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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and TRINITY INDUSTRIES INC (TRN). Click either name above to swap in a different company.
TRINITY INDUSTRIES INC is the larger business by last-quarter revenue ($611.2M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 31.8%, a 0.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -2.9%). TRINITY INDUSTRIES INC produced more free cash flow last quarter ($158.6M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -13.1%).
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.
Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.
AFRM vs TRN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $611.2M |
| Net Profit | $129.6M | $194.2M |
| Gross Margin | — | 25.5% |
| Operating Margin | 29.3% | 54.9% |
| Net Margin | 32.3% | 31.8% |
| Revenue YoY | 32.5% | -2.9% |
| Net Profit YoY | 61.3% | 413.8% |
| EPS (diluted) | $0.37 | $2.25 |
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 | $611.2M | ||
| Q3 25 | $320.5M | $454.1M | ||
| Q2 25 | $306.6M | $506.2M | ||
| Q1 25 | $272.5M | $585.4M | ||
| Q4 24 | $303.0M | $629.4M | ||
| Q3 24 | $231.8M | $798.8M | ||
| Q2 24 | $224.0M | $841.4M | ||
| Q1 24 | $195.0M | $809.6M |
| Q4 25 | $129.6M | $194.2M | ||
| Q3 25 | $80.7M | $30.3M | ||
| Q2 25 | $69.2M | $14.1M | ||
| Q1 25 | $2.8M | $22.1M | ||
| Q4 24 | $80.4M | $37.8M | ||
| Q3 24 | $-100.2M | $31.4M | ||
| Q2 24 | $-45.1M | $54.4M | ||
| Q1 24 | $-133.9M | $23.7M |
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 26.4% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | 29.3% | 54.9% | ||
| Q3 25 | 19.9% | 26.1% | ||
| Q2 25 | 18.9% | 18.8% | ||
| Q1 25 | -3.1% | 17.0% | ||
| Q4 24 | -1.4% | 17.8% | ||
| Q3 24 | -57.2% | 15.3% | ||
| Q2 24 | -32.8% | 16.9% | ||
| Q1 24 | -82.5% | 14.2% |
| Q4 25 | 32.3% | 31.8% | ||
| Q3 25 | 25.2% | 6.7% | ||
| Q2 25 | 22.6% | 2.8% | ||
| Q1 25 | 1.0% | 3.8% | ||
| Q4 24 | 26.5% | 6.0% | ||
| Q3 24 | -43.2% | 3.9% | ||
| Q2 24 | -20.2% | 6.5% | ||
| Q1 24 | -68.7% | 2.9% |
| Q4 25 | $0.37 | $2.25 | ||
| Q3 25 | $0.23 | $0.37 | ||
| Q2 25 | $0.22 | $0.17 | ||
| Q1 25 | $0.01 | $0.26 | ||
| Q4 24 | $0.23 | $0.34 | ||
| Q3 24 | $-0.31 | $0.37 | ||
| Q2 24 | $-0.13 | $0.65 | ||
| Q1 24 | $-0.43 | $0.28 |
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 | $201.3M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $8.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $201.3M | ||
| Q3 25 | $1.4B | $66.3M | ||
| Q2 25 | $1.4B | $147.7M | ||
| Q1 25 | $1.4B | $94.9M | ||
| Q4 24 | $1.2B | $228.2M | ||
| Q3 24 | $1.0B | $222.4M | ||
| Q2 24 | $1.0B | $257.1M | ||
| Q1 24 | $1.3B | $118.8M |
| 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 | $1.1B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.0B |
| Q4 25 | $13.0B | $8.4B | ||
| Q3 25 | $11.5B | $8.9B | ||
| Q2 25 | $11.2B | $8.8B | ||
| Q1 25 | $10.4B | $8.7B | ||
| Q4 24 | $10.5B | $8.8B | ||
| Q3 24 | $10.1B | $8.8B | ||
| Q2 24 | $9.5B | $9.0B | ||
| Q1 24 | $9.2B | $9.1B |
| 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 | $177.4M |
| Free Cash FlowOCF − Capex | $118.0M | $158.6M |
| FCF MarginFCF / Revenue | 29.4% | 25.9% |
| Capex IntensityCapex / Revenue | 13.9% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $314.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $177.4M | ||
| Q3 25 | $374.6M | $44.2M | ||
| Q2 25 | $74.6M | $61.6M | ||
| Q1 25 | $210.4M | $76.5M | ||
| Q4 24 | $312.0M | $201.6M | ||
| Q3 24 | $196.9M | $78.5M | ||
| Q2 24 | $68.8M | $241.5M | ||
| Q1 24 | $208.2M | $52.2M |
| Q4 25 | $118.0M | $158.6M | ||
| Q3 25 | $320.2M | $35.3M | ||
| Q2 25 | $23.5M | $52.9M | ||
| Q1 25 | $157.4M | $67.3M | ||
| Q4 24 | $268.1M | $180.1M | ||
| Q3 24 | $152.7M | $62.1M | ||
| Q2 24 | $30.5M | $230.2M | ||
| Q1 24 | $161.7M | $47.6M |
| Q4 25 | 29.4% | 25.9% | ||
| Q3 25 | 99.9% | 7.8% | ||
| Q2 25 | 7.7% | 10.5% | ||
| Q1 25 | 57.7% | 11.5% | ||
| Q4 24 | 88.5% | 28.6% | ||
| Q3 24 | 65.9% | 7.8% | ||
| Q2 24 | 13.6% | 27.4% | ||
| Q1 24 | 82.9% | 5.9% |
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 17.0% | 2.0% | ||
| Q2 25 | 16.7% | 1.7% | ||
| Q1 25 | 19.5% | 1.6% | ||
| Q4 24 | 14.5% | 3.4% | ||
| Q3 24 | 19.0% | 2.1% | ||
| Q2 24 | 17.1% | 1.3% | ||
| Q1 24 | 23.8% | 0.6% |
| Q4 25 | 1.34× | 0.91× | ||
| Q3 25 | 4.64× | 1.46× | ||
| Q2 25 | 1.08× | 4.37× | ||
| Q1 25 | 75.03× | 3.46× | ||
| Q4 24 | 3.88× | 5.33× | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 4.44× | ||
| Q1 24 | — | 2.20× |
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% |
TRN
| Manufacturing | $296.5M | 49% |
| Leasing And Management | $234.8M | 38% |
| Maintenance Services Domain | $69.8M | 11% |
| Digital Logistics Services | $11.2M | 2% |
