Affirm Holdings, Inc. Financials
Affirm Holdings, Inc. (AFRM) reported $3.2B in revenue for fiscal year 2025, up 38.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Cash generation has overtaken accounting losses, but funding costs and leverage still shape how this balance-sheet-heavy business earns.
From FY2023 to FY2025, operating cash flow moved from$12.2M to$793.9M , showing the company stopped being cash-hungry before its income statement fully healed. Yet operating margin was still-2.7% in FY2025 while interest expense reached$425.5M , so funding cost now matters almost as much as core operating improvement.
FY2025 net income of
Free cash flow flipped from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 -2.7%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 24/100. This is up from -26.5% the prior year.
Affirm Holdings, Inc.'s revenue surged 38.8% year-over-year to $3.2B, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Affirm Holdings, Inc. has elevated debt relative to equity (D/E of 2.48), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Not available for Affirm Holdings, Inc., and counted as zero in the overall score.
Affirm Holdings, Inc. converts 18.7% of revenue into free cash flow ($601.7M). This strong cash generation earns a score of 72/100.
Not available for Affirm Holdings, Inc., and counted as zero in the overall score.
Affirm Holdings, Inc. passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Affirm Holdings, Inc. generates $15.21 in operating cash flow ($793.9M OCF vs $52.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Affirm Holdings, Inc. reported an operating loss of $87.3M against $425.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Affirm Holdings, Inc. generated $3.2B in revenue in fiscal year 2025. This represents an increase of 38.8% from the prior year.
Affirm Holdings, Inc.'s EBITDA was $137.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 130.8% from the prior year.
Affirm Holdings, Inc. reported $52.2M in net income in fiscal year 2025. This represents an increase of 110.1% from the prior year.
Affirm Holdings, Inc. earned $0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 109.0% from the prior year.
Cash & Balance Sheet
Affirm Holdings, Inc. generated $601.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 106.9% from the prior year.
Affirm Holdings, Inc. held $1.4B in cash against $7.6B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Affirm Holdings, Inc.'s operating margin was -2.7% in fiscal year 2025, reflecting core business profitability. This is up 23.8 percentage points from the prior year.
Affirm Holdings, Inc.'s net profit margin was 1.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.9 percentage points from the prior year.
Affirm Holdings, Inc.'s ROE was 1.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 20.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Affirm Holdings, Inc. spent $250.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Affirm Holdings, Inc. invested $192.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.6% from the prior year.
Not reported for fiscal year 2025.
AFRM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.2B+38.8% | $2.3B+46.3% | $1.6B+17.7% | $1.3B+55.0% | $870.5M+70.8% | $509.5M+92.7% | $264.4M |
| SG&A Expenses | $564.3M | $545.1M+3.8% | $525.3M-10.4% | $586.4M+1.5% | $577.5M+50.5% | $383.7M+216.5% | $121.2M+36.4% | $88.9M |
| Operating Income | $327.8M | -$87.3M+85.8% | -$615.8M+48.7% | -$1.2B-38.7% | -$866.0M-125.7% | -$383.7M-255.9% | -$107.8M+15.4% | -$127.4M |
| Interest Expense | $441.4M | $425.5M+23.6% | $344.3M+88.1% | $183.0M+162.6% | $69.7M+32.2% | $52.7M+63.1% | $32.3M+24.8% | $25.9M |
| Income Tax | $12.8M | $9.3M+316.1% | $2.2M+157.2% | -$3.9M+77.6% | -$17.4M-643.2% | -$2.3M-723.1% | $376K+944.4% | $36K |
| Net Income | $382.4M | $52.2M+110.1% | -$517.8M+47.5% | -$985.3M-39.3% | -$707.4M-60.4% | -$441.0M-291.7% | -$112.6M+6.5% | -$120.5M |
| EPS (Diluted) | — | $0.15+109.0% | -$1.67+50.0% | -$3.34-33.1% | -$2.51 | -$2.94 | -$2.63+7.4% | -$2.84 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AFRM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $11.2B+17.2% | $9.5B+16.7% | $8.2B+16.9% | $7.0B+43.3% | $4.9B+247.1% | $1.4B | N/A |
| Cash & Equivalents | $1.4B+33.7% | $1.0B+13.6% | $892.0M-28.9% | $1.3B-14.4% | $1.5B+449.2% | $267.1M-25.4% | $357.8M |
| Accounts Receivable | $426.2M+20.7% | $353.0M+77.3% | $199.1M+40.1% | $142.1M+55.1% | $91.6M+55.2% | $59.0M | N/A |
| Goodwill | $534.2M+0.1% | $533.4M-1.7% | $542.6M+0.6% | $539.5M+4.5% | $516.5M+41056.6% | $1.3M0.0% | $1.3M |
| Total Liabilities | $8.1B+19.1% | $6.8B+20.7% | $5.6B+29.1% | $4.4B+90.1% | $2.3B+29.5% | $1.8B | N/A |
| Long-Term Debt | $7.6B+314.3% | $1.8B | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $3.1B+12.3% | $2.7B+7.8% | $2.5B-3.2% | $2.6B+1.7% | $2.6B+801.6% | -$367.1M-39.4% | -$263.4M |
| Retained Earnings | -$3.1B+1.7% | -$3.1B-20.0% | -$2.6B-61.4% | -$1.6B-78.7% | -$898.5M-100.9% | -$447.2M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.0B | $793.9M+76.4% | $450.1M+3595.4% | $12.2M+107.5% | -$162.2M+16.0% | -$193.1M-170.9% | -$71.3M+18.7% | -$87.6M |
| Capital Expenditures | $222.6M | $192.2M+20.6% | $159.3M+31.9% | $120.8M+40.0% | $86.3M+326.1% | $20.3M-3.6% | $21.0M+8.3% | $19.4M |
| Free Cash Flow | $786.9M | $601.7M+106.9% | $290.8M+367.8% | -$108.6M+56.3% | -$248.5M-16.5% | -$213.4M-131.1% | -$92.3M+13.8% | -$107.1M |
| Investing Cash Flow | -$1.8B | -$1.1B+18.3% | -$1.3B+19.8% | -$1.7B+17.8% | -$2.0B-96.8% | -$1.0B-303.8% | -$253.1M+28.5% | -$353.7M |
| Financing Cash Flow | $1.5B | $751.4M-17.7% | $913.1M-32.4% | $1.3B-33.7% | $2.0B-21.0% | $2.6B+774.6% | $294.7M-47.5% | $561.6M |
| Share Buybacks | N/A | $250.0M | $0-100.0% | $109K+26.7% | $86K-89.3% | $800K-95.8% | $18.9M+616.6% | $2.6M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AFRM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -2.7%+23.8pp | -26.5%+49.1pp | -75.6%-11.4pp | -64.2%-20.1pp | -44.1%-22.9pp | -21.1%+27.1pp | -48.2% |
| Net Margin | 1.6%+23.9pp | -22.3%+39.8pp | -62.1%-9.6pp | -52.4%-1.8pp | -50.7%-28.6pp | -22.1%+23.5pp | -45.6% |
| Return on Equity | 1.7%+20.7pp | -18.9%+19.9pp | -38.9%-11.9pp | -27.0%-9.9pp | -17.1% | N/A | N/A |
| Return on Assets | 0.5%+5.9pp | -5.4%+6.6pp | -12.1%-1.9pp | -10.1%-1.1pp | -9.1%-1.0pp | -8.0% | N/A |
| Debt-to-Equity | 2.48+1.8x | 0.67-1.5x | 2.22+0.6x | 1.66+0.8x | 0.89 | N/A | N/A |
| FCF Margin | 18.7%+6.1pp | 12.5%+19.4pp | -6.8%+11.6pp | -18.4%+6.1pp | -24.5%-6.4pp | -18.1%+22.4pp | -40.5% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
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Where Affirm Holdings, Inc. Ranks
Frequently Asked Questions
What is Affirm Holdings, Inc.'s annual revenue?
Affirm Holdings, Inc. (AFRM) reported $3.2B in total revenue for fiscal year 2025. This represents a 38.8% 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.
How fast is Affirm Holdings, Inc.'s revenue growing?
Affirm Holdings, Inc. (AFRM) revenue grew by 38.8% year-over-year, from $2.3B to $3.2B in fiscal year 2025.
Is Affirm Holdings, Inc. profitable?
Yes, Affirm Holdings, Inc. (AFRM) reported a net income of $52.2M in fiscal year 2025, with a net profit margin of 1.6%.
What is Affirm Holdings, Inc.'s EBITDA?
Affirm Holdings, Inc. (AFRM) had EBITDA of $137.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Affirm Holdings, Inc. have?
As of fiscal year 2025, Affirm Holdings, Inc. (AFRM) had $1.4B in cash and equivalents against $7.6B in long-term debt.
What is Affirm Holdings, Inc.'s operating margin?
Affirm Holdings, Inc. (AFRM) had an operating margin of -2.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Affirm Holdings, Inc.'s net profit margin?
Affirm Holdings, Inc. (AFRM) had a net profit margin of 1.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Affirm Holdings, Inc.'s return on equity (ROE)?
Affirm Holdings, Inc. (AFRM) has a return on equity of 1.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Affirm Holdings, Inc.'s free cash flow?
Affirm Holdings, Inc. (AFRM) generated $601.7M in free cash flow during fiscal year 2025. This represents a 106.9% 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.
What is Affirm Holdings, Inc.'s operating cash flow?
Affirm Holdings, Inc. (AFRM) generated $793.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Affirm Holdings, Inc.'s total assets?
Affirm Holdings, Inc. (AFRM) had $11.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Affirm Holdings, Inc.'s capital expenditures?
Affirm Holdings, Inc. (AFRM) invested $192.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Affirm Holdings, Inc.'s debt-to-equity ratio?
Affirm Holdings, Inc. (AFRM) had a debt-to-equity ratio of 2.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Affirm Holdings, Inc.'s return on assets (ROA)?
Affirm Holdings, Inc. (AFRM) had a return on assets of 0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Affirm Holdings, Inc.'s Piotroski F-Score?
Affirm Holdings, Inc. (AFRM) has a Piotroski F-Score of 5 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.
Are Affirm Holdings, Inc.'s earnings high quality?
Affirm Holdings, Inc. (AFRM) has an earnings quality ratio of 15.21x, considered cash-backed (high 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.
Can Affirm Holdings, Inc. cover its interest payments?
Affirm Holdings, Inc. (AFRM) reported an operating loss of $87.3M against $425.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
How financially healthy is Affirm Holdings, Inc.?
Affirm Holdings, Inc. (AFRM) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite 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. 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.