NASDAQ : AFRM
Affirm Holdings, Inc. — Financial statements
Financials · Credit Services · United States
Last price 73.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 24.79B
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Financial statements
Affirm Holdings, Inc. (AFRM) reported revenue of 4.26B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.21B | 2.21B | 1.62B | 1.12B | 902.77M | 821.41M |
| Other Revenue | 2.05B | 2.05B | 1.61B | 1.20B | 685.22M | 527.88M |
| Revenue | 4.26B | 4.26B | 3.22B | 2.32B | 1.59B | 1.35B |
| Cost of Revenue | 2.18B | 2.18B | 1.74B | 1.33B | 912.48M | 686.86M |
| Gross Profit | 2.08B | 2.08B | 1.48B | 994.47M | 675.50M | 662.43M |
| Selling, General & Admin | 920.84M | 920.84M | 979.90M | 1.10B | 1.22B | 1.11B |
| Research & Development | 747.14M | 747.14M | 589.72M | 501.86M | 615.82M | 418.64M |
| Operating Expenses | 1.67B | 1.67B | 1.57B | 1.60B | 1.84B | 1.53B |
| Operating Income | 416.98M | 416.98M | -87.46M | -607.33M | -1.16B | -866.05M |
| Interest Expense | -10.77M | -10.77M | -7.14M | -3.40M | -3.90M | -2.40M |
| Other Non Operating Income (Expenses) | 84.98M | 84.98M | 75.47M | 105.18M | 125.68M | 143.62M |
| EBT Excluding Unusual Items | 491.19M | 491.19M | -19.14M | -505.55M | -1.04B | -724.83M |
| Merger & Restructuring Charges | 184.00K | -6.77M | -37.67M | |||
| Impairment of Goodwill | -1.00M | |||||
| Gain (Loss) on Sale of Investments | -2.00M | -14.10M | ||||
| Asset Writedown | -752.00K | -1.24M | ||||
| Other Unusual Items | 1.54M | 1.54M | 82.42M | 12.64M | 89.84M | |
| Pretax Income | 492.73M | 492.73M | 61.47M | -515.53M | -989.25M | -724.83M |
| Income Tax Expense | -1.44B | -1.44B | 9.28M | 2.23M | -3.90M | -17.41M |
| Net Income | 1.93B | 1.93B | 52.19M | -517.76M | -985.35M | -707.42M |
| Net Income to Common | 1.93B | 1.93B | 52.19M | -517.76M | -985.35M | -707.42M |
| Shares Outstanding (Basic) | 335.16M | 335.16M | 322.85M | 309.86M | 295.34M | 281.70M |
| Shares Outstanding (Diluted) | 348.85M | 348.85M | 341.02M | 309.86M | 295.34M | 281.70M |
| EPS (Basic) | 5.76 | 5.76 | 0.16 | -1.67 | -3.34 | -2.51 |
| EPS (Diluted) | 5.53 | 5.53 | 0.15 | -1.67 | -3.34 | -2.51 |
| Free Cash Flow | 992.63M | 992.63M | 601.72M | 290.84M | -108.59M | -248.48M |
| Free Cash Flow Per Share | 2.85 | 2.85 | 1.76 | 0.94 | -0.37 | -0.88 |
| Gross Margin | 48.93% | 48.93% | 45.97% | 42.81% | 42.54% | 49.09% |
| Operating Margin | 9.79% | 9.79% | -2.71% | -26.14% | -73.17% | -64.19% |
| Profit Margin | 45.29% | 45.29% | 1.62% | -22.29% | -62.05% | -52.43% |
| Free Cash Flow Margin | 23.29% | 23.29% | 18.66% | 12.52% | -6.84% | -18.42% |
| EBITDA | 739.19M | 739.19M | 185.01M | -365.21M | -941.79M | -716.59M |
| EBITDA Margin | 17.35% | 17.35% | 5.74% | -15.72% | -59.31% | -53.11% |
| D&A For EBITDA | 322.22M | 322.22M | 272.47M | 242.11M | 220.16M | 149.46M |
| EBIT | 416.98M | 416.98M | -87.46M | -607.33M | -1.16B | -866.05M |
| EBIT Margin | 9.79% | 9.79% | -2.71% | -26.14% | -73.17% | -64.19% |
| Effective Tax Rate | 15.10% | |||||
| Revenue as Reported | 4.26B | 4.26B | 3.22B | 2.32B | 1.59B | 1.35B |
| Advertising Expenses | 40.80M | 40.80M | 30.80M | 19.20M | 22.60M | 74.00M |
Balance sheet
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.63B | 1.63B | 1.35B | 1.01B | 892.03M | 1.26B |
| Short-Term Investments | 71.86M | 71.86M | 39.01M | 69.68M | 97.22M | 300.39M |
| Cash & Short-Term Investments | 1.70B | 1.70B | 1.39B | 1.08B | 989.25M | 1.56B |
| Accounts Receivable | 284.35M | 284.35M | 426.18M | 353.03M | 199.09M | 142.05M |
| Other Receivables | 18.26M | 17.21M | ||||
| Receivables | 284.35M | 284.35M | 426.18M | 371.29M | 216.30M | 142.05M |
| Prepaid Expenses | 54.73M | 54.73M | 70.10M | 50.19M | 49.96M | 37.50M |
| Restricted Cash | 803.00M | 803.00M | 401.97M | 282.29M | 367.92M | 295.64M |
| Total Current Assets | 2.84B | 2.84B | 2.29B | 1.79B | 1.62B | 2.03B |
| Property, Plant & Equipment | 708.81M | 708.81M | 591.76M | 449.55M | 320.31M | 222.15M |
| Long-Term Investments | 9.94B | 9.94B | 7.50B | 6.51B | 5.37B | 3.69B |
| Goodwill | 524.45M | 524.45M | 534.16M | 533.44M | 542.57M | 539.53M |
| Other Intangible Assets | 26.42M | 26.42M | 12.94M | 13.50M | 34.43M | 78.94M |
| Long-Term Deferred Tax Assets | 1.47B | 1.47B | 13.93M | 21.21M | 23.27M | |
| Other Long-Term Assets | 276.98M | 276.98M | 206.50M | 202.20M | 241.95M | 413.42M |
| Total Assets | 15.79B | 15.79B | 11.15B | 9.52B | 8.16B | 6.97B |
| Accounts Payable | 84.65M | 84.65M | 82.82M | 41.02M | 28.60M | 33.07M |
| Accrued Expenses | 147.31M | 147.31M | 97.28M | 83.94M | 64.20M | 74.00M |
| Current Portion of Leases | 5.50M | 5.50M | ||||
| Other Current Liabilities | 17.64M | 53.27M | 55.78M | |||
| Total Current Liabilities | 237.46M | 237.46M | 180.10M | 142.60M | 146.07M | 162.85M |
| Long-Term Debt | 9.99B | 9.99B | 7.82B | 6.57B | 5.40B | 4.08B |
| Long-Term Leases | 23.68M | 23.68M | 31.94M | 39.49M | 52.56M | 65.71M |
| Other Long-Term Liabilities | 51.56M | 51.56M | 52.52M | 30.68M | 24.36M | 48.76M |
| Total Liabilities | 10.31B | 10.31B | 8.09B | 6.79B | 5.62B | 4.36B |
| Common Stock | 3.00K | 3.00K | 3.00K | 3.00K | 3.00K | 3.00K |
| Additional Paid-In Capital | 6.65B | 6.65B | 6.14B | 5.86B | 5.14B | 4.23B |
| Retained Earnings | -1.13B | -1.13B | -3.06B | -3.11B | -2.59B | -1.61B |
| Comprehensive Income & Other | -36.37M | -36.37M | -15.07M | -21.57M | -15.42M | -7.15M |
| Total Common Equity | 5.48B | 5.48B | 3.07B | 2.73B | 2.53B | 2.62B |
| Shareholders' Equity | 5.48B | 5.48B | 3.07B | 2.73B | 2.53B | 2.62B |
| Total Liabilities & Equity | 15.79B | 15.79B | 11.15B | 9.52B | 8.16B | 6.97B |
| Total Debt | 10.02B | 10.02B | 7.85B | 6.61B | 5.45B | 4.14B |
| Net Cash (Debt) | -8.32B | -8.32B | -6.46B | -5.53B | -4.46B | -2.59B |
| Net Cash Per Share | -23.85 | -23.85 | -18.94 | -17.85 | -15.11 | -9.19 |
| Filing Date Shares Outstanding | 337.42M | 337.42M | 325.65M | 311.12M | 299.30M | 289.07M |
| Total Common Shares Outstanding | 337.18M | 337.18M | 325.11M | 311.05M | 296.85M | 287.37M |
| Working Capital | 2.61B | 2.61B | 2.11B | 1.64B | 1.48B | 1.87B |
| Book Value Per Share | 16.26 | 16.26 | 9.44 | 8.78 | 8.54 | 9.11 |
| Tangible Book Value | 4.93B | 4.93B | 2.52B | 2.19B | 1.96B | 2.00B |
| Tangible Book Value Per Share | 14.63 | 14.63 | 7.76 | 7.02 | 6.59 | 6.96 |
| Machinery | 17.00M | 17.00M | 18.56M | 18.74M | 16.69M | 15.03M |
| Leasehold Improvements | 17.52M | 17.52M | 21.99M | 21.02M | 20.21M | 16.17M |
Cash flow statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.93B | 1.93B | 52.19M | -517.76M | -985.35M | -707.42M |
| Depreciation & Amortization | 322.22M | 322.22M | 272.47M | 242.11M | 220.16M | 149.46M |
| Other Amortization | 28.23M | 28.23M | 30.39M | 24.55M | 20.54M | 16.15M |
| Loss (Gain) From Sale of Assets | -596.55M | -596.55M | -381.62M | -197.15M | -188.34M | -196.44M |
| Asset Writedown & Restructuring Costs | 444.00K | 444.00K | 7.15M | -2.02M | -14.64M | -101.43M |
| Loss (Gain) From Sale of Investments | -35.42M | -35.42M | -44.03M | -22.80M | -36.06M | 2.19M |
| Stock-Based Compensation | 304.67M | 304.67M | 321.43M | 344.51M | 451.71M | 390.98M |
| Provision & Write-off of Bad Debts | 796.65M | 796.65M | 616.68M | 460.63M | 331.86M | 255.27M |
| Other Operating Activities | -1.61B | -1.61B | -23.84M | 181.04M | 182.19M | 9.56M |
| Change in Accounts Receivable | 132.60M | 132.60M | -84.95M | -167.76M | -67.69M | -62.70M |
| Change in Accounts Payable | 1.83M | 1.83M | 41.80M | 12.42M | -5.04M | -24.69M |
| Change in Other Net Operating Assets | -47.48M | -47.48M | -13.75M | 92.38M | 102.84M | 106.85M |
| Operating Cash Flow | 1.23B | 1.23B | 793.91M | 450.14M | 12.18M | -162.19M |
| Capital Expenditures | -238.35M | -238.35M | -192.19M | -159.30M | -120.78M | -86.29M |
| Cash Acquisitions | -16.05M | -6.00M | ||||
| Sale (Purchase) of Intangibles | -25.41M | |||||
| Investment in Securities | 9.86M | 9.86M | 391.89M | 150.87M | 455.35M | -1.53B |
| Other Investing Activities | -385.00K | -385.00K | 34.92M | -34.01M | 3.71M | -21.43M |
| Investing Cash Flow | -2.55B | -2.55B | -1.08B | -1.33B | -1.65B | -2.01B |
| Long-Term Debt Issued | 40.91B | 40.91B | 24.59B | 14.99B | 8.04B | 6.80B |
| Long-Term Debt Repaid | -38.69B | -38.69B | -23.30B | -13.89B | -6.61B | -4.64B |
| Net Debt Issued (Repaid) | 2.21B | 2.21B | 1.29B | 1.10B | 1.43B | 2.16B |
| Issuance of Common Stock | 158.93M | 158.93M | 60.69M | 33.12M | 15.77M | 73.91M |
| Repurchase of Common Stock | -325.22M | -325.22M | -553.81M | -189.17M | -73.95M | -185.26M |
| Other Financing Activities | -35.46M | -35.46M | -49.23M | -27.30M | -22.44M | -13.75M |
| Financing Cash Flow | 2.01B | 2.01B | 751.42M | 913.15M | 1.35B | 2.04B |
| Foreign Exchange Rate Adjustments | -10.62M | -10.62M | -1.25M | -2.68M | 81.00K | -5.41M |
| Miscellaneous Cash Flow Adjustments | -1.00K | |||||
| Net Cash Flow | 676.62M | 676.62M | 461.02M | 35.45M | -290.86M | -141.82M |
| Free Cash Flow | 992.63M | 992.63M | 601.72M | 290.84M | -108.59M | -248.48M |
| Free Cash Flow Margin | 23.29% | 23.29% | 18.66% | 12.52% | -6.84% | -18.42% |
| Free Cash Flow Per Share | 2.85 | 2.85 | 1.76 | 0.94 | -0.37 | -0.88 |
| Levered Free Cash Flow | 478.68M | 478.68M | 216.04M | -2.86M | -330.21M | -31.63M |
| Unlevered Free Cash Flow | 457.18M | 457.18M | 190.12M | -25.28M | -348.31M | -46.28M |
| Cash Interest Paid | 426.18M | 426.18M | 404.38M | 318.24M | 163.19M | 51.52M |
| Cash Income Tax Paid | 6.62M | 6.62M | 2.74M | 1.19M | 808.00K | 220.00K |
| Change in Working Capital | 86.95M | 86.95M | -56.90M | -62.96M | 30.11M | 19.47M |
Ratios
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 24.79B | 27.31B | 22.30B | 9.34B | 4.53B | 5.17B |
| Enterprise Value | 33.11B | 34.63B | 28.30B | 13.90B | 8.23B | 7.07B |
| Last Close Price | 73.47 | 81.55 | 69.14 | 30.21 | 15.33 | 18.06 |
| PE Ratio | 13.28 | 14.15 | 427.40 | |||
| Forward PE | 36.62 | 21.76 | 31.81 | |||
| PS Ratio | 5.82 | 6.41 | 6.92 | 4.02 | 2.85 | 3.83 |
| PB Ratio | 4.52 | 4.98 | 7.27 | 3.42 | 1.79 | 1.98 |
| P/TBV Ratio | 5.03 | 5.54 | 8.84 | 4.27 | 2.32 | 2.59 |
| P/FCF Ratio | 24.97 | 27.51 | 37.07 | 32.11 | ||
| P/OCF Ratio | 20.14 | 22.19 | 28.09 | 20.75 | 372.12 | |
| PEG Ratio | 18.31 | 10.88 | ||||
| EV/Sales Ratio | 7.77 | 8.13 | 8.78 | 5.98 | 5.18 | 5.24 |
| EV/EBITDA Ratio | 44.79 | 46.85 | 152.98 | |||
| EV/EBIT Ratio | 79.41 | 83.06 | ||||
| EV/FCF Ratio | 33.36 | 34.89 | 47.04 | 47.78 | ||
| Debt / Equity Ratio | 1.83 | 1.83 | 2.56 | 2.42 | 2.15 | 1.58 |
| Debt / EBITDA Ratio | 13.40 | 13.40 | 40.66 | |||
| Debt / FCF Ratio | 10.10 | 10.10 | 13.05 | 22.74 | ||
| Net Debt / Equity Ratio | 1.52 | 1.52 | 2.10 | 2.02 | 1.76 | 0.99 |
| Net Debt / EBITDA Ratio | 11.26 | 11.26 | 34.92 | -15.15 | -4.74 | -3.61 |
| Net Debt / FCF Ratio | 8.38 | 8.38 | 10.74 | 19.02 | -41.09 | -10.42 |
| Asset Turnover | 0.32 | 0.32 | 0.31 | 0.26 | 0.21 | 0.23 |
| Quick Ratio | 8.36 | 8.36 | 10.10 | 10.20 | 8.25 | 10.42 |
| Current Ratio | 11.98 | 11.98 | 12.72 | 12.53 | 11.11 | 12.49 |
| Return on Equity (ROE) | 45.13% | 45.13% | 1.80% | -19.66% | -38.25% | -27.24% |
| Return on Assets (ROA) | 1.93% | 1.93% | -0.53% | -4.29% | -9.60% | -9.14% |
| Return on Invested Capital (ROIC) | 3.35% | 3.57% | -0.83% | -7.96% | -19.04% | -20.87% |
| Return on Capital Employed (ROCE) | 2.70% | 2.70% | -0.80% | -6.50% | -14.50% | -12.70% |
| Earnings Yield | 7.53% | 7.07% | 0.23% | -5.54% | -21.74% | -13.68% |
| FCF Yield | 4.00% | 3.64% | 2.70% | 3.11% | -2.40% | -4.80% |
| Buyback Yield / Dilution | -2.29% | -2.29% | -10.06% | -4.91% | -4.84% | -76.90% |