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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Soho House & Co Inc. (SHCO). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $370.8M, roughly 1.1× Soho House & Co Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -5.0%, a 37.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 11.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $3.5M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.5%).
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.
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
AFRM vs SHCO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $370.8M |
| Net Profit | $129.6M | $-18.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -1.6% |
| Net Margin | 32.3% | -5.0% |
| Revenue YoY | 32.5% | 11.2% |
| Net Profit YoY | 61.3% | -10790.3% |
| EPS (diluted) | $0.37 | $-0.10 |
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 | — | ||
| Q3 25 | $320.5M | $370.8M | ||
| Q2 25 | $306.6M | $329.8M | ||
| Q1 25 | $272.5M | $282.9M | ||
| Q4 24 | $303.0M | $305.6M | ||
| Q3 24 | $231.8M | $333.4M | ||
| Q2 24 | $224.0M | $302.9M | ||
| Q1 24 | $195.0M | $261.9M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-18.7M | ||
| Q2 25 | $69.2M | $24.9M | ||
| Q1 25 | $2.8M | $8.2M | ||
| Q4 24 | $80.4M | $-91.7M | ||
| Q3 24 | $-100.2M | $175.0K | ||
| Q2 24 | $-45.1M | $-29.9M | ||
| Q1 24 | $-133.9M | $-41.6M |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -1.6% | ||
| Q2 25 | 18.9% | 18.1% | ||
| Q1 25 | -3.1% | 12.3% | ||
| Q4 24 | -1.4% | -23.1% | ||
| Q3 24 | -57.2% | 11.4% | ||
| Q2 24 | -32.8% | -4.3% | ||
| Q1 24 | -82.5% | -9.3% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -5.0% | ||
| Q2 25 | 22.6% | 7.5% | ||
| Q1 25 | 1.0% | 2.9% | ||
| Q4 24 | 26.5% | -30.0% | ||
| Q3 24 | -43.2% | 0.1% | ||
| Q2 24 | -20.2% | -9.9% | ||
| Q1 24 | -68.7% | -15.9% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-0.10 | ||
| Q2 25 | $0.22 | $0.13 | ||
| Q1 25 | $0.01 | $0.04 | ||
| Q4 24 | $0.23 | $-0.48 | ||
| Q3 24 | $-0.31 | $0.00 | ||
| Q2 24 | $-0.13 | $-0.15 | ||
| Q1 24 | $-0.43 | $-0.21 |
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 | $142.5M |
| Total DebtLower is stronger | $9.0B | $735.8M |
| Stockholders' EquityBook value | $3.5B | $-351.6M |
| Total Assets | $13.0B | $2.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $142.5M | ||
| Q2 25 | $1.4B | $150.3M | ||
| Q1 25 | $1.4B | $150.1M | ||
| Q4 24 | $1.2B | $152.7M | ||
| Q3 24 | $1.0B | $142.8M | ||
| Q2 24 | $1.0B | $148.5M | ||
| Q1 24 | $1.3B | $139.8M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $735.8M | ||
| Q2 25 | $7.6B | $729.8M | ||
| Q1 25 | $7.1B | $705.1M | ||
| Q4 24 | $7.3B | $691.5M | ||
| Q3 24 | — | $694.8M | ||
| Q2 24 | $1.8B | $682.1M | ||
| Q1 24 | — | $671.7M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $-351.6M | ||
| Q2 25 | $3.1B | $-348.6M | ||
| Q1 25 | $2.9B | $-340.1M | ||
| Q4 24 | $2.8B | $-335.1M | ||
| Q3 24 | $2.8B | $-279.4M | ||
| Q2 24 | $2.7B | $-231.7M | ||
| Q1 24 | $2.6B | $-193.0M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $2.7B | ||
| Q2 25 | $11.2B | $2.6B | ||
| Q1 25 | $10.4B | $2.5B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.6B | ||
| Q2 24 | $9.5B | $2.6B | ||
| Q1 24 | $9.2B | $2.5B |
| 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 | $34.9M |
| Free Cash FlowOCF − Capex | $118.0M | $3.5M |
| FCF MarginFCF / Revenue | 29.4% | 0.9% |
| Capex IntensityCapex / Revenue | 13.9% | 8.5% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $34.9M | ||
| Q2 25 | $74.6M | $41.0M | ||
| Q1 25 | $210.4M | $22.8M | ||
| Q4 24 | $312.0M | $26.9M | ||
| Q3 24 | $196.9M | $20.6M | ||
| Q2 24 | $68.8M | $36.0M | ||
| Q1 24 | $208.2M | $6.2M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $3.5M | ||
| Q2 25 | $23.5M | $12.4M | ||
| Q1 25 | $157.4M | $7.5M | ||
| Q4 24 | $268.1M | $18.5M | ||
| Q3 24 | $152.7M | $10.3M | ||
| Q2 24 | $30.5M | $10.2M | ||
| Q1 24 | $161.7M | $-13.5M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 0.9% | ||
| Q2 25 | 7.7% | 3.8% | ||
| Q1 25 | 57.7% | 2.7% | ||
| Q4 24 | 88.5% | 6.1% | ||
| Q3 24 | 65.9% | 3.1% | ||
| Q2 24 | 13.6% | 3.4% | ||
| Q1 24 | 82.9% | -5.2% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 8.5% | ||
| Q2 25 | 16.7% | 8.7% | ||
| Q1 25 | 19.5% | 5.4% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 19.0% | 3.1% | ||
| Q2 24 | 17.1% | 8.5% | ||
| Q1 24 | 23.8% | 7.5% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 1.65× | ||
| Q1 25 | 75.03× | 2.79× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 117.70× | ||
| 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% |
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
