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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and WOLVERINE WORLD WIDE INC (WWW). Click either name above to swap in a different company.
WOLVERINE WORLD WIDE INC is the larger business by last-quarter revenue ($517.5M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.1%, a 26.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 25.5%). WOLVERINE WORLD WIDE INC produced more free cash flow last quarter ($145.6M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 14.5%).
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.
Wolverine World Wide is a global designer, manufacturer and marketer of branded footwear, apparel and accessories. It owns popular brands including Merrell, Sperry, Saucony and Hush Puppies, serving outdoor, casual, workwear and athletic segments via e-commerce, retail stores and global wholesale networks.
AFRM vs WWW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $517.5M |
| Net Profit | $129.6M | $31.8M |
| Gross Margin | — | 47.3% |
| Operating Margin | 29.3% | 9.7% |
| Net Margin | 32.3% | 6.1% |
| Revenue YoY | 32.5% | 25.5% |
| Net Profit YoY | 61.3% | 162.8% |
| EPS (diluted) | $0.37 | $0.37 |
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 | — | $517.5M | ||
| Q4 25 | $401.4M | — | ||
| Q3 25 | $320.5M | $470.3M | ||
| Q2 25 | $306.6M | $474.2M | ||
| Q1 25 | $272.5M | $412.3M | ||
| Q4 24 | $303.0M | $494.7M | ||
| Q3 24 | $231.8M | $440.2M | ||
| Q2 24 | $224.0M | $425.2M |
| Q1 26 | — | $31.8M | ||
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $25.1M | ||
| Q2 25 | $69.2M | $26.8M | ||
| Q1 25 | $2.8M | $12.1M | ||
| Q4 24 | $80.4M | $23.1M | ||
| Q3 24 | $-100.2M | $23.2M | ||
| Q2 24 | $-45.1M | $13.8M |
| Q1 26 | — | 47.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 47.5% | ||
| Q2 25 | — | 47.2% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 43.1% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 8.4% | ||
| Q2 25 | 18.9% | 8.6% | ||
| Q1 25 | -3.1% | 4.8% | ||
| Q4 24 | -1.4% | 7.4% | ||
| Q3 24 | -57.2% | 7.9% | ||
| Q2 24 | -32.8% | 6.8% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 5.3% | ||
| Q2 25 | 22.6% | 5.7% | ||
| Q1 25 | 1.0% | 2.9% | ||
| Q4 24 | 26.5% | 4.7% | ||
| Q3 24 | -43.2% | 5.3% | ||
| Q2 24 | -20.2% | 3.2% |
| Q1 26 | — | $0.37 | ||
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.30 | ||
| Q2 25 | $0.22 | $0.32 | ||
| Q1 25 | $0.01 | $0.15 | ||
| Q4 24 | $0.23 | $0.29 | ||
| Q3 24 | $-0.31 | $0.28 | ||
| 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 | — |
| Total DebtLower is stronger | $9.0B | $621.7M |
| Stockholders' EquityBook value | $3.5B | $408.0M |
| Total Assets | $13.0B | $1.7B |
| Debt / EquityLower = less leverage | 2.54× | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
| Q1 26 | — | $621.7M | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $676.4M | ||
| Q2 25 | $7.6B | $708.5M | ||
| Q1 25 | $7.1B | $710.8M | ||
| Q4 24 | $7.3B | $648.0M | ||
| Q3 24 | — | $702.8M | ||
| Q2 24 | $1.8B | $814.7M |
| Q1 26 | — | $408.0M | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $376.7M | ||
| Q2 25 | $3.1B | $344.0M | ||
| Q1 25 | $2.9B | $310.6M | ||
| Q4 24 | $2.8B | $312.9M | ||
| Q3 24 | $2.8B | $295.2M | ||
| Q2 24 | $2.7B | $262.1M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.8B |
| Q1 26 | — | 1.52× | ||
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.80× | ||
| Q2 25 | 2.48× | 2.06× | ||
| Q1 25 | 2.49× | 2.29× | ||
| Q4 24 | 2.62× | 2.07× | ||
| Q3 24 | — | 2.38× | ||
| Q2 24 | 0.67× | 3.11× |
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 | $146.2M |
| Free Cash FlowOCF − Capex | $118.0M | $145.6M |
| FCF MarginFCF / Revenue | 29.4% | 28.1% |
| Capex IntensityCapex / Revenue | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.60× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $125.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $146.2M | ||
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $33.0M | ||
| Q2 25 | $74.6M | $44.6M | ||
| Q1 25 | $210.4M | $-83.8M | ||
| Q4 24 | $312.0M | $82.4M | ||
| Q3 24 | $196.9M | $108.2M | ||
| Q2 24 | $68.8M | $26.7M |
| Q1 26 | — | $145.6M | ||
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $30.1M | ||
| Q2 25 | $23.5M | $41.2M | ||
| Q1 25 | $157.4M | $-91.4M | ||
| Q4 24 | $268.1M | $74.4M | ||
| Q3 24 | $152.7M | $104.1M | ||
| Q2 24 | $30.5M | $23.7M |
| Q1 26 | — | 28.1% | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 6.4% | ||
| Q2 25 | 7.7% | 8.7% | ||
| Q1 25 | 57.7% | -22.2% | ||
| Q4 24 | 88.5% | 15.0% | ||
| Q3 24 | 65.9% | 23.6% | ||
| Q2 24 | 13.6% | 5.6% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 0.6% | ||
| Q2 25 | 16.7% | 0.7% | ||
| Q1 25 | 19.5% | 1.8% | ||
| Q4 24 | 14.5% | 1.6% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.1% | 0.7% |
| Q1 26 | — | 4.60× | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 1.31× | ||
| Q2 25 | 1.08× | 1.66× | ||
| Q1 25 | 75.03× | -6.93× | ||
| Q4 24 | 3.88× | 3.57× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | — | 1.93× |
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% |
WWW
| Sales Channel Through Intermediary | $230.2M | 44% |
| Sales Channel Directly To Consumer | $142.6M | 28% |
| Work Group | $134.0M | 26% |
| Other | $10.7M | 2% |
