Affirm vs Toast
Toast reported revenue of $6.2 billion in fiscal 2025, 1.4 times Affirm's $4.3 billion in fiscal 2026. Affirm's revenue grew 32.1% in its latest year, and Toast's grew 24.1%. Affirm had an operating margin of 9.8%, against 4.8% at Toast. Free cash flow was $993 million at Affirm and $608 million at Toast. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| Affirm | Toast | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $4.3B | $6.2B |
| Revenue growth | 32.1% | 24.1% |
| Revenue growth a year, last 5 years | 37.4% | 49.5% |
| Gross margin | — | 25.9% |
| Operating margin | 9.8% | 4.8% |
| Net margin | 45.3% | 5.6% |
| Free cash flow | $993M | $608M |
| Free cash flow margin | 23.3% | 9.9% |
| Return on capital | — | — |
| Net debt to EBITDA | — | −5.6x |
| Dividends and buybacks | $0M | $107M |
| Change in diluted share count | 2.3% | 2.7% |
| Last close | $69.49 | $32.13 |
| P/E at the last close | 12.6× | 40.7× |
| Insider trades, last 12 months | sold $89.4 million | sold $26.4 million |
| Piotroski F-score | — | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AffirmToast
Operating margin
Percent of revenue
AffirmToast
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AffirmToast