Affirm Holdings, Inc.

Listed Company

AFRMCIK 0001820953NasdaqLarge AcceleratedPersonal Credit InstitutionsNevadaFY ends Jun 30

Period

FY 2025

Revenue

$3.22B

Net Income

$52.19M

Total Assets

$11.15B

Equity

$3.07B

Shares Out

59.24M

Op. Cash Flow

$793.91M

Business

Affirm Holdings, Inc. builds a next-generation payment network providing transparent pay-over-time financial products for consumers and merchants. It offers point-of-sale financing (Pay-in-X, 0% APR and interest-bearing installment loans), virtual single-use cards, the Affirm Card, an app marketplace and an FDIC-insured savings account. Business segments are consumer payment solutions, merchant commerce tools and platform services including underwriting, fraud detection and funding. It serves merchants and eligible consumers in the U.S., Canada and the U.K. via merchant integrations, APIs, the Affirm app, virtual cards and in-store debit channels.

Summary from filing dated 2025-08-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue	1,114	826	627	559	429
Interest income	1,608	1,204	685	528	326
Gain on sales of loans	382	197	188	196	90
Servicing income	121	96	88	66	25
Total revenue, net	3,224	2,323	1,588	1,349	870
Loss on loan purchase commitment	242	180	140	204	247
Provision for credit losses	617	461	332	255	66
Funding costs	425	344	183	70	53
Processing and servicing	458	343	257	158	74
Technology and data analytics	590	502	616	419	249
Sales and marketing	435	576	638	532	182
General and administrative	545	525	586	577	384
Restructuring and other	−184,000	7	36	—	—
Total operating expenses	3,312	2,939	2,789	2,215	1,254
Operating loss	−87	−616	−1,201	−866	−384
Other income, net	149	100	212	141	−60
Income (loss) before income taxes	61	−516	−989	−725	−443
Income tax expense (benefit)	9	2	−4	−17	−2
Net income (loss)	52	−518	−985	−707	−441
Foreign currency translation adjustments	6	−14	−8	−6	7
Unrealized gain (loss) on securities available for sale, net	3	7	−882,000	−8	29,000
Gain (loss) on cash flow hedges	−3	656,000	751,000	0	0
Net other comprehensive income (loss)	6	−6	−8	−14	7
Comprehensive income (loss)	59	−524	−994	−721	−434
Basic (in USD per share)	0.16	−1.67	−3.34	−2.51	−2.78
Diluted (in USD per share)	0.15	−1.67	−3.34	−2.51	−2.94
Basic (in shares)	323	310	295	282	158
Diluted (in shares)	341	310	295	282	159

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	1,354	1,013	892	1,255	1,467
Restricted cash	402	282	368	296	226
Securities available for sale at fair value	871	1,132	1,175	1,595	16
Loans held for sale	0	36,000	76,000	3	13
Loans held for investment	7,026	5,670	4,403	2,504	2,022
Allowance for credit losses	−397	−309	−205	−155	−118
Loans held for investment, net	6,629	5,361	4,198	2,348	1,905
Accounts receivable, net	426	353	199	142	92
Property, equipment and software, net	573	428	290	171	62
Goodwill	534	533	543	540	517
Intangible assets	13	14	34	79	68
Commercial agreement assets	57	105	178	263	227
Other assets	295	299	279	282	275
Total assets	11,155	9,520	8,156	6,974	4,867
Accounts payable	83	41	29	33	58
Payable to third-party loan owners	212	160	54	71	50
Accrued interest payable	24	24	13	7	3
Accrued expenses and other liabilities	157	147	181	238	324
Convertible senior notes, net	1,153	1,341	1,414	1,707	0
Funding debt	1,623	1,837	1,765	673	681
Total liabilities	8,086	6,788	5,621	4,356	2,291
Commitments and contingencies (Note 8)	—	—	—	—	—
Additional paid in capital	6,141	5,863	5,141	4,231	3,467
Accumulated deficit	−3,057	−3,109	−2,591	−1,606	−898
Accumulated other comprehensive loss	−15	−22	−15	−7	7
Total stockholders equity	3,069	2,732	2,534	2,618	2,576
Total liabilities and stockholders equity	11,155	9,520	8,156	6,974	4,867

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Amortization of premiums and discounts on loans	−234	−188	−141	−172	−90
Gain on extinguishment of debt	−82	−13	−90	0	0
Changes in fair value of assets and liabilities	7	−3	−16	−102	57
Amortization of commercial agreement assets	47	73	86	—	—
Amortization of debt issuance costs	30	25	21	16	6
Amortization of discount on securities available for sale	−44	−23	−36	2	0
Commercial agreement warrant expense	272	407	422	255	0
Stock-based compensation	321	345	452	391	293
Depreciation and amortization	225	169	135	53	20
Impairment of right of use assets	0	800,000	1	362,000	12
Other	14	−25	−9	−73	5
Purchases and origination of loans held for sale	−3,390	−4,212	−6,009	−5,553	—
Proceeds from the sale of loans held for sale	3,390	4,212	6,174	5,582	2,595
Accounts receivable, net	−85	−168	−68	−63	−23
Other assets	−12	31	−14	−15	−209
Accounts payable	42	12	−5	−25	32
Payable to third-party loan buyers	52	106	−18	21	25
Accrued interest payable	2	11	8	4	1
Accrued expenses and other liabilities	−49	−55	−38	67	120
Net cash provided by operating activities	794	450	12	−162	−193
Purchases and origination of loans held for investment	−32,546	−21,489	−13,586	−10,362	−5,897
Proceeds from the sale of loans held for investment	12,572	6,059	1,583	1,899	824
Principal repayments and other loan servicing activity	18,656	14,147	10,028	8,122	4,325
Acquisition, net of cash and restricted cash acquired	0	0	−16	−6	−222
Additions to property, equipment and software	−192	−159	−121	−86	−20
Purchases of securities available for sale	−824	−986	−1,082	−1,841	0
Proceeds from maturities and repayments of securities available for sale	1,216	1,137	1,537	311	0
Other investing inflows	100	995,000	5	14	1
Other investing outflows	−65	−35	−1	—	—
Net cash used in investing activities	−1,083	−1,325	−1,653	−2,011	−1,022
Proceeds from the issuance of convertible notes	920	0	0	—	—
Proceeds from the issuance of funding debt	21,174	12,639	6,895	4,101	2,942
Proceeds from issuance of notes and certificates by securitization trust	2,500	2,350	1,150	999	1,396
Principal repayments of funding debt	−21,388	−12,553	−5,802	−4,091	−3,165
Principal repayments of notes issued by securitization trust	−900	−1,276	−606	−552	−210
Payment of debt issuance costs	−49	−27	−22	−14	−12
Extinguishment of convertible debt	−1,013	−64	−207	0	—
Proceeds from exercise of common stock options and warrants and contributions to ESPP	61	33	16	74	47
Payments of tax withholding for stock-based compensation	−304	−189	−74	−185	−158
Repurchases of common stock	−250	0	−109,000	−86,000	−800,000
Net cash provided by financing activities	751	913	1,350	2,037	2,578
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−1	−3	81,000	−5	2
Net increase (decrease) in cash, cash equivalents and restricted cash	461	35	−291	−142	1,365
Cash payments for interest expense	404	318	163	52	42
Cash paid for operating leases	17	16	16	16	13
Cash paid for income taxes	3	1	808,000	220,000	219,000
Stock-based compensation included in capitalized internal-use software	178	127	80	55	14
Securities retained under unconsolidated securitization transactions	85	59	0	—	—
Right of use assets obtained in exchange for operating lease liabilities	6	0	494,000	5	78
Issuance of common stock in connection with settlement of contingent consideration liability	0	0	14	32	0

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