Affirm (AFRM) Financials

$83.08 +1.67 (+2.05%)

Closing price 09/12/2025 04:00 PM Eastern

Extended Trading

$83.27 +0.19 (+0.23%)

As of 09/12/2025 07:59 PM Eastern

Annual Income Statements for Affirm

This table shows Affirm's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-135	-126	-434	-721	-985	-518	59
Consolidated Net Income / (Loss)	-120	-113	-441	-707	-985	-518	52
Net Income / (Loss) Continuing Operations	-120	-113	-441	-707	-985	-518	52
Total Pre-Tax Income	-120	-112	-443	-725	-989	-516	61
Total Operating Income	-127	-108	-384	-866	-1,201	-616	-87
Total Gross Profit	264	510	870	1,349	1,588	2,323	3,224
Total Revenue	264	510	870	1,349	1,588	2,323	3,224
Operating Revenue	264	510	870	1,349	1,588	2,323	3,224
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	392	617	1,254	2,215	2,789	2,939	3,312
Selling, General & Admin Expense	89	121	384	577	586	525	545
Marketing Expense	17	25	182	532	638	576	435
Other Operating Expenses / (Income)	286	471	688	1,106	1,528	1,830	2,332
Total Other Income / (Expense), net	7.02	-4.43	-60	141	212	100	149
Other Income / (Expense), net	7.02	-4.43	-60	141	212	100	149
Income Tax Expense	0.04	0.38	-2.34	-17	-3.90	2.23	9.28
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-7.08	14	-	-	-6.50
Basic Earnings per Share	($2.84)	($2.63)	($2.78)	($2.51)	($3.34)	($1.67)	$0.16
Weighted Average Basic Shares Outstanding	47.35M	47.86M	158.37M	281.70M	295.34M	309.86M	322.85M
Diluted Earnings per Share	($2.84)	($2.63)	($2.94)	($2.51)	($3.34)	($1.67)	$0.15
Weighted Average Diluted Shares Outstanding	47.35M	47.86M	159.24M	281.70M	295.34M	309.86M	341.02M
Weighted Average Basic & Diluted Shares Outstanding	-	-	271.87M	289.07M	299.30M	311.12M	325.65M

This table shows Affirm's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-315	-201	-199	-182	-149	-134	-49	-88	42	5.85	99
Consolidated Net Income / (Loss)	-322	-206	-206	-172	-167	-134	-45	-100	80	2.80	69
Net Income / (Loss) Continuing Operations	-322	-206	-206	-172	-167	-134	-45	-100	80	2.80	69
Total Pre-Tax Income	-324	-207	-207	-171	-168	-133	-44	-98	83	5.35	72
Total Operating Income	-360	-310	-244	-209	-172	-161	-73	-133	-4.32	-8.39	58
Total Gross Profit	400	381	446	497	591	576	659	698	866	783	876
Total Revenue	400	381	446	497	591	576	659	698	866	783	876
Operating Revenue	400	381	446	497	591	576	659	698	866	783	876
Total Operating Expenses	759	691	690	704	763	737	733	831	871	792	818
Selling, General & Admin Expense	159	139	128	140	133	129	123	138	139	134	133
Marketing Expense	188	141	145	147	161	133	135	145	136	74	80
Other Operating Expenses / (Income)	412	376	416	417	469	470	474	548	595	583	606
Total Other Income / (Expense), net	36	104	37	39	4.55	28	29	34	87	14	14
Other Income / (Expense), net	36	104	37	39	4.55	28	29	34	87	14	14
Income Tax Expense	-1.57	-0.84	-1.32	1.04	-0.70	0.89	1.00	1.90	2.50	2.54	2.34
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-7.59	-4.29	-6.92	9.78	-18	-	4.26	-12	38	-3.05	-29
Basic Earnings per Share	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.25	$0.01	$0.21
Weighted Average Basic Shares Outstanding	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	322.28M	324.05M	322.85M
Diluted Earnings per Share	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.23	$0.01	$0.22
Weighted Average Diluted Shares Outstanding	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	345.20M	344.22M	341.02M
Weighted Average Basic & Diluted Shares Outstanding	293.99M	295.69M	299.30M	301.73M	306.87M	309.12M	311.12M	314.06M	318.06M	322.60M	325.65M

This table details how cash moves in and out of Affirm's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	120	-30	1,365	-142	-291	35	461
Net Cash From Operating Activities	-88	-71	-193	-162	12	450	794
Net Cash From Continuing Operating Activities	-88	-71	-193	-162	12	450	794
Net Income / (Loss) Continuing Operations	-120	-113	-441	-707	-985	-518	52
Consolidated Net Income / (Loss)	-120	-113	-441	-707	-985	-518	52
Depreciation Expense	5.27	9.44	20	53	135	169	225
Amortization Expense	-18	-25	-15	-57	-71	-113	-200
Non-Cash Adjustments To Reconcile Net Income	72	26	322	581	1,051	1,080	819
Changes in Operating Assets and Liabilities, net	-27	31	-79	-31	-117	-168	-102
Net Cash From Investing Activities	-354	-253	-1,022	-2,011	-1,653	-1,325	-1,083
Net Cash From Continuing Investing Activities	-354	-253	-1,022	-2,011	-1,653	-1,325	-1,083
Purchase of Property, Plant & Equipment	-19	-21	-20	-86	-121	-159	-192
Acquisitions	-1.84	0.00	-222	-31	-16	0.00	0.00
Purchase of Investments	-1,893	-2,830	-5,897	-12,203	-14,668	-22,475	-33,369
Sale and/or Maturity of Investments	147	303	824	2,210	3,120	7,196	13,788
Other Investing Activities, net	1,413	2,295	4,294	8,100	10,032	14,113	18,691
Net Cash From Financing Activities	562	295	2,578	2,037	1,350	913	751
Net Cash From Continuing Financing Activities	562	295	2,578	2,037	1,350	913	751
Repayment of Debt	-1,085	-1,890	-3,388	-4,656	-6,637	-13,920	-23,350
Repurchase of Common Equity	-2.63	-19	-0.80	-0.09	-0.11	0.00	-250
Issuance of Debt	1,355	2,208	4,338	6,805	8,045	14,989	24,594
Other Financing Activities, net	6.48	2.73	-111	-111	-58	-156	-243
Effect of Exchange Rate Changes	0.00	0.00	1.84	-5.41	0.08	-2.68	-1.25
Cash Interest Paid	28	28	42	52	163	318	404
Cash Income Taxes Paid	0.00	0.00	0.22	0.22	0.81	1.19	2.74

This table details how cash moves in and out of Affirm's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-49	-483	-122	229	-41	172	-324	89	353	-1.20	20
Net Cash From Operating Activities	-29	-54	44	99	74	208	69	197	312	210	75
Net Cash From Continuing Operating Activities	-29	-54	44	99	74	208	69	197	312	210	75
Net Income / (Loss) Continuing Operations	-322	-206	-206	-172	-167	-134	-45	-100	80	2.80	69
Consolidated Net Income / (Loss)	-322	-206	-206	-172	-167	-134	-45	-100	80	2.80	69
Depreciation Expense	23	47	43	40	27	37	65	47	55	59	64
Amortization Expense	-19	-11	-21	-26	-29	-37	-21	-48	-49	-47	-57
Non-Cash Adjustments To Reconcile Net Income	370	75	299	271	384	262	162	278	138	216	187
Changes in Operating Assets and Liabilities, net	-80	40	-71	-15	-140	80	-93	20	87	-21	-189
Net Cash From Investing Activities	-692	-301	-777	-16	-625	-147	-538	-575	-89	36	-455
Net Cash From Continuing Investing Activities	-692	-301	-777	-16	-625	-147	-538	-575	-89	36	-455
Purchase of Property, Plant & Equipment	-34	-31	-25	-36	-39	-46	-38	-44	-44	-53	-51
Purchase of Investments	-3,792	-3,547	-4,480	-4,326	-6,200	-5,492	-6,456	-6,525	-8,712	-8,045	-10,088
Sale and/or Maturity of Investments	710	721	898	1,162	2,297	1,613	2,124	1,846	4,139	3,122	4,681
Other Investing Activities, net	2,424	2,573	2,829	3,185	3,317	3,778	3,833	4,148	4,528	5,011	5,004
Net Cash From Financing Activities	670	-129	610	149	506	112	146	466	144	-246	387
Net Cash From Continuing Financing Activities	670	-129	610	149	506	112	146	466	144	-246	387
Repayment of Debt	-1,493	-2,293	-1,633	-3,465	-3,371	-2,702	-4,382	-3,414	-5,171	-7,304	-7,462
Issuance of Debt	2,174	2,181	2,246	3,646	3,895	2,885	4,563	3,939	5,624	7,131	7,900
Other Financing Activities, net	-11	-18	-3.50	-33	-18	-71	-34	-60	-60	-73	-51
Effect of Exchange Rate Changes	2.20	0.89	2.29	-3.30	3.72	-1.71	-1.39	1.73	-15	-1.55	13
Cash Interest Paid	33	49	58	65	78	86	90	100	102	102	102
Cash Income Taxes Paid	0.07	0.17	0.43	0.31	0.26	0.02	0.60	0.45	0.66	1.32	0.30

This table presents Affirm's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	1,402	4,867	6,974	8,156	14,898	17,816
Total Current Assets	231	1,440	3,136	2,429	2,377	2,487
Cash & Equivalents	267	1,467	1,255	892	1,013	1,354
Restricted Cash	-	-	296	368	428	595
Short-Term Investments	-	-	1,595	1,175	1,132	871
Note & Lease Receivable	-	-118	2.67	0.08	0.04	0.00
Accounts Receivable	59	92	142	199	356	429
Other Current Assets	-95	-	-155	-205	-552	-763
Plant, Property, & Equipment, net	48	62	171	290	428	573
Total Noncurrent Assets	1,123	3,348	3,667	5,436	12,093	14,757
Long-Term Investments	1,034	-	2,504	4,403	11,132	13,854
Goodwill	1.26	517	540	543	533	534
Intangible Assets	2.50	68	79	34	14	13
Other Noncurrent Operating Assets	85	2,763	545	456	415	355
Total Liabilities & Shareholders' Equity	1,402	4,867	6,974	8,156	9,520	11,155
Total Liabilities	965	2,291	4,356	5,621	11,858	14,542
Total Current Liabilities	48	384	349	277	411	506
Accounts Payable	18	58	104	82	203	297
Accrued Expenses	28	324	238	181	159	160
Other Current Nonoperating Liabilities	1.86	2.75	6.66	13	49	48
Total Noncurrent Liabilities	917	1,907	4,007	5,345	11,447	14,036
Long-Term Debt	917	1,907	4,007	5,345	11,447	14,036
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-367	2,576	2,618	2,534	2,732	3,069
Total Preferred & Common Equity	-367	2,576	2,618	2,534	2,732	3,069
Total Common Equity	-367	2,576	2,618	2,534	2,732	3,069
Common Stock	80	3,467	4,231	5,141	5,863	6,141
Retained Earnings	-447	-898	-1,606	-2,591	-3,109	-3,057
Accumulated Other Comprehensive Income / (Loss)	-0.30	6.77	-7.15	-15	-22	-15

This table presents Affirm's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2022	9/30/2022	12/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	7,032	7,165	7,805	7,508	8,407	9,065	9,201	10,139	10,481	10,436
Total Current Assets	4,889	5,834	6,455	6,176	2,514	2,407	2,406	2,416	2,244	2,361
Cash & Equivalents	2,262	1,530	1,440	972	1,079	1,037	1,273	1,046	1,200	1,351
Restricted Cash	-	383	424	409	409	411	347	338	537	385
Short-Term Investments	-	1,237	915	1,059	1,022	914	781	1,074	667	780
Note & Lease Receivable	2,503	2,536	3,474	3,599	0.15	0.03	0.13	0.00	0.00	0.00
Accounts Receivable	125	148	202	136	236	307	293	308	204	220
Other Current Assets	-	-	-	-	-232	-262	-289	-351	-364	-375
Plant, Property, & Equipment, net	142	208	249	277	339	370	402	473	506	543
Total Noncurrent Assets	2,001	1,122	1,101	1,055	5,554	6,288	6,394	7,250	7,731	7,531
Long-Term Investments	-	-	-	-	4,549	5,239	5,461	6,311	6,796	6,630
Goodwill	547	525	528	537	536	541	536	537	522	522
Intangible Assets	61	71	64	48	20	17	15	13	12	12
Other Noncurrent Operating Assets	1,552	526	509	470	448	491	382	389	401	366
Total Liabilities & Shareholders' Equity	7,032	7,165	7,805	7,508	8,407	9,065	9,201	10,139	10,481	10,436
Total Liabilities	4,456	4,602	5,295	4,997	5,840	6,430	6,578	7,304	7,696	7,561
Total Current Liabilities	362	380	389	280	317	367	338	372	389	416
Accounts Payable	49	125	156	74	137	194	165	210	208	218
Accrued Expenses	313	250	221	192	160	150	150	137	156	174
Other Current Nonoperating Liabilities	-	5.29	12	14	20	22	23	24	25	24
Total Noncurrent Liabilities	4,093	4,221	4,906	4,716	5,524	6,063	6,240	6,932	7,307	7,146
Long-Term Debt	4,054	4,221	4,906	4,716	5,524	6,063	6,240	6,932	7,307	7,146
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,576	2,563	2,510	2,511	2,567	2,635	2,623	2,836	2,786	2,875
Total Preferred & Common Equity	2,576	2,563	2,510	2,511	2,567	2,635	2,623	2,836	2,786	2,875
Total Common Equity	2,576	2,563	2,510	2,511	2,567	2,635	2,623	2,836	2,786	2,875
Common Stock	3,988	4,455	4,716	4,919	5,355	5,572	5,705	6,054	5,962	6,045
Retained Earnings	-1,420	-1,857	-2,180	-2,385	-2,763	-2,930	-3,064	-3,209	-3,129	-3,126
Accumulated Other Comprehensive Income / (Loss)	7.68	-34	-27	-22	-25	-7.14	-17	-9.12	-48	-45

This table displays calculated financial ratios and metrics derived from Affirm's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	92.74%	70.84%	55.01%	17.69%	46.29%	38.80%
EBITDA Growth	0.00%	3.58%	-242.19%	-66.34%	-26.98%	50.37%	118.83%
EBIT Growth	0.00%	6.81%	-295.08%	-63.48%	-36.48%	47.89%	111.92%
NOPAT Growth	0.00%	15.42%	-255.94%	-125.73%	-38.66%	48.72%	82.81%
Net Income Growth	0.00%	6.52%	-291.68%	-60.40%	-39.29%	47.45%	110.08%
EPS Growth	0.00%	7.39%	-11.79%	14.63%	-33.07%	50.00%	108.98%
Operating Cash Flow Growth	0.00%	18.65%	-170.86%	16.02%	107.51%	3,595.41%	76.37%
Free Cash Flow Firm Growth	0.00%	0.00%	-2,371.35%	143.98%	-164.56%	50.64%	135.17%
Invested Capital Growth	0.00%	0.00%	5,388.87%	-67.30%	7.41%	1.87%	-17.70%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	8.21%	5.42%	10.11%	7.22%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-11.58%	1.73%	28.79%	962.28%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-12.17%	-0.28%	24.04%	213.29%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-23.18%	2.71%	21.67%	51.62%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-9.77%	-2.03%	23.70%	183.91%
EPS Q/Q Growth	0.00%	0.00%	0.00%	8.73%	-2.14%	25.11%	175.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.23%	-31.87%	113.43%	5.87%	0.75%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	29.54%	-113.97%	367.57%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-77.52%	-78.03%	4.95%	-23.82%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-50.24%	-25.14%	-50.35%	-54.03%	-58.29%	-19.78%	2.68%
Operating Margin	-48.21%	-21.15%	-44.08%	-64.19%	-75.62%	-26.51%	-2.71%
EBIT Margin	-45.55%	-22.02%	-50.93%	-53.72%	-62.30%	-22.19%	1.91%
Profit (Net Income) Margin	-45.56%	-22.10%	-50.67%	-52.43%	-62.05%	-22.29%	1.62%
Tax Burden Percent	100.03%	100.34%	99.47%	97.60%	99.61%	100.43%	84.91%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.10%
Return on Invested Capital (ROIC)	0.00%	-275.83%	-17.57%	-30.43%	-82.54%	-40.49%	-9.78%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-256.40%	-783.85%	-13.69%	-73.25%	-34.97%	-15.67%
Return on Net Nonoperating Assets (RNNOA)	0.00%	224.31%	-11.71%	3.19%	44.30%	20.83%	11.58%
Return on Equity (ROE)	0.00%	-51.52%	-29.28%	-27.24%	-38.25%	-19.66%	1.80%
Cash Return on Invested Capital (CROIC)	0.00%	-475.83%	-210.41%	71.00%	-89.69%	-42.35%	9.63%
Operating Return on Assets (OROA)	0.00%	-8.00%	-14.14%	-12.24%	-13.08%	-5.83%	0.38%
Return on Assets (ROA)	0.00%	-8.03%	-14.07%	-11.95%	-13.03%	-5.86%	0.32%
Return on Common Equity (ROCE)	0.00%	43.27%	-21.46%	-27.24%	-38.25%	-19.66%	1.80%
Return on Equity Simple (ROE_SIMPLE)	0.00%	30.67%	-17.12%	-27.02%	-38.88%	-18.95%	0.00%
Net Operating Profit after Tax (NOPAT)	-89	-75	-269	-606	-841	-431	-74
NOPAT Margin	-33.74%	-14.81%	-30.85%	-44.93%	-52.94%	-18.56%	-2.30%
Net Nonoperating Expense Percent (NNEP)	0.00%	-19.43%	766.29%	-16.74%	-9.29%	-5.53%	5.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-0.43%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	33.63%	23.79%	44.09%	42.80%	36.93%	22.61%	16.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	148.21%	121.15%	144.08%	164.19%	175.62%	126.51%	102.71%
Earnings before Interest and Taxes (EBIT)	-120	-112	-443	-725	-989	-516	61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-133	-128	-438	-729	-926	-459	86
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	6.93	1.98	1.79	3.42	7.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	8.97	2.59	2.32	4.27	8.84
Price to Revenue (P/Rev)	4.56	2.37	20.51	3.83	2.85	4.02	6.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	380.09
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.26%
Enterprise Value to Invested Capital (EV/IC)	0.00	29.71	6.09	3.59	2.88	7.13	28.75
Enterprise Value to Revenue (EV/Rev)	0.00	3.19	21.02	2.62	1.91	3.30	6.10
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	227.37
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	319.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	249.56	17.01	24.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.50	0.00	0.00	269.43
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	2.10	0.74	1.53	2.11	2.35	4.57
Long-Term Debt to Equity	0.00	2.10	0.74	1.53	2.11	2.35	4.57
Financial Leverage	0.00	-0.87	0.01	-0.23	-0.60	-0.60	-0.74
Leverage Ratio	0.00	3.21	2.08	2.28	2.94	3.36	5.64
Compound Leverage Factor	0.00	3.21	2.08	2.28	2.94	3.36	5.64
Debt to Total Capital	0.00%	67.73%	42.55%	60.48%	67.84%	70.13%	82.06%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	67.73%	42.55%	60.48%	67.84%	70.13%	82.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	59.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-27.11%	57.45%	39.52%	32.16%	29.87%	17.94%
Debt to EBITDA	0.00	-7.16	-4.35	-5.50	-5.77	-13.97	162.28
Net Debt to EBITDA	0.00	3.00	-1.01	2.25	1.61	3.66	-30.51
Long-Term Debt to EBITDA	0.00	-7.16	-4.35	-5.50	-5.77	-13.97	162.28
Debt to NOPAT	0.00	-12.16	-7.10	-6.61	-6.36	-14.88	-189.42
Net Debt to NOPAT	0.00	5.09	-1.64	2.71	1.78	3.90	35.62
Long-Term Debt to NOPAT	0.00	-12.16	-7.10	-6.61	-6.36	-14.88	-189.42
Altman Z-Score	0.00	0.56	4.56	0.72	0.15	0.70	1.01
Noncontrolling Interest Sharing Ratio	0.00%	183.99%	26.69%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	4.81	3.75	8.99	8.78	6.64	4.92
Quick Ratio	0.00	6.79	3.75	8.59	8.18	6.71	5.25
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-130	-3,217	1,415	-913	-451	73
Operating Cash Flow to CapEx	-451.66%	-339.23%	-953.63%	-187.96%	10.09%	282.58%	413.09%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.36	0.28	0.23	0.21	0.26	0.20
Accounts Receivable Turnover	0.00	8.64	11.56	11.55	9.31	8.41	8.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	10.58	15.74	11.53	6.88	6.47	6.45
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	42.27	31.57	31.60	39.21	43.38	44.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	42.27	31.57	31.60	39.21	43.38	44.44
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	55	3,003	982	1,055	1,074	684
Invested Capital Turnover	0.00	18.63	0.57	0.68	1.56	2.18	4.26
Increase / (Decrease) in Invested Capital	0.00	55	2,948	-2,021	73	20	-147
Enterprise Value (EV)	0.00	1,625	18,295	3,530	3,040	7,657	19,665
Market Capitalization	1,205	1,205	17,854	5,173	4,533	9,339	22,305
Book Value per Share	$0.00	($7.67)	$9.72	$9.14	$8.57	$8.84	$9.51
Tangible Book Value per Share	$0.00	($7.75)	$7.51	$6.98	$6.62	$7.07	$7.82
Total Capital	0.00	1,354	4,483	6,625	7,879	9,147	17,105
Total Debt	0.00	917	1,907	4,007	5,345	6,415	14,036
Total Long-Term Debt	0.00	917	1,907	4,007	5,345	6,415	14,036
Net Debt	0.00	-384	441	-1,643	-1,493	-1,682	-2,639
Capital Expenditures (CapEx)	19	21	20	86	121	159	192
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-84	-410	-359	-282	-328	-839
Debt-free Net Working Capital (DFNWC)	0.00	183	1,056	2,787	2,152	2,099	1,981
Net Working Capital (NWC)	0.00	183	1,056	2,787	2,152	2,099	1,981
Net Nonoperating Expense (NNE)	31	37	172	101	145	87	-126
Net Nonoperating Obligations (NNO)	0.00	-382	427	-1,636	-1,479	-1,658	-2,385
Total Depreciation and Amortization (D&A)	-12	-16	5.13	-4.16	64	56	25
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-16.52%	-47.13%	-26.63%	-17.77%	-14.14%	-26.03%
Debt-free Net Working Capital to Revenue	0.00%	35.89%	121.35%	206.54%	135.54%	90.34%	61.44%
Net Working Capital to Revenue	0.00%	35.89%	121.35%	206.54%	135.54%	90.34%	61.44%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.72)	($2.51)	($3.34)	($1.67)	$0.16
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	158.37M	281.70M	295.34M	309.86M	322.85M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.88)	($2.51)	($3.34)	($1.67)	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	159.24M	281.70M	295.34M	309.86M	341.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	271.87M	289.07M	299.30M	311.12M	325.65M
Normalized Net Operating Profit after Tax (NOPAT)	-89	-75	-269	-606	-815	-426	-74
Normalized NOPAT Margin	-33.74%	-14.81%	-30.85%	-44.93%	-51.35%	-18.35%	-2.30%
Pre Tax Income Margin	-45.55%	-22.02%	-50.93%	-53.72%	-62.30%	-22.19%	1.91%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.18%	-16.74%	-0.18%	-0.01%	-0.01%	0.00%	479.06%

This table displays calculated financial ratios and metrics derived from Affirm's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.68%	7.39%	22.43%	37.31%	47.94%	51.23%	47.86%	40.67%	46.57%	35.92%	32.95%
EBITDA Growth	-88.19%	-241.11%	8.07%	37.33%	46.88%	21.78%	100.25%	36.77%	152.22%	113.50%	16,885.56%
EBIT Growth	-103.19%	-279.54%	-1.35%	32.10%	48.27%	35.58%	78.71%	42.42%	149.44%	104.02%	262.17%
NOPAT Growth	-83.25%	-36.85%	12.05%	27.14%	52.12%	48.14%	69.87%	36.68%	96.52%	96.09%	209.23%
Net Income Growth	-101.86%	-276.21%	-10.50%	31.63%	48.24%	34.88%	78.09%	41.66%	148.15%	102.09%	253.41%
EPS Growth	-92.98%	-263.16%	-11.29%	33.72%	50.91%	37.68%	81.16%	45.61%	142.59%	102.33%	269.23%
Operating Cash Flow Growth	93.52%	-93.97%	174.08%	93.11%	360.34%	483.51%	57.03%	99.05%	319.82%	1.07%	8.54%
Free Cash Flow Firm Growth	43.21%	62.80%	-113.32%	406.78%	418.23%	664.41%	70.77%	-102.68%	-94.20%	-96.68%	18.07%
Invested Capital Growth	21.40%	9.89%	7.41%	-71.13%	-75.92%	-78.67%	1.87%	-2.62%	-18.03%	-12.30%	-17.70%
Revenue Q/Q Growth	10.49%	-4.65%	17.02%	11.38%	19.04%	-2.53%	14.41%	5.96%	24.04%	-9.61%	11.91%
EBITDA Q/Q Growth	-28.06%	46.96%	-9.05%	15.39%	-8.53%	21.89%	100.35%	-21,462.50%	189.65%	-79.81%	339.34%
EBIT Q/Q Growth	-28.86%	36.26%	-0.37%	17.63%	1.84%	20.62%	66.82%	-122.75%	184.27%	-93.55%	1,239.20%
NOPAT Q/Q Growth	-25.07%	13.77%	21.35%	14.10%	17.81%	6.60%	54.31%	-80.54%	95.48%	-5.04%	1,375.71%
Net Income Q/Q Growth	-28.32%	36.21%	-0.14%	16.59%	2.84%	19.75%	66.30%	-122.04%	180.18%	-96.51%	2,369.47%
EPS Q/Q Growth	-27.91%	37.27%	0.00%	17.39%	5.26%	20.37%	69.77%	-138.46%	174.19%	-95.65%	2,100.00%
Operating Cash Flow Q/Q Growth	-155.74%	-90.12%	180.68%	125.86%	-24.85%	180.07%	-66.97%	186.30%	58.49%	-32.57%	-64.52%
Free Cash Flow Firm Q/Q Growth	-34.54%	39.38%	62.51%	1,103.30%	39.56%	7.52%	-101.94%	8.14%	402.42%	-38.54%	67.32%
Invested Capital Q/Q Growth	27.73%	3.29%	-78.03%	-0.41%	6.57%	-8.55%	4.95%	-4.79%	-10.30%	-2.15%	-23.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-80.17%	-44.60%	-41.56%	-31.57%	-28.79%	-23.07%	0.07%	-14.19%	10.26%	2.29%	8.99%
Operating Margin	-89.98%	-81.38%	-54.69%	-42.18%	-29.12%	-27.91%	-11.14%	-18.99%	-0.50%	-1.07%	6.63%
EBIT Margin	-81.09%	-54.21%	-46.49%	-34.39%	-28.35%	-23.09%	-6.70%	-14.08%	9.56%	0.68%	8.17%
Profit (Net Income) Margin	-80.70%	-53.99%	-46.20%	-34.60%	-28.24%	-23.25%	-6.85%	-14.35%	9.28%	0.36%	7.90%
Tax Burden Percent	99.52%	99.60%	99.37%	100.61%	99.58%	100.67%	102.26%	101.93%	96.98%	52.46%	96.74%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.02%	47.54%	3.26%
Return on Invested Capital (ROIC)	-22.00%	-18.72%	-59.70%	-21.70%	-13.53%	-14.15%	-17.02%	-32.37%	-1.33%	-1.76%	27.28%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.04%	-18.16%	-57.43%	-10.27%	-28.44%	-20.35%	-17.42%	-31.93%	-6.33%	-2.16%	26.67%
Return on Net Nonoperating Assets (RNNOA)	-18.30%	-14.57%	34.73%	0.88%	-3.44%	-2.73%	10.38%	19.67%	3.95%	1.41%	-19.70%
Return on Equity (ROE)	-40.29%	-33.29%	-24.97%	-20.81%	-16.98%	-16.89%	-6.64%	-12.70%	2.62%	-0.35%	7.58%
Cash Return on Invested Capital (CROIC)	-38.34%	-28.27%	-89.69%	76.88%	99.65%	110.79%	-42.35%	-33.75%	-5.69%	-2.84%	9.63%
Operating Return on Assets (OROA)	-16.27%	-11.23%	-9.76%	-7.61%	-6.44%	-5.83%	-1.76%	-3.83%	2.74%	0.21%	1.61%
Return on Assets (ROA)	-16.19%	-11.19%	-9.70%	-7.66%	-6.41%	-5.87%	-1.80%	-3.91%	2.66%	0.11%	1.56%
Return on Common Equity (ROCE)	-40.29%	-33.29%	-24.97%	-20.81%	-16.98%	-16.89%	-6.64%	-12.70%	2.62%	-0.35%	7.58%
Return on Equity Simple (ROE_SIMPLE)	-32.46%	-38.46%	0.00%	-35.29%	-28.48%	-25.87%	0.00%	-15.74%	-7.14%	-2.16%	0.00%
Net Operating Profit after Tax (NOPAT)	-252	-217	-171	-147	-121	-113	-51	-93	-4.19	-4.40	56
NOPAT Margin	-62.99%	-56.97%	-38.28%	-29.53%	-20.39%	-19.54%	-7.80%	-13.29%	-0.48%	-0.56%	6.41%
Net Nonoperating Expense Percent (NNEP)	4.05%	-0.56%	-2.26%	-11.42%	14.91%	6.20%	0.40%	-0.44%	5.00%	0.40%	0.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-1.39%	-	-	-	-0.04%	-0.04%	0.33%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	39.70%	36.55%	28.60%	28.26%	22.46%	22.34%	18.73%	19.83%	16.09%	17.15%	15.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	189.98%	181.38%	154.69%	141.85%	129.11%	127.91%	111.14%	119.02%	100.49%	101.07%	93.38%
Earnings before Interest and Taxes (EBIT)	-324	-207	-207	-171	-168	-133	-44	-98	83	5.35	72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-320	-170	-185	-157	-170	-133	0.46	-99	89	18	79
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.12	1.32	1.79	2.48	5.63	4.36	3.42	4.48	6.87	5.00	7.27
Price to Tangible Book Value (P/TBV)	1.46	1.72	2.32	3.17	7.14	5.52	4.27	5.56	8.49	6.14	8.84
Price to Revenue (P/Rev)	1.90	2.20	2.85	3.69	7.74	5.42	4.02	5.03	6.83	4.78	6.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	380.09
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.26%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.16	2.88	4.60	11.87	9.58	7.13	10.62	18.78	13.78	28.75
Enterprise Value to Revenue (EV/Rev)	3.33	3.71	1.91	2.80	6.94	4.65	3.30	4.30	6.15	4.11	6.10
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,519.53	227.37
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	319.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	249.56	80.68	81.66	23.08	17.01	19.82	21.93	15.70	24.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.68	4.62	3.04	0.00	0.00	0.00	0.00	269.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.95	1.88	2.11	2.15	2.30	2.38	2.35	2.44	2.62	2.49	4.57
Long-Term Debt to Equity	1.95	1.88	2.11	2.15	2.30	2.38	2.35	2.44	2.62	2.49	4.57
Financial Leverage	0.70	0.80	-0.60	-0.09	0.12	0.13	-0.60	-0.62	-0.62	-0.65	-0.74
Leverage Ratio	2.96	2.86	2.94	3.04	3.28	3.25	3.36	3.43	3.61	3.57	5.64
Compound Leverage Factor	2.96	2.86	2.94	3.04	3.28	3.25	3.36	3.43	3.61	3.57	5.64
Debt to Total Capital	66.15%	65.26%	67.84%	68.27%	69.71%	70.40%	70.13%	70.97%	72.40%	71.31%	82.06%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.15%	65.26%	67.84%	68.27%	69.71%	70.40%	70.13%	70.97%	72.40%	71.31%	82.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	33.85%	34.74%	32.16%	31.73%	30.29%	29.60%	29.87%	29.03%	27.60%	28.69%	17.94%
Debt to EBITDA	-5.97	-5.01	-5.77	-6.64	-8.89	-9.67	-13.97	-17.26	-51.20	877.63	162.28
Net Debt to EBITDA	-2.59	-2.42	1.61	1.85	2.25	2.51	3.66	4.57	13.27	-245.75	-30.51
Long-Term Debt to EBITDA	-5.97	-5.01	-5.77	-6.64	-8.89	-9.67	-13.97	-17.26	-51.20	877.63	162.28
Debt to NOPAT	-6.09	-5.46	-6.36	-7.03	-9.26	-11.34	-14.88	-18.37	-28.12	-46.66	-189.42
Net Debt to NOPAT	-2.64	-2.63	1.78	1.95	2.35	2.95	3.90	4.87	7.29	13.06	35.62
Long-Term Debt to NOPAT	-6.09	-5.46	-6.36	-7.03	-9.26	-11.34	-14.88	-18.37	-28.12	-46.66	-189.42
Altman Z-Score	0.91	1.01	0.47	0.65	1.35	1.03	0.86	1.06	1.58	1.23	1.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	16.60	22.02	8.78	7.94	6.56	7.12	6.64	6.50	5.77	5.68	4.92
Quick Ratio	15.51	20.57	8.18	7.38	6.16	6.95	6.71	6.54	5.33	5.66	5.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,071	-649	-243	2,442	3,408	3,664	-71	-65	198	121	203
Operating Cash Flow to CapEx	-83.35%	-177.86%	176.16%	276.13%	191.81%	447.87%	179.74%	445.88%	710.66%	396.87%	146.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.21	0.22	0.23	0.25	0.26	0.27	0.29	0.31	0.20
Accounts Receivable Turnover	8.80	11.57	9.31	8.97	7.52	9.83	8.41	9.27	10.96	11.71	8.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.17	7.19	6.88	6.30	6.19	6.22	6.47	6.22	6.39	6.37	6.45
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	41.45	31.55	39.21	40.67	48.51	37.13	43.38	39.37	33.30	31.17	44.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	41.45	31.55	39.21	40.67	48.51	37.13	43.38	39.37	33.30	31.17	44.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,648	4,801	1,055	1,050	1,119	1,024	1,074	1,023	918	898	684
Invested Capital Turnover	0.35	0.33	1.56	0.73	0.66	0.72	2.18	2.44	2.75	3.13	4.26
Increase / (Decrease) in Invested Capital	819	432	73	-2,589	-3,529	-3,777	20	-27	-202	-126	-147
Enterprise Value (EV)	4,932	5,589	3,040	4,830	13,290	9,812	7,657	10,863	17,233	12,372	19,665
Market Capitalization	2,806	3,313	4,533	6,366	14,827	11,434	9,339	12,700	19,126	14,373	22,305
Book Value per Share	$8.65	$8.54	$8.57	$8.58	$8.73	$8.55	$8.84	$9.11	$8.87	$9.04	$9.51
Tangible Book Value per Share	$6.61	$6.55	$6.62	$6.72	$6.88	$6.75	$7.07	$7.35	$7.17	$7.36	$7.82
Total Capital	7,416	7,227	7,879	8,090	8,698	8,863	9,147	9,768	10,092	10,021	17,105
Total Debt	4,906	4,716	5,345	5,524	6,063	6,240	6,415	6,932	7,307	7,146	14,036
Total Long-Term Debt	4,906	4,716	5,345	5,524	6,063	6,240	6,415	6,932	7,307	7,146	14,036
Net Debt	2,126	2,276	-1,493	-1,536	-1,538	-1,622	-1,682	-1,837	-1,893	-2,001	-2,639
Capital Expenditures (CapEx)	34	31	25	36	39	46	38	44	44	53	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,286	3,455	-282	-312	-322	-334	-328	-414	-549	-570	-839
Debt-free Net Working Capital (DFNWC)	6,066	5,895	2,152	2,198	2,040	2,068	2,099	2,045	1,855	1,946	1,981
Net Working Capital (NWC)	6,066	5,895	2,152	2,198	2,040	2,068	2,099	2,045	1,855	1,946	1,981
Net Nonoperating Expense (NNE)	71	-11	35	25	46	21	-6.29	7.39	-85	-7.21	-13
Net Nonoperating Obligations (NNO)	2,138	2,290	-1,479	-1,516	-1,515	-1,600	-1,658	-1,813	-1,868	-1,977	-2,385
Total Depreciation and Amortization (D&A)	3.68	37	22	14	-2.55	0.14	45	-0.80	6.00	13	7.23
Debt-free, Cash-free Net Working Capital to Revenue	222.04%	229.35%	-17.77%	-18.14%	-16.80%	-15.81%	-14.14%	-16.39%	-19.61%	-18.97%	-26.03%
Debt-free Net Working Capital to Revenue	409.85%	391.38%	135.54%	127.56%	106.57%	98.01%	90.34%	80.97%	66.24%	64.71%	61.44%
Net Working Capital to Revenue	409.85%	391.38%	135.54%	127.56%	106.57%	98.01%	90.34%	80.97%	66.24%	64.71%	61.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.25	$0.01	$0.21
Adjusted Weighted Average Basic Shares Outstanding	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	322.28M	324.05M	322.85M
Adjusted Diluted Earnings per Share	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.23	$0.01	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	345.20M	344.22M	341.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	293.99M	295.69M	299.30M	301.73M	306.87M	309.12M	311.12M	314.06M	318.06M	322.60M	325.65M
Normalized Net Operating Profit after Tax (NOPAT)	-252	-193	-170	-147	-121	-109	-52	-93	-4.19	-4.40	56
Normalized NOPAT Margin	-62.99%	-50.55%	-38.14%	-29.53%	-20.39%	-18.90%	-7.82%	-13.29%	-0.48%	-0.56%	6.41%
Pre Tax Income Margin	-81.09%	-54.21%	-46.49%	-34.39%	-28.35%	-23.09%	-6.70%	-14.08%	9.56%	0.68%	8.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.02%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	-125.67%	-401.97%	479.06%

Key Financial Trends

Affirm Holdings, Inc. (NASDAQ: AFRM) has shown notable financial developments over the last few years through its quarterly statements. Here is a concise analysis of key trends and factors based on the data from Q3 2022 through Q4 2025:

Revenue Growth: Operating revenue significantly increased from approximately $355 million in Q3 2022 to $876 million in Q4 2025, indicating strong top-line growth.
Improvement in Net Income: The company transitioned from quarterly net losses of over $200 million in 2022 to positive net income of nearly $70 million in Q4 2025, showing progress toward profitability.
Positive Operating Cash Flows: Net cash from continuing operating activities improved over time, reaching $74.6 million in Q4 2025 from previous negative cash flow periods, demonstrating stronger core operations cash generation.
Substantial Investment Activity: Affirm made significant investments in property, plant, and equipment ($51 million in Q4 2025) and maintains sizable long-term investments, supporting future growth plans.
Issuance of Debt Exceeds Repayments: Recent quarters show issuance of debt exceeding repayments (e.g., net positive financing cash flow of $387 million in Q4 2025), potentially providing liquidity for operations and expansion.
High Operating Expenses: Total operating expenses are substantial relative to revenue, including large amounts in other operating expenses (e.g., $605 million in Q4 2025), highlighting ongoing cost risks.
Marketing and SG&A Expenses: Remain significant but relatively stable, suggesting ongoing investment in customer acquisition and support services aligned with growth efforts.
Interest Expense and Cash Interest Paid: Consistently high cash interest payments (~$100 million in recent quarters) reflect the cost of debt financing, which could pressure net earnings.
Volatility in Net Income: Despite improvements, net income has fluctuated widely, including deficits as recent as Q1 2025, signaling lingering earnings stability concerns.
Negative Retained Earnings: The company’s retained earnings remain significantly negative (e.g., over -$3 billion at Q3 2025), a legacy of prior operating losses that may affect equity structure and investor perception.

In summary, Affirm has demonstrated strong revenue growth and progress toward profitability in 2025 compared to losses in prior years. However, elevated operating expenses and high interest costs pose challenges to sustained net income growth. The company’s significant investments and improved cash flow from operations suggest a focused strategy on scaling. Retail investors should weigh the improving financial results against remaining volatility and high cost structures when evaluating this stock.

09/13/25 03:47 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Affirm's Financials

When does Affirm's financial year end?

According to the most recent income statement we have on file, Affirm's fiscal year ends in June. Their fiscal year 2025 ended on June 30, 2025.

How has Affirm's net income changed over the last 6 years?

Affirm's net income appears to be on an upward trend, with a most recent value of $52.19 million in 2025, falling from -$120.46 million in 2019. The previous period was -$517.76 million in 2024. See where experts think Affirm is headed by visiting Affirm's forecast page.

What is Affirm's operating income?

Affirm's total operating income in 2025 was -$87.27 million, based on the following breakdown:

Total Gross Profit: $3.22 billion
Total Operating Expenses: $3.31 billion

How has Affirm's revenue changed over the last 6 years?

Over the last 6 years, Affirm's total revenue changed from $264.37 million in 2019 to $3.22 billion in 2025, a change of 1,119.7%.

How much debt does Affirm have?

Affirm's total liabilities were at $14.54 billion at the end of 2025, a 22.6% increase from 2024, and a 1,406.6% increase since 2020.

How much cash does Affirm have?

In the past 5 years, Affirm's cash and equivalents has ranged from $267.06 million in 2020 to $1.47 billion in 2021, and is currently $1.35 billion as of their latest financial filing in 2025.

How has Affirm's book value per share changed over the last 6 years?

Over the last 6 years, Affirm's book value per share changed from 0.00 in 2019 to 9.51 in 2025, a change of 951.3%.

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This page (NASDAQ:AFRM) was last updated on 9/13/2025 by MarketBeat.com Staff

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Affirm (AFRM) Financials

Key Financial Trends

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Frequently Asked Questions About Affirm's Financials

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Affirm (AFRM) Financials

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