Detailed financial statements for Affirm Holdings, Inc. (AFRM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. This platform offers consumers a point-of-sale financing solution, delivers various tools for merchants, and includes a dedicated mobile application for users.
Analysis Summary
Affirm Holdings, Inc. reported revenue of $3.95B in the most recent fiscal year, growing at a 5-year CAGR of 35.3%.
Trailing-twelve-month margins: gross margin 68.1%, operating margin 15.5%, net margin 46.1%.
At $73.47 (closing price, October 30, 2026), AFRM trades at a P/E of 13.31 and an ROE of 47.91%. Market capitalisation stands at $21.9B, placing it among large-cap names.
Balance sheet quality for AFRM: current ratio of 12.7, net debt of $7.22B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $992.6M represents 51% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $264.4M | $509.5M | $870.5M | $1.35B | $1.59B | $2.32B | $3.22B | $3.95B |
| Cost of Revenue | $108.7M | $172.2M | $322.9M | $576.5M | $873.2M | $845.1M | $1.05B | $1.22B |
| Gross Profit | $155.6M | $337.3M | $547.5M | $772.8M | $714.8M | $1.48B | $2.18B | $2.73B |
| Research & Development | $70.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $105.8M | $146.3M | $565.9M | $1.11B | $1.22B | $1.10B | $979.9M | $920.8M |
| Operating Expenses | $257.2M | $445.1M | $931.2M | $1.64B | $1.92B | $2.09B | $2.26B | $1.86B |
| Operating Income | -$101.5M | -$107.8M | -$383.7M | -$866.0M | -$1.20B | -$615.8M | -$87.3M | $870.9M |
| EBITDA | -$89.3M | -$70.5M | -$370.7M | -$602.4M | -$671.6M | -$2.2M | $712.0M | $1.25B |
| Interest Expense | $25.9M | $32.3M | $52.7M | $69.7M | $183.0M | $344.3M | $425.5M | $453.6M |
| Pre-tax Income | -$120.4M | -$112.2M | -$443.4M | -$724.8M | -$989.2M | -$515.5M | $61.5M | $492.7M |
| Income Tax | $36,000 | $376,000 | -$2.3M | -$17.4M | -$3.9M | $2.2M | $9.3M | -$1.44B |
| Net Income | -$120.5M | -$112.6M | -$441.0M | -$707.4M | -$985.3M | -$517.8M | $52.2M | $1.93B |
| EPS | $-0.47 | $-0.44 | $-1.64 | $-2.51 | $-3.34 | $-1.67 | $0.16 | $5.76 |
| EPS (Diluted) | $-0.47 | $-0.44 | $-1.64 | $-2.51 | $-3.34 | $-1.67 | $0.15 | $5.53 |
| Shares Outstanding (Diluted) | 257.4 M | 257.4 M | 269.5 M | 281.7 M | 295.3 M | 309.9 M | 341.0 M | 348.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $933.3M | $1.12B | $1.04B | $1.09B |
| Gross Profit | $631.4M | $779.6M | $684.9M | $756.1M |
| Operating Income | $63.7M | $117.6M | $202.2M | $265.3M |
| EBITDA | $258.4M | $320.5M | $296.2M | $375.0M |
| Net Income | $80.7M | $129.6M | $102.9M | $1.62B |
| EPS | $0.24 | $0.39 | $0.31 | $4.77 |
| EPS (Diluted) | $0.23 | $0.37 | $0.30 | $4.62 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $320.4M | $267.1M | $1.47B | $1.26B | $892.0M | $1.01B | $1.35B | $2.43B |
| Short-term Investments | 0 | 0 | $16.2M | $1.60B | $1.17B | $1.13B | $871.4M | $647.8M |
| Receivables | $43.1M | $59.0M | $2.02B | $2.49B | $4.41B | $5.73B | $7.06B | $284.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.08B | $1.34B | $3.88B | $5.68B | $6.90B | $8.21B | $9.76B | $2.89B |
| Property, Plant & Equipment | $33.6M | $48.1M | $120.3M | $222.2M | $320.3M | $449.5M | $591.8M | $685.8M |
| Goodwill | 0 | $1.3M | $516.5M | $539.5M | $542.6M | $533.4M | $534.2M | $524.5M |
| Intangible Assets | 0 | $2.5M | $67.9M | $78.9M | $34.4M | $13.5M | $12.9M | $26.4M |
| Total Assets | $1.15B | $1.40B | $4.87B | $6.97B | $8.16B | $9.52B | $11.15B | $15.79B |
| Accounts Payable | $10.8M | $18.4M | $57.8M | $33.1M | $28.6M | $41.0M | $82.8M | $84.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $226.8M |
| Total Current Liabilities | $19.8M | $36.3M | $108.2M | $107.1M | $92.8M | $125.0M | $180.1M | $226.8M |
| Long-term Debt | $586.0M | $917.1M | $1.91B | $4.08B | $5.40B | $6.57B | $7.82B | $9.57B |
| Total Liabilities | $1.41B | $1.77B | $2.29B | $4.36B | $5.62B | $6.79B | $8.09B | $10.31B |
| Retained Earnings | -$318.2M | -$447.2M | -$898.5M | -$1.61B | -$2.59B | -$3.11B | -$3.06B | -$1.13B |
| Total Equity | -$263.4M | -$367.1M | $2.58B | $2.62B | $2.53B | $2.73B | $3.07B | $5.48B |
| Total Debt | $586.0M | $917.1M | $1.98B | $4.14B | $5.45B | $6.61B | $7.85B | $9.82B |
| Net Debt | $265.5M | $650.1M | $499.6M | $1.29B | $3.38B | $4.47B | $5.63B | $7.22B |
| Working Capital | $1.06B | $1.30B | $3.77B | $5.57B | $6.81B | $8.08B | $9.58B | $2.66B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.43B | $1.53B | $2.47B | $2.43B |
| Total Assets | $11.48B | $12.96B | $13.14B | $15.79B |
| Total Liabilities | $8.18B | $9.41B | $9.36B | $10.31B |
| Total Equity | $3.30B | $3.55B | $3.78B | $5.48B |
| Total Debt | $7.96B | $9.18B | $8.91B | $9.82B |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$120.5M | -$112.6M | -$441.0M | -$707.4M | -$985.3M | -$517.8M | $52.2M | $1.93B |
| Depreciation & Amortization | $5.3M | $9.4M | $20.0M | $52.7M | $134.6M | $169.0M | $225.1M | $303.3M |
| Stock-based Compensation | 0 | 0 | $292.5M | $391.0M | $451.7M | $344.5M | $321.4M | $304.7M |
| Change in Working Capital | -$20.7M | $31.0M | -$53.7M | -$9.9M | -$135.0M | -$62.4M | -$49.8M | $88.1M |
| Operating Cash Flow | -$92.5M | -$79.0M | -$193.1M | -$162.2M | $12.2M | $450.1M | $793.9M | $1.23B |
| Capital Expenditure | -$21.2M | -$21.0M | -$20.3M | -$111.7M | -$120.8M | -$159.3M | -$192.2M | -$238.3M |
| Acquisitions | 0 | 0 | -$222.4M | -$6.0M | -$16.1M | 0 | 0 | 0 |
| Stock Repurchased | -$17.1M | -$41.4M | -$813,000 | -$86,000 | -$109,000 | 0 | -$250.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$113.7M | -$100.0M | -$213.4M | -$273.9M | -$108.6M | $290.8M | $601.7M | $992.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $374.6M | $173.7M | $386.8M | $296.4M |
| Capital Expenditure | -$54.4M | -$55.7M | -$61.4M | -$66.9M |
| Free Cash Flow | $320.2M | $118.0M | $325.4M | $229.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $85.9M | $77.8M | 0 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +92.7% | +70.8% | +55.0% | +17.7% | +46.3% | +38.8% | +22.5% | |
| Net Income Growth (YoY) | +6.5% | -291.7% | -60.4% | -39.3% | +47.5% | +110.1% | +3,597.9% | |
| EPS Growth (YoY) | +6.4% | -272.7% | -53.0% | -33.1% | +50.0% | +109.6% | +3,500.0% | |
| Shares Change (YoY) | +0.0% | +4.7% | +4.5% | +4.8% | +4.9% | +10.1% | +2.3% | |
| FCF Growth (YoY) | +12.1% | -113.4% | -28.4% | +60.4% | +367.8% | +106.9% | +65.0% | |
| Gross Margin | 58.9% | 66.2% | 62.9% | 57.3% | 45.0% | 63.6% | 67.5% | 69.1% |
| Operating Margin | -38.4% | -21.2% | -44.1% | -64.2% | -75.6% | -26.5% | -2.7% | 22.1% |
| EBITDA Margin | -33.8% | -13.8% | -42.6% | -44.6% | -42.3% | -0.1% | 22.1% | 31.6% |
| Net Margin | -45.6% | -22.1% | -50.7% | -52.4% | -62.1% | -22.3% | 1.6% | 48.9% |
| FCF Margin | -43.0% | -19.6% | -24.5% | -20.3% | -6.8% | 12.5% | 18.7% | 25.1% |
| Effective Tax Rate | -0.0% | -0.3% | 0.5% | 2.4% | 0.4% | -0.4% | 15.1% | -291.7% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.44 | $-0.39 | $-0.79 | $-0.97 | $-0.37 | $0.94 | $1.76 | $2.85 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 257.4 M | 257.4 M | 269.5 M | 281.7 M | 295.3 M | 309.9 M | 322.9 M | 335.2 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 47.91% |
| Return on Invested Capital | 11.60% |
| Return on Assets | 12.22% |
| Gross Margin | 68.15% |
| Operating Margin | 15.50% |
| Net Margin | 46.11% |
Financial Health
| Debt / Equity | 1.79 |
| Current Ratio | 12.73 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.13 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| P/E | -206.89 | -221.00 | -41.07 | -7.20 | -4.59 | -17.86 | 432.12 | 14.16 |
| P/B | -95.02 | -68.18 | 7.05 | 1.94 | 1.79 | 3.38 | 7.27 | 4.98 |
| P/S | 94.68 | 49.12 | 20.85 | 3.77 | 2.85 | 3.98 | 6.92 | 6.92 |
| Gross Margin | 58.9% | 66.2% | 62.9% | 57.3% | 45.0% | 63.6% | 67.5% | 69.1% |
| Operating Margin | -38.4% | -21.2% | -44.1% | -64.2% | -75.6% | -26.5% | -2.7% | 22.1% |
| Net Margin | -45.6% | -22.1% | -50.7% | -52.4% | -62.1% | -22.3% | 1.6% | 48.9% |
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Explore sector: Financial Services · Financial - Credit Services
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