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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Trade Desk (The) is the larger business by last-quarter revenue ($688.9M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.8%, a 26.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 11.9%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 8.6%).
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.
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
AFRM vs TTD — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $688.9M |
| Net Profit | $129.6M | $40.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 9.7% |
| Net Margin | 32.3% | 5.8% |
| Revenue YoY | 32.5% | 11.9% |
| Net Profit YoY | 61.3% | -21.6% |
| EPS (diluted) | $0.37 | $0.08 |
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.
| Q1 26 | — | $688.9M | ||
| Q4 25 | $401.4M | $846.8M | ||
| Q3 25 | $320.5M | $739.4M | ||
| Q2 25 | $306.6M | $694.0M | ||
| Q1 25 | $272.5M | $616.0M | ||
| Q4 24 | $303.0M | $741.0M | ||
| Q3 24 | $231.8M | $628.0M | ||
| Q2 24 | $224.0M | $584.5M |
| Q1 26 | — | $40.0M | ||
| Q4 25 | $129.6M | $186.9M | ||
| Q3 25 | $80.7M | $115.5M | ||
| Q2 25 | $69.2M | $90.1M | ||
| Q1 25 | $2.8M | $50.7M | ||
| Q4 24 | $80.4M | $182.2M | ||
| Q3 24 | $-100.2M | $94.2M | ||
| Q2 24 | $-45.1M | $85.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 29.3% | 30.3% | ||
| Q3 25 | 19.9% | 21.8% | ||
| Q2 25 | 18.9% | 16.8% | ||
| Q1 25 | -3.1% | 8.8% | ||
| Q4 24 | -1.4% | 26.4% | ||
| Q3 24 | -57.2% | 17.3% | ||
| Q2 24 | -32.8% | 16.2% |
| Q1 26 | — | 5.8% | ||
| Q4 25 | 32.3% | 22.1% | ||
| Q3 25 | 25.2% | 15.6% | ||
| Q2 25 | 22.6% | 13.0% | ||
| Q1 25 | 1.0% | 8.2% | ||
| Q4 24 | 26.5% | 24.6% | ||
| Q3 24 | -43.2% | 15.0% | ||
| Q2 24 | -20.2% | 14.5% |
| Q1 26 | — | $0.08 | ||
| Q4 25 | $0.37 | $0.39 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.22 | $0.18 | ||
| Q1 25 | $0.01 | $0.10 | ||
| Q4 24 | $0.23 | $0.36 | ||
| Q3 24 | $-0.31 | $0.19 | ||
| Q2 24 | $-0.13 | $0.17 |
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 | $878.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.5B |
| Total Assets | $13.0B | $5.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $878.4M | ||
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.0B | $1.5B |
| Q1 26 | — | — | ||
| 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 26 | — | $2.5B | ||
| Q4 25 | $3.5B | $2.5B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $3.1B | $2.7B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $2.8B | $2.9B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.7B | $2.4B |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $13.0B | $6.2B | ||
| Q3 25 | $11.5B | $5.9B | ||
| Q2 25 | $11.2B | $6.0B | ||
| Q1 25 | $10.4B | $5.7B | ||
| Q4 24 | $10.5B | $6.1B | ||
| Q3 24 | $10.1B | $5.5B | ||
| Q2 24 | $9.5B | $5.2B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $391.8M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 9.80× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $391.8M | ||
| Q4 25 | $173.7M | $311.6M | ||
| Q3 25 | $374.6M | $224.7M | ||
| Q2 25 | $74.6M | $165.0M | ||
| Q1 25 | $210.4M | $291.4M | ||
| Q4 24 | $312.0M | $199.4M | ||
| Q3 24 | $196.9M | $273.3M | ||
| Q2 24 | $68.8M | $81.3M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $285.3M | ||
| Q3 25 | $320.2M | $158.3M | ||
| Q2 25 | $23.5M | $119.8M | ||
| Q1 25 | $157.4M | $232.3M | ||
| Q4 24 | $268.1M | $179.2M | ||
| Q3 24 | $152.7M | $224.6M | ||
| Q2 24 | $30.5M | $59.1M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 33.7% | ||
| Q3 25 | 99.9% | 21.4% | ||
| Q2 25 | 7.7% | 17.3% | ||
| Q1 25 | 57.7% | 37.7% | ||
| Q4 24 | 88.5% | 24.2% | ||
| Q3 24 | 65.9% | 35.8% | ||
| Q2 24 | 13.6% | 10.1% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 17.0% | 9.0% | ||
| Q2 25 | 16.7% | 6.5% | ||
| Q1 25 | 19.5% | 9.6% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 19.0% | 7.8% | ||
| Q2 24 | 17.1% | 3.8% |
| Q1 26 | — | 9.80× | ||
| Q4 25 | 1.34× | 1.67× | ||
| Q3 25 | 4.64× | 1.94× | ||
| Q2 25 | 1.08× | 1.83× | ||
| Q1 25 | 75.03× | 5.75× | ||
| Q4 24 | 3.88× | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× |
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% |
TTD
Segment breakdown not available.
