Affirm Holdings, Inc. (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 Sep 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Aug 27, 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 $4.3B in revenue for fiscal year 2026, up 32.2% from the prior fiscal year. 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 reported turnaround combines operating scale with a major tax-driven earnings boost and a still debt-funded balance sheet.
FY2026’s reported net income reached$1.9B , far above operating income of$417M , because the income-tax line contributed$1.4B . The resulting45.3% net margin therefore overstates core operating profitability, whose margin was9.8% .
Revenue reached
Operating cash flow of
Financial Health Signals
Scored against operating companies for FY2026. 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 9.8%, meaning the company retains $10 of operating profit per $100 of revenue. This below-average margin results in a low score of 24/100, suggesting thin profitability after operating expenses. 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 92/100.
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., and counted as zero in the overall score.
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., and counted as zero in the overall score.
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, neither operating efficiency signal passes.
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 $1.2B in revenue in Q4 2026. This represents an increase of 33.0% from the same quarter a year earlier. Against the prior quarter it is up 12.2%.
Affirm Holdings, Inc.'s EBITDA was $234.8M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 92.2% from the same quarter a year earlier. Against the prior quarter it is up 43.7%.
Affirm Holdings, Inc. reported $1.6B in net income in Q4 2026. This represents an increase of 2234.7% from the same quarter a year earlier. Against the prior quarter it is up 1471.1%.
Affirm Holdings, Inc. earned $4.63 per diluted share (EPS) in Q4 2026. This represents an increase of 2215.0% from the same quarter a year earlier. Against the prior quarter it is up 1443.3%.
Cash & Balance Sheet
Affirm Holdings, Inc. generated $229.3M in free cash flow in Q4 2026, representing cash available after capex. This represents an increase of 875.0% from the same quarter a year earlier. Against the prior quarter it is down 29.5%.
Affirm Holdings, Inc. held $1.6B in cash against $9.8B in long-term debt as of Q4 2026.
Not reported for Q4 2026.
Margins & Returns
Affirm Holdings, Inc.'s operating margin was 12.6% in Q4 2026, reflecting core business profitability. This is up 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.1 percentage points.
Affirm Holdings, Inc.'s ROE was 29.5% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is up 27.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 26.8 percentage points.
Not reported for Q4 2026.
Not shown for Q4 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Affirm Holdings, Inc. repurchased no shares in Q4 2026.
Affirm Holdings, Inc. invested $66.9M in capex in Q4 2026, funding long-term assets and infrastructure. This represents an increase of 30.8% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.
Not reported for Q4 2026.
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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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% | $698.5M+40.7% |
| SG&A Expenses | $146.8M+10.5% | $145.3M+8.2% | $141.2M+1.3% | $144.9M+4.7% | $132.9M+7.6% | $134.3M+4.3% | $139.4M+5.0% | $138.5M-1.3% |
| Operating Income | $147.3M+153.6% | $88.4M+1153.6% | $117.6M+2821.6% | $63.7M+148.0% | $58.1M+179.0% | -$8.4M+94.8% | -$4.3M+97.5% | -$132.6M+36.7% |
| EBITDA | $234.8M+92.2% | $163.3M+220.2% | $193.2M+282.0% | $129.0M+250.2% | $122.1M+519.0% | $51.0M+144.1% | $50.6M+138.1% | -$85.9M+49.3% |
| Interest Expense | $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% | $104.1M+40.9% |
| Income Tax | -$1.4B-62039.3% | $4.5M+76.2% | $3.7M+46.1% | $2.3M+22.3% | $2.3M+134.4% | $2.5M+185.5% | $2.5M+457.0% | $1.9M+82.4% |
| Net Income | $1.6B+2234.7% | $102.9M+3569.8% | $129.6M+61.3% | $80.7M+180.5% | $69.2M+253.4% | $2.8M+102.1% | $80.4M+148.1% | -$100.2M+41.7% |
| EPS (Basic) | $4.82+2195.2% | $0.31+3000.0% | $0.39+56.0% | $0.24+177.4% | $0.21+250.0% | $0.01+102.3% | $0.25+146.3% | -$0.31+45.6% |
| EPS (Diluted) | $4.63+2215.0% | $0.30+2900.0% | $0.37+60.9% | $0.23+174.2% | $0.20+242.9% | $0.01+102.3% | $0.23+142.6% | -$0.31+45.6% |
| Diluted Shares (Avg) | N/A | 348M+1.1% | 349M+1.2% | 348M+9.4% | N/A | 344M+10.1% | 345M+12.2% | 318M+4.7% |
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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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% | $10.1B+20.6% |
| Cash & Equivalents | $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% | $1.0B-3.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $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% | $308.4M+30.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $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% | $536.7M+0.1% |
| Total Liabilities | $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% | $7.3B+25.1% |
| Long-Term Debt | $9.8B+28.7% | $8.9B+24.2% | $9.0B+23.3% | $7.7B | $7.6B+314.3% | $7.1B | $7.3B | N/A |
| Total Equity | $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% | $2.8B+10.5% |
| Retained Earnings | -$1.1B+63.1% | -$2.7B+12.2% | -$2.8B+9.0% | -$3.0B+7.3% | -$3.1B+1.7% | -$3.1B-2.0% | -$3.1B-6.8% | -$3.2B-16.1% |
Not reported in any period shown, so not listed: Current Assets, Inventory, 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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $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% | $196.9M+99.1% |
| Depreciation & Amortization | $87.3M+36.5% | $74.9M+26.1% | $75.6M+37.7% | $65.3M+39.8% | $64.0M-2.1% | $59.4M+31.4% | $54.9M+39.3% | $46.7M+16.4% |
| Stock-Based Compensation | N/A | $73.8M-2.3% | $77.8M-9.6% | $85.9M-8.9% | N/A | $75.6M-1.9% | $86.1M-4.5% | $94.2M-16.1% |
| Capital Expenditures | $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% | $44.2M+23.3% |
| Free Cash Flow | $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% | $152.7M+142.1% |
| Investing Cash Flow | -$1.2B-163.6% | $149.4M+320.8% | -$1.4B-1432.5% | -$139.6M+75.7% | -$454.5M+15.5% | $35.5M+124.2% | -$89.1M+85.7% | -$575.0M-3525.7% |
| Financing Cash Flow | $865.6M+123.5% | -$152.6M+37.8% | $1.2B+723.5% | $110.1M-76.4% | $387.3M+165.3% | -$245.6M-319.2% | $144.1M-71.5% | $465.6M+212.9% |
| Share Buybacks | $0 | $0 | N/A | N/A | $0 | $0 | N/A | 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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 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 | -19.0%+23.2pp |
| Net Margin | 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 | -14.3%+20.3pp |
| Return on Equity | 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 | -3.5%+3.2pp |
| Return on Assets | 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 | -1.0%+1.1pp |
| Debt-to-Equity | 1.79-0.7x | 2.35-0.1x | 2.54-0.1x | 2.35-0.2x | 2.48+1.8x | 2.490.0x | 2.62+0.2x | 2.58+0.3x |
| Asset Turnover | 0.070.0x | 0.080.0x | 0.090.0x | 0.080.0x | 0.080.0x | 0.070.0x | 0.080.0x | 0.070.0x |
| FCF Margin | 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 | 21.9%+9.2pp |
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.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Affirm Holdings, Inc. AFRM | FY2026 | $4.3B | $1.9B | 45.3% | $23.4B | 34/100 |
| MongoDB, Inc. MDB | FY2026 | $2.5B | -$71.2M | -2.9% | $27.2B | 63/100 |
| Toast, Inc. TOST | FY2025 | $6.2B | $342.0M | 5.6% | $17.6B | 58/100 |
| NetApp, Inc NTAP | FY2026 | $6.2B | $1.3B | 20.5% | $41.1B | 72/100 |
| VeriSign Inc VRSN | FY2025 | $1.7B | $825.7M | 49.8% | $25.3B | 58/100 |
| CyberArk Software Ltd. CYBR | FY2024 | $1.0B | -$93.5M | -9.3% | $20.6B | 55/100 |
Where Affirm Holdings, Inc. Ranks
Frequently Asked Questions
What is Affirm Holdings, Inc.'s annual revenue?
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.
How fast is Affirm Holdings, Inc.'s revenue growing?
Affirm Holdings, Inc. (AFRM) revenue grew by 32.2% year-over-year, from $3.2B to $4.3B in fiscal year 2026.
Is Affirm Holdings, Inc. profitable?
Yes, Affirm Holdings, Inc. (AFRM) reported a net income of $1.9B in fiscal year 2026, with a net profit margin of 45.3%.
What is Affirm Holdings, Inc.'s EBITDA?
Affirm Holdings, Inc. (AFRM) had EBITDA of $720.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Affirm Holdings, Inc. have?
As of fiscal year 2026, Affirm Holdings, Inc. (AFRM) had $1.6B in cash and equivalents against $9.8B in long-term debt.
What is Affirm Holdings, Inc.'s operating margin?
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.
What is Affirm Holdings, Inc.'s net profit margin?
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.
What is Affirm Holdings, Inc.'s return on equity (ROE)?
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.
What is Affirm Holdings, Inc.'s free cash flow?
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.
What is Affirm Holdings, Inc.'s operating cash flow?
Affirm Holdings, Inc. (AFRM) generated $1.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Affirm Holdings, Inc.'s total assets?
Affirm Holdings, Inc. (AFRM) had $15.8B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Affirm Holdings, Inc.'s capital expenditures?
Affirm Holdings, Inc. (AFRM) invested $238.3M in capital expenditures during fiscal year 2026, 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 1.79 as of fiscal year 2026, 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 12.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Affirm Holdings, Inc.'s P/E ratio?
Affirm Holdings, Inc. (AFRM) trades at 12.1x earnings, its market capitalization divided by net income of $1.9B net income, FY2026. The market capitalization is $23.4B as of Sep 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Affirm Holdings, Inc.'s price-to-sales ratio?
Affirm Holdings, Inc. (AFRM) trades at 5.5x sales, its market capitalization divided by revenue of $4.3B revenue, FY2026. The market capitalization is $23.4B as of Sep 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Affirm Holdings, Inc.'s Piotroski F-Score?
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.
Are Affirm Holdings, Inc.'s earnings high quality?
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.
Can Affirm Holdings, Inc. cover its interest payments?
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.
How financially healthy is Affirm Holdings, Inc.?
Affirm Holdings, Inc. (AFRM) scores 34 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.