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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and YELP INC (YELP). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $360.0M, roughly 1.1× YELP INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 10.5%, a 21.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -0.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $72.3M). 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.
Yelp Inc. is an American company that develops the Yelp.com website and the Yelp mobile app, which publishes crowd-sourced reviews about businesses. It also operates Yelp Guest Manager, a table reservation service. It is headquartered in San Francisco.
AFRM vs YELP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $360.0M |
| Net Profit | $129.6M | $37.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 13.6% |
| Net Margin | 32.3% | 10.5% |
| Revenue YoY | 32.5% | -0.5% |
| Net Profit YoY | 61.3% | -10.5% |
| EPS (diluted) | $0.37 | $0.60 |
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 | $360.0M | ||
| Q3 25 | $320.5M | $376.0M | ||
| Q2 25 | $306.6M | $370.4M | ||
| Q1 25 | $272.5M | $358.5M | ||
| Q4 24 | $303.0M | $362.0M | ||
| Q3 24 | $231.8M | $360.3M | ||
| Q2 24 | $224.0M | $357.0M | ||
| Q1 24 | $195.0M | $332.8M |
| Q4 25 | $129.6M | $37.8M | ||
| Q3 25 | $80.7M | $39.3M | ||
| Q2 25 | $69.2M | $44.1M | ||
| Q1 25 | $2.8M | $24.4M | ||
| Q4 24 | $80.4M | $42.2M | ||
| Q3 24 | $-100.2M | $38.4M | ||
| Q2 24 | $-45.1M | $38.0M | ||
| Q1 24 | $-133.9M | $14.2M |
| Q4 25 | 29.3% | 13.6% | ||
| Q3 25 | 19.9% | 14.1% | ||
| Q2 25 | 18.9% | 14.4% | ||
| Q1 25 | -3.1% | 8.2% | ||
| Q4 24 | -1.4% | 14.8% | ||
| Q3 24 | -57.2% | 12.9% | ||
| Q2 24 | -32.8% | 11.1% | ||
| Q1 24 | -82.5% | 3.4% |
| Q4 25 | 32.3% | 10.5% | ||
| Q3 25 | 25.2% | 10.5% | ||
| Q2 25 | 22.6% | 11.9% | ||
| Q1 25 | 1.0% | 6.8% | ||
| Q4 24 | 26.5% | 11.7% | ||
| Q3 24 | -43.2% | 10.7% | ||
| Q2 24 | -20.2% | 10.7% | ||
| Q1 24 | -68.7% | 4.3% |
| Q4 25 | $0.37 | $0.60 | ||
| Q3 25 | $0.23 | $0.61 | ||
| Q2 25 | $0.22 | $0.67 | ||
| Q1 25 | $0.01 | $0.36 | ||
| Q4 24 | $0.23 | $0.58 | ||
| Q3 24 | $-0.31 | $0.56 | ||
| Q2 24 | $-0.13 | $0.54 | ||
| Q1 24 | $-0.43 | $0.20 |
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 | $319.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $710.9M |
| Total Assets | $13.0B | $958.5M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $319.4M | ||
| Q3 25 | $1.4B | $333.6M | ||
| Q2 25 | $1.4B | $301.1M | ||
| Q1 25 | $1.4B | $324.4M | ||
| Q4 24 | $1.2B | $317.9M | ||
| Q3 24 | $1.0B | $397.0M | ||
| Q2 24 | $1.0B | $384.8M | ||
| Q1 24 | $1.3B | $420.8M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $710.9M | ||
| Q3 25 | $3.3B | $733.2M | ||
| Q2 25 | $3.1B | $746.4M | ||
| Q1 25 | $2.9B | $728.0M | ||
| Q4 24 | $2.8B | $744.0M | ||
| Q3 24 | $2.8B | $739.5M | ||
| Q2 24 | $2.7B | $735.3M | ||
| Q1 24 | $2.6B | $722.0M |
| Q4 25 | $13.0B | $958.5M | ||
| Q3 25 | $11.5B | $989.9M | ||
| Q2 25 | $11.2B | $980.2M | ||
| Q1 25 | $10.4B | $985.2M | ||
| Q4 24 | $10.5B | $983.6M | ||
| Q3 24 | $10.1B | $980.2M | ||
| Q2 24 | $9.5B | $965.0M | ||
| Q1 24 | $9.2B | $993.5M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| 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 | $84.5M |
| Free Cash FlowOCF − Capex | $118.0M | $72.3M |
| FCF MarginFCF / Revenue | 29.4% | 20.1% |
| Capex IntensityCapex / Revenue | 13.9% | 3.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.24× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $323.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $84.5M | ||
| Q3 25 | $374.6M | $131.5M | ||
| Q2 25 | $74.6M | $58.0M | ||
| Q1 25 | $210.4M | $98.0M | ||
| Q4 24 | $312.0M | $71.0M | ||
| Q3 24 | $196.9M | $102.3M | ||
| Q2 24 | $68.8M | $39.7M | ||
| Q1 24 | $208.2M | $72.9M |
| Q4 25 | $118.0M | $72.3M | ||
| Q3 25 | $320.2M | $118.9M | ||
| Q2 25 | $23.5M | $45.0M | ||
| Q1 25 | $157.4M | $87.5M | ||
| Q4 24 | $268.1M | $60.0M | ||
| Q3 24 | $152.7M | $92.5M | ||
| Q2 24 | $30.5M | $30.1M | ||
| Q1 24 | $161.7M | $65.9M |
| Q4 25 | 29.4% | 20.1% | ||
| Q3 25 | 99.9% | 31.6% | ||
| Q2 25 | 7.7% | 12.2% | ||
| Q1 25 | 57.7% | 24.4% | ||
| Q4 24 | 88.5% | 16.6% | ||
| Q3 24 | 65.9% | 25.7% | ||
| Q2 24 | 13.6% | 8.4% | ||
| Q1 24 | 82.9% | 19.8% |
| Q4 25 | 13.9% | 3.4% | ||
| Q3 25 | 17.0% | 3.3% | ||
| Q2 25 | 16.7% | 3.5% | ||
| Q1 25 | 19.5% | 2.9% | ||
| Q4 24 | 14.5% | 3.0% | ||
| Q3 24 | 19.0% | 2.7% | ||
| Q2 24 | 17.1% | 2.7% | ||
| Q1 24 | 23.8% | 2.1% |
| Q4 25 | 1.34× | 2.24× | ||
| Q3 25 | 4.64× | 3.34× | ||
| Q2 25 | 1.08× | 1.32× | ||
| Q1 25 | 75.03× | 4.02× | ||
| Q4 24 | 3.88× | 1.68× | ||
| Q3 24 | — | 2.66× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 5.15× |
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% |
YELP
| Advertising Services | $231.4M | 64% |
| Advertising Restaurants And Other | $106.8M | 30% |
| Other Revenue | $21.8M | 6% |
