vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and TripAdvisor, Inc. (TRIP). Click either name above to swap in a different company.
TripAdvisor, Inc. is the larger business by last-quarter revenue ($411.0M vs $401.4M, roughly 1.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -9.2%, a 41.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 0.0%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-122.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.0%).
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.
Tripadvisor is an American company that operates online travel agencies, comparison shopping websites, and mobile apps with user-generated content.
AFRM vs TRIP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $411.0M |
| Net Profit | $129.6M | $-38.0M |
| Gross Margin | — | 91.5% |
| Operating Margin | 29.3% | -8.3% |
| Net Margin | 32.3% | -9.2% |
| Revenue YoY | 32.5% | 0.0% |
| Net Profit YoY | 61.3% | -3900.0% |
| EPS (diluted) | $0.37 | $-0.32 |
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 | $411.0M | ||
| Q3 25 | $320.5M | $553.0M | ||
| Q2 25 | $306.6M | $529.0M | ||
| Q1 25 | $272.5M | $398.0M | ||
| Q4 24 | $303.0M | $411.0M | ||
| Q3 24 | $231.8M | $532.0M | ||
| Q2 24 | $224.0M | $497.0M | ||
| Q1 24 | $195.0M | $395.0M |
| Q4 25 | $129.6M | $-38.0M | ||
| Q3 25 | $80.7M | $53.0M | ||
| Q2 25 | $69.2M | $36.0M | ||
| Q1 25 | $2.8M | $-11.0M | ||
| Q4 24 | $80.4M | $1.0M | ||
| Q3 24 | $-100.2M | $39.0M | ||
| Q2 24 | $-45.1M | $24.0M | ||
| Q1 24 | $-133.9M | $-59.0M |
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
| Q4 25 | 29.3% | -8.3% | ||
| Q3 25 | 19.9% | 12.7% | ||
| Q2 25 | 18.9% | 11.2% | ||
| Q1 25 | -3.1% | -3.8% | ||
| Q4 24 | -1.4% | 0.2% | ||
| Q3 24 | -57.2% | 13.2% | ||
| Q2 24 | -32.8% | 7.2% | ||
| Q1 24 | -82.5% | -3.8% |
| Q4 25 | 32.3% | -9.2% | ||
| Q3 25 | 25.2% | 9.6% | ||
| Q2 25 | 22.6% | 6.8% | ||
| Q1 25 | 1.0% | -2.8% | ||
| Q4 24 | 26.5% | 0.2% | ||
| Q3 24 | -43.2% | 7.3% | ||
| Q2 24 | -20.2% | 4.8% | ||
| Q1 24 | -68.7% | -14.9% |
| Q4 25 | $0.37 | $-0.32 | ||
| Q3 25 | $0.23 | $0.43 | ||
| Q2 25 | $0.22 | $0.28 | ||
| Q1 25 | $0.01 | $-0.08 | ||
| Q4 24 | $0.23 | $0.03 | ||
| Q3 24 | $-0.31 | $0.27 | ||
| Q2 24 | $-0.13 | $0.17 | ||
| Q1 24 | $-0.43 | $-0.43 |
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 | $1.0B |
| Total DebtLower is stronger | $9.0B | $819.0M |
| Stockholders' EquityBook value | $3.5B | $645.0M |
| Total Assets | $13.0B | $2.6B |
| Debt / EquityLower = less leverage | 2.54× | 1.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
| Q4 25 | $9.0B | $819.0M | ||
| Q3 25 | $7.7B | $821.0M | ||
| Q2 25 | $7.6B | $822.0M | ||
| Q1 25 | $7.1B | $1.2B | ||
| Q4 24 | $7.3B | $831.0M | ||
| Q3 24 | — | $832.0M | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $645.0M | ||
| Q3 25 | $3.3B | $707.0M | ||
| Q2 25 | $3.1B | $627.0M | ||
| Q1 25 | $2.9B | $643.0M | ||
| Q4 24 | $2.8B | $943.0M | ||
| Q3 24 | $2.8B | $944.0M | ||
| Q2 24 | $2.7B | $857.0M | ||
| Q1 24 | $2.6B | $825.0M |
| Q4 25 | $13.0B | $2.6B | ||
| Q3 25 | $11.5B | $2.8B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.8B | ||
| Q4 24 | $10.5B | $2.6B | ||
| Q3 24 | $10.1B | $2.7B | ||
| Q2 24 | $9.5B | $2.8B | ||
| Q1 24 | $9.2B | $2.7B |
| Q4 25 | 2.54× | 1.27× | ||
| Q3 25 | 2.35× | 1.16× | ||
| Q2 25 | 2.48× | 1.31× | ||
| Q1 25 | 2.49× | 1.81× | ||
| Q4 24 | 2.62× | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| 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 | $-103.0M |
| Free Cash FlowOCF − Capex | $118.0M | $-122.0M |
| FCF MarginFCF / Revenue | 29.4% | -29.7% |
| Capex IntensityCapex / Revenue | 13.9% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $163.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-103.0M | ||
| Q3 25 | $374.6M | $44.0M | ||
| Q2 25 | $74.6M | $202.0M | ||
| Q1 25 | $210.4M | $102.0M | ||
| Q4 24 | $312.0M | $-3.0M | ||
| Q3 24 | $196.9M | $-43.0M | ||
| Q2 24 | $68.8M | $51.0M | ||
| Q1 24 | $208.2M | $139.0M |
| Q4 25 | $118.0M | $-122.0M | ||
| Q3 25 | $320.2M | $25.0M | ||
| Q2 25 | $23.5M | $177.0M | ||
| Q1 25 | $157.4M | $83.0M | ||
| Q4 24 | $268.1M | $-26.0M | ||
| Q3 24 | $152.7M | $-63.0M | ||
| Q2 24 | $30.5M | $36.0M | ||
| Q1 24 | $161.7M | $123.0M |
| Q4 25 | 29.4% | -29.7% | ||
| Q3 25 | 99.9% | 4.5% | ||
| Q2 25 | 7.7% | 33.5% | ||
| Q1 25 | 57.7% | 20.9% | ||
| Q4 24 | 88.5% | -6.3% | ||
| Q3 24 | 65.9% | -11.8% | ||
| Q2 24 | 13.6% | 7.2% | ||
| Q1 24 | 82.9% | 31.1% |
| Q4 25 | 13.9% | 4.6% | ||
| Q3 25 | 17.0% | 3.4% | ||
| Q2 25 | 16.7% | 4.7% | ||
| Q1 25 | 19.5% | 4.8% | ||
| Q4 24 | 14.5% | 5.6% | ||
| Q3 24 | 19.0% | 3.8% | ||
| Q2 24 | 17.1% | 3.0% | ||
| Q1 24 | 23.8% | 4.1% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 0.83× | ||
| Q2 25 | 1.08× | 5.61× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| 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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
