Stocks AFRM Financial statements
Financial statementsAffirm Holdings, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Affirm Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 510 | 870 | 1,349 | 1,588 | 2,323 | 3,224 | 4,261 |
| Selling and marketing | 16.9 | 25 | 182 | 532 | 638 | 576 | 435 | 343 |
| General and administrative | 88.9 | 121 | 384 | 577 | 586 | 525 | 545 | 578 |
| Operating income | -127 | -108 | -384 | -866 | -1,201 | -616 | -87.3 | 417 |
| Interest expense | 25.9 | 32.3 | 52.7 | 69.7 | 183 | 344 | 425 | 454 |
| Other non-operating income | 7.02 | -4.43 | -59.7 | 141 | 212 | 100 | 149 | 75.8 |
| Pre-tax income | -120 | -112 | -443 | -725 | -989 | -516 | 61.5 | 493 |
| Income tax | 0.04 | 0.38 | -2.34 | -17.4 | -3.9 | 2.23 | 9.28 | -1,437 |
| Net income | -120 | -113 | -441 | -707 | -985 | -518 | 52.2 | 1,930 |
| EBITDA | -122 | -98.3 | -364 | -813 | -1,066 | -447 | 138 | 720 |
| EPS, basic | -2.84 | -2.63 | -2.78 | -2.51 | -3.34 | -1.67 | 0.16 | 5.76 |
| EPS, diluted | -2.84 | -2.63 | -2.94 | -2.51 | -3.34 | -1.67 | 0.15 | 5.53 |
| Shares, basic (weighted) | 47.3 | 47.9 | 158 | 282 | 295 | 310 | 323 | 335 |
| Shares, diluted (weighted) | 47.3 | 47.9 | 159 | 282 | 295 | 310 | 341 | 349 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 358 | 267 | 1,467 | 1,255 | 892 | 1,013 | 1,354 | 1,630 |
| Property, plant and equipment | 48.1 | 62.5 | 171 | 290 | 428 | 573 | 686 | |
| Lease right-of-use assets | 0 | 57.8 | 50.7 | 30.2 | 21.9 | 19.1 | 23 | |
| Goodwill | 1.26 | 1.26 | 517 | 540 | 543 | 533 | 534 | 524 |
| Intangible assets | 2.5 | 67.9 | 78.9 | 34.4 | 13.5 | 12.9 | 26.4 | |
| Total assets | 1,402 | 4,867 | 6,974 | 8,156 | 9,520 | 11,155 | 15,790 | |
| Total liabilities | 965 | 2,291 | 4,356 | 5,621 | 6,788 | 8,086 | 10,306 | |
| Total debt | 1,837 | 7,610 | 9,794 | |||||
| Paid-in capital | 80.4 | 3,467 | 4,231 | 5,141 | 5,863 | 6,141 | 6,647 | |
| Retained earnings | -447 | -898 | -1,606 | -2,591 | -3,109 | -3,057 | -1,127 | |
| Other comprehensive income | -0.3 | 6.77 | -7.15 | -15.4 | -21.6 | -15.1 | -36.4 | |
| Shareholders' equity | -263 | -367 | 2,576 | 2,618 | 2,534 | 2,732 | 3,069 | 5,484 |
| Total equity | -263 | -367 | 2,576 | 2,618 | 2,534 | 2,732 | 3,069 | 5,484 |
| Total liabilities and equity | 1,402 | 4,867 | 6,974 | 8,156 | 9,520 | 11,155 | 15,790 | |
| Shares outstanding | 47.7 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Net income | -120 | -113 | -441 | -707 | -985 | -518 | 52.2 | 1,930 |
| Depreciation and amortization | 5.27 | 9.44 | 20 | 52.7 | 135 | 169 | 225 | 303 |
| Stock-based compensation | 33.7 | 29.6 | 293 | 391 | 452 | 345 | 321 | 305 |
| Deferred income tax | 0.04 | -0.41 | -1.92 | -17.8 | -5.07 | 0 | 7.11 | -1,455 |
| Change in receivables | -24.8 | -19 | -22.9 | -62.7 | -67.7 | -168 | -85 | 133 |
| Change in payables | 4.44 | 7.51 | 32.2 | -24.7 | -5.04 | 12.4 | 41.8 | 1.83 |
| Cash from operations | -87.6 | -71.3 | -193 | -162 | 12.2 | 450 | 794 | 1,231 |
| Capital expenditures | -19.4 | -21 | -20.3 | -86.3 | -121 | -159 | -192 | -238 |
| Acquisitions | 0 | 0 | -222 | -6 | -16.1 | 0 | 0 | |
| Purchases of investments | 0 | 0 | -1,841 | -1,082 | -986 | -824 | -993 | |
| Sales and maturities of investments | 2,200 | 3,700 | 1,500 | 1,300 | 1,000 | |||
| Cash from investing | -354 | -253 | -1,022 | -2,011 | -1,653 | -1,325 | -1,083 | -2,553 |
| Debt issued | 0 | 0 | 920 | 0 | ||||
| Share buybacks | -2.63 | -18.9 | -0.8 | -0.09 | -0.11 | 0 | -250 | 0 |
| Cash from financing | 562 | 295 | 2,578 | 2,037 | 1,350 | 913 | 751 | 2,010 |
| Exchange rate effect | 0 | 0 | 1.84 | -5.41 | 0.08 | -2.68 | -1.25 | -10.6 |
| Net change in cash | 120 | -29.6 | 1,365 | -142 | -291 | 35.5 | 461 | 677 |
| Free cash flow | -107 | -92.3 | -213 | -248 | -109 | 291 | 602 | 993 |
| Interest paid | 27.8 | 28.1 | 41.7 | 51.5 | 163 | 318 | 404 | 426 |
| Income taxes paid | 0 | 0 | 0.22 | 0.22 | 0.81 | 1.19 | 2.74 | 6.62 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 9.8% | Operating income / revenue. |
| EBITDA margin | 16.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 11.6% | Pre-tax income / revenue. |
| Net margin | 45.3% | Net income / revenue. |
| FCF margin | 23.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 28.9% | Cash from operations / revenue. |
| Effective tax rate | -291.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 45.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 14.3% | Net income / average total assets. |
| Return on invested capital (ROIC) | 2.9% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 7.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 5.6% | Capital expenditures / revenue. |
| D&A / revenue | 7.1% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 32.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 39.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 37.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 422.7% | EBITDA vs the same period a year earlier. Only from a positive base. |
| Net income growth, 1y | 3,598.0% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 3,587.0% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 55.1% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 365.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 65.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | 78.7% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 29.3% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 16.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 41.6% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 24.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 26.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 2.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 5.7% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 17.0% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 1.79x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 62.0% | Total debt / total assets. |
| Liabilities / assets | 65.3% | Total liabilities / total assets. |
| Net debt | $8.16B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 11.3x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 0.92x | Operating income / interest expense. |
| Goodwill and intangibles / assets | 3.5% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $4.93B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.32x | Revenue / average total assets. |
| Fixed asset turnover | 6.77x | Revenue / average property, plant and equipment. |
| FCF conversion | 51.4% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 19.4% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $5.53 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $5.76 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $12.21 | Revenue / diluted weighted shares. |
| FCF per share | $2.85 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $3.53 | Cash from operations / diluted weighted shares. |
| Book value per share | $15.72 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $14.14 | Tangible book value / shares outstanding. |
| Cash per share | $4.67 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 0.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $23.95B | Share price x shares outstanding. |
| Enterprise value | $32.12B | Market cap + total debt - cash - short-term investments. |
| P/E | 12.4x | Market cap / net income. Only when net income is positive. |
| P/S | 5.62x | Market cap / revenue. |
| P/B | 4.37x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 4.86x | Market cap / tangible book value, when positive. |
| P/FCF | 24.1x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 19.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 7.54x | Enterprise value / revenue. |
| EV/EBIT | 77.0x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 44.6x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 32.4x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.1% | Free cash flow / market cap. |
| Earnings yield | 8.1% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 0.0% | (Dividends paid + share buybacks) / market cap. |
What was Affirm Holdings, Inc.'s revenue in fiscal 2026?
Affirm Holdings, Inc. reported revenue of $4.26B for fiscal 2026, 32.2% higher than the year before.
Was Affirm Holdings, Inc. profitable in fiscal 2026?
Yes. Net income was $1.93B, a net margin of 45.3%.
How much free cash flow did Affirm Holdings, Inc. generate in fiscal 2026?
Cash from operations of $1.23B minus capital expenditures of $238.3M left free cash flow of $992.6M.