Affirm Holdings Stock Price, News & Analysis

Affirm Holdings, Inc. (NASDAQ: AFRM) is a finance and technology company in the consumer lending industry that focuses on pay-over-time options at checkout. According to its proxy materials, Affirm describes itself as building the next generation payment network, using modern technology and a mission-driven approach to reinvent payments and commerce. The company states that its solutions are built on trust and transparency and are designed to make it easier for consumers to spend and save responsibly and for businesses to convert sales and grow.

Affirm reports that it was founded in 2012 with a mission to deliver honest financial products that improve lives. The firm is incorporated in Nevada, following a reincorporation approved by stockholders and made effective on July 1, 2025, and its headquarters are in San Francisco, California. Its Class A common stock continues to trade on the Nasdaq Global Select Market under the symbol AFRM.

Business model and payment network

In its public descriptions, Affirm refers to itself as a payment network that empowers consumers and helps merchants drive growth. The company offers pay-over-time options at checkout, including biweekly and monthly installment plans, and emphasizes that it never charges late fees or hidden fees. Affirm’s underwriting approach, as described in its news releases, is based on making a real-time credit decision each time a consumer applies to use Affirm, considering the specific purchase, the consumer’s credit history, and past payment performance with Affirm.

Affirm’s underwriting models are described as transaction-level and dynamic. A recent update highlighted that the company is incorporating richer real-time signals, such as account balances and cash flow trends, for consumers who link a bank account or maintain an Affirm Money Account. These additional signals are intended to give a more current view of a consumer’s financial standing at the moment of purchase, which the company states can support more informed and responsible credit decisions and may expand access to credit for consumers whose traditional credit history is limited or does not fully reflect their current situation.

Consumer lending products

Based on information provided in third-party and company materials, Affirm operates in the buy-now, pay-later and broader consumer lending space. It offers closed-end installment loan products to eligible consumers, including on major online marketplaces. The company has disclosed in an SEC filing that, under a long-term agreement, it will continue to make its closed-end installment loan products available on Amazon.com and through the Amazon Pay widget on certain third-party retailer online channels.

Affirm’s news releases describe that approved consumers can split purchases into budget-friendly biweekly or monthly payments, with plans that can extend over multiple months. The company notes that payment options are subject to eligibility checks, may depend on purchase amount, and may require a down payment. It also discloses that its loans are provided by lending partners and, for California residents, by Affirm Loan Services, LLC under a California Financing Law license.

Merchant and platform relationships

Affirm positions its network as serving both consumers and businesses. The company states that it gives thousands of businesses tools to fuel growth by offering flexible pay-over-time options at checkout. Its news releases highlight partnerships with a range of merchants and platforms.

For example, Affirm has announced an expanded partnership with Wayfair Inc., bringing Affirm directly into checkout across the Wayfair family of brands. Eligible shoppers can select Affirm online or in-store, including by scanning a QR code in physical locations, and then complete a quick eligibility check to view biweekly or monthly payment plans. Affirm has also announced that Pacsun shoppers can pay over time with Affirm during a promotional period, and that Pacsun joins a large network of merchant partners.

Affirm has also disclosed an expanded partnership with Worldpay for Platforms, a payment services provider that offers embedded payments for software platforms. Through this integration, software platforms using Worldpay for embedded payments can offer Affirm as a payment method to their merchants, enabling eligible end customers to access flexible pay-over-time options. In the legal services market, a partner release describes "Pay Later with Affirm" being embedded in Clio’s legal technology platform, giving law firm clients the option to pay legal fees over time.

Capital and funding arrangements

Affirm’s SEC filings and press releases describe several capital-related arrangements that support its consumer lending activities. The company has entered into a Second Amended and Restated Installment Financing Services Agreement with Amazon.com Services LLC and Amazon Payments, Inc., under which Affirm will continue to provide its closed-end installment loan products on Amazon.com and via Amazon Pay for an initial term of five years beginning February 1, 2026.

Affirm has also announced an expansion of a long-term capital partnership with New York Life. Under this arrangement, New York Life will purchase Affirm’s installment loans on a forward-flow basis up to a specified outstanding amount, providing off-balance-sheet funding that can support additional consumer loan volume. The company notes that New York Life has previously invested in Affirm collateral, including through asset-backed securitizations, and that this capital relationship is intended to support broader access to Affirm’s flexible and transparent payment options.

Corporate structure and governance

Affirm Holdings, Inc. is a Nevada corporation, following a stockholder-approved conversion from Delaware to Nevada. An 8-K filing explains that, at the effective time of the reincorporation, each share of the former Delaware Class A and Class B common stock automatically converted into the corresponding Nevada Class A and Class B common stock, and that the Nevada Class A common stock continues to trade on Nasdaq under the AFRM symbol. The filing states that the reincorporation did not change the company’s business, management, properties, or contractual obligations, and that the corporate existence of Affirm Holdings, Inc. continues uninterrupted.

The company’s definitive proxy statement describes a board of directors divided into three classes with staggered three-year terms and identifies board committees, including an Audit Committee, a Compensation Committee, and a Nominating and Governance Committee. The proxy materials outline governance practices such as a lead independent director role, a code of ethics and business conduct, board and committee self-evaluations, and stock ownership guidelines for directors and executive officers.

Compensation and performance metrics

Affirm’s proxy statement describes an executive compensation program that includes base salary, annual cash incentives, and long-term equity incentives. The company explains that it seeks to align executive compensation with financial and operational objectives and with stockholder interests. An 8-K filing details annual grants of restricted stock units and performance stock units to certain executive officers under the company’s equity plan.

The performance stock units are tied to company financial performance over a multi-year performance period, with metrics based on annual growth rates of "revenue less transaction costs" and "adjusted operating income," each weighted equally. Actual performance is measured annually and averaged over the performance period, and the number of shares that may be earned depends on whether performance meets or exceeds specified thresholds. The restricted stock units vest quarterly over several years, subject to continued service.

Risk, underwriting, and consumer focus

Affirm’s public statements emphasize responsible underwriting and a focus on consumer financial health. The company notes that it underwrites each transaction individually and that its models consider the consumer’s purchase, credit history, and past repayment behavior with Affirm. In its underwriting update, Affirm highlights the use of real-time balance and cash flow information for consumers who link bank accounts, with the goal of aligning credit decisions more closely with a consumer’s current financial situation.

Affirm repeatedly states in its materials that it never charges late fees or hidden fees, distinguishing its pay-over-time offerings from many traditional credit card products and some other pay-over-time options. The company also notes that it has saved consumers significant amounts in late fees and that choosing Affirm instead of revolving credit card debt can reduce the total cost of credit, based on its internal analyses.

Investor relations and reporting

Affirm regularly communicates with investors through shareholder letters, earnings calls, and participation in investor conferences. The company files current reports on Form 8-K to furnish shareholder letters that discuss quarterly and annual financial results, including both GAAP and non-GAAP measures. It also hosts conference calls and webcasts to discuss results and strategic developments, and it has used Q&A platforms to collect and address shareholder questions during investor events.

The company’s proxy materials describe an annual meeting of stockholders held via live audio webcast, with stockholders able to vote and submit questions online. The proxy statement and related filings provide information on board composition, executive compensation, equity plans, and stockholder voting results on matters such as director elections, auditor ratification, and advisory votes on executive pay.

Regulatory status and exchange listing

Affirm’s SEC filings identify it as a registrant with a Commission File Number 001-39888 and a federal employer identification number. The company’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol AFRM. There is no indication in the provided filings or news of delisting, deregistration, bankruptcy, or a completed merger that would change its status as a standalone public company.