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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $210.5M, roughly 1.9× T1 Energy Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -62.0%, a 94.3% gap on every dollar of revenue. Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $55.0M).
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.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
AFRM vs TE — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $210.5M |
| Net Profit | $129.6M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | 29.3% | -45.0% |
| Net Margin | 32.3% | -62.0% |
| Revenue YoY | 32.5% | — |
| Net Profit YoY | 61.3% | -375.2% |
| EPS (diluted) | $0.37 | $-0.87 |
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 | $210.5M | ||
| Q2 25 | $306.6M | $132.8M | ||
| Q1 25 | $272.5M | $53.5M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $0 | ||
| Q2 24 | $224.0M | $0 | ||
| Q1 24 | $195.0M | $0 |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-130.6M | ||
| Q2 25 | $69.2M | $-31.9M | ||
| Q1 25 | $2.8M | $-16.2M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-27.5M | ||
| Q2 24 | $-45.1M | $-27.0M | ||
| Q1 24 | $-133.9M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -45.0% | ||
| Q2 25 | 18.9% | -22.0% | ||
| Q1 25 | -3.1% | -44.2% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | — | ||
| Q1 24 | -82.5% | — |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -62.0% | ||
| Q2 25 | 22.6% | -24.0% | ||
| Q1 25 | 1.0% | -30.4% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | — | ||
| Q2 24 | -20.2% | — | ||
| Q1 24 | -68.7% | — |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-0.87 | ||
| Q2 25 | $0.22 | $-0.21 | ||
| Q1 25 | $0.01 | $-0.11 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $-0.20 | ||
| Q2 24 | $-0.13 | $-0.19 | ||
| Q1 24 | $-0.43 | $-0.20 |
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 | $34.1M |
| Total DebtLower is stronger | $9.0B | $547.3M |
| Stockholders' EquityBook value | $3.5B | $96.9M |
| Total Assets | $13.0B | $1.4B |
| Debt / EquityLower = less leverage | 2.54× | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $34.1M | ||
| Q2 25 | $1.4B | $8.5M | ||
| Q1 25 | $1.4B | $48.9M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $181.9M | ||
| Q2 24 | $1.0B | $219.6M | ||
| Q1 24 | $1.3B | $249.9M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $547.3M | ||
| Q2 25 | $7.6B | $591.2M | ||
| Q1 25 | $7.1B | $603.2M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | $602.3M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $96.9M | ||
| Q2 25 | $3.1B | $183.9M | ||
| Q1 25 | $2.9B | $201.9M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $538.7M | ||
| Q2 24 | $2.7B | $561.6M | ||
| Q1 24 | $2.6B | $582.3M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.4B | ||
| Q2 25 | $11.2B | $1.4B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $615.0M | ||
| Q2 24 | $9.5B | $644.4M | ||
| Q1 24 | $9.2B | $670.3M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 5.65× | ||
| Q2 25 | 2.48× | 3.21× | ||
| Q1 25 | 2.49× | 2.99× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | 1.03× |
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 | $63.9M |
| Free Cash FlowOCF − Capex | $118.0M | $55.0M |
| FCF MarginFCF / Revenue | 29.4% | 26.1% |
| Capex IntensityCapex / Revenue | 13.9% | 4.2% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $63.9M | ||
| Q2 25 | $74.6M | $33.4M | ||
| Q1 25 | $210.4M | $-44.8M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $-28.4M | ||
| Q2 24 | $68.8M | $-28.0M | ||
| Q1 24 | $208.2M | $-16.2M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $55.0M | ||
| Q2 25 | $23.5M | $10.6M | ||
| Q1 25 | $157.4M | $-74.0M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $-34.0M | ||
| Q2 24 | $30.5M | $-35.6M | ||
| Q1 24 | $161.7M | $-37.7M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 26.1% | ||
| Q2 25 | 7.7% | 8.0% | ||
| Q1 25 | 57.7% | -138.4% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 4.2% | ||
| Q2 25 | 16.7% | 17.2% | ||
| Q1 25 | 19.5% | 54.5% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| 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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
