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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Insulet Corporation (PODD). Click either name above to swap in a different company.
Insulet Corporation is the larger business by last-quarter revenue ($783.7M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). 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 31.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $48.2M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 33.2%).
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.
An insulin pump is a medical device used for the administration of insulin in the treatment of diabetes mellitus, also known as continuous subcutaneous insulin therapy . The device configuration may vary depending on design. A traditional pump includes:the pump a disposable reservoir for insulin a disposable infusion set, including a cannula for subcutaneous insertion and a tubing system to connect the insulin reservoir to the cannula.
AFRM vs PODD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $783.7M |
| Net Profit | $129.6M | $101.6M |
| Gross Margin | — | 72.6% |
| Operating Margin | 29.3% | 18.7% |
| Net Margin | 32.3% | 13.0% |
| Revenue YoY | 32.5% | 31.2% |
| Net Profit YoY | 61.3% | 0.9% |
| EPS (diluted) | $0.37 | $1.42 |
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 | $783.7M | ||
| Q3 25 | $320.5M | $706.3M | ||
| Q2 25 | $306.6M | $649.1M | ||
| Q1 25 | $272.5M | $569.0M | ||
| Q4 24 | $303.0M | $597.5M | ||
| Q3 24 | $231.8M | $543.9M | ||
| Q2 24 | $224.0M | $488.5M | ||
| Q1 24 | $195.0M | $441.7M |
| Q4 25 | $129.6M | $101.6M | ||
| Q3 25 | $80.7M | $87.6M | ||
| Q2 25 | $69.2M | $22.5M | ||
| Q1 25 | $2.8M | $35.4M | ||
| Q4 24 | $80.4M | $100.7M | ||
| Q3 24 | $-100.2M | $77.5M | ||
| Q2 24 | $-45.1M | $188.6M | ||
| Q1 24 | $-133.9M | $51.5M |
| Q4 25 | — | 72.6% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 69.7% | ||
| Q1 25 | — | 71.9% | ||
| Q4 24 | — | 72.1% | ||
| Q3 24 | — | 69.3% | ||
| Q2 24 | — | 67.7% | ||
| Q1 24 | — | 69.5% |
| Q4 25 | 29.3% | 18.7% | ||
| Q3 25 | 19.9% | 16.7% | ||
| Q2 25 | 18.9% | 18.7% | ||
| Q1 25 | -3.1% | 15.6% | ||
| Q4 24 | -1.4% | 18.3% | ||
| Q3 24 | -57.2% | 16.2% | ||
| Q2 24 | -32.8% | 11.2% | ||
| Q1 24 | -82.5% | 12.9% |
| Q4 25 | 32.3% | 13.0% | ||
| Q3 25 | 25.2% | 12.4% | ||
| Q2 25 | 22.6% | 3.5% | ||
| Q1 25 | 1.0% | 6.2% | ||
| Q4 24 | 26.5% | 16.9% | ||
| Q3 24 | -43.2% | 14.2% | ||
| Q2 24 | -20.2% | 38.6% | ||
| Q1 24 | -68.7% | 11.7% |
| Q4 25 | $0.37 | $1.42 | ||
| Q3 25 | $0.23 | $1.24 | ||
| Q2 25 | $0.22 | $0.32 | ||
| Q1 25 | $0.01 | $0.50 | ||
| Q4 24 | $0.23 | $1.38 | ||
| Q3 24 | $-0.31 | $1.08 | ||
| Q2 24 | $-0.13 | $2.59 | ||
| Q1 24 | $-0.43 | $0.73 |
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 | — |
| Total DebtLower is stronger | $9.0B | $930.8M |
| Stockholders' EquityBook value | $3.5B | $1.5B |
| Total Assets | $13.0B | $3.2B |
| Debt / EquityLower = less leverage | 2.54× | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | $930.8M | ||
| Q3 25 | $7.7B | $934.9M | ||
| Q2 25 | $7.6B | $939.0M | ||
| Q1 25 | $7.1B | $1.6B | ||
| Q4 24 | $7.3B | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.8B | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.3B | $1.4B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $998.4M | ||
| Q1 24 | $2.6B | $790.7M |
| Q4 25 | $13.0B | $3.2B | ||
| Q3 25 | $11.5B | $3.0B | ||
| Q2 25 | $11.2B | $3.5B | ||
| Q1 25 | $10.4B | $3.5B | ||
| Q4 24 | $10.5B | $3.1B | ||
| Q3 24 | $10.1B | $3.0B | ||
| Q2 24 | $9.5B | $2.9B | ||
| Q1 24 | $9.2B | $2.6B |
| Q4 25 | 2.54× | 0.61× | ||
| Q3 25 | 2.35× | 0.68× | ||
| Q2 25 | 2.48× | 0.64× | ||
| Q1 25 | 2.49× | 1.21× | ||
| Q4 24 | 2.62× | 1.07× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | 0.67× | 1.36× | ||
| Q1 24 | — | 1.72× |
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 | $183.3M |
| Free Cash FlowOCF − Capex | $118.0M | $48.2M |
| FCF MarginFCF / Revenue | 29.4% | 6.2% |
| Capex IntensityCapex / Revenue | 13.9% | 17.2% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $377.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $183.3M | ||
| Q3 25 | $374.6M | $125.7M | ||
| Q2 25 | $74.6M | $196.5M | ||
| Q1 25 | $210.4M | $63.8M | ||
| Q4 24 | $312.0M | $147.7M | ||
| Q3 24 | $196.9M | $98.5M | ||
| Q2 24 | $68.8M | $96.5M | ||
| Q1 24 | $208.2M | $87.6M |
| Q4 25 | $118.0M | $48.2M | ||
| Q3 25 | $320.2M | $100.1M | ||
| Q2 25 | $23.5M | $177.9M | ||
| Q1 25 | $157.4M | $51.5M | ||
| Q4 24 | $268.1M | $94.1M | ||
| Q3 24 | $152.7M | $71.8M | ||
| Q2 24 | $30.5M | $74.0M | ||
| Q1 24 | $161.7M | $65.5M |
| Q4 25 | 29.4% | 6.2% | ||
| Q3 25 | 99.9% | 14.2% | ||
| Q2 25 | 7.7% | 27.4% | ||
| Q1 25 | 57.7% | 9.1% | ||
| Q4 24 | 88.5% | 15.7% | ||
| Q3 24 | 65.9% | 13.2% | ||
| Q2 24 | 13.6% | 15.1% | ||
| Q1 24 | 82.9% | 14.8% |
| Q4 25 | 13.9% | 17.2% | ||
| Q3 25 | 17.0% | 3.6% | ||
| Q2 25 | 16.7% | 2.9% | ||
| Q1 25 | 19.5% | 2.2% | ||
| Q4 24 | 14.5% | 9.0% | ||
| Q3 24 | 19.0% | 4.9% | ||
| Q2 24 | 17.1% | 4.6% | ||
| Q1 24 | 23.8% | 5.0% |
| Q4 25 | 1.34× | 1.80× | ||
| Q3 25 | 4.64× | 1.43× | ||
| Q2 25 | 1.08× | 8.73× | ||
| Q1 25 | 75.03× | 1.80× | ||
| Q4 24 | 3.88× | 1.47× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 1.70× |
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% |
PODD
| U.S.Omnipod | $567.8M | 72% |
| International Omnipod | $214.0M | 27% |
| Drug Delivery | $1.9M | 0% |
