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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and LiveRamp Holdings, Inc. (RAMP). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $212.2M, roughly 1.9× LiveRamp Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 18.8%, a 13.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.6%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 11.1%).
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.
LiveRamp Holdings, Inc., is an American SaaS company that offers a data connectivity platform whose services include data onboarding, the transfer of offline data online for marketing purposes.
AFRM vs RAMP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $212.2M |
| Net Profit | $129.6M | $39.9M |
| Gross Margin | — | 71.9% |
| Operating Margin | 29.3% | 18.6% |
| Net Margin | 32.3% | 18.8% |
| Revenue YoY | 32.5% | 8.6% |
| Net Profit YoY | 61.3% | 255.7% |
| EPS (diluted) | $0.37 | $0.62 |
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 | $212.2M | ||
| Q3 25 | $320.5M | $199.8M | ||
| Q2 25 | $306.6M | $194.8M | ||
| Q1 25 | $272.5M | $188.7M | ||
| Q4 24 | $303.0M | $195.4M | ||
| Q3 24 | $231.8M | $185.5M | ||
| Q2 24 | $224.0M | $176.0M | ||
| Q1 24 | $195.0M | $171.9M |
| Q4 25 | $129.6M | $39.9M | ||
| Q3 25 | $80.7M | $27.4M | ||
| Q2 25 | $69.2M | $7.7M | ||
| Q1 25 | $2.8M | $-6.3M | ||
| Q4 24 | $80.4M | $11.2M | ||
| Q3 24 | $-100.2M | $1.7M | ||
| Q2 24 | $-45.1M | $-7.5M | ||
| Q1 24 | $-133.9M | $-5.4M |
| Q4 25 | — | 71.9% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | 70.6% | ||
| Q1 24 | — | 72.2% |
| Q4 25 | 29.3% | 18.6% | ||
| Q3 25 | 19.9% | 10.7% | ||
| Q2 25 | 18.9% | 3.7% | ||
| Q1 25 | -3.1% | -6.1% | ||
| Q4 24 | -1.4% | 7.5% | ||
| Q3 24 | -57.2% | 4.0% | ||
| Q2 24 | -32.8% | -3.0% | ||
| Q1 24 | -82.5% | -8.3% |
| Q4 25 | 32.3% | 18.8% | ||
| Q3 25 | 25.2% | 13.7% | ||
| Q2 25 | 22.6% | 4.0% | ||
| Q1 25 | 1.0% | -3.3% | ||
| Q4 24 | 26.5% | 5.7% | ||
| Q3 24 | -43.2% | 0.9% | ||
| Q2 24 | -20.2% | -4.3% | ||
| Q1 24 | -68.7% | -3.1% |
| Q4 25 | $0.37 | $0.62 | ||
| Q3 25 | $0.23 | $0.42 | ||
| Q2 25 | $0.22 | $0.12 | ||
| Q1 25 | $0.01 | $-0.10 | ||
| Q4 24 | $0.23 | $0.17 | ||
| Q3 24 | $-0.31 | $0.03 | ||
| Q2 24 | $-0.13 | $-0.11 | ||
| Q1 24 | $-0.43 | $-0.09 |
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 | $403.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $962.3M |
| Total Assets | $13.0B | $1.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $403.4M | ||
| Q3 25 | $1.4B | $376.9M | ||
| Q2 25 | $1.4B | $371.1M | ||
| Q1 25 | $1.4B | $420.8M | ||
| Q4 24 | $1.2B | $384.3M | ||
| Q3 24 | $1.0B | $348.4M | ||
| Q2 24 | $1.0B | $342.7M | ||
| Q1 24 | $1.3B | $368.9M |
| 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 | $962.3M | ||
| Q3 25 | $3.3B | $943.8M | ||
| Q2 25 | $3.1B | $947.8M | ||
| Q1 25 | $2.9B | $948.9M | ||
| Q4 24 | $2.8B | $957.7M | ||
| Q3 24 | $2.8B | $932.1M | ||
| Q2 24 | $2.7B | $951.9M | ||
| Q1 24 | $2.6B | $949.1M |
| Q4 25 | $13.0B | $1.3B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.2B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.3B | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $1.2B | ||
| Q1 24 | $9.2B | $1.2B |
| 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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $57.4M | ||
| Q2 25 | $74.6M | $-15.8M | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | $45.1M | ||
| Q3 24 | $196.9M | $55.6M | ||
| Q2 24 | $68.8M | $-9.3M | ||
| Q1 24 | $208.2M | — |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $56.8M | ||
| Q2 25 | $23.5M | $-16.2M | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | $44.8M | ||
| Q3 24 | $152.7M | $55.4M | ||
| Q2 24 | $30.5M | $-9.6M | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 28.4% | ||
| Q2 25 | 7.7% | -8.3% | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | 22.9% | ||
| Q3 24 | 65.9% | 29.8% | ||
| Q2 24 | 13.6% | -5.4% | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.2% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.1% | ||
| Q1 24 | 23.8% | 1.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.09× | ||
| Q2 25 | 1.08× | -2.04× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 4.02× | ||
| Q3 24 | — | 32.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
RAMP
Segment breakdown not available.
