Affirm Holdings (AFRM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Nov 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AFRM SEC filings page.
Affirm Holdings, Inc. (AFRM) reported $4.6B in revenue over the twelve months to Sep 30, 2026, up 32.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Affirm’s growth is now producing operating profit and cash, but reported net income is amplified by an unusually large tax benefit.
FY2026 net income was$1.93B against operating income of$417M , so the earnings headline is not a clean measure of recurring operating performance. A$1.44B tax benefit helps explain the gap, while$1.23B of operating cash flow confirms the business generated cash but less than its reported profit.
Revenue grew
Liabilities were
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Affirm Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Affirm Holdings, Inc. has an operating margin of 9.8%, meaning the company retains $10 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 23/100. This is up from -2.7% the prior year.
Affirm Holdings, Inc.'s revenue surged 32.2% year-over-year to $4.3B, reflecting rapid business expansion. This strong growth earns a score of 91/100.
Affirm Holdings, Inc. has elevated debt relative to equity (D/E of 1.79), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 4/100, reflecting increased financial risk.
Not available for Affirm Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Affirm Holdings, Inc. converts 23.3% of revenue into free cash flow ($992.6M). This strong cash generation earns a score of 86/100.
Not available for Affirm Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Affirm Holdings, Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Affirm Holdings, Inc. generates $0.64 in operating cash flow ($1.2B OCF vs $1.9B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Affirm Holdings, Inc. earns $0.92 in operating income for every $1 of interest expense ($417.0M vs $454.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Affirm Holdings, Inc. generated $1.3B in revenue in Q1 2027. This represents an increase of 35.2% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.
Affirm Holdings, Inc.'s EBITDA was $273.9M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 112.3% from the same quarter a year earlier. Against the prior quarter it is up 16.7%.
Affirm Holdings, Inc. reported $164.2M in net income in Q1 2027. This represents an increase of 103.4% from the same quarter a year earlier. Against the prior quarter it is down 89.8%.
Affirm Holdings, Inc. earned $0.47 per diluted share (EPS) in Q1 2027. This represents an increase of 104.3% from the same quarter a year earlier. Against the prior quarter it is down 89.8%.
Cash & Balance Sheet
Affirm Holdings, Inc. generated $144.6M in free cash flow in Q1 2027, representing cash available after capex. This represents a decrease of 54.9% from the same quarter a year earlier. Against the prior quarter it is down 36.9%.
Affirm Holdings, Inc. held $2.1B in cash against $10.3B in long-term debt as of Q1 2027.
Not reported for Q1 2027.
Margins & Returns
Affirm Holdings, Inc.'s operating margin was 14.8% in Q1 2027, reflecting core business profitability. This is up 8.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Affirm Holdings, Inc.'s net profit margin was 13.0% in Q1 2027, showing the share of revenue converted to profit. This is up 4.4 percentage points from the same quarter a year earlier.
Affirm Holdings, Inc.'s quarterly ROE was 2.9% in Q1 2027: one quarter's net income over shareholder equity, not annualized. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.6 percentage points.
Not reported for Q1 2027.
Capital Allocation
Affirm Holdings, Inc. invested $62.5M in capex in Q1 2027, funding long-term assets and infrastructure. This represents an increase of 15.0% from the same quarter a year earlier. Against the prior quarter it is down 6.5%.
Not reported for Q1 2027.
Not reported for Q1 2027.
AFRM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B+35.2% | $1.2B+33.0% | $1.0B+32.6% | $1.1B+29.6% | $933.3M+33.6% | $876.4M+33.0% | $783.1M+35.9% | $866.4M+46.6% |
| SG&A Expenses | $227.4M+1.8% | $239.2M+12.6% | $218.2M+4.7% | $240.0M-12.9% | $223.4M-21.2% | $212.4M-17.9% | $208.3M-20.4% | $275.4M-6.3% |
| Operating Income | $187.1M+193.8% | $147.3M+153.6% | $88.4Mn/m | $117.6Mn/m | $63.7Mn/m | $58.1Mn/m | -$8.4Mn/m | -$4.3Mn/m |
| EBITDA | $273.9M+112.3% | $234.6M+92.2% | $163.5M+220.1% | $193.2M+282.1% | $129.0Mn/m | $122.1Mn/m | $51.1Mn/m | $50.6Mn/m |
| Interest Expense | $134.4M+22.1% | $118.5M+11.9% | $113.8M+5.7% | $111.7M+3.7% | $110.0M+5.6% | $105.9M+11.2% | $107.6M+19.0% | $107.8M+27.4% |
| Income Tax | $40.9M+1657.8% | -$1.4B-62039.3% | $4.5M+76.2% | $3.7M+46.1% | $2.3M+22.3% | $2.3M+134.4% | $2.5M+185.5% | $2.5Mn/m |
| Net Income | $164.2M+103.4% | $1.6B+2234.7% | $102.9M+3569.8% | $129.6M+61.3% | $80.7Mn/m | $69.2Mn/m | $2.8Mn/m | $80.4Mn/m |
| EPS (Basic) | $0.48+100.0% | $4.82+2195.2% | $0.31+3000.0% | $0.39+56.0% | $0.24n/m | $0.21n/m | $0.01n/m | $0.25n/m |
| EPS (Diluted) | $0.47+104.3% | $4.63+2215.0% | $0.30+2900.0% | $0.37+60.9% | $0.23n/m | $0.20n/m | $0.01n/m | $0.23n/m |
| Diluted Shares (Avg) | 352M+1.0% | N/A | 348M+1.1% | 349M+1.2% | 348M+9.4% | N/A | 344M+10.1% | 345M+12.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AFRM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.5B+43.6% | $15.8B+41.6% | $13.1B+25.9% | $13.0B+23.6% | $11.5B+13.2% | $11.2B+17.2% | $10.4B+13.4% | $10.5B+15.6% |
| Cash & Equivalents | $2.1B+45.0% | $1.6B+20.3% | $1.7B+27.6% | $1.5B+27.3% | $1.4B+36.6% | $1.4B+33.7% | $1.4B+6.2% | $1.2B+15.8% |
| Accounts Receivable | $356.9M+25.8% | $284.4M-33.3% | $230.7M+4.7% | $268.2M+31.7% | $283.7M-8.0% | $426.2M+20.7% | $220.3M-24.9% | $203.6M-33.7% |
| Goodwill | $525.3M-0.9% | $524.5M-1.8% | $529.3M+1.3% | $533.4M+2.3% | $529.9M-1.3% | $534.2M+0.1% | $522.3M-2.5% | $521.7M-3.6% |
| Total Liabilities | $10.7B+31.2% | $10.3B+27.5% | $9.4B+23.8% | $9.4B+22.3% | $8.2B+12.0% | $8.1B+19.1% | $7.6B+14.9% | $7.7B+19.7% |
| Long-Term Debt | $10.3B+32.6% | $9.8B+28.7% | $8.9B+24.2% | $9.0B+23.3% | $7.7B | $7.6B+314.3% | $7.1B | $7.3B |
| Total Equity | $5.8B+74.3% | $5.5B+78.7% | $3.8B+31.6% | $3.5B+27.3% | $3.3B+16.3% | $3.1B+12.3% | $2.9B+9.6% | $2.8B+5.7% |
| Retained Earnings | -$962.9Mn/m | -$1.1Bn/m | -$2.7Bn/m | -$2.8Bn/m | -$3.0Bn/m | -$3.1Bn/m | -$3.1Bn/m | -$3.1Bn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
AFRM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $207.1M-44.7% | $296.2M+296.8% | $386.5M+83.7% | $173.7M-44.3% | $374.6M+90.3% | $74.6M+8.5% | $210.4M+1.1% | $312.0M+319.8% |
| Depreciation & Amortization | $86.8M+32.9% | $87.3M+36.5% | $75.1M+26.2% | $75.6M+37.7% | $65.3M+39.8% | $64.0M-2.1% | $59.5M+60.7% | $54.9M+107.1% |
| Stock-Based Compensation | $55.7M-35.1% | N/A | $73.8M-2.3% | $77.8M-9.6% | $85.9M-8.9% | N/A | $75.6M-1.9% | $86.1M-4.5% |
| Capital Expenditures | $62.5M+15.0% | $66.9M+30.8% | $61.4M+15.8% | $55.7M+26.9% | $54.4M+23.1% | $51.1M+33.6% | $53.0M+14.1% | $43.9M+13.3% |
| Free Cash Flow | $144.6M-54.9% | $229.3M+875.0% | $325.1M+106.6% | $118.0M-56.0% | $320.2M+109.7% | $23.5M-22.9% | $157.4M-2.7% | $268.1M+653.7% |
| Investing Cash Flow | -$489.1Mn/m | -$1.2Bn/m | $149.4M+320.8% | -$1.4Bn/m | -$139.6Mn/m | -$454.5Mn/m | $35.5Mn/m | -$89.1Mn/m |
| Financing Cash Flow | $419.2M+280.8% | $865.6M+123.5% | -$152.6Mn/m | $1.2B+723.5% | $110.1M-76.4% | $387.3M+165.3% | -$245.6M-319.2% | $144.1M-71.5% |
| Share Buybacks | N/A | $0n/m | $0n/m | N/A | N/A | $0n/m | $0n/m | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
AFRM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 14.8%+8.0pp | 12.6%+6.0pp | 8.5%+9.6pp | 10.5%+11.0pp | 6.8%+25.8pp | 6.6%+17.8pp | -1.1%+26.8pp | -0.5%+28.6pp |
| Net Margin | 13.0%+4.4pp | 138.7% | 9.9%+9.5pp | 11.5%+2.3pp | 8.6%+23.0pp | 7.9%+14.8pp | 0.4%+23.6pp | 9.3%+37.5pp |
| Return on Equity | 2.9%+0.4pp | 29.5%+27.2pp | 2.7%+2.6pp | 3.6%+0.8pp | 2.5%+6.0pp | 2.3%+3.9pp | 0.1%+5.2pp | 2.9%+9.2pp |
| Return on Assets | 1.0%+0.3pp | 10.2%+9.6pp | 0.8%+0.8pp | 1.0%+0.2pp | 0.7%+1.7pp | 0.6%+1.1pp | 0.0%+1.5pp | 0.8%+2.6pp |
| Debt-to-Equity | 1.78-0.6x | 1.79-0.7x | 2.35-0.1x | 2.54-0.1x | 2.35 | 2.48+1.8x | 2.49 | 2.62 |
| Liabilities-to-Equity | 1.87-0.6x | 1.88-0.8x | 2.47-0.2x | 2.65-0.1x | 2.48-0.1x | 2.63+0.2x | 2.63+0.1x | 2.76+0.3x |
| Asset Turnover | 0.080.0x | 0.070.0x | 0.080.0x | 0.090.0x | 0.080.0x | 0.080.0x | 0.080.0x | 0.080.0x |
| FCF Margin | 11.5%-22.9pp | 19.7%+17.0pp | 31.3%+11.2pp | 10.5%-20.4pp | 34.3%+12.5pp | 2.7%-1.9pp | 20.1%-8.0pp | 30.9%+24.9pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Affirm Holdings, Inc. AFRM | FY2026 | $4.3B | $1.9B | 45.3% | $22.1B | 51/100 |
| Synchrony Financial SYF | FY2025 | $19.0B | $3.6B | 18.7% | $22.5B | 64/100 |
| SoFi Technologies, Inc. SOFI | FY2025 | $3.6B | $481.3M | 13.3% | $20.0B | 45/100 |
| Ally Financial Inc. ALLY | FY2025 | $7.9B | $852.0M | 10.8% | $11.5B | 55/100 |
| PayPal Holdings, Inc. PYPL | FY2025 | $33.2B | $5.2B | 15.8% | $49.2B | 68/100 |
| Capital One Financial COF | FY2025 | $53.4B | $2.5B | 4.6% | $117.3B | 84/100 |
Where Affirm Holdings, Inc. Ranks
Frequently Asked Questions
Affirm Holdings, Inc. (AFRM) reported $4.3B in total revenue for fiscal year 2026. This represents a 32.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Affirm Holdings, Inc. (AFRM) revenue grew by 32.2% year-over-year, from $3.2B to $4.3B in fiscal year 2026.
Yes, Affirm Holdings, Inc. (AFRM) reported a net income of $2.0B over the trailing 12 months to September 30, 2026. In fiscal year 2026 it reported a net income of $1.9B, with a net profit margin of 45.3%.
Affirm Holdings, Inc. (AFRM) had EBITDA of $720.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2026, Affirm Holdings, Inc. (AFRM) had $1.6B in cash and equivalents against $9.8B in long-term debt.
Affirm Holdings, Inc. (AFRM) had an operating margin of 9.8% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
Affirm Holdings, Inc. (AFRM) had a net profit margin of 45.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Affirm Holdings, Inc. (AFRM) has a return on equity of 35.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
Affirm Holdings, Inc. (AFRM) generated $992.6M in free cash flow during fiscal year 2026. This represents a 65.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Affirm Holdings, Inc. (AFRM) generated $1.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
Affirm Holdings, Inc. (AFRM) had $15.8B in total assets as of fiscal year 2026, including both current and long-term assets.
Affirm Holdings, Inc. (AFRM) invested $238.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
Affirm Holdings, Inc. (AFRM) had a debt-to-equity ratio of 1.79 as of fiscal year 2026. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Affirm Holdings, Inc. (AFRM) had a liabilities-to-equity ratio of 1.88 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Affirm Holdings, Inc. (AFRM) had a return on assets of 12.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Affirm Holdings, Inc. (AFRM) trades at 11.0x earnings, its market capitalization divided by $2.0B net income, trailing 12 months to September 30, 2026. The market capitalization is $22.1B as of Nov 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Affirm Holdings, Inc. (AFRM) trades at 4.8x sales, its market capitalization divided by $4.6B revenue, trailing 12 months to September 30, 2026. The market capitalization is $22.1B as of Nov 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Affirm Holdings, Inc. (AFRM) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Affirm Holdings, Inc. (AFRM) has an earnings quality ratio of 0.64x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Affirm Holdings, Inc. (AFRM) has an interest coverage ratio of 0.92x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Affirm Holdings, Inc. (AFRM) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Affirm Holdings, Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.