Affirm vs Fiserv: Revenue, Profit and Business Model
Affirm had $4.3B of annual revenue in FY2026 and $1.9B of net income. Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income.
Latest financial snapshot
Financial summary
Affirm
Affirm's results depend on transaction volume, credit performance, funding costs, and loan-sale markets. FY2026 revenue was $4.261 billion on $50.2 billion of GMV. Net income was $1.930 billion, but included a $1.45 billion income-tax benefit from releasing a valuation allowance on domestic deferred tax assets.
Fiserv
Fiserv's revenue climbed from $5.8 billion in 2018 to $10.2 billion in 2019 after the First Data deal and reached $21.19 billion in 2025, with GAAP EPS of $6.34. Adjusted revenue was $19.8 billion in 2025 and free cash flow was $4.44 billion. The trajectory then turned: in Q2 2026 GAAP revenue fell 4% to $5.29 billion, GAAP EPS dropped 37% to $1.17 and adjusted EPS fell to $1.84, although free cash flow stayed at $1.1 billion for the quarter. Management now expects 2026 organic revenue between -1% and flat. Fiserv, Inc. is a monumental global provider of financial services technology, commanding a market valuation that frequently exceeds $90 billion.
Revenue and profit by year
Affirm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $4.3B | $1.9B | 45.3% | +32.2% | Source |
| FY2025 | $3.2B | $52.2M | 1.6% | +38.8% | Source |
| FY2024 | $2.3B | -$517.8M | -22.3% | +46.3% | Source |
| FY2023 | $1.6B | -$985.3M | -62.1% | +17.7% | Source |
| FY2022 | $1.3B | -$707.4M | -52.4% | +55.0% | Source |
| FY2021 | $870.5M | -$441M | -50.7% | +70.8% | Source |
| FY2020 | $509.5M | -$112.6M | -22.1% | +92.7% | Source |
| FY2019 | $264.4M | -$120.5M | -45.6% | — | Source |
Fiserv
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.2B | $3.5B | 16.4% | +3.6% | Source |
| FY2024 | $20.5B | $3.1B | 15.3% | +7.1% | Source |
| FY2023 | $19.1B | $3.1B | 16.1% | +7.6% | Source |
| FY2022 | $17.7B | $2.5B | 14.3% | +9.3% | Source |
| FY2021 | $16.2B | $1.3B | 8.2% | +9.3% | Source |
| FY2020 | $14.9B | $958M | 6.5% | +45.8% | Source |
| FY2019 | $10.2B | $893M | 8.8% | +74.9% | Source |
| FY2018 | $5.8B | $1.2B | 20.4% | +2.2% | Source |
| FY2017 | $5.7B | $1.2B | 21.9% | +3.5% | Source |
| FY2016 | $5.5B | $930M | 16.9% | — | Source |
Where the revenue comes from
Affirm
- Merchant network revenue
Not separately reported as a percentage
Fees earned when merchants use Affirm's payment network to facilitate transactions.
- Card network revenue
Not separately reported as a percentage
Network revenue associated with virtual cards and Affirm Card transactions.
- Interest income
Not separately reported as a percentage
Interest earned on loans held for investment.
- Gain on sales of loans
Not separately reported as a percentage
Gains recognized when Affirm sells loans to third-party investors.
- Servicing income
Not separately reported as a percentage
Fees earned for servicing loans owned by third parties.
Fiserv
- Merchant Solutions
About half of revenue
Card processing fees, Clover subscriptions and hardware, and enterprise/e-commerce acquiring. Segment GAAP revenue grew 5% in 2025 and fell 1% in Q2 2026.
- Financial Solutions
About half of revenue
Core account processing, digital banking, card issuing and processing, bill pay and Accel debit network fees. Segment GAAP revenue grew 2% in 2025 and fell 8% in Q2 2026.
Business model and strategy
Affirm
How it makes money
Affirm earns merchant-network revenue when consumers use its payment options, interest income on interest-bearing loans, card-network revenue, gains when it sells loans to third parties, and servicing income. Some plans carry 0% APR, while interest-bearing loans disclose a fixed repayment schedule. Affirm says it does not charge late or hidden fees.
Growth strategy
Affirm's disclosed growth priorities include increasing transaction frequency, expanding Affirm Card, adding merchants and platform integrations, entering additional markets, and maintaining diverse funding sources for originated loans.
Competitive advantage
Affirm underwrites each transaction individually in real time and offers fixed payment schedules without late fees. Its distribution includes integrations with major commerce platforms and merchants, while its funding model uses warehouse facilities, securitizations, and loan-sale partnerships.
Fiserv
How it makes money
Fiserv earns mostly recurring, volume-based fees from two customer groups. Merchant Solutions charges merchants processing fees on card transactions, plus subscription and hardware revenue from Clover terminals and software, and fees from larger enterprise and e-commerce clients.
Growth strategy
Under the 'One Fiserv' plan launched in late 2025, management is reinvesting in technology, putting Clover at the center of its merchant strategy, adding AI and value-added services for banks, and simplifying the product portfolio.
Competitive advantage
Fiserv's main advantage is switching cost. Moving a bank's core ledger to a new vendor is a multi-year, high-risk project, so core banking clients rarely leave. Fiserv also sits on both sides of many transactions: it processes for card-issuing banks and for the merchants accepting those cards, and many of its bank clients refer local businesses to Clover.
Questions about Affirm vs Fiserv
Which company has higher revenue — Affirm Holdings, Inc. or Fiserv, Inc.?
Affirm Holdings, Inc. had $4.3B (FY2026), while Fiserv, Inc. had $21.2B (FY2025). By latest annual revenue, Fiserv, Inc. is the larger business, with Affirm Holdings, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Affirm Holdings, Inc. vs Fiserv, Inc.?
Affirm Holdings, Inc.'s market capitalisation stands at $24.0B, while Fiserv, Inc.'s is $25.0B. Fiserv, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Affirm Holdings, Inc..
How does revenue per employee compare for Affirm Holdings, Inc. and Fiserv, Inc.?
Affirm Holdings, Inc. has $1.81M / employee in revenue per employee, while Fiserv, Inc. has $558k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Affirm Holdings, Inc. and Fiserv, Inc. make money?
Affirm Holdings, Inc. and Fiserv, Inc. generate revenue in fundamentally different ways. Affirm Holdings, Inc.: Affirm earns merchant-network revenue when consumers use its payment options, interest income on interest-bearing loans, card-network revenue, gains when it sells loans to third parties, and servicing income. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups.
Which company is valued higher relative to revenue — Affirm Holdings, Inc. or Fiserv, Inc.?
On a price-to-sales (P/S) basis, Affirm Holdings, Inc. trades at 5.6x P/S and Fiserv, Inc. at 1.2x P/S. Affirm Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Fiserv, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Affirm Holdings, Inc. bigger than Fiserv, Inc.?
By last reported revenue, Fiserv, Inc. ($21.2B (FY2025)) is the larger company compared to Affirm Holdings, Inc. ($4.3B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Affirm vs Fiserv overview