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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $334.0M, roughly 1.2× WYNDHAM HOTELS & RESORTS, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -18.0%, a 50.2% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -76.3%). WYNDHAM HOTELS & RESORTS, INC. produced more free cash flow last quarter ($168.0M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -4.6%).
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.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
AFRM vs WH — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $334.0M |
| Net Profit | $129.6M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | -18.0% |
| Revenue YoY | 32.5% | -76.3% |
| Net Profit YoY | 61.3% | -170.6% |
| EPS (diluted) | $0.37 | $-0.80 |
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 | — | $334.0M | ||
| Q4 25 | $401.4M | $334.0M | ||
| Q3 25 | $320.5M | $382.0M | ||
| Q2 25 | $306.6M | $397.0M | ||
| Q1 25 | $272.5M | $316.0M | ||
| Q4 24 | $303.0M | $336.0M | ||
| Q3 24 | $231.8M | $396.0M | ||
| Q2 24 | $224.0M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $129.6M | $-60.0M | ||
| Q3 25 | $80.7M | $105.0M | ||
| Q2 25 | $69.2M | $87.0M | ||
| Q1 25 | $2.8M | $61.0M | ||
| Q4 24 | $80.4M | $85.0M | ||
| Q3 24 | $-100.2M | $102.0M | ||
| Q2 24 | $-45.1M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | -11.4% | ||
| Q3 25 | 19.9% | 46.6% | ||
| Q2 25 | 18.9% | 37.8% | ||
| Q1 25 | -3.1% | 35.4% | ||
| Q4 24 | -1.4% | 38.4% | ||
| Q3 24 | -57.2% | 43.2% | ||
| Q2 24 | -32.8% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | 32.3% | -18.0% | ||
| Q3 25 | 25.2% | 27.5% | ||
| Q2 25 | 22.6% | 21.9% | ||
| Q1 25 | 1.0% | 19.3% | ||
| Q4 24 | 26.5% | 25.3% | ||
| Q3 24 | -43.2% | 25.8% | ||
| Q2 24 | -20.2% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $0.37 | $-0.77 | ||
| Q3 25 | $0.23 | $1.36 | ||
| Q2 25 | $0.22 | $1.13 | ||
| Q1 25 | $0.01 | $0.78 | ||
| Q4 24 | $0.23 | $1.06 | ||
| Q3 24 | $-0.31 | $1.29 | ||
| Q2 24 | $-0.13 | $1.07 |
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 | $64.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $468.0M |
| Total Assets | $13.0B | $4.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $1.5B | $64.0M | ||
| Q3 25 | $1.4B | $70.0M | ||
| Q2 25 | $1.4B | $50.0M | ||
| Q1 25 | $1.4B | $48.0M | ||
| Q4 24 | $1.2B | $103.0M | ||
| Q3 24 | $1.0B | $72.0M | ||
| Q2 24 | $1.0B | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $2.5B | ||
| Q3 25 | $7.7B | $2.6B | ||
| Q2 25 | $7.6B | $2.5B | ||
| Q1 25 | $7.1B | $2.5B | ||
| Q4 24 | $7.3B | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | $1.8B | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $3.5B | $468.0M | ||
| Q3 25 | $3.3B | $583.0M | ||
| Q2 25 | $3.1B | $570.0M | ||
| Q1 25 | $2.9B | $579.0M | ||
| Q4 24 | $2.8B | $650.0M | ||
| Q3 24 | $2.8B | $583.0M | ||
| Q2 24 | $2.7B | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $13.0B | $4.2B | ||
| Q3 25 | $11.5B | $4.3B | ||
| Q2 25 | $11.2B | $4.3B | ||
| Q1 25 | $10.4B | $4.2B | ||
| Q4 24 | $10.5B | $4.2B | ||
| Q3 24 | $10.1B | $4.2B | ||
| Q2 24 | $9.5B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 5.37× | ||
| Q3 25 | 2.35× | 4.43× | ||
| Q2 25 | 2.48× | 4.44× | ||
| Q1 25 | 2.49× | 4.29× | ||
| Q4 24 | 2.62× | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | 0.67× | 3.83× |
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 | $367.0M |
| Free Cash FlowOCF − Capex | $118.0M | $168.0M |
| FCF MarginFCF / Revenue | 29.4% | 50.3% |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $173.7M | $152.0M | ||
| Q3 25 | $374.6M | $86.0M | ||
| Q2 25 | $74.6M | $70.0M | ||
| Q1 25 | $210.4M | $59.0M | ||
| Q4 24 | $312.0M | $134.0M | ||
| Q3 24 | $196.9M | $79.0M | ||
| Q2 24 | $68.8M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | $118.0M | $136.0M | ||
| Q3 25 | $320.2M | $75.0M | ||
| Q2 25 | $23.5M | $58.0M | ||
| Q1 25 | $157.4M | $52.0M | ||
| Q4 24 | $268.1M | $109.0M | ||
| Q3 24 | $152.7M | $71.0M | ||
| Q2 24 | $30.5M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | 29.4% | 40.7% | ||
| Q3 25 | 99.9% | 19.6% | ||
| Q2 25 | 7.7% | 14.6% | ||
| Q1 25 | 57.7% | 16.5% | ||
| Q4 24 | 88.5% | 32.4% | ||
| Q3 24 | 65.9% | 17.9% | ||
| Q2 24 | 13.6% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 4.8% | ||
| Q3 25 | 17.0% | 2.9% | ||
| Q2 25 | 16.7% | 3.0% | ||
| Q1 25 | 19.5% | 2.2% | ||
| Q4 24 | 14.5% | 7.4% | ||
| Q3 24 | 19.0% | 2.0% | ||
| Q2 24 | 17.1% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 0.82× | ||
| Q2 25 | 1.08× | 0.80× | ||
| Q1 25 | 75.03× | 0.97× | ||
| Q4 24 | 3.88× | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | — | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
