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Affirm vs Open Lending: revenue, profit, margins and growth compared

Affirm brought in $4.3B of revenue in fiscal 2026, Open Lending $93.2M in fiscal 2025. Revenue changed by +32.2% at Affirm and +288.0% at Open Lending on the year before, so Open Lending grew faster. Affirm kept 45.3% of its revenue as net profit, Open Lending -4.5%. Free cash flow was $992.6M at Affirm and -$3.3M at Open Lending.

Side by side, latest fiscal year

AFRMLPRO
Fiscal year endedFY2026 (June 30, 2026)FY2025 (December 31, 2025)
Revenue$4.3B$93.2M
Revenue growth+32.2%+288.0%
Net income$1.9B-$4.2M
Net margin45.3%-4.5%
Free cash flow$992.6M-$3.3M
Free cash flow margin23.3%-3.5%
Earnings per share (diluted)$5.53-$0.04
Cash$1.6B$176.6M
Debt$9.8B$84.8M
Price to earnings12.9n/a
Market value$24B$371.2M
Dividend yieldn/an/a
Rank by revenue in sector#110 of 495 · Finance#345 of 495 · Finance

Over the years

Revenue
AFRM FY2019: $264.4MAFRM FY2021: $509.5MAFRM FY2021: $870.5MAFRM FY2022: $1.3BAFRM FY2023: $1.6BAFRM FY2024: $2.3BAFRM FY2025: $3.2BAFRM FY2026: $4.3BLPRO FY2018: $52.2MLPRO FY2020: $92.8MLPRO FY2020: $108.9MLPRO FY2021: $215.7MLPRO FY2022: $179.6MLPRO FY2023: $117.5MLPRO FY2024: $24MLPRO FY2025: $93.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
AFRM $4.3BLPRO $93.2M
Net income
AFRM FY2019: -$120.5MAFRM FY2021: -$112.6MAFRM FY2021: -$441MAFRM FY2022: -$707.4MAFRM FY2023: -$985.3MAFRM FY2024: -$517.8MAFRM FY2025: $52.2MAFRM FY2026: $1.9BLPRO FY2018: $28.3MLPRO FY2020: $62.5MLPRO FY2020: -$97.6MLPRO FY2021: $146.1MLPRO FY2022: $66.6MLPRO FY2023: $22.1MLPRO FY2024: -$135MLPRO FY2025: -$4.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
AFRM $1.9BLPRO -$4.2M
Net margin
AFRM FY2019: -45.6%AFRM FY2021: -22.1%AFRM FY2021: -50.7%AFRM FY2022: -52.4%AFRM FY2023: -62.1%AFRM FY2024: -22.3%AFRM FY2025: 1.6%AFRM FY2026: 45.3%LPRO FY2018: 54.2%LPRO FY2020: 67.4%LPRO FY2020: -89.6%LPRO FY2021: 67.7%LPRO FY2022: 37.1%LPRO FY2023: 18.8%LPRO FY2024: -562.0%LPRO FY2025: -4.5%FY18FY19FY20FY21FY22FY23FY24FY25FY26
AFRM 45.3%LPRO -4.5%
Revenue growth
AFRM FY2021: +92.7%AFRM FY2021: +70.8%AFRM FY2022: +55.0%AFRM FY2023: +17.7%AFRM FY2024: +46.3%AFRM FY2025: +38.8%AFRM FY2026: +32.2%LPRO FY2020: +77.9%LPRO FY2020: +17.3%LPRO FY2021: +98.0%LPRO FY2022: -16.7%LPRO FY2023: -34.6%LPRO FY2024: -79.5%LPRO FY2025: +288.0%FY20FY21FY22FY23FY24FY25FY26
AFRM +32.2%LPRO +288.0%
Free cash flow
AFRM FY2019: -$107.1MAFRM FY2021: -$92.3MAFRM FY2021: -$213.4MAFRM FY2022: -$248.5MAFRM FY2023: -$108.6MAFRM FY2024: $290.8MAFRM FY2025: $601.7MAFRM FY2026: $992.6MLPRO FY2018: $28.5MLPRO FY2020: $41.7MLPRO FY2020: $23.4MLPRO FY2021: $95MLPRO FY2022: $107.2MLPRO FY2023: $82.5MLPRO FY2024: $17.4MLPRO FY2025: -$3.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
AFRM $992.6MLPRO -$3.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Affirm and Open Lending

Which is bigger by revenue, Affirm or Open Lending?

Affirm is bigger by revenue: $4.3B in fiscal 2026, against $93.2M for Open Lending in fiscal 2025.

Which keeps more of its revenue as profit, Affirm or Open Lending?

Affirm had a net margin of 45.3% in fiscal 2026; Open Lending had -4.5% in fiscal 2025.

Which grew revenue faster, Affirm or Open Lending?

In their latest fiscal years revenue changed by +32.2% at Affirm and +288.0% at Open Lending.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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