Affirm Holdings, Inc. (AFRM)
Income Statement
Consolidated Statement of Income
Affirm Holdings, Inc. (AFRM)
Three and Nine Months Ended (In thousands, except shares in actual amounts and per share data)
| Mar 31, 2026 (Q3) | Mar 31, 2025 (Q3) | Mar 31, 2026 (YTD) | Mar 31, 2025 (YTD) | |
|---|---|---|---|---|
| Revenue | $334,494 | $272,545 | $1,056,385 | $807,401 |
| Merchant network revenue | $268,027 | $213,973 | $847,553 | $643,207 |
| Card network revenue | $66,467 | $58,572 | $208,832 | $164,194 |
| Interest income | $532,449 | $402,701 | $1,480,198 | $1,189,132 |
| Gain on sales of loans | $127,200 | $75,838 | $431,480 | $264,739 |
| Servicing income | $44,622 | $32,050 | $127,058 | $86,723 |
| Total revenue, net | $1,038,765 | $783,135 | $3,095,122 | $2,347,995 |
| Loss on loan purchase commitment | $67,964 | $57,290 | $235,581 | $181,805 |
| Provision for credit losses | $196,543 | $147,252 | $573,448 | $460,056 |
| Funding costs | $113,762 | $107,631 | $335,507 | $319,539 |
| Processing and servicing | $162,291 | $118,398 | $454,680 | $329,504 |
| Technology and data analytics | $191,619 | $152,620 | $544,595 | $435,123 |
| Sales and marketing | $72,854 | $74,022 | $250,128 | $355,293 |
| General and administrative | $145,304 | $134,303 | $431,468 | $412,196 |
| Restructuring and other | $12 | $(184) | ||
| Total operating expenses | $950,337 | $791,527 | $2,825,406 | $2,493,332 |
| Operating income (loss) | $88,429 | $(8,393) | $269,716 | $(145,337) |
| Other income, net | $18,948 | $13,738 | $53,918 | $135,221 |
| Income (loss) before income taxes | $107,376 | $5,345 | $323,633 | $(10,116) |
| Income tax expense | $4,476 | $2,541 | $10,453 | $6,942 |
| Net income (loss) | $102,900 | $2,804 | $313,180 | $(17,058) |
| Foreign currency translation adjustments | $(10,665) | $3,550 | $(12,832) | $(23,573) |
| Unrealized gain (loss) on securities available for sale, net | $(1,090) | $778 | $(359) | $3,494 |
| Gain (loss) on cash flow hedges | $5,100 | $(1,279) | $4,666 | $(2,860) |
| Net other comprehensive income (loss) | $(6,655) | $3,049 | $(8,525) | $(22,939) |
| Comprehensive income (loss) | $96,245 | $5,853 | $304,655 | $(39,998) |
| Basic (in USD per share) | 0.31 | 0.01 | 0.94 | -0.05 |
| Diluted (in USD per share) | 0.30 | 0.01 | 0.90 | -0.05 |
| Basic (in shares) | 337,142,686 | 324,053,967 | 333,860,094 | 321,505,149 |
| Diluted (in shares) | 348,096,861 | 344,224,332 | 348,556,556 | 321,505,149 |
Balance Sheet
Consolidated Balance Sheets
Affirm Holdings, Inc. (AFRM)
As of March 31, 2026 and June 30, 2025 (In thousands, except shares and per share data)
| Mar 31, 2026 | Jun 30, 2025 | |
|---|---|---|
| Cash and cash equivalents | $1,723,413 | $1,354,455 |
| Restricted cash | $750,892 | $401,968 |
| Consolidated Variable Interest Entities | $372,392 | $192,638 |
| Securities available for sale at fair value | $757,597 | $871,425 |
| Loans held for sale | ||
| Loans held for investment | $8,572,972 | $7,025,534 |
| Consolidated Variable Interest Entities | $8,341,198 | $6,828,758 |
| Allowance for credit losses | $(512,314) | $(396,929) |
| Consolidated Variable Interest Entities | $(458,139) | $(365,656) |
| Loans held for investment, net | $8,060,659 | $6,628,606 |
| Consolidated Variable Interest Entities | $7,883,059 | $6,463,101 |
| Accounts receivable, net | $230,703 | $426,177 |
| Consolidated Variable Interest Entities | $3,270 | $3,032 |
| Property, equipment and software, net | $668,292 | $572,637 |
| Goodwill | $529,284 | $534,156 |
| Intangible assets | $27,436 | $12,935 |
| Commercial agreement assets | $41,377 | $57,210 |
| Other assets | $351,927 | $295,360 |
| Consolidated Variable Interest Entities | $2,446 | $2,558 |
| Total assets | $13,141,580 | $11,154,929 |
| Consolidated Variable Interest Entities | $8,261,166 | $6,661,329 |
| Accounts payable | $59,590 | $82,820 |
| Consolidated Variable Interest Entities | $2,833 | |
| Payable to third-party loan owners | $178,275 | $211,700 |
| Accrued interest payable | $28,456 | $24,465 |
| Consolidated Variable Interest Entities | $26,429 | $23,998 |
| Accrued expenses and other liabilities | $217,938 | $157,272 |
| Consolidated Variable Interest Entities | $5,451 | $2,797 |
| Convertible senior notes, net | $1,128,617 | $1,153,000 |
| Notes issued by securitization trusts | $5,327,589 | $4,833,855 |
| Notes Issued By Securitization Trusts | $5,327,589 | $4,833,855 |
| Consolidated Variable Interest Entities | $5,327,589 | $4,833,855 |
| Funding debt | $2,417,705 | $1,622,808 |
| Consolidated Variable Interest Entities | $2,409,921 | $1,592,139 |
| Total liabilities | $9,358,170 | $8,085,919 |
| Consolidated Variable Interest Entities | $7,769,390 | $6,455,621 |
| Commitments and contingencies (Note 7) | ||
| Common stock | $3 | $3 |
| Class A common stock | $2 | $2 |
| Class B common stock | $1 | $1 |
| Additional paid in capital | $6,550,639 | $6,140,893 |
| Accumulated deficit | $(2,743,638) | $(3,056,818) |
| Accumulated other comprehensive loss | $(23,594) | $(15,069) |
| Total stockholders’ equity | $3,783,410 | $3,069,009 |
| Total liabilities | $9,358,170 | $8,085,919 |
| Total liabilities and stockholders’ equity | $13,141,580 | $11,154,929 |
| Cash and cash equivalents | $1,723,413 | $1,354,455 |
| Restricted cash | $750,892 | $401,968 |
| Consolidated Variable Interest Entities | $372,392 | $192,638 |
| Securities available for sale at fair value | $757,597 | $871,425 |
| Loans held for sale | ||
| Loans held for investment | $8,572,972 | $7,025,534 |
| Consolidated Variable Interest Entities | $8,341,198 | $6,828,758 |
| Allowance for credit losses | $(512,314) | $(396,929) |
| Consolidated Variable Interest Entities | $(458,139) | $(365,656) |
| Loans held for investment, net | $8,060,659 | $6,628,606 |
| Consolidated Variable Interest Entities | $7,883,059 | $6,463,101 |
| Accounts receivable, net | $230,703 | $426,177 |
| Consolidated Variable Interest Entities | $3,270 | $3,032 |
| Property, equipment and software, net | $668,292 | $572,637 |
| Goodwill | $529,284 | $534,156 |
| Intangible assets | $27,436 | $12,935 |
| Commercial agreement assets | $41,377 | $57,210 |
| Other assets | $351,927 | $295,360 |
| Consolidated Variable Interest Entities | $2,446 | $2,558 |
| Total assets | $13,141,580 | $11,154,929 |
| Consolidated Variable Interest Entities | $8,261,166 | $6,661,329 |
| Accounts payable | $59,590 | $82,820 |
| Consolidated Variable Interest Entities | $2,833 | |
| Payable to third-party loan owners | $178,275 | $211,700 |
| Accrued interest payable | $28,456 | $24,465 |
| Consolidated Variable Interest Entities | $26,429 | $23,998 |
| Accrued expenses and other liabilities | $217,938 | $157,272 |
| Consolidated Variable Interest Entities | $5,451 | $2,797 |
| Convertible senior notes, net | $1,128,617 | $1,153,000 |
| Notes issued by securitization trusts | $5,327,589 | $4,833,855 |
| Notes Issued By Securitization Trusts | $5,327,589 | $4,833,855 |
| Consolidated Variable Interest Entities | $5,327,589 | $4,833,855 |
| Funding debt | $2,417,705 | $1,622,808 |
| Consolidated Variable Interest Entities | $2,409,921 | $1,592,139 |
| Consolidated Variable Interest Entities | $7,769,390 | $6,455,621 |
| Total net assets of consolidated VIEs | $491,776 | $205,707 |
| Consolidated Variable Interest Entities | $491,776 | $205,707 |
Cash Flow
Consolidated Statement of Cash Flows
Affirm Holdings, Inc. (AFRM)
Nine Months Ended (In thousands, except shares and per share data)
| Mar 31, 2026 (YTD) | Mar 31, 2025 (YTD) | |
|---|---|---|
| Net income (loss) | $313,180 | $(17,058) |
| Provision for losses | $573,448 | $460,056 |
| Amortization of premiums and discounts on loans | $(225,466) | $(171,827) |
| Gain on sales of loans | $(431,480) | $(264,739) |
| Gain on extinguishment of debt | $(1,537) | $(82,418) |
| 2026 Notes - Convertible Debt | $(1,500) | |
| Changes in fair value of assets and liabilities | $881 | $5,456 |
| Amortization of commercial agreement assets | $15,833 | $39,424 |
| Commercial Agreement - Shopify | $8,400 | $23,900 |
| Amortization of debt issuance costs | $20,804 | $23,298 |
| 2026 Notes - Convertible Debt | $403 | $1,575 |
| 2029 Notes - Convertible Debt | $2,504 | $932 |
| Convertible Debt | $2,907 | $2,507 |
| Accrued interest on securities available for sale | $(26,070) | $(34,182) |
| Commercial agreement warrant expense | $142,681 | $230,102 |
| Stock-based compensation | $237,490 | $255,938 |
| Depreciation and amortization | $215,985 | $161,081 |
| Other | $(32,090) | $9,980 |
| Purchases and origination of loans held for sale | $(2,089,516) | $(3,051,742) |
| Proceeds from the sale of loans held for sale | $2,088,537 | $3,051,803 |
| Accounts receivable, net | $185,470 | $123,897 |
| Other assets | $(35,180) | $(17,992) |
| Accounts payable | $(23,230) | $39 |
| Payable to third-party loan buyers | $(33,425) | $17,353 |
| Accrued interest payable | $4,926 | $(383) |
| Accrued expenses and other liabilities | $33,570 | $(18,813) |
| Net cash provided by operating activities | $934,811 | $719,272 |
| Purchases and origination of loans held for investment | $(33,397,975) | $(22,727,969) |
| Proceeds from the sale of loans held for investment | $14,103,336 | $8,122,806 |
| Principal repayments and other loan servicing activity | $17,925,622 | $13,649,667 |
| Additions to property, equipment and software | $(171,474) | $(141,069) |
| Purchases of securities available for sale | $(544,887) | $(553,595) |
| Proceeds from maturities and repayments of securities available for sale | $730,191 | $984,387 |
| Other investing inflows | $299 | $101,224 |
| Other investing outflows | $(279) | $(64,000) |
| Net cash used in investing activities | $(1,355,168) | $(628,550) |
| Proceeds from the issuance of convertible notes | $920,000 | |
| Proceeds from the issuance of funding debt | $27,331,029 | $14,023,995 |
| Proceeds from issuance of notes and certificates by securitization trust | $2,850,000 | $1,750,000 |
| Principal repayments of funding debt | $(26,521,828) | $(13,932,542) |
| Principal repayments of notes issued by securitization trust | $(2,350,000) | $(900,000) |
| Payment of debt issuance costs | $(30,874) | $(42,759) |
| Extinguishment of convertible debt | $(25,758) | $(1,012,856) |
| Proceeds from exercise of common stock options and warrants and contributions to ESPP | $142,680 | $49,915 |
| Repurchase of common stock | $(250,000) | |
| Taxes paid related to net share settlement of equity awards | $(251,210) | $(241,586) |
| Net cash provided by financing activities | $1,144,040 | $364,166 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $(5,801) | $(14,328) |
| Net increase in cash, cash equivalents and restricted cash | $717,882 | $440,560 |
| Total cash, cash equivalents and restricted cash | ||
| Total cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | ||
| Money market funds | ||
| Agency bonds | ||
| Corporate bonds | ||
| Commercial paper | ||
| US | ||
| Agency Bonds, Corporate Bonds, Commercial Paper, and US Government Bonds | ||
| Restricted cash | ||
| Total cash, cash equivalents and restricted cash | ||
| Cash payments for interest expense | $314,227 | $302,791 |
| Cash paid for operating leases | $12,784 | $12,501 |
| Cash paid for income taxes | $3,785 | $2,432 |
| Stock-based compensation included in capitalized internal-use software | $141,169 | $138,555 |
| Securities retained under unconsolidated securitization transactions | $44,608 | $41,940 |
| Right of use assets obtained in exchange for operating lease liabilities | $11,513 | $7,418 |