Affirm Holdings, Inc. Earnings Per Share Disclosure
| June 30, 2025 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders - basic | $ | 45,456 | $ | 6,730 | $ | (430,789) | $ | (86,968) | $ | (785,080) | $ | (200,265) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders - diluted | $ | 45,815 | $ | 6,371 | $ | (430,789) | $ | (86,968) | $ | (785,080) | $ | (200,265) | ||||||||||||||||||||||||||
| Denominator: | ||||||||||||||||||||||||||||||||||||||
| Weighted average shares of common stock - basic | 281,215,807 | 41,636,066 | 257,810,094 | 52,047,035 | 235,316,821 | 60,026,645 | ||||||||||||||||||||||||||||||||
| Dilutive effect of stock equivalents: | ||||||||||||||||||||||||||||||||||||||
| Restricted stock units | 8,863,942 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Stock options, including early exercise of options | 8,950,174 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Value creation award vested shares | 346,434 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Employee stock purchase plan shares | 11,143 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Weighted average shares of common stock - diluted | 299,387,500 | 41,636,066 | 257,810,094 | 52,047,035 | 235,316,821 | 60,026,645 | ||||||||||||||||||||||||||||||||
| Net income (loss) per share: | ||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.16 | $ | 0.16 | $ | (1.67) | $ | (1.67) | $ | (3.34) | $ | (3.34) | ||||||||||||||||||||||||||
| Diluted | $ | 0.15 | $ | 0.15 | $ | (1.67) | $ | (1.67) | $ | (3.34) | $ | (3.34) | ||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||
| Common stock warrants | 7,302,216 | 5,700,587 | 5,859,226 | |||||||||||||||||
| Restricted stock units | 664,243 | 18,327,420 | 21,653,196 | |||||||||||||||||
| Stock options, including early exercise of options | 905,835 | 16,794,697 | 18,505,138 | |||||||||||||||||
| Employee stock purchase plan shares | 157,615 | 216,846 | 485,465 | |||||||||||||||||
| Total | 9,029,909 | 41,039,550 | 46,503,025 | |||||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.