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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $401.4M, roughly 21.6× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 16.6%, a 15.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.2%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
AFRM vs PYPL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $8.7B |
| Net Profit | $129.6M | $1.4B |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 17.4% |
| Net Margin | 32.3% | 16.6% |
| Revenue YoY | 32.5% | 3.7% |
| Net Profit YoY | 61.3% | 28.2% |
| EPS (diluted) | $0.37 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $320.5M | $8.4B | ||
| Q2 25 | $306.6M | $8.3B | ||
| Q1 25 | $272.5M | $7.8B | ||
| Q4 24 | $303.0M | $8.4B | ||
| Q3 24 | $231.8M | $7.8B | ||
| Q2 24 | $224.0M | $7.9B | ||
| Q1 24 | $195.0M | $7.7B |
| Q4 25 | $129.6M | $1.4B | ||
| Q3 25 | $80.7M | $1.2B | ||
| Q2 25 | $69.2M | $1.3B | ||
| Q1 25 | $2.8M | $1.3B | ||
| Q4 24 | $80.4M | $1.1B | ||
| Q3 24 | $-100.2M | $1.0B | ||
| Q2 24 | $-45.1M | $1.1B | ||
| Q1 24 | $-133.9M | $888.0M |
| Q4 25 | 29.3% | 17.4% | ||
| Q3 25 | 19.9% | 18.1% | ||
| Q2 25 | 18.9% | 18.1% | ||
| Q1 25 | -3.1% | 19.6% | ||
| Q4 24 | -1.4% | 17.2% | ||
| Q3 24 | -57.2% | 17.7% | ||
| Q2 24 | -32.8% | 16.8% | ||
| Q1 24 | -82.5% | 15.2% |
| Q4 25 | 32.3% | 16.6% | ||
| Q3 25 | 25.2% | 14.8% | ||
| Q2 25 | 22.6% | 15.2% | ||
| Q1 25 | 1.0% | 16.5% | ||
| Q4 24 | 26.5% | 13.4% | ||
| Q3 24 | -43.2% | 12.9% | ||
| Q2 24 | -20.2% | 14.3% | ||
| Q1 24 | -68.7% | 11.5% |
| Q4 25 | $0.37 | $1.53 | ||
| Q3 25 | $0.23 | $1.30 | ||
| Q2 25 | $0.22 | $1.29 | ||
| Q1 25 | $0.01 | $1.29 | ||
| Q4 24 | $0.23 | $1.09 | ||
| Q3 24 | $-0.31 | $0.99 | ||
| Q2 24 | $-0.13 | $1.08 | ||
| Q1 24 | $-0.43 | $0.83 |
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 | $10.4B |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $20.3B |
| Total Assets | $13.0B | $80.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $10.4B | ||
| Q3 25 | $1.4B | $10.8B | ||
| Q2 25 | $1.4B | $10.0B | ||
| Q1 25 | $1.4B | $11.2B | ||
| Q4 24 | $1.2B | $10.8B | ||
| Q3 24 | $1.0B | $11.9B | ||
| Q2 24 | $1.0B | $13.6B | ||
| Q1 24 | $1.3B | $14.3B |
| 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 | $20.3B | ||
| Q3 25 | $3.3B | $20.2B | ||
| Q2 25 | $3.1B | $20.2B | ||
| Q1 25 | $2.9B | $20.3B | ||
| Q4 24 | $2.8B | $20.4B | ||
| Q3 24 | $2.8B | $20.2B | ||
| Q2 24 | $2.7B | $20.6B | ||
| Q1 24 | $2.6B | $20.7B |
| Q4 25 | $13.0B | $80.2B | ||
| Q3 25 | $11.5B | $79.8B | ||
| Q2 25 | $11.2B | $79.8B | ||
| Q1 25 | $10.4B | $81.3B | ||
| Q4 24 | $10.5B | $81.6B | ||
| Q3 24 | $10.1B | $83.5B | ||
| Q2 24 | $9.5B | $84.0B | ||
| Q1 24 | $9.2B | $83.3B |
| 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 | $2.4B |
| Free Cash FlowOCF − Capex | $118.0M | $2.2B |
| FCF MarginFCF / Revenue | 29.4% | 25.2% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $2.4B | ||
| Q3 25 | $374.6M | $2.0B | ||
| Q2 25 | $74.6M | $898.0M | ||
| Q1 25 | $210.4M | $1.2B | ||
| Q4 24 | $312.0M | $2.4B | ||
| Q3 24 | $196.9M | $1.6B | ||
| Q2 24 | $68.8M | $1.5B | ||
| Q1 24 | $208.2M | $1.9B |
| Q4 25 | $118.0M | $2.2B | ||
| Q3 25 | $320.2M | $1.7B | ||
| Q2 25 | $23.5M | $692.0M | ||
| Q1 25 | $157.4M | $964.0M | ||
| Q4 24 | $268.1M | $2.2B | ||
| Q3 24 | $152.7M | $1.4B | ||
| Q2 24 | $30.5M | $1.4B | ||
| Q1 24 | $161.7M | $1.8B |
| Q4 25 | 29.4% | 25.2% | ||
| Q3 25 | 99.9% | 20.4% | ||
| Q2 25 | 7.7% | 8.3% | ||
| Q1 25 | 57.7% | 12.4% | ||
| Q4 24 | 88.5% | 26.2% | ||
| Q3 24 | 65.9% | 18.4% | ||
| Q2 24 | 13.6% | 17.3% | ||
| Q1 24 | 82.9% | 22.9% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 17.0% | 3.0% | ||
| Q2 25 | 16.7% | 2.5% | ||
| Q1 25 | 19.5% | 2.5% | ||
| Q4 24 | 14.5% | 2.4% | ||
| Q3 24 | 19.0% | 2.2% | ||
| Q2 24 | 17.1% | 2.0% | ||
| Q1 24 | 23.8% | 2.0% |
| Q4 25 | 1.34× | 1.66× | ||
| Q3 25 | 4.64× | 1.58× | ||
| Q2 25 | 1.08× | 0.71× | ||
| Q1 25 | 75.03× | 0.90× | ||
| Q4 24 | 3.88× | 2.14× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
