vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Xenia Hotels & Resorts, Inc. (XHR). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $295.4M, roughly 1.4× Xenia Hotels & Resorts, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.7%, a 25.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 2.2%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 4.0%).
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.
Xenia Hotels & Resorts, Inc. is a real estate investment trust that invests in hotels. As of December 31, 2024, it owned 31 hotels comprising 9,408 rooms.
AFRM vs XHR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $295.4M |
| Net Profit | $129.6M | $19.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 14.1% |
| Net Margin | 32.3% | 6.7% |
| Revenue YoY | 32.5% | 2.2% |
| Net Profit YoY | 61.3% | 26.9% |
| EPS (diluted) | $0.37 | $0.21 |
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 | — | $295.4M | ||
| Q4 25 | $401.4M | $265.6M | ||
| Q3 25 | $320.5M | $236.4M | ||
| Q2 25 | $306.6M | $287.6M | ||
| Q1 25 | $272.5M | $288.9M | ||
| Q4 24 | $303.0M | $261.8M | ||
| Q3 24 | $231.8M | $236.8M | ||
| Q2 24 | $224.0M | $272.9M |
| Q1 26 | — | $19.8M | ||
| Q4 25 | $129.6M | $6.1M | ||
| Q3 25 | $80.7M | $-13.7M | ||
| Q2 25 | $69.2M | $55.2M | ||
| Q1 25 | $2.8M | $15.6M | ||
| Q4 24 | $80.4M | $-638.0K | ||
| Q3 24 | $-100.2M | $-7.1M | ||
| Q2 24 | $-45.1M | $15.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 30.4% | ||
| Q3 25 | — | 25.1% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 31.9% |
| Q1 26 | — | 14.1% | ||
| Q4 25 | 29.3% | 10.1% | ||
| Q3 25 | 19.9% | 2.0% | ||
| Q2 25 | 18.9% | 14.0% | ||
| Q1 25 | -3.1% | 12.4% | ||
| Q4 24 | -1.4% | 8.2% | ||
| Q3 24 | -57.2% | 3.2% | ||
| Q2 24 | -32.8% | 11.1% |
| Q1 26 | — | 6.7% | ||
| Q4 25 | 32.3% | 2.3% | ||
| Q3 25 | 25.2% | -5.8% | ||
| Q2 25 | 22.6% | 19.2% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 26.5% | -0.2% | ||
| Q3 24 | -43.2% | -3.0% | ||
| Q2 24 | -20.2% | 5.6% |
| Q1 26 | — | $0.21 | ||
| Q4 25 | $0.37 | $0.07 | ||
| Q3 25 | $0.23 | $-0.14 | ||
| Q2 25 | $0.22 | $0.56 | ||
| Q1 25 | $0.01 | $0.15 | ||
| Q4 24 | $0.23 | $-0.01 | ||
| Q3 24 | $-0.31 | $-0.07 | ||
| Q2 24 | $-0.13 | $0.15 |
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 | $101.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.2B |
| Total Assets | $13.0B | $2.8B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $101.1M | ||
| Q4 25 | $1.5B | $140.4M | ||
| Q3 25 | $1.4B | $188.2M | ||
| Q2 25 | $1.4B | $172.6M | ||
| Q1 25 | $1.4B | $112.6M | ||
| Q4 24 | $1.2B | $78.2M | ||
| Q3 24 | $1.0B | $161.5M | ||
| Q2 24 | $1.0B | $143.6M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $1.4B | ||
| Q3 25 | $7.7B | $1.4B | ||
| Q2 25 | $7.6B | $1.4B | ||
| Q1 25 | $7.1B | $1.4B | ||
| Q4 24 | $7.3B | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.8B | $1.4B |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.3B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $13.0B | $2.8B | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.5B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 1.25× | ||
| Q3 25 | 2.35× | 1.21× | ||
| Q2 25 | 2.48× | 1.17× | ||
| Q1 25 | 2.49× | 1.18× | ||
| Q4 24 | 2.62× | 1.07× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | 0.67× | 1.09× |
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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 23.7% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $21.4M | ||
| Q3 25 | $374.6M | $64.0M | ||
| Q2 25 | $74.6M | $36.3M | ||
| Q1 25 | $210.4M | $54.8M | ||
| Q4 24 | $312.0M | $30.6M | ||
| Q3 24 | $196.9M | $51.2M | ||
| Q2 24 | $68.8M | $57.2M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $5.5M | ||
| Q3 25 | $320.2M | $44.2M | ||
| Q2 25 | $23.5M | $17.8M | ||
| Q1 25 | $157.4M | $22.4M | ||
| Q4 24 | $268.1M | $6.2M | ||
| Q3 24 | $152.7M | $4.3M | ||
| Q2 24 | $30.5M | $21.4M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 2.1% | ||
| Q3 25 | 99.9% | 18.7% | ||
| Q2 25 | 7.7% | 6.2% | ||
| Q1 25 | 57.7% | 7.8% | ||
| Q4 24 | 88.5% | 2.4% | ||
| Q3 24 | 65.9% | 1.8% | ||
| Q2 24 | 13.6% | 7.8% |
| Q1 26 | — | 23.7% | ||
| Q4 25 | 13.9% | 6.0% | ||
| Q3 25 | 17.0% | 8.4% | ||
| Q2 25 | 16.7% | 6.4% | ||
| Q1 25 | 19.5% | 11.2% | ||
| Q4 24 | 14.5% | 9.3% | ||
| Q3 24 | 19.0% | 19.8% | ||
| Q2 24 | 17.1% | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 3.52× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 0.66× | ||
| Q1 25 | 75.03× | 3.51× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× |
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% |
XHR
| Rooms revenues | $164.4M | 56% |
| Food and beverage revenues | $105.0M | 36% |
| Other revenues | $26.0M | 9% |
