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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Revolve Group, Inc. (RVLV). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $324.4M, roughly 1.2× Revolve Group, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.7%, a 26.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 10.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-13.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.5%).
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.
Revolve Theatre Company is a Henley-on-Thames based theatre company specialising in political and Shakespearean plays. The company is owned by Oliver Dench, Joe Morris and Tom Smith.
AFRM vs RVLV — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $324.4M |
| Net Profit | $129.6M | $18.6M |
| Gross Margin | — | 53.3% |
| Operating Margin | 29.3% | 6.3% |
| Net Margin | 32.3% | 5.7% |
| Revenue YoY | 32.5% | 10.4% |
| Net Profit YoY | 61.3% | 50.4% |
| EPS (diluted) | $0.37 | $0.27 |
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 | $324.4M | ||
| Q3 25 | $320.5M | $295.6M | ||
| Q2 25 | $306.6M | $309.0M | ||
| Q1 25 | $272.5M | $296.7M | ||
| Q4 24 | $303.0M | $293.7M | ||
| Q3 24 | $231.8M | $283.1M | ||
| Q2 24 | $224.0M | $282.5M | ||
| Q1 24 | $195.0M | $270.6M |
| Q4 25 | $129.6M | $18.6M | ||
| Q3 25 | $80.7M | $21.2M | ||
| Q2 25 | $69.2M | $10.2M | ||
| Q1 25 | $2.8M | $11.8M | ||
| Q4 24 | $80.4M | $12.3M | ||
| Q3 24 | $-100.2M | $11.0M | ||
| Q2 24 | $-45.1M | $15.4M | ||
| Q1 24 | $-133.9M | $10.9M |
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 54.6% | ||
| Q2 25 | — | 54.1% | ||
| Q1 25 | — | 52.0% | ||
| Q4 24 | — | 52.5% | ||
| Q3 24 | — | 51.2% | ||
| Q2 24 | — | 54.0% | ||
| Q1 24 | — | 52.3% |
| Q4 25 | 29.3% | 6.3% | ||
| Q3 25 | 19.9% | 7.1% | ||
| Q2 25 | 18.9% | 5.8% | ||
| Q1 25 | -3.1% | 5.0% | ||
| Q4 24 | -1.4% | 3.9% | ||
| Q3 24 | -57.2% | 5.0% | ||
| Q2 24 | -32.8% | 5.8% | ||
| Q1 24 | -82.5% | 3.4% |
| Q4 25 | 32.3% | 5.7% | ||
| Q3 25 | 25.2% | 7.2% | ||
| Q2 25 | 22.6% | 3.3% | ||
| Q1 25 | 1.0% | 4.0% | ||
| Q4 24 | 26.5% | 4.2% | ||
| Q3 24 | -43.2% | 3.9% | ||
| Q2 24 | -20.2% | 5.4% | ||
| Q1 24 | -68.7% | 4.0% |
| Q4 25 | $0.37 | $0.27 | ||
| Q3 25 | $0.23 | $0.29 | ||
| Q2 25 | $0.22 | $0.14 | ||
| Q1 25 | $0.01 | $0.16 | ||
| Q4 24 | $0.23 | $0.18 | ||
| Q3 24 | $-0.31 | $0.15 | ||
| Q2 24 | $-0.13 | $0.21 | ||
| Q1 24 | $-0.43 | $0.15 |
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 | $292.3M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $512.5M |
| Total Assets | $13.0B | $765.0M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $292.3M | ||
| Q3 25 | $1.4B | $315.4M | ||
| Q2 25 | $1.4B | $310.7M | ||
| Q1 25 | $1.4B | $300.8M | ||
| Q4 24 | $1.2B | $256.6M | ||
| Q3 24 | $1.0B | $252.8M | ||
| Q2 24 | $1.0B | $244.7M | ||
| Q1 24 | $1.3B | $273.4M |
| 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 | $512.5M | ||
| Q3 25 | $3.3B | $490.2M | ||
| Q2 25 | $3.1B | $468.6M | ||
| Q1 25 | $2.9B | $453.4M | ||
| Q4 24 | $2.8B | $437.8M | ||
| Q3 24 | $2.8B | $420.8M | ||
| Q2 24 | $2.7B | $405.8M | ||
| Q1 24 | $2.6B | $389.9M |
| Q4 25 | $13.0B | $765.0M | ||
| Q3 25 | $11.5B | $751.3M | ||
| Q2 25 | $11.2B | $722.9M | ||
| Q1 25 | $10.4B | $713.9M | ||
| Q4 24 | $10.5B | $665.5M | ||
| Q3 24 | $10.1B | $670.9M | ||
| Q2 24 | $9.5B | $657.8M | ||
| Q1 24 | $9.2B | $650.0M |
| 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 | $-10.2M |
| Free Cash FlowOCF − Capex | $118.0M | $-13.3M |
| FCF MarginFCF / Revenue | 29.4% | -4.1% |
| Capex IntensityCapex / Revenue | 13.9% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.34× | -0.55× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $48.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-10.2M | ||
| Q3 25 | $374.6M | $11.8M | ||
| Q2 25 | $74.6M | $12.6M | ||
| Q1 25 | $210.4M | $45.1M | ||
| Q4 24 | $312.0M | $3.9M | ||
| Q3 24 | $196.9M | $9.1M | ||
| Q2 24 | $68.8M | $-24.7M | ||
| Q1 24 | $208.2M | $38.4M |
| Q4 25 | $118.0M | $-13.3M | ||
| Q3 25 | $320.2M | $7.5M | ||
| Q2 25 | $23.5M | $10.4M | ||
| Q1 25 | $157.4M | $43.4M | ||
| Q4 24 | $268.1M | $2.1M | ||
| Q3 24 | $152.7M | $8.0M | ||
| Q2 24 | $30.5M | $-25.7M | ||
| Q1 24 | $161.7M | $36.7M |
| Q4 25 | 29.4% | -4.1% | ||
| Q3 25 | 99.9% | 2.5% | ||
| Q2 25 | 7.7% | 3.4% | ||
| Q1 25 | 57.7% | 14.6% | ||
| Q4 24 | 88.5% | 0.7% | ||
| Q3 24 | 65.9% | 2.8% | ||
| Q2 24 | 13.6% | -9.1% | ||
| Q1 24 | 82.9% | 13.5% |
| Q4 25 | 13.9% | 1.0% | ||
| Q3 25 | 17.0% | 1.5% | ||
| Q2 25 | 16.7% | 0.7% | ||
| Q1 25 | 19.5% | 0.6% | ||
| Q4 24 | 14.5% | 0.6% | ||
| Q3 24 | 19.0% | 0.4% | ||
| Q2 24 | 17.1% | 0.4% | ||
| Q1 24 | 23.8% | 0.6% |
| Q4 25 | 1.34× | -0.55× | ||
| Q3 25 | 4.64× | 0.56× | ||
| Q2 25 | 1.08× | 1.24× | ||
| Q1 25 | 75.03× | 3.82× | ||
| Q4 24 | 3.88× | 0.32× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | -1.60× | ||
| Q1 24 | — | 3.53× |
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% |
RVLV
| Fashion Apparel | $155.1M | 48% |
| Dresses | $76.4M | 24% |
| Handbags Shoes And Accessories | $67.6M | 21% |
| Beauty | $20.3M | 6% |
| Manufactured Product Other | $5.0M | 2% |
| Breakage On Store Credit And Gift Cards | $900.0K | 0% |
