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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $249.0M, roughly 1.6× XPLR Infrastructure, LP). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 11.2%, a 21.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -15.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-88.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
AFRM vs XIFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $249.0M |
| Net Profit | $129.6M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -19.3% |
| Net Margin | 32.3% | 11.2% |
| Revenue YoY | 32.5% | -15.3% |
| Net Profit YoY | 61.3% | 124.3% |
| EPS (diluted) | $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.
| Q4 25 | $401.4M | $249.0M | ||
| Q3 25 | $320.5M | $315.0M | ||
| Q2 25 | $306.6M | $342.0M | ||
| Q1 25 | $272.5M | $282.0M | ||
| Q4 24 | $303.0M | $294.0M | ||
| Q3 24 | $231.8M | $319.0M | ||
| Q2 24 | $224.0M | $360.0M | ||
| Q1 24 | $195.0M | $257.0M |
| Q4 25 | $129.6M | $28.0M | ||
| Q3 25 | $80.7M | $-37.0M | ||
| Q2 25 | $69.2M | $79.0M | ||
| Q1 25 | $2.8M | $-98.0M | ||
| Q4 24 | $80.4M | $-115.0M | ||
| Q3 24 | $-100.2M | $-40.0M | ||
| Q2 24 | $-45.1M | $62.0M | ||
| Q1 24 | $-133.9M | $70.0M |
| Q4 25 | 29.3% | -19.3% | ||
| Q3 25 | 19.9% | 1.6% | ||
| Q2 25 | 18.9% | 26.3% | ||
| Q1 25 | -3.1% | -82.6% | ||
| Q4 24 | -1.4% | -188.1% | ||
| Q3 24 | -57.2% | 15.4% | ||
| Q2 24 | -32.8% | 18.3% | ||
| Q1 24 | -82.5% | -8.2% |
| Q4 25 | 32.3% | 11.2% | ||
| Q3 25 | 25.2% | -11.7% | ||
| Q2 25 | 22.6% | 23.1% | ||
| Q1 25 | 1.0% | -34.8% | ||
| Q4 24 | 26.5% | -39.1% | ||
| Q3 24 | -43.2% | -12.5% | ||
| Q2 24 | -20.2% | 17.2% | ||
| Q1 24 | -68.7% | 27.2% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-0.40 | ||
| Q2 25 | $0.22 | $0.84 | ||
| Q1 25 | $0.01 | $-1.05 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $-0.43 | ||
| Q2 24 | $-0.13 | $0.66 | ||
| Q1 24 | $-0.43 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | $9.0B | $6.2B |
| Stockholders' EquityBook value | $3.5B | $10.9B |
| Total Assets | $13.0B | $19.6B |
| Debt / EquityLower = less leverage | 2.54× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $960.0M | ||
| Q3 25 | $1.4B | $711.0M | ||
| Q2 25 | $1.4B | $880.0M | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $283.0M | ||
| Q3 24 | $1.0B | $290.0M | ||
| Q2 24 | $1.0B | $281.0M | ||
| Q1 24 | $1.3B | $245.0M |
| Q4 25 | $9.0B | $6.2B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $10.9B | ||
| Q3 25 | $3.3B | $11.0B | ||
| Q2 25 | $3.1B | $11.3B | ||
| Q1 25 | $2.9B | $12.6B | ||
| Q4 24 | $2.8B | $12.9B | ||
| Q3 24 | $2.8B | $13.6B | ||
| Q2 24 | $2.7B | $13.9B | ||
| Q1 24 | $2.6B | $14.0B |
| Q4 25 | $13.0B | $19.6B | ||
| Q3 25 | $11.5B | $19.1B | ||
| Q2 25 | $11.2B | $20.5B | ||
| Q1 25 | $10.4B | $21.4B | ||
| Q4 24 | $10.5B | $20.3B | ||
| Q3 24 | $10.1B | $20.9B | ||
| Q2 24 | $9.5B | $21.7B | ||
| Q1 24 | $9.2B | $22.3B |
| Q4 25 | 2.54× | 0.57× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $118.0M | $-88.0M |
| FCF MarginFCF / Revenue | 29.4% | -35.3% |
| Capex IntensityCapex / Revenue | 13.9% | 110.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $186.0M | ||
| Q3 25 | $374.6M | $231.0M | ||
| Q2 25 | $74.6M | $232.0M | ||
| Q1 25 | $210.4M | $90.0M | ||
| Q4 24 | $312.0M | $283.0M | ||
| Q3 24 | $196.9M | $208.0M | ||
| Q2 24 | $68.8M | $231.0M | ||
| Q1 24 | $208.2M | $78.0M |
| Q4 25 | $118.0M | $-88.0M | ||
| Q3 25 | $320.2M | $-283.0M | ||
| Q2 25 | $23.5M | $151.0M | ||
| Q1 25 | $157.4M | $1.0M | ||
| Q4 24 | $268.1M | $231.0M | ||
| Q3 24 | $152.7M | $152.0M | ||
| Q2 24 | $30.5M | $162.0M | ||
| Q1 24 | $161.7M | $14.0M |
| Q4 25 | 29.4% | -35.3% | ||
| Q3 25 | 99.9% | -89.8% | ||
| Q2 25 | 7.7% | 44.2% | ||
| Q1 25 | 57.7% | 0.4% | ||
| Q4 24 | 88.5% | 78.6% | ||
| Q3 24 | 65.9% | 47.6% | ||
| Q2 24 | 13.6% | 45.0% | ||
| Q1 24 | 82.9% | 5.4% |
| Q4 25 | 13.9% | 110.0% | ||
| Q3 25 | 17.0% | 163.2% | ||
| Q2 25 | 16.7% | 23.7% | ||
| Q1 25 | 19.5% | 31.6% | ||
| Q4 24 | 14.5% | 17.7% | ||
| Q3 24 | 19.0% | 17.6% | ||
| Q2 24 | 17.1% | 19.2% | ||
| Q1 24 | 23.8% | 24.9% |
| Q4 25 | 1.34× | 6.64× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 2.94× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
