Affirm Holdings, Inc. AFRM
Affirm was founded in 2012 with a mission to deliver honest financial products that improve lives. We are building the next generation payment network. We believe that by using modern technology, strong engineering talent, and a mission-driven approach, we can reinvent payments and commerce. Our solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend and save responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive.
Our company is predicated on the principles of simplicity, transparency, and putting people first. Since our founding, we have charged $0 in late fees for missed payments. We do not profit from consumers' mistakes, and we are transparent in our product offerings. By adhering to these principles, we have built enduring, trust-based relationships with consumers and merchants.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.11B | $826.0M | $626.9M | $559.2M | $429.4M | $276.1M | $140.3M | — |
| SG&A | $578.3M | $545.1M | $525.3M | $586.4M | $577.5M | $383.7M | $121.2M | $88.9M | — |
| Total operating expenses | $3.84B | $3.31B | $2.94B | $2.79B | $2.22B | $1.25B | $617.3M | $391.8M | — |
| Operating income | $417.0M | -$87.3M | -$615.8M | -$1.20B | -$866.0M | -$383.7M | -$107.8M | -$127.4M | — |
| Pre-tax income | $492.7M | $61.5M | -$515.5M | -$989.2M | -$724.8M | -$443.4M | -$112.2M | -$120.4M | — |
| Income tax | $1.44B | $9.3M | $2.2M | $3.9M | $17.4M | $2.3M | $376.0K | $36.0K | — |
| Net income | $1.93B | $52.2M | -$517.8M | -$985.3M | -$707.4M | -$441.0M | -$112.6M | -$120.5M | — |
| EPS, basic | 5.76 | 0.16 | -1.67 | -3.34 | -2.51 | -2.78 | -2.63 | -2.84 | — |
| EPS, diluted | 5.53 | 0.15 | -1.67 | -3.34 | -2.51 | -2.94 | -2.63 | -2.84 | — |
| Shares, diluted (wtd. avg.) | $348.8M | $341.0M | $309.9M | $295.3M | $281.7M | $159.2M | $47.9M | $47.3M | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.63B | $1.35B | $1.01B | $1.26B | $1.55B | $1.69B | $328.1M | $357.8M | $237.5M |
| Property, plant and equipment | $685.8M | $572.6M | $427.7M | $290.1M | $171.5M | $62.5M | $48.1M | — | — |
| Goodwill | $524.5M | $534.2M | $533.4M | $542.6M | $539.5M | $516.5M | $1.3M | $1.3M | — |
| Other intangibles | $26.4M | $12.9M | $13.5M | $34.4M | $78.9M | $67.9M | $2.5M | — | — |
| Total assets | $15.79B | $11.15B | $9.52B | $8.16B | $6.97B | $4.87B | $1.40B | — | — |
| Long-term debt | $9.79B | $7.61B | $1.84B | — | — | — | — | — | — |
| Total liabilities | $10.31B | $8.09B | $6.79B | $5.62B | $4.36B | $2.29B | $965.2M | — | — |
| Retained earnings | -$1.13B | -$3.06B | -$3.11B | -$2.59B | -$1.61B | -$898.5M | -$447.2M | — | — |
| Total equity | $5.48B | $3.07B | $2.73B | $2.53B | $2.62B | $2.58B | -$367.1M | -$263.4M | -$169.3M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.23B | $793.9M | $450.1M | $12.2M | -$162.2M | -$193.1M | -$71.3M | -$87.6M | — |
| Depreciation and amortisation | $303.3M | $225.1M | $169.0M | $134.6M | $52.7M | $20.0M | $9.4M | $5.3M | — |
| Stock-based compensation | $304.7M | $321.4M | $344.5M | $451.7M | $391.0M | $292.5M | $29.6M | $33.7M | — |
| Capital expenditure | $238.3M | $192.2M | $159.3M | $120.8M | $86.3M | $20.3M | $21.0M | $19.4M | — |
| Investing cash flow | -$2.55B | -$1.08B | -$1.33B | -$1.65B | -$2.01B | -$1.02B | -$253.1M | -$353.7M | — |
| Financing cash flow | $2.01B | $751.4M | $913.1M | $1.35B | $2.04B | $2.58B | $294.7M | $561.6M | — |
| Buybacks | $0 | $250.0M | $0 | $109.0K | $86.0K | $800.0K | $18.9M | $2.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-059279.
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