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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $394.6M, roughly 1.0× Zeta Global Holdings Corp.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.7%, a 30.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 25.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $60.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 42.3%).
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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
AFRM vs ZETA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $394.6M |
| Net Profit | $129.6M | $6.5M |
| Gross Margin | — | 59.5% |
| Operating Margin | 29.3% | 4.5% |
| Net Margin | 32.3% | 1.7% |
| Revenue YoY | 32.5% | 25.4% |
| Net Profit YoY | 61.3% | -57.1% |
| EPS (diluted) | $0.37 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $320.5M | $337.2M | ||
| Q2 25 | $306.6M | $308.4M | ||
| Q1 25 | $272.5M | $264.4M | ||
| Q4 24 | $303.0M | $314.7M | ||
| Q3 24 | $231.8M | $268.3M | ||
| Q2 24 | $224.0M | $227.8M | ||
| Q1 24 | $195.0M | $194.9M |
| Q4 25 | $129.6M | $6.5M | ||
| Q3 25 | $80.7M | $-3.6M | ||
| Q2 25 | $69.2M | $-12.8M | ||
| Q1 25 | $2.8M | $-21.6M | ||
| Q4 24 | $80.4M | $15.2M | ||
| Q3 24 | $-100.2M | $-17.4M | ||
| Q2 24 | $-45.1M | $-28.1M | ||
| Q1 24 | $-133.9M | $-39.6M |
| Q4 25 | — | 59.5% | ||
| Q3 25 | — | 60.5% | ||
| Q2 25 | — | 62.1% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | — | 60.0% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | 29.3% | 4.5% | ||
| Q3 25 | 19.9% | 2.6% | ||
| Q2 25 | 18.9% | -1.7% | ||
| Q1 25 | -3.1% | -6.1% | ||
| Q4 24 | -1.4% | 2.2% | ||
| Q3 24 | -57.2% | -4.6% | ||
| Q2 24 | -32.8% | -11.7% | ||
| Q1 24 | -82.5% | -18.4% |
| Q4 25 | 32.3% | 1.7% | ||
| Q3 25 | 25.2% | -1.1% | ||
| Q2 25 | 22.6% | -4.2% | ||
| Q1 25 | 1.0% | -8.2% | ||
| Q4 24 | 26.5% | 4.8% | ||
| Q3 24 | -43.2% | -6.5% | ||
| Q2 24 | -20.2% | -12.3% | ||
| Q1 24 | -68.7% | -20.3% |
| Q4 25 | $0.37 | $0.04 | ||
| Q3 25 | $0.23 | $-0.02 | ||
| Q2 25 | $0.22 | $-0.06 | ||
| Q1 25 | $0.01 | $-0.10 | ||
| Q4 24 | $0.23 | $0.10 | ||
| Q3 24 | $-0.31 | $-0.09 | ||
| Q2 24 | $-0.13 | $-0.16 | ||
| Q1 24 | $-0.43 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $9.0B | $197.1M |
| Stockholders' EquityBook value | $3.5B | $804.6M |
| Total Assets | $13.0B | $1.5B |
| Debt / EquityLower = less leverage | 2.54× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $319.8M | ||
| Q3 25 | $1.4B | $385.2M | ||
| Q2 25 | $1.4B | $365.3M | ||
| Q1 25 | $1.4B | $364.4M | ||
| Q4 24 | $1.2B | $366.2M | ||
| Q3 24 | $1.0B | $418.5M | ||
| Q2 24 | $1.0B | $154.7M | ||
| Q1 24 | $1.3B | $141.6M |
| Q4 25 | $9.0B | $197.1M | ||
| Q3 25 | $7.7B | $196.9M | ||
| Q2 25 | $7.6B | $196.7M | ||
| Q1 25 | $7.1B | $196.5M | ||
| Q4 24 | $7.3B | $196.3M | ||
| Q3 24 | — | $196.1M | ||
| Q2 24 | $1.8B | $184.4M | ||
| Q1 24 | — | $184.2M |
| Q4 25 | $3.5B | $804.6M | ||
| Q3 25 | $3.3B | $689.2M | ||
| Q2 25 | $3.1B | $673.3M | ||
| Q1 25 | $2.9B | $676.6M | ||
| Q4 24 | $2.8B | $676.8M | ||
| Q3 24 | $2.8B | $474.9M | ||
| Q2 24 | $2.7B | $217.0M | ||
| Q1 24 | $2.6B | $191.6M |
| Q4 25 | $13.0B | $1.5B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.1B | ||
| Q3 24 | $10.1B | $869.1M | ||
| Q2 24 | $9.5B | $583.9M | ||
| Q1 24 | $9.2B | $550.3M |
| Q4 25 | 2.54× | 0.24× | ||
| Q3 25 | 2.35× | 0.29× | ||
| Q2 25 | 2.48× | 0.29× | ||
| Q1 25 | 2.49× | 0.29× | ||
| Q4 24 | 2.62× | 0.29× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | 0.67× | 0.85× | ||
| Q1 24 | — | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $118.0M | $60.9M |
| FCF MarginFCF / Revenue | 29.4% | 15.4% |
| Capex IntensityCapex / Revenue | 13.9% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $64.1M | ||
| Q3 25 | $374.6M | $57.9M | ||
| Q2 25 | $74.6M | $42.0M | ||
| Q1 25 | $210.4M | $34.8M | ||
| Q4 24 | $312.0M | $43.7M | ||
| Q3 24 | $196.9M | $34.4M | ||
| Q2 24 | $68.8M | $31.1M | ||
| Q1 24 | $208.2M | $24.7M |
| Q4 25 | $118.0M | $60.9M | ||
| Q3 25 | $320.2M | $52.4M | ||
| Q2 25 | $23.5M | $39.7M | ||
| Q1 25 | $157.4M | $32.1M | ||
| Q4 24 | $268.1M | $35.4M | ||
| Q3 24 | $152.7M | $29.5M | ||
| Q2 24 | $30.5M | $24.4M | ||
| Q1 24 | $161.7M | $18.9M |
| Q4 25 | 29.4% | 15.4% | ||
| Q3 25 | 99.9% | 15.6% | ||
| Q2 25 | 7.7% | 12.9% | ||
| Q1 25 | 57.7% | 12.1% | ||
| Q4 24 | 88.5% | 11.3% | ||
| Q3 24 | 65.9% | 11.0% | ||
| Q2 24 | 13.6% | 10.7% | ||
| Q1 24 | 82.9% | 9.7% |
| Q4 25 | 13.9% | 0.8% | ||
| Q3 25 | 17.0% | 1.6% | ||
| Q2 25 | 16.7% | 0.8% | ||
| Q1 25 | 19.5% | 1.0% | ||
| Q4 24 | 14.5% | 2.6% | ||
| Q3 24 | 19.0% | 1.8% | ||
| Q2 24 | 17.1% | 3.0% | ||
| Q1 24 | 23.8% | 3.0% |
| Q4 25 | 1.34× | 9.81× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 2.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ZETA
Segment breakdown not available.
