Affirm Holdings, Inc. (AFRM)
Income Statement
Consolidated Statement of Income
Affirm Holdings, Inc. (AFRM)
Year Ended (In thousands, except shares in actual amounts and per share data)
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | |
|---|---|---|---|
| Revenue | $1,113,966 | $826,008 | $626,938 |
| Merchant network revenue | $882,658 | $674,607 | $507,600 |
| Card network revenue | $231,308 | $151,401 | $119,338 |
| Interest income | $1,608,221 | $1,204,355 | $685,217 |
| Gain on sales of loans | $381,622 | $197,153 | $188,341 |
| Servicing income | $120,602 | $95,483 | $87,489 |
| Total revenue, net | $3,224,412 | $2,322,999 | $1,587,985 |
| Loss on loan purchase commitment | $242,264 | $180,395 | $140,265 |
| Provision for credit losses | $616,683 | $460,628 | $331,860 |
| Funding costs | $425,451 | $344,253 | $183,013 |
| Processing and servicing | $457,849 | $343,249 | $257,343 |
| Technology and data analytics | $589,723 | $501,857 | $615,818 |
| Sales and marketing | $434,847 | $576,405 | $638,280 |
| General and administrative | $545,053 | $525,291 | $586,398 |
| Restructuring and other | $(184) | $6,768 | $35,870 |
| Total operating expenses | $3,311,685 | $2,938,846 | $2,788,847 |
| Operating loss | $(87,273) | $(615,847) | $(1,200,862) |
| Other income, net | $148,737 | $100,320 | $211,617 |
| Income (loss) before income taxes | $61,464 | $(515,527) | $(989,245) |
| Income tax expense (benefit) | $9,279 | $2,230 | $(3,900) |
| Net income (loss) | $52,186 | $(517,757) | $(985,345) |
| Foreign currency translation adjustments | $6,025 | $(13,655) | $(8,143) |
| Unrealized gain (loss) on securities available for sale, net | $3,297 | $6,857 | $(882) |
| Gain (loss) on cash flow hedges | $(2,826) | $656 | $751 |
| Net other comprehensive income (loss) | $6,496 | $(6,142) | $(8,274) |
| Comprehensive income (loss) | $58,682 | $(523,899) | $(993,619) |
| Basic (in USD per share) | 0.16 | -1.67 | -3.34 |
| Diluted (in USD per share) | 0.15 | -1.67 | -3.34 |
| Basic (in shares) | 322,851,873 | 309,857,129 | 295,343,466 |
| Diluted (in shares) | 341,023,566 | 309,857,129 | 295,343,466 |
Balance Sheet
Consolidated Balance Sheets
Affirm Holdings, Inc. (AFRM)
As of June 30, 2025 and June 30, 2024 (In thousands, except shares and per share data)
| Jun 30, 2025 | Jun 30, 2024 | |
|---|---|---|
| Cash and cash equivalents | $1,354,455 | $1,013,106 |
| Restricted cash | $401,968 | $282,293 |
| Consolidated Variable Interest Entities | $192,638 | $145,829 |
| Securities available for sale at fair value | $871,425 | $1,131,628 |
| Loans held for sale | $36 | |
| Loans held for investment | $7,025,534 | $5,670,056 |
| Consolidated Variable Interest Entities | $6,828,758 | $5,461,660 |
| Allowance for credit losses | $(396,929) | $(309,097) |
| Consolidated Variable Interest Entities | $(365,656) | $(242,991) |
| Loans held for investment, net | $6,628,606 | $5,360,959 |
| Consolidated Variable Interest Entities | $6,463,101 | $5,218,669 |
| Accounts receivable, net | $426,177 | $353,028 |
| Consolidated Variable Interest Entities | $3,032 | $2,961 |
| Property, equipment and software, net | $572,637 | $427,686 |
| Goodwill | $534,156 | $533,439 |
| Intangible assets | $12,935 | $13,502 |
| Commercial agreement assets | $57,210 | $104,602 |
| Other assets | $295,360 | $299,340 |
| Consolidated Variable Interest Entities | $2,558 | $10,676 |
| Total assets | $11,154,929 | $9,519,619 |
| Consolidated Variable Interest Entities | $6,661,329 | $5,378,135 |
| Accounts payable | $82,820 | $41,019 |
| Consolidated Variable Interest Entities | $2,833 | $2,830 |
| Payable to third-party loan owners | $211,700 | $159,643 |
| Accrued interest payable | $24,465 | $24,327 |
| Consolidated Variable Interest Entities | $23,998 | $24,220 |
| Accrued expenses and other liabilities | $157,272 | $147,429 |
| Consolidated Variable Interest Entities | $2,797 | $11,115 |
| Convertible senior notes, net | $1,153,000 | $1,341,430 |
| Notes issued by securitization trusts | $4,833,855 | $3,236,873 |
| Notes Issued By Securitization Trusts | $4,833,855 | $3,236,873 |
| Consolidated Variable Interest Entities | $4,833,855 | $3,236,873 |
| Funding debt | $1,622,808 | $1,836,909 |
| Consolidated Variable Interest Entities | $1,592,139 | $1,794,984 |
| Total liabilities | $8,085,919 | $6,787,630 |
| Consolidated Variable Interest Entities | $6,455,621 | $5,070,022 |
| Commitments and contingencies (Note 8) | ||
| Common stock | $3 | $3 |
| Class A common stock | $2 | $2 |
| Class B common stock | $1 | $1 |
| Additional paid in capital | $6,140,893 | $5,862,555 |
| Accumulated deficit | $(3,056,818) | $(3,109,004) |
| Accumulated other comprehensive loss | $(15,069) | $(21,565) |
| Total stockholders’ equity | $3,069,009 | $2,731,989 |
| Total liabilities | $8,085,919 | $6,787,630 |
| Total liabilities and stockholders’ equity | $11,154,929 | $9,519,619 |
| Cash and cash equivalents | $1,354,455 | $1,013,106 |
| Restricted cash | $401,968 | $282,293 |
| Consolidated Variable Interest Entities | $192,638 | $145,829 |
| Securities available for sale at fair value | $871,425 | $1,131,628 |
| Loans held for sale | $36 | |
| Loans held for investment | $7,025,534 | $5,670,056 |
| Consolidated Variable Interest Entities | $6,828,758 | $5,461,660 |
| Allowance for credit losses | $(396,929) | $(309,097) |
| Consolidated Variable Interest Entities | $(365,656) | $(242,991) |
| Loans held for investment, net | $6,628,606 | $5,360,959 |
| Consolidated Variable Interest Entities | $6,463,101 | $5,218,669 |
| Accounts receivable, net | $426,177 | $353,028 |
| Consolidated Variable Interest Entities | $3,032 | $2,961 |
| Property, equipment and software, net | $572,637 | $427,686 |
| Goodwill | $534,156 | $533,439 |
| Intangible assets | $12,935 | $13,502 |
| Commercial agreement assets | $57,210 | $104,602 |
| Other assets | $295,360 | $299,340 |
| Consolidated Variable Interest Entities | $2,558 | $10,676 |
| Total assets | $11,154,929 | $9,519,619 |
| Consolidated Variable Interest Entities | $6,661,329 | $5,378,135 |
| Accounts payable | $82,820 | $41,019 |
| Consolidated Variable Interest Entities | $2,833 | $2,830 |
| Payable to third-party loan owners | $211,700 | $159,643 |
| Accrued interest payable | $24,465 | $24,327 |
| Consolidated Variable Interest Entities | $23,998 | $24,220 |
| Accrued expenses and other liabilities | $157,272 | $147,429 |
| Consolidated Variable Interest Entities | $2,797 | $11,115 |
| Convertible senior notes, net | $1,153,000 | $1,341,430 |
| Notes issued by securitization trusts | $4,833,855 | $3,236,873 |
| Notes Issued By Securitization Trusts | $4,833,855 | $3,236,873 |
| Consolidated Variable Interest Entities | $4,833,855 | $3,236,873 |
| Funding debt | $1,622,808 | $1,836,909 |
| Consolidated Variable Interest Entities | $1,592,139 | $1,794,984 |
| Consolidated Variable Interest Entities | $6,455,621 | $5,070,022 |
| Total net assets of consolidated VIEs | $205,707 | $308,113 |
| Consolidated Variable Interest Entities | $205,707 | $308,113 |
Cash Flow
Consolidated Statement of Cash Flows
Affirm Holdings, Inc. (AFRM)
Year Ended (In thousands, except shares and per share data)
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | |
|---|---|---|---|
| Net income (loss) | $52,186 | $(517,757) | $(985,345) |
| Provision for losses | $616,683 | $460,628 | $331,860 |
| Amortization of premiums and discounts on loans | $(233,799) | $(187,709) | $(141,075) |
| Gain on sales of loans | $(381,622) | $(197,153) | $(188,341) |
| Gain on extinguishment of debt | $(82,418) | $(12,638) | $(89,841) |
| 2026 Notes - Convertible Debt | $(82,400) | $(12,600) | |
| 2026 Notes - Convertible Debt - Subsequent Event | |||
| Changes in fair value of assets and liabilities | $7,146 | $(2,776) | $(15,883) |
| Amortization of commercial agreement assets | $47,392 | $73,070 | $85,524 |
| Commercial Agreement - Shopify | $26,700 | $35,900 | $35,800 |
| Amortization of debt issuance costs | $30,389 | $24,546 | $20,535 |
| 2026 Notes - Convertible Debt | $1,724 | $3,400 | $3,900 |
| 2029 Notes - Convertible Debt | $1,764 | ||
| Convertible Debt | $3,488 | $3,400 | $3,900 |
| Amortization of discount on securities available for sale | $(44,031) | $(22,799) | $(36,060) |
| Commercial agreement warrant expense | $271,562 | $406,714 | $421,934 |
| Stock-based compensation | $321,433 | $344,511 | $451,709 |
| Depreciation and amortization | $225,076 | $169,044 | $134,634 |
| Impairment of right of use assets | $752 | $1,244 | |
| Other | $13,703 | $(25,331) | $(8,825) |
| Purchases and origination of loans held for sale | $(3,389,953) | $(4,212,299) | $(6,009,361) |
| Proceeds from the sale of loans held for sale | $3,389,990 | $4,211,687 | $6,174,447 |
| Accounts receivable, net | $(84,952) | $(167,757) | $(67,690) |
| Other assets | $(12,175) | $31,228 | $(14,466) |
| Accounts payable | $41,801 | $12,417 | $(5,038) |
| Payable to third-party loan buyers | $52,056 | $105,791 | $(17,531) |
| Accrued interest payable | $2,386 | $11,138 | $7,915 |
| Accrued expenses and other liabilities | $(48,943) | $(55,169) | $(38,165) |
| Net cash provided by operating activities | $793,909 | $450,138 | $12,181 |
| Purchases and origination of loans held for investment | $(32,545,595) | $(21,488,547) | $(13,586,251) |
| Proceeds from the sale of loans held for investment | $12,572,254 | $6,058,799 | $1,582,501 |
| Principal repayments and other loan servicing activity | $18,655,657 | $14,147,034 | $10,028,452 |
| Acquisition, net of cash and restricted cash acquired | $(16,051) | ||
| Additions to property, equipment and software | $(192,189) | $(159,296) | $(120,775) |
| Purchases of securities available for sale | $(823,886) | $(986,071) | $(1,082,147) |
| Proceeds from maturities and repayments of securities available for sale | $1,215,777 | $1,136,937 | $1,537,495 |
| Other investing inflows | $99,917 | $995 | $4,706 |
| Other investing outflows | $(65,000) | $(35,000) | $(1,000) |
| Net cash used in investing activities | $(1,083,064) | $(1,325,149) | $(1,653,070) |
| Proceeds from the issuance of convertible notes | $920,000 | ||
| Proceeds from the issuance of funding debt | $21,174,242 | $12,639,444 | $6,894,971 |
| Proceeds from issuance of notes and certificates by securitization trust | $2,500,000 | $2,350,000 | $1,150,000 |
| Principal repayments of funding debt | $(21,387,609) | $(12,552,937) | $(5,801,531) |
| Principal repayments of notes issued by securitization trust | $(900,000) | $(1,276,451) | $(606,299) |
| Payment of debt issuance costs | $(49,233) | $(27,302) | $(22,443) |
| Extinguishment of convertible debt | $(1,012,856) | $(63,561) | $(206,567) |
| Proceeds from exercise of common stock options and warrants and contributions to ESPP | $60,692 | $33,125 | $15,768 |
| Payments of tax withholding for stock-based compensation | $(303,811) | $(189,169) | $(73,845) |
| Repurchases of common stock | $(250,000) | $(109) | |
| Net cash provided by financing activities | $751,425 | $913,149 | $1,349,945 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $(1,245) | $(2,683) | $81 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $461,024 | $35,455 | $(290,863) |
| Total cash, cash equivalents and restricted cash | |||
| Total cash, cash equivalents and restricted cash | |||
| Cash and cash equivalents | |||
| Restricted cash | |||
| Total cash, cash equivalents and restricted cash | |||
| Cash payments for interest expense | $404,377 | $318,235 | $163,191 |
| Cash paid for operating leases | $16,575 | $16,037 | $16,354 |
| Cash paid for income taxes | $2,736 | $1,187 | $808 |
| Stock-based compensation included in capitalized internal-use software | $178,461 | $126,510 | $80,108 |
| Securities retained under unconsolidated securitization transactions | $84,718 | $58,507 | |
| Right of use assets obtained in exchange for operating lease liabilities | $6,238 | $494 | |
| Issuance of common stock in connection with settlement of contingent consideration liability | 13,674 |