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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Westrock Coffee Co (WEST). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $339.5M, roughly 1.2× Westrock Coffee Co). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -6.6%, a 38.9% gap on every dollar of revenue. On growth, Westrock Coffee Co posted the faster year-over-year revenue change (48.3% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $27.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 32.8%).
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.
Westrock Coffee Co is a global integrated coffee, tea and functional beverage solutions provider. It sources, roasts, manufactures and distributes coffee products, ready-to-drink beverages and custom formulations for retail, foodservice and commercial clients across North America and other key markets.
AFRM vs WEST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $339.5M |
| Net Profit | $129.6M | $-22.6M |
| Gross Margin | — | 11.5% |
| Operating Margin | 29.3% | -2.6% |
| Net Margin | 32.3% | -6.6% |
| Revenue YoY | 32.5% | 48.3% |
| Net Profit YoY | 61.3% | 8.3% |
| EPS (diluted) | $0.37 | $-0.22 |
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 | $339.5M | ||
| Q3 25 | $320.5M | $354.8M | ||
| Q2 25 | $306.6M | $280.9M | ||
| Q1 25 | $272.5M | $213.8M | ||
| Q4 24 | $303.0M | $229.0M | ||
| Q3 24 | $231.8M | $220.9M | ||
| Q2 24 | $224.0M | $208.4M | ||
| Q1 24 | $195.0M | $192.5M |
| Q4 25 | $129.6M | $-22.6M | ||
| Q3 25 | $80.7M | $-19.1M | ||
| Q2 25 | $69.2M | $-21.6M | ||
| Q1 25 | $2.8M | $-27.2M | ||
| Q4 24 | $80.4M | $-24.6M | ||
| Q3 24 | $-100.2M | $-14.3M | ||
| Q2 24 | $-45.1M | $-17.8M | ||
| Q1 24 | $-133.9M | $-23.7M |
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | 19.4% |
| Q4 25 | 29.3% | -2.6% | ||
| Q3 25 | 19.9% | -2.4% | ||
| Q2 25 | 18.9% | -5.3% | ||
| Q1 25 | -3.1% | -6.1% | ||
| Q4 24 | -1.4% | -4.3% | ||
| Q3 24 | -57.2% | -5.8% | ||
| Q2 24 | -32.8% | -7.9% | ||
| Q1 24 | -82.5% | -5.3% |
| Q4 25 | 32.3% | -6.6% | ||
| Q3 25 | 25.2% | -5.4% | ||
| Q2 25 | 22.6% | -7.7% | ||
| Q1 25 | 1.0% | -12.7% | ||
| Q4 24 | 26.5% | -10.7% | ||
| Q3 24 | -43.2% | -6.5% | ||
| Q2 24 | -20.2% | -8.5% | ||
| Q1 24 | -68.7% | -12.3% |
| Q4 25 | $0.37 | $-0.22 | ||
| Q3 25 | $0.23 | $-0.20 | ||
| Q2 25 | $0.22 | $-0.23 | ||
| Q1 25 | $0.01 | $-0.29 | ||
| Q4 24 | $0.23 | $-0.26 | ||
| Q3 24 | $-0.31 | $-0.16 | ||
| Q2 24 | $-0.13 | $-0.20 | ||
| Q1 24 | $-0.43 | $-0.27 |
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 | $49.9M |
| Total DebtLower is stronger | $9.0B | $444.1M |
| Stockholders' EquityBook value | $3.5B | $-1.9M |
| Total Assets | $13.0B | $1.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $49.9M | ||
| Q3 25 | $1.4B | $34.0M | ||
| Q2 25 | $1.4B | $44.0M | ||
| Q1 25 | $1.4B | $33.1M | ||
| Q4 24 | $1.2B | $26.2M | ||
| Q3 24 | $1.0B | $22.4M | ||
| Q2 24 | $1.0B | $24.3M | ||
| Q1 24 | $1.3B | $12.6M |
| Q4 25 | $9.0B | $444.1M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $393.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $-1.9M | ||
| Q3 25 | $3.3B | $11.4M | ||
| Q2 25 | $3.1B | $18.2M | ||
| Q1 25 | $2.9B | $71.4M | ||
| Q4 24 | $2.8B | $97.5M | ||
| Q3 24 | $2.8B | $110.3M | ||
| Q2 24 | $2.7B | $81.5M | ||
| Q1 24 | $2.6B | $91.7M |
| Q4 25 | $13.0B | $1.2B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.2B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.1B | ||
| Q3 24 | $10.1B | $1.1B | ||
| Q2 24 | $9.5B | $1.1B | ||
| Q1 24 | $9.2B | $983.3M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 4.03× | ||
| 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 | $36.7M |
| Free Cash FlowOCF − Capex | $118.0M | $27.8M |
| FCF MarginFCF / Revenue | 29.4% | 8.2% |
| Capex IntensityCapex / Revenue | 13.9% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $36.7M | ||
| Q3 25 | $374.6M | $-26.6M | ||
| Q2 25 | $74.6M | $-7.0M | ||
| Q1 25 | $210.4M | $-22.1M | ||
| Q4 24 | $312.0M | $2.8M | ||
| Q3 24 | $196.9M | $-332.0K | ||
| Q2 24 | $68.8M | $-23.7M | ||
| Q1 24 | $208.2M | $8.0M |
| Q4 25 | $118.0M | $27.8M | ||
| Q3 25 | $320.2M | $-44.7M | ||
| Q2 25 | $23.5M | $-27.5M | ||
| Q1 25 | $157.4M | $-63.4M | ||
| Q4 24 | $268.1M | $-15.4M | ||
| Q3 24 | $152.7M | $-36.7M | ||
| Q2 24 | $30.5M | $-59.9M | ||
| Q1 24 | $161.7M | $-60.9M |
| Q4 25 | 29.4% | 8.2% | ||
| Q3 25 | 99.9% | -12.6% | ||
| Q2 25 | 7.7% | -9.8% | ||
| Q1 25 | 57.7% | -29.7% | ||
| Q4 24 | 88.5% | -6.7% | ||
| Q3 24 | 65.9% | -16.6% | ||
| Q2 24 | 13.6% | -28.7% | ||
| Q1 24 | 82.9% | -31.7% |
| Q4 25 | 13.9% | 2.6% | ||
| Q3 25 | 17.0% | 5.1% | ||
| Q2 25 | 16.7% | 7.3% | ||
| Q1 25 | 19.5% | 19.3% | ||
| Q4 24 | 14.5% | 7.9% | ||
| Q3 24 | 19.0% | 16.5% | ||
| Q2 24 | 17.1% | 17.4% | ||
| Q1 24 | 23.8% | 35.8% |
| 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% |
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
