Affirm Holdings, Inc. Financials
This page shows Affirm Holdings, Inc. (AFRM) financial statements, including the 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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. 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 100/100.
Affirm Holdings, Inc. has a moderate D/E ratio of 2.48. This balance of debt and equity financing earns a leverage score of 51/100.
Affirm Holdings, Inc. has a free cash flow margin of 18.7%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Affirm Holdings, Inc. generates a 1.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -18.9% the prior year.
Affirm Holdings, Inc. passes 5 of 9 financial strength tests. 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. earns $-0.2 in operating income for every $1 of interest expense (-$87.3M vs $425.5M). 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 $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.
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.
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.
AFRM Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B-7.5% | $1.1B+20.3% | $933.3M+6.5% | $876.4M+11.9% | $783.1M-9.6% | $866.4M+24.0% | $698.5M+6.0% | $659.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $145.3M+2.9% | $141.2M-2.6% | $144.9M+9.1% | $132.9M-1.1% | $134.3M-3.7% | $139.4M+0.7% | $138.5M+12.2% | $123.5M |
| Operating Income | $88.4M-24.8% | $117.6M+84.8% | $63.7M+9.6% | $58.1M+791.8% | -$8.4M-94.2% | -$4.3M+96.7% | -$132.6M-80.5% | -$73.5M |
| Interest Expense | $113.8M+1.8% | $111.7M+1.5% | $110.0M+3.9% | $105.9M-1.6% | $107.6M-0.1% | $107.8M+3.5% | $104.1M+9.3% | $95.3M |
| Income Tax | $4.5M+22.6% | $3.7M+57.0% | $2.3M-0.5% | $2.3M-8.0% | $2.5M+1.7% | $2.5M+31.4% | $1.9M+90.8% | $997K |
| Net Income | $102.9M-20.6% | $129.6M+60.6% | $80.7M+16.5% | $69.2M+2369.5% | $2.8M-96.5% | $80.4M+180.2% | -$100.2M-122.0% | -$45.1M |
| EPS (Diluted) | $0.30-18.9% | $0.37+60.9% | $0.23 | N/A | $0.01-95.7% | $0.23+174.2% | $-0.31 | N/A |
AFRM Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.1B+1.4% | $13.0B+12.9% | $11.5B+2.9% | $11.2B+6.9% | $10.4B-0.4% | $10.5B+3.4% | $10.1B+6.5% | $9.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.7B+12.8% | $1.5B+6.9% | $1.4B+5.5% | $1.4B+0.2% | $1.4B+12.6% | $1.2B+14.7% | $1.0B+3.3% | $1.0B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $230.7M-14.0% | $268.2M-5.5% | $283.7M-33.4% | $426.2M+93.5% | $220.3M+8.2% | $203.6M-34.0% | $308.4M-12.6% | $353.0M |
| Goodwill | $529.3M-0.8% | $533.4M+0.7% | $529.9M-0.8% | $534.2M+2.3% | $522.3M+0.1% | $521.7M-2.8% | $536.7M+0.6% | $533.4M |
| Total Liabilities | $9.4B-0.6% | $9.4B+15.0% | $8.2B+1.2% | $8.1B+6.9% | $7.6B-1.7% | $7.7B+5.4% | $7.3B+7.6% | $6.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $8.9B-1.5% | $9.0B+16.5% | $7.7B+1.7% | $7.6B+6.5% | $7.1B-2.2% | $7.3B | N/A | $1.8B |
| Total Equity | $3.8B+6.7% | $3.5B+7.5% | $3.3B+7.5% | $3.1B+6.8% | $2.9B+3.2% | $2.8B-1.8% | $2.8B+3.8% | $2.7B |
| Retained Earnings | -$2.7B+3.6% | -$2.8B+4.4% | -$3.0B+2.6% | -$3.1B+2.2% | -$3.1B+0.1% | -$3.1B+2.5% | -$3.2B-3.2% | -$3.1B |
AFRM Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $386.5M+122.5% | $173.7M-53.6% | $374.6M+401.9% | $74.6M-64.5% | $210.4M-32.6% | $312.0M+58.5% | $196.9M+186.3% | $68.8M |
| Capital Expenditures | $61.4M+10.2% | $55.7M+2.5% | $54.4M+6.3% | $51.1M-3.6% | $53.0M+20.7% | $43.9M-0.6% | $44.2M+15.4% | $38.3M |
| Free Cash Flow | $325.1M+175.4% | $118.0M-63.1% | $320.2M+1261.6% | $23.5M-85.1% | $157.4M-41.3% | $268.1M+75.6% | $152.7M+400.6% | $30.5M |
| Investing Cash Flow | $149.4M+110.9% | -$1.4B-877.7% | -$139.6M+69.3% | -$454.5M-1379.7% | $35.5M+139.9% | -$89.1M+84.5% | -$575.0M-7.0% | -$537.6M |
| Financing Cash Flow | -$152.6M-112.9% | $1.2B+977.9% | $110.1M-71.6% | $387.3M+257.7% | -$245.6M-270.4% | $144.1M-69.1% | $465.6M+219.0% | $146.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | N/A | N/A | $0 | $0 | N/A | N/A | $0 |
AFRM Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 8.5%-2.0pp | 10.5%+3.7pp | 6.8%+0.2pp | 6.6%+7.7pp | -1.1%-0.6pp | -0.5%+18.5pp | -19.0%-7.9pp | -11.1% |
| Net Margin | 9.9%-1.6pp | 11.5%+2.9pp | 8.6%+0.7pp | 7.9%+7.5pp | 0.4%-8.9pp | 9.3%+23.6pp | -14.3%-7.5pp | -6.9% |
| Return on Equity | 2.7%-0.9pp | 3.6%+1.2pp | 2.5%+0.2pp | 2.3%+2.2pp | 0.1%-2.8pp | 2.9%+6.4pp | -3.5%-1.9pp | -1.7% |
| Return on Assets | 0.8%-0.2pp | 1.0%+0.3pp | 0.7%+0.1pp | 0.6%+0.6pp | 0.0%-0.7pp | 0.8%+1.8pp | -1.0%-0.5pp | -0.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.35-0.2 | 2.54+0.2 | 2.35-0.1 | 2.480.0 | 2.49-0.1 | 2.62+0.0 | 2.58+1.9 | 0.67 |
| FCF Margin | 31.3%+20.8pp | 10.5%-23.8pp | 34.3%+31.6pp | 2.7%-17.4pp | 20.1%-10.8pp | 30.9%+9.1pp | 21.9%+17.2pp | 4.6% |
Similar Companies
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 9, indicating neutral financial health. 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) has an interest coverage ratio of -0.2x, 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 Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.