Q3 24 | $1.0B | $778.5M | ||
| Q2 24 | $1.0B | $401.8M | ||
| Q1 24 | $1.3B | $492.7M |
| Q4 25 | $9.0B | $81.3M | ||
| Q3 25 | $7.7B | $81.3M | ||
| Q2 25 | $7.6B | $162.5M | ||
| Q1 25 | $7.1B | $243.8M | ||
| Q4 24 | $7.3B | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | $1.8B | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.0B | ||
| Q1 24 | $2.6B | $1.1B |
| Q4 25 | $13.0B | $7.0B | ||
| Q3 25 | $11.5B | $4.2B | ||
| Q2 25 | $11.2B | $4.4B | ||
| Q1 25 | $10.4B | $5.2B | ||
| Q4 24 | $10.5B | $5.3B | ||
| Q3 24 | $10.1B | $4.0B | ||
| Q2 24 | $9.5B | $4.2B | ||
| Q1 24 | $9.2B | $5.0B |
| Q4 25 | 2.54× | 0.07× | ||
| Q3 25 | 2.35× | 0.07× | ||
| Q2 25 | 2.48× | 0.13× | ||
| Q1 25 | 2.49× | 0.20× | ||
| Q4 24 | 2.62× | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | 0.67× | 0.00× | ||
| 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 | $117.0M |
| Free Cash FlowOCF − Capex | $118.0M | $113.6M |
| FCF MarginFCF / Revenue | 29.4% | 29.4% |
| Capex IntensityCapex / Revenue | 13.9% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $117.0M | ||
| Q3 25 | $374.6M | $86.5M | ||
| Q2 25 | $74.6M | $86.6M | ||
| Q1 25 | $210.4M | $186.0M | ||
| Q4 24 | $312.0M | $54.2M | ||
| Q3 24 | $196.9M | $91.5M | ||
| Q2 24 | $68.8M | $79.9M | ||
| Q1 24 | $208.2M | $167.5M |
| Q4 25 | $118.0M | $113.6M | ||
| Q3 25 | $320.2M | $82.7M | ||
| Q2 25 | $23.5M | $81.1M | ||
| Q1 25 | $157.4M | $183.7M | ||
| Q4 24 | $268.1M | $51.2M | ||
| Q3 24 | $152.7M | $89.1M | ||
| Q2 24 | $30.5M | $73.6M | ||
| Q1 24 | $161.7M | $162.0M |
| Q4 25 | 29.4% | 29.4% | ||
| Q3 25 | 99.9% | 21.8% | ||
| Q2 25 | 7.7% | 21.9% | ||
| Q1 25 | 57.7% | 43.6% | ||
| Q4 24 | 88.5% | 14.7% | ||
| Q3 24 | 65.9% | 26.8% | ||
| Q2 24 | 13.6% | 22.7% | ||
| Q1 24 | 82.9% | 44.2% |
| Q4 25 | 13.9% | 0.9% | ||
| Q3 25 | 17.0% | 1.0% | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 0.5% | ||
| Q4 24 | 14.5% | 0.9% | ||
| Q3 24 | 19.0% | 0.7% | ||
| Q2 24 | 17.1% | 1.9% | ||
| Q1 24 | 23.8% | 1.5% |
| Q4 25 | 1.34× | 2.33× | ||
| Q3 25 | 4.64× | 1.80× | ||
| Q2 25 | 1.08× | 1.78× | ||
| Q1 25 | 75.03× | 2.03× | ||
| Q4 24 | 3.88× | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | — | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
