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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -1.5%, a 33.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 25.5%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 22.5%).
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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
AFRM vs ZS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $788.1M |
| Net Profit | $129.6M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | 29.3% | -4.6% |
| Net Margin | 32.3% | -1.5% |
| Revenue YoY | 32.5% | 25.5% |
| Net Profit YoY | 61.3% | 3.6% |
| EPS (diluted) | $0.37 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $320.5M | $719.2M | ||
| Q2 25 | $306.6M | $678.0M | ||
| Q1 25 | $272.5M | $647.9M | ||
| Q4 24 | $303.0M | $628.0M | ||
| Q3 24 | $231.8M | $592.9M | ||
| Q2 24 | $224.0M | $553.2M | ||
| Q1 24 | $195.0M | $525.0M |
| Q4 25 | $129.6M | $-11.6M | ||
| Q3 25 | $80.7M | $-17.6M | ||
| Q2 25 | $69.2M | $-4.1M | ||
| Q1 25 | $2.8M | $-7.7M | ||
| Q4 24 | $80.4M | $-12.1M | ||
| Q3 24 | $-100.2M | $-14.9M | ||
| Q2 24 | $-45.1M | $19.1M | ||
| Q1 24 | $-133.9M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | 29.3% | -4.6% | ||
| Q3 25 | 19.9% | -4.5% | ||
| Q2 25 | 18.9% | -3.7% | ||
| Q1 25 | -3.1% | -6.2% | ||
| Q4 24 | -1.4% | -4.9% | ||
| Q3 24 | -57.2% | -4.5% | ||
| Q2 24 | -32.8% | -0.5% | ||
| Q1 24 | -82.5% | -8.7% |
| Q4 25 | 32.3% | -1.5% | ||
| Q3 25 | 25.2% | -2.4% | ||
| Q2 25 | 22.6% | -0.6% | ||
| Q1 25 | 1.0% | -1.2% | ||
| Q4 24 | 26.5% | -1.9% | ||
| Q3 24 | -43.2% | -2.5% | ||
| Q2 24 | -20.2% | 3.5% | ||
| Q1 24 | -68.7% | -5.4% |
| Q4 25 | $0.37 | $-0.07 | ||
| Q3 25 | $0.23 | $-0.11 | ||
| Q2 25 | $0.22 | $-0.03 | ||
| Q1 25 | $0.01 | $-0.05 | ||
| Q4 24 | $0.23 | $-0.08 | ||
| Q3 24 | $-0.31 | $-0.09 | ||
| Q2 24 | $-0.13 | $0.12 | ||
| Q1 24 | $-0.43 | $-0.19 |
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 | $1.3B |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.0B |
| Total Assets | $13.0B | $6.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $1.3B | $1.4B |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.1B | $1.1B | ||
| Q4 24 | $7.3B | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $3.5B | $2.0B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $958.9M |
| Q4 25 | $13.0B | $6.5B | ||
| Q3 25 | $11.5B | $6.4B | ||
| Q2 25 | $11.2B | $5.3B | ||
| Q1 25 | $10.4B | $5.0B | ||
| Q4 24 | $10.5B | $4.7B | ||
| Q3 24 | $10.1B | $4.7B | ||
| Q2 24 | $9.5B | $4.2B | ||
| Q1 24 | $9.2B | $3.9B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | 0.64× | ||
| Q1 25 | 2.49× | 0.71× | ||
| Q4 24 | 2.62× | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 0.67× | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $118.0M | $431.0M |
| FCF MarginFCF / Revenue | 29.4% | 54.7% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $448.3M | ||
| Q3 25 | $374.6M | $250.6M | ||
| Q2 25 | $74.6M | $211.1M | ||
| Q1 25 | $210.4M | $179.4M | ||
| Q4 24 | $312.0M | $331.3M | ||
| Q3 24 | $196.9M | $203.6M | ||
| Q2 24 | $68.8M | $173.4M | ||
| Q1 24 | $208.2M | $142.1M |
| Q4 25 | $118.0M | $431.0M | ||
| Q3 25 | $320.2M | $190.6M | ||
| Q2 25 | $23.5M | $138.9M | ||
| Q1 25 | $157.4M | $164.4M | ||
| Q4 24 | $268.1M | $314.3M | ||
| Q3 24 | $152.7M | $154.2M | ||
| Q2 24 | $30.5M | $137.8M | ||
| Q1 24 | $161.7M | $111.2M |
| Q4 25 | 29.4% | 54.7% | ||
| Q3 25 | 99.9% | 26.5% | ||
| Q2 25 | 7.7% | 20.5% | ||
| Q1 25 | 57.7% | 25.4% | ||
| Q4 24 | 88.5% | 50.1% | ||
| Q3 24 | 65.9% | 26.0% | ||
| Q2 24 | 13.6% | 24.9% | ||
| Q1 24 | 82.9% | 21.2% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 17.0% | 8.3% | ||
| Q2 25 | 16.7% | 10.6% | ||
| Q1 25 | 19.5% | 2.3% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 19.0% | 8.3% | ||
| Q2 24 | 17.1% | 6.4% | ||
| Q1 24 | 23.8% | 5.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
