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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Upstart Holdings, Inc. (UPST), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $296.1M, roughly 1.4× Upstart Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.3%, a 26.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $108.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 43.5%).
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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
AFRM vs UPST — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $296.1M |
| Net Profit | $129.6M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 6.4% |
| Net Margin | 32.3% | 6.3% |
| Revenue YoY | 32.5% | 35.2% |
| Net Profit YoY | 61.3% | 776.4% |
| EPS (diluted) | $0.37 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $401.4M | $296.1M | ||
| Q3 25 | $320.5M | $277.1M | ||
| Q2 25 | $306.6M | $257.3M | ||
| Q1 25 | $272.5M | $213.4M | ||
| Q4 24 | $303.0M | $219.0M | ||
| Q3 24 | $231.8M | $162.1M | ||
| Q2 24 | $224.0M | $127.6M | ||
| Q1 24 | $195.0M | $127.8M |
| Q4 25 | $129.6M | $18.6M | ||
| Q3 25 | $80.7M | $31.8M | ||
| Q2 25 | $69.2M | $5.6M | ||
| Q1 25 | $2.8M | $-2.4M | ||
| Q4 24 | $80.4M | $-2.8M | ||
| Q3 24 | $-100.2M | $-6.8M | ||
| Q2 24 | $-45.1M | $-54.5M | ||
| Q1 24 | $-133.9M | $-64.6M |
| Q4 25 | 29.3% | 6.4% | ||
| Q3 25 | 19.9% | 8.5% | ||
| Q2 25 | 18.9% | 1.8% | ||
| Q1 25 | -3.1% | -2.1% | ||
| Q4 24 | -1.4% | -2.2% | ||
| Q3 24 | -57.2% | -27.8% | ||
| Q2 24 | -32.8% | -43.5% | ||
| Q1 24 | -82.5% | -52.8% |
| Q4 25 | 32.3% | 6.3% | ||
| Q3 25 | 25.2% | 11.5% | ||
| Q2 25 | 22.6% | 2.2% | ||
| Q1 25 | 1.0% | -1.1% | ||
| Q4 24 | 26.5% | -1.3% | ||
| Q3 24 | -43.2% | -4.2% | ||
| Q2 24 | -20.2% | -42.7% | ||
| Q1 24 | -68.7% | -50.5% |
| Q4 25 | $0.37 | $0.20 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.22 | $0.05 | ||
| Q1 25 | $0.01 | $-0.03 | ||
| Q4 24 | $0.23 | $-0.01 | ||
| Q3 24 | $-0.31 | $-0.07 | ||
| Q2 24 | $-0.13 | $-0.62 | ||
| Q1 24 | $-0.43 | $-0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $652.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $798.8M |
| Total Assets | $13.0B | $3.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.5B | $652.4M | ||
| Q3 25 | $1.4B | $489.8M | ||
| Q2 25 | $1.4B | $395.9M | ||
| Q1 25 | $1.4B | $599.8M | ||
| Q4 24 | $1.2B | $788.4M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
| 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 | $798.8M | ||
| Q3 25 | $3.3B | $743.7M | ||
| Q2 25 | $3.1B | $722.0M | ||
| Q1 25 | $2.9B | $676.6M | ||
| Q4 24 | $2.8B | $633.2M | ||
| Q3 24 | $2.8B | $595.5M | ||
| Q2 24 | $2.7B | $594.7M | ||
| Q1 24 | $2.6B | $612.8M |
| Q4 25 | $13.0B | $3.0B | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.3B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.8B | ||
| Q1 24 | $9.2B | $1.9B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $173.7M | $108.6M |
| Free Cash FlowOCF − Capex | $118.0M | $108.4M |
| FCF MarginFCF / Revenue | 29.4% | 36.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.34× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $173.7M | $108.6M | ||
| Q3 25 | $374.6M | $-122.6M | ||
| Q2 25 | $74.6M | $-120.2M | ||
| Q1 25 | $210.4M | $-13.5M | ||
| Q4 24 | $312.0M | $-110.9M | ||
| Q3 24 | $196.9M | $179.3M | ||
| Q2 24 | $68.8M | $65.3M | ||
| Q1 24 | $208.2M | $52.6M |
| Q4 25 | $118.0M | $108.4M | ||
| Q3 25 | $320.2M | $-122.7M | ||
| Q2 25 | $23.5M | $-120.3M | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $179.2M | ||
| Q2 24 | $30.5M | $65.3M | ||
| Q1 24 | $161.7M | $51.9M |
| Q4 25 | 29.4% | 36.6% | ||
| Q3 25 | 99.9% | -44.3% | ||
| Q2 25 | 7.7% | -46.7% | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 110.5% | ||
| Q2 24 | 13.6% | 51.1% | ||
| Q1 24 | 82.9% | 40.6% |
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 17.0% | 0.0% | ||
| Q2 25 | 16.7% | 0.0% | ||
| Q1 25 | 19.5% | 0.0% | ||
| Q4 24 | 14.5% | 0.0% | ||
| Q3 24 | 19.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.0% | ||
| Q1 24 | 23.8% | 0.5% |
| Q4 25 | 1.34× | 5.82× | ||
| Q3 25 | 4.64× | -3.86× | ||
| Q2 25 | 1.08× | -21.43× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
