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Affirm Holdings vs Bread Financial Holdings: AFRM and BFH compared
Affirm Holdings is the larger company: $1.3B of revenue in its latest quarter (Q1 FY27) against $1.0B for Bread Financial Holdings (Q3 2026). Affirm Holdings is growing faster (+35% against +5% a year earlier). Bread Financial Holdings is more profitable, with an operating margin of 20.6% against 14.8%.
Where the money goes: AFRM and BFH
Affirm Holdings (AFRM) · Q1 FY27
Affirm Holdings, Q1 FY27: revenue $1.3B (+35% year over year), operating margin 14.8%, net earnings $164M, operating cash flow $207M. The chart follows the revenue to costs, profit and cash.
Bread Financial Holdings (BFH) · Q3 2026
Bread Financial Holdings, Q3 2026: revenue $1.0B (+5% year over year), operating margin 20.6%, net earnings $156M, operating cash flow $601M. The chart follows the revenue to costs, profit and cash.
| Affirm Holdings (AFRM) | Bread Financial Holdings (BFH) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $1.3B | $1.0B |
| Revenue growth, Y/Y | +35% | +5% |
| Operating margin | 14.8% | 20.6% |
| Net earnings | $164M | $156M |
| Net margin | 13.0% | 15.3% |
| Operating cash flow | $207M | $601M |
| Free cash flow | $145M | — |
| Market value | $24.0B | $4.0B |
| P/E | 11.9× | 8.0× |
| Analysts’ mean target | $97.05 | $114.81 |
Where the revenue comes from
Affirm Holdings
- Other revenues: $869M (69%)
- Merchant network revenue: $297M (24%)
- Card network revenue: $96.5M (8%)
Questions
Which is bigger, Affirm Holdings or Bread Financial Holdings?
Affirm Holdings is the larger company: $1.3B of revenue in its latest quarter (Q1 FY27) against $1.0B for Bread Financial Holdings (Q3 2026).
Is Affirm Holdings or Bread Financial Holdings growing faster?
Affirm Holdings is growing faster (+35% against +5% a year earlier).
Which is more profitable, Affirm Holdings or Bread Financial Holdings?
Bread Financial Holdings is more profitable, with an operating margin of 20.6% against 14.8%.
More: Affirm Holdings earnings · how Affirm Holdings makes money · Bread Financial Holdings earnings · how Bread Financial Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.