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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 7.6%, a 24.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 10.7%).
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.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
AFRM vs PEGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $430.0M |
| Net Profit | $129.6M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 29.3% | 8.6% |
| Net Margin | 32.3% | 7.6% |
| Revenue YoY | 32.5% | -9.6% |
| Net Profit YoY | 61.3% | -61.6% |
| EPS (diluted) | $0.37 | $0.18 |
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.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $401.4M | $504.3M | ||
| Q3 25 | $320.5M | $381.4M | ||
| Q2 25 | $306.6M | $384.5M | ||
| Q1 25 | $272.5M | $475.6M | ||
| Q4 24 | $303.0M | $490.8M | ||
| Q3 24 | $231.8M | $325.1M | ||
| Q2 24 | $224.0M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $129.6M | $234.6M | ||
| Q3 25 | $80.7M | $43.4M | ||
| Q2 25 | $69.2M | $30.1M | ||
| Q1 25 | $2.8M | $85.4M | ||
| Q4 24 | $80.4M | $119.1M | ||
| Q3 24 | $-100.2M | $-14.4M | ||
| Q2 24 | $-45.1M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 29.3% | 20.7% | ||
| Q3 25 | 19.9% | 3.8% | ||
| Q2 25 | 18.9% | 4.5% | ||
| Q1 25 | -3.1% | 26.7% | ||
| Q4 24 | -1.4% | 29.1% | ||
| Q3 24 | -57.2% | -3.6% | ||
| Q2 24 | -32.8% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 32.3% | 46.5% | ||
| Q3 25 | 25.2% | 11.4% | ||
| Q2 25 | 22.6% | 7.8% | ||
| Q1 25 | 1.0% | 18.0% | ||
| Q4 24 | 26.5% | 24.3% | ||
| Q3 24 | -43.2% | -4.4% | ||
| Q2 24 | -20.2% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.37 | $0.81 | ||
| Q3 25 | $0.23 | $0.24 | ||
| Q2 25 | $0.22 | $0.17 | ||
| Q1 25 | $0.01 | $0.91 | ||
| Q4 24 | $0.23 | $1.35 | ||
| Q3 24 | $-0.31 | $-0.17 | ||
| Q2 24 | $-0.13 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $705.9M |
| Total Assets | $13.0B | $1.6B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.5B | $425.8M | ||
| Q3 25 | $1.4B | $351.4M | ||
| Q2 25 | $1.4B | $411.6M | ||
| Q1 25 | $1.4B | $371.7M | ||
| Q4 24 | $1.2B | $740.0M | ||
| Q3 24 | $1.0B | $703.0M | ||
| Q2 24 | $1.0B | $665.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $705.9M | ||
| Q4 25 | $3.5B | $787.4M | ||
| Q3 25 | $3.3B | $596.8M | ||
| Q2 25 | $3.1B | $624.5M | ||
| Q1 25 | $2.9B | $611.3M | ||
| Q4 24 | $2.8B | $585.5M | ||
| Q3 24 | $2.8B | $473.0M | ||
| Q2 24 | $2.7B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $13.0B | $1.6B | ||
| Q3 25 | $11.5B | $1.3B | ||
| Q2 25 | $11.2B | $1.3B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.5B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $118.0M | $206.5M |
| FCF MarginFCF / Revenue | 29.4% | 48.0% |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $158.4M | ||
| Q3 25 | $374.6M | $56.3M | ||
| Q2 25 | $74.6M | $86.3M | ||
| Q1 25 | $210.4M | $204.2M | ||
| Q4 24 | $312.0M | $95.2M | ||
| Q3 24 | $196.9M | $30.5M | ||
| Q2 24 | $68.8M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $118.0M | $152.4M | ||
| Q3 25 | $320.2M | $51.8M | ||
| Q2 25 | $23.5M | $84.1M | ||
| Q1 25 | $157.4M | $202.3M | ||
| Q4 24 | $268.1M | $92.4M | ||
| Q3 24 | $152.7M | $27.4M | ||
| Q2 24 | $30.5M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 29.4% | 30.2% | ||
| Q3 25 | 99.9% | 13.6% | ||
| Q2 25 | 7.7% | 21.9% | ||
| Q1 25 | 57.7% | 42.5% | ||
| Q4 24 | 88.5% | 18.8% | ||
| Q3 24 | 65.9% | 8.4% | ||
| Q2 24 | 13.6% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 1.2% | ||
| Q3 25 | 17.0% | 1.2% | ||
| Q2 25 | 16.7% | 0.6% | ||
| Q1 25 | 19.5% | 0.4% | ||
| Q4 24 | 14.5% | 0.6% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.1% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 0.68× | ||
| Q3 25 | 4.64× | 1.30× | ||
| Q2 25 | 1.08× | 2.87× | ||
| Q1 25 | 75.03× | 2.39× | ||
| Q4 24 | 3.88× | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
