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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $400.5M, roughly 1.0× Shake Shack Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 3.0%, a 29.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 21.9%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $4.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 17.4%).
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.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
AFRM vs SHAK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $400.5M |
| Net Profit | $129.6M | $11.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 4.7% |
| Net Margin | 32.3% | 3.0% |
| Revenue YoY | 32.5% | 21.9% |
| Net Profit YoY | 61.3% | 35.8% |
| EPS (diluted) | $0.37 | $0.28 |
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 | $400.5M | ||
| Q3 25 | $320.5M | $367.4M | ||
| Q2 25 | $306.6M | $356.5M | ||
| Q1 25 | $272.5M | $320.9M | ||
| Q4 24 | $303.0M | $328.7M | ||
| Q3 24 | $231.8M | $316.9M | ||
| Q2 24 | $224.0M | $316.5M | ||
| Q1 24 | $195.0M | $290.5M |
| Q4 25 | $129.6M | $11.8M | ||
| Q3 25 | $80.7M | $12.5M | ||
| Q2 25 | $69.2M | $17.1M | ||
| Q1 25 | $2.8M | $4.2M | ||
| Q4 24 | $80.4M | $8.7M | ||
| Q3 24 | $-100.2M | $-10.2M | ||
| Q2 24 | $-45.1M | $9.7M | ||
| Q1 24 | $-133.9M | $2.0M |
| Q4 25 | 29.3% | 4.7% | ||
| Q3 25 | 19.9% | 5.0% | ||
| Q2 25 | 18.9% | 6.3% | ||
| Q1 25 | -3.1% | 0.9% | ||
| Q4 24 | -1.4% | 3.1% | ||
| Q3 24 | -57.2% | -5.7% | ||
| Q2 24 | -32.8% | 3.4% | ||
| Q1 24 | -82.5% | 0.0% |
| Q4 25 | 32.3% | 3.0% | ||
| Q3 25 | 25.2% | 3.4% | ||
| Q2 25 | 22.6% | 4.8% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 26.5% | 2.6% | ||
| Q3 24 | -43.2% | -3.2% | ||
| Q2 24 | -20.2% | 3.1% | ||
| Q1 24 | -68.7% | 0.7% |
| Q4 25 | $0.37 | $0.28 | ||
| Q3 25 | $0.23 | $0.30 | ||
| Q2 25 | $0.22 | $0.41 | ||
| Q1 25 | $0.01 | $0.10 | ||
| Q4 24 | $0.23 | $0.22 | ||
| Q3 24 | $-0.31 | $-0.26 | ||
| Q2 24 | $-0.13 | $0.23 | ||
| Q1 24 | $-0.43 | $0.05 |
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 | $360.1M |
| Total DebtLower is stronger | $9.0B | $247.7M |
| Stockholders' EquityBook value | $3.5B | $525.3M |
| Total Assets | $13.0B | $1.9B |
| Debt / EquityLower = less leverage | 2.54× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $360.1M | ||
| Q3 25 | $1.4B | $357.8M | ||
| Q2 25 | $1.4B | $336.8M | ||
| Q1 25 | $1.4B | $312.9M | ||
| Q4 24 | $1.2B | $320.7M | ||
| Q3 24 | $1.0B | $310.9M | ||
| Q2 24 | $1.0B | $304.4M | ||
| Q1 24 | $1.3B | $284.8M |
| Q4 25 | $9.0B | $247.7M | ||
| Q3 25 | $7.7B | $247.5M | ||
| Q2 25 | $7.6B | $247.2M | ||
| Q1 25 | $7.1B | $246.9M | ||
| Q4 24 | $7.3B | $246.7M | ||
| Q3 24 | — | $246.4M | ||
| Q2 24 | $1.8B | $246.2M | ||
| Q1 24 | — | $245.9M |
| Q4 25 | $3.5B | $525.3M | ||
| Q3 25 | $3.3B | $509.0M | ||
| Q2 25 | $3.1B | $494.1M | ||
| Q1 25 | $2.9B | $473.3M | ||
| Q4 24 | $2.8B | $470.0M | ||
| Q3 24 | $2.8B | $456.1M | ||
| Q2 24 | $2.7B | $462.4M | ||
| Q1 24 | $2.6B | $446.4M |
| Q4 25 | $13.0B | $1.9B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.7B | ||
| Q2 24 | $9.5B | $1.7B | ||
| Q1 24 | $9.2B | $1.6B |
| Q4 25 | 2.54× | 0.47× | ||
| Q3 25 | 2.35× | 0.49× | ||
| Q2 25 | 2.48× | 0.50× | ||
| Q1 25 | 2.49× | 0.52× | ||
| Q4 24 | 2.62× | 0.52× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | 0.67× | 0.53× | ||
| Q1 24 | — | 0.55× |
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 | $63.1M |
| Free Cash FlowOCF − Capex | $118.0M | $4.0M |
| FCF MarginFCF / Revenue | 29.4% | 1.0% |
| Capex IntensityCapex / Revenue | 13.9% | 14.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $63.1M | ||
| Q3 25 | $374.6M | $63.0M | ||
| Q2 25 | $74.6M | $65.0M | ||
| Q1 25 | $210.4M | $31.2M | ||
| Q4 24 | $312.0M | $45.1M | ||
| Q3 24 | $196.9M | $41.9M | ||
| Q2 24 | $68.8M | $53.5M | ||
| Q1 24 | $208.2M | $30.7M |
| Q4 25 | $118.0M | $4.0M | ||
| Q3 25 | $320.2M | $23.7M | ||
| Q2 25 | $23.5M | $26.9M | ||
| Q1 25 | $157.4M | $1.9M | ||
| Q4 24 | $268.1M | $10.4M | ||
| Q3 24 | $152.7M | $7.1M | ||
| Q2 24 | $30.5M | $20.6M | ||
| Q1 24 | $161.7M | $-2.4M |
| Q4 25 | 29.4% | 1.0% | ||
| Q3 25 | 99.9% | 6.5% | ||
| Q2 25 | 7.7% | 7.5% | ||
| Q1 25 | 57.7% | 0.6% | ||
| Q4 24 | 88.5% | 3.2% | ||
| Q3 24 | 65.9% | 2.2% | ||
| Q2 24 | 13.6% | 6.5% | ||
| Q1 24 | 82.9% | -0.8% |
| Q4 25 | 13.9% | 14.8% | ||
| Q3 25 | 17.0% | 10.7% | ||
| Q2 25 | 16.7% | 10.7% | ||
| Q1 25 | 19.5% | 9.1% | ||
| Q4 24 | 14.5% | 10.6% | ||
| Q3 24 | 19.0% | 11.0% | ||
| Q2 24 | 17.1% | 10.4% | ||
| Q1 24 | 23.8% | 11.4% |
| Q4 25 | 1.34× | 5.34× | ||
| Q3 25 | 4.64× | 5.04× | ||
| Q2 25 | 1.08× | 3.79× | ||
| Q1 25 | 75.03× | 7.36× | ||
| Q4 24 | 3.88× | 5.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.54× | ||
| Q1 24 | — | 15.03× |
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% |
SHAK
Segment breakdown not available.
