Business Description
Affirm Holdings, Inc. is a financial technology company that operates a "Buy Now, Pay Later" (BNPL) payment network primarily in the United States, Canada, and the United Kingdom. The company provides point-of-sale consumer lending and payment solutions, allowing consumers to split purchases into fixed installment loans. Affirm distinguishes itself by offering transparent credit with no hidden or late fees, and by partnering with major retail platforms like Amazon, Walmart, and Shopify.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Interest Income | 1,182,770 | 860,102 | 502,204 | 458,186 |
| Non-Interest Income | 1,764,927 | 1,218,964 | 1,114,385 | 962,629 |
| Total Revenues Before Provision for Credit Losses | 2,947,697 | 2,079,066 | 1,616,589 | 1,420,815 |
| Provision for Credit Losses | 616,683 | 460,628 | 331,860 | 255,272 |
| Total Revenues After Provision for Credit Losses | 2,331,014 | 1,618,438 | 1,284,729 | 1,165,543 |
| Selling, General & Administrative Expenses | 979,900 | 1,101,696 | 1,224,678 | 1,109,836 |
| Other Non-Interest Expenses | 1,289,652 | 1,032,269 | 1,049,296 | 780,538 |
| Total Non-Interest Expense | 2,269,552 | 2,133,965 | 2,273,974 | 1,890,374 |
| Income Before Provision for Income Taxes | 61,464 | (515,527) | (989,245) | (724,831) |
| Provision for Income Taxes | 9,279 | 2,230 | (3,900) | (17,414) |
| Consolidated Net Income | 52,186 | (517,757) | (985,345) | (707,417) |
| Net Income Attributable to Common Shareholders | 52,186 | (517,757) | (985,345) | (707,417) |
| Basic EPS | 0.16 | -1.67 | -3.34 | -2.51 |
| Diluted EPS | 0.15 | -1.67 | -3.34 | -2.51 |
| Basic Weighted Average Shares Outstanding | 326,162 | 310,034 | 295,013 | 281,704 |
| Diluted Weighted Average Shares Outstanding | 347,907 | 310,034 | 295,013 | 281,704 |
| Shares Outstanding | 325,113 | 311,053 | 296,846 | 287,365 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,756,423 | 1,295,399 | 1,259,944 | 1,550,807 |
| Securities and Investments | 871,425 | 1,131,628 | 1,174,653 | 1,595,373 |
| Trading Assets | — | 36 | 76 | 2,670 |
| Gross Loans | 7,025,534 | 5,670,056 | 4,402,962 | 2,503,561 |
| Allowance for Loan Losses | (396,929) | (309,097) | (204,531) | (155,392) |
| Net Loans | 6,628,606 | 5,360,959 | 4,198,431 | 2,348,169 |
| Net Property, Plant & Equipment | 572,637 | 427,686 | 290,135 | 171,482 |
| Accrued Interest and Accounts Receivable | 426,177 | 353,028 | 199,085 | 142,052 |
| Net Intangible Assets | 12,935 | 13,502 | 34,434 | 78,942 |
| Goodwill | 534,156 | 533,439 | 542,571 | 539,534 |
| Other Non-Earning Assets | 352,570 | 403,942 | 456,286 | 544,763 |
| Total Assets | 11,154,929 | 9,519,619 | 8,155,615 | 6,973,792 |
| Accounts Payable | 82,820 | 41,019 | 28,602 | 33,072 |
| Accrued Expenses | 181,737 | 171,756 | 194,381 | 244,257 |
| Long-Term Debt | 7,609,663 | 6,415,212 | 5,344,597 | 4,006,825 |
| Other Liabilities | 211,700 | 159,643 | 53,852 | 71,383 |
| Total Liabilities | 8,085,919 | 6,787,630 | 5,621,432 | 4,355,537 |
| Common Stock | 3 | 3 | 3 | 3 |
| Additional Paid-in Capital | 6,140,893 | 5,862,555 | 5,140,850 | 4,231,303 |
| Accumulated Other Comprehensive Income | (15,069) | (21,565) | (15,423) | (7,149) |
| Retained Earnings | (3,056,818) | (3,109,004) | (2,591,247) | (1,605,902) |
| Total Common Shareholders' Equity | 3,069,009 | 2,731,989 | 2,534,183 | 2,618,255 |
| Total Shareholders' Equity | 3,069,009 | 2,731,989 | 2,534,183 | 2,618,255 |
| Total Liabilities and Shareholders' Equity | 11,154,929 | 9,519,619 | 8,155,615 | 6,973,792 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 52,186 | (517,757) | (985,345) | (707,417) |
| Depreciation & Amortization | 25,027 | 56,152 | 63,558 | (4,162) |
| Provision for Credit Losses | 616,683 | 460,628 | 331,860 | 255,272 |
| Share-Based Compensation Expense | 321,433 | 344,511 | 451,709 | 390,983 |
| Net Change in Loans Held-for-Sale | 37 | (612) | 165,086 | 29,373 |
| Other Adjustments | (171,629) | 169,568 | 120,288 | (116,337) |
| Changes in Accrued Interest and Accounts Receivable | (84,952) | (167,757) | (67,690) | (62,700) |
| Changes in Accounts Payable | 41,801 | 12,417 | (5,038) | (24,686) |
| Changes in Accrued Expenses | (46,557) | (44,031) | (30,250) | 71,197 |
| Changes in Other Operating Activities | 39,881 | 137,019 | (31,997) | 6,283 |
| Cash from Operating Activities | 793,909 | 450,138 | 12,181 | (162,194) |
| Net Change in Loans Held-for-Investment | (1,317,684) | (1,282,714) | (1,975,298) | (341,858) |
| Net Change in Securities and Investments | 391,891 | 150,866 | 455,348 | (1,530,345) |
| Payments for Business Acquisitions | — | — | (16,051) | (5,999) |
| Capital Expenditure | (192,189) | (159,296) | (120,775) | (86,290) |
| Purchases of Intangible Assets | — | — | — | (25,415) |
| Other Investing Activities | 34,917 | (34,005) | 3,706 | (21,431) |
| Cash from Investing Activities | (1,083,064) | (1,325,149) | (1,653,070) | (2,011,338) |
| Issuance of Long-Term Debt | 24,594,242 | 14,989,444 | 8,044,971 | 6,804,828 |
| Repayments of Long-Term Debt | (23,300,465) | (13,892,949) | (6,614,397) | (4,642,608) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,293,777 | 1,096,495 | 1,430,574 | 2,162,220 |
| Issuance of Common Shares | 60,692 | 33,125 | 15,768 | 73,914 |
| Repurchases of Common Shares | (553,811) | (189,169) | (73,954) | (185,264) |
| Net Issuance / (Repurchases) of Common Shares | (493,119) | (156,044) | (58,186) | (111,350) |
| Other Financing Activities | (49,233) | (27,302) | (22,443) | (13,751) |
| Cash from Financing Activities | 751,425 | 913,149 | 1,349,945 | 2,037,119 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,245) | (2,683) | 81 | (5,412) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 461,024 | 35,455 | (290,863) | (141,825) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $22.48B |
| P/E | 460.93x |
| P/S | 9.64x |
| Return on Equity | 1.8% |
| Free Cash Flow Margin | 25.8% |
Margins
Gross margin
—
Operating margin
—
Net margin
1.8%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q3 2026 | $944M | +37.0% | — | — |
| Q2 2026 | $1.03B | +21.4% | — | — |
| Q1 2026 | $843M | +34.0% | — | — |
| Q4 2025 | $784M | +32.2% | — | — |
| Q3 2025 | $689M | — | — | — |
| Q2 2025 | $846M | — | — | — |
| Q1 2025 | $629M | — | — | — |
| Q4 2024 | $593M | — | — | — |
More on Affirm Holdings, Inc.
Figures compiled from public company filings.
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