Affirm (AFRM) Financials

$66.41 -2.15 (-3.14%)

Closing price 08/1/2025 04:00 PM Eastern

Extended Trading

$66.64 +0.23 (+0.34%)

As of 08/1/2025 07:58 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
Period end date	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Net Income / (Loss) Attributable to Common Shareholders	-135	-126	-434	-721	-994	-524
Consolidated Net Income / (Loss)	-120	-113	-441	-707	-985	-518
Net Income / (Loss) Continuing Operations	-120	-113	-441	-707	-985	-518
Total Pre-Tax Income	-120	-112	-443	-725	-989	-516
Total Operating Income	-127	-108	-384	-866	-1,201	-616
Total Gross Profit	264	510	870	1,349	1,588	2,323
Total Revenue	264	510	870	1,349	1,588	2,323
Operating Revenue	264	510	870	1,349	1,588	2,323
Total Cost of Revenue	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
Selling, General & Admin Expense	89	121	384	577	586	525
Marketing Expense	17	25	182	532	638	576
Other Operating Expenses / (Income)	286	471	688	1,106	1,528	1,830
Restructuring Charge	-	-	0.00	0.00	36	6.77
Total Other Income / (Expense), net	7.02	-4.43	-60	141	212	100
Other Income / (Expense), net	7.02	-4.43	-60	141	212	100
Income Tax Expense	0.04	0.38	-2.34	-17	-3.90	2.23
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-7.08	14	8.27	6.14
Basic Earnings per Share	($2.84)	($2.63)	($2.78)	($2.51)	($3.34)	($1.67)
Weighted Average Basic Shares Outstanding	47.35M	47.86M	158.37M	281.70M	295.34M	309.86M
Diluted Earnings per Share	($2.84)	($2.63)	($2.94)	($2.51)	($3.34)	($1.67)
Weighted Average Diluted Shares Outstanding	47.35M	47.86M	159.24M	281.70M	295.34M	309.86M
Weighted Average Basic & Diluted Shares Outstanding	-	-	271.87M	289.07M	299.30M	311.12M

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	-200	-278	-315	-201	-199	-182	-149	-144	-49	-88	42
Consolidated Net Income / (Loss)	-186	-251	-322	-206	-206	-172	-167	-134	-45	-100	80
Net Income / (Loss) Continuing Operations	-186	-251	-322	-206	-206	-172	-167	-134	-45	-100	80
Total Pre-Tax Income	-205	-251	-324	-207	-207	-171	-168	-133	-44	-98	83
Total Operating Income	-277	-287	-360	-310	-244	-209	-172	-161	-73	-133	-4.32
Total Gross Profit	364	362	400	381	446	497	591	576	659	698	866
Total Revenue	364	362	400	381	446	497	591	576	659	698	866
Operating Revenue	364	362	400	381	446	497	591	576	659	698	866
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	641	649	759	691	690	704	763	737	733	831	871
Selling, General & Admin Expense	158	161	159	139	128	140	133	129	123	138	139
Marketing Expense	169	164	188	141	145	147	161	133	135	145	136
Other Operating Expenses / (Income)	315	324	412	376	416	417	469	470	474	548	595
Total Other Income / (Expense), net	73	36	36	104	37	39	4.55	28	29	34	87
Other Income / (Expense), net	73	36	36	104	37	39	4.55	28	29	34	87
Income Tax Expense	-18	-0.18	-1.57	-0.84	-1.32	1.04	-0.70	0.89	1.00	1.90	2.50
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	27	-7.59	-4.29	-6.92	9.78	-18	10	4.26	-12	38
Basic Earnings per Share	($0.62)	($0.86)	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.25
Weighted Average Basic Shares Outstanding	281.70M	290.93M	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	322.28M
Diluted Earnings per Share	($0.62)	($0.86)	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.23
Weighted Average Diluted Shares Outstanding	281.70M	290.93M	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	345.20M
Weighted Average Basic & Diluted Shares Outstanding	289.07M	290.15M	293.99M	295.69M	299.30M	301.73M	306.87M	309.12M	311.12M	314.06M	318.06M

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

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	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
Net Change in Cash & Equivalents	-1,125	363	-49	-483	-122	229	-41	172	-324	89	353
Net Cash From Operating Activities	-59	51	-29	-54	44	99	74	208	69	197	312
Net Cash From Continuing Operating Activities	-59	51	-29	-54	44	99	74	208	69	197	312
Net Income / (Loss) Continuing Operations	-186	-251	-322	-206	-206	-172	-167	-134	-45	-100	80
Consolidated Net Income / (Loss)	-186	-251	-322	-206	-206	-172	-167	-134	-45	-100	80
Depreciation Expense	17	21	23	47	43	40	27	37	65	47	55
Amortization Expense	-14	-20	-19	-11	-21	-26	-29	-37	-21	-48	-49
Non-Cash Adjustments To Reconcile Net Income	161	307	370	75	299	271	384	262	162	278	138
Changes in Operating Assets and Liabilities, net	-37	-6.03	-80	40	-71	-15	-140	80	-93	20	87
Net Cash From Investing Activities	-1,026	117	-692	-301	-777	-16	-625	-147	-538	-575	-89
Net Cash From Continuing Investing Activities	-1,026	117	-692	-301	-777	-16	-625	-147	-538	-575	-89
Purchase of Property, Plant & Equipment	-27	-31	-34	-31	-25	-36	-39	-46	-38	-44	-44
Purchase of Investments	-3,904	-2,849	-3,792	-3,547	-4,480	-4,326	-6,200	-5,492	-6,456	-6,525	-8,712
Sale and/or Maturity of Investments	687	791	710	721	898	1,162	2,297	1,613	2,124	1,846	4,139
Other Investing Activities, net	2,243	2,207	2,424	2,573	2,829	3,185	3,317	3,778	3,833	4,148	4,528
Net Cash From Financing Activities	-29	200	670	-129	610	149	506	112	146	466	144
Net Cash From Continuing Financing Activities	-29	200	670	-129	610	149	506	112	146	466	144
Repayment of Debt	-1,842	-1,218	-1,493	-2,293	-1,633	-3,465	-3,371	-2,702	-4,382	-3,414	-5,171
Issuance of Debt	1,825	1,444	2,174	2,181	2,246	3,646	3,895	2,885	4,563	3,939	5,624
Other Financing Activities, net	-12	-26	-11	-18	-3.50	-33	-18	-71	-34	-60	-60
Effect of Exchange Rate Changes	-11	-5.30	2.20	0.89	2.29	-3.30	3.72	-1.71	-1.39	1.73	-15
Cash Interest Paid	17	23	33	49	58	65	78	86	90	100	102
Cash Income Taxes Paid	0.12	0.14	0.07	0.17	0.43	0.31	0.26	0.02	0.60	0.45	0.66

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
Period end date	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Total Assets	1,402	4,867	6,974	8,156	9,520
Total Current Assets	231	1,440	3,136	2,429	2,471
Cash & Equivalents	267	1,467	1,255	892	1,013
Restricted Cash	-	-	296	368	282
Short-Term Investments	-	-	1,595	1,175	1,132
Note & Lease Receivable	-	-118	2.67	0.08	0.04
Accounts Receivable	59	92	142	199	353
Other Current Assets	-95	-	-155	-205	-309
Plant, Property, & Equipment, net	48	62	171	290	428
Total Noncurrent Assets	1,123	3,348	3,667	5,436	6,621
Long-Term Investments	1,034	-	2,504	4,403	5,670
Goodwill	1.26	517	540	543	533
Intangible Assets	2.50	68	79	34	14
Other Noncurrent Operating Assets	85	2,763	545	456	404
Total Liabilities & Shareholders' Equity	1,402	4,867	6,974	8,156	9,520
Total Liabilities	965	2,291	4,356	5,621	6,788
Total Current Liabilities	48	384	349	277	372
Accounts Payable	18	58	104	82	201
Accrued Expenses	28	324	238	181	147
Other Current Nonoperating Liabilities	1.86	2.75	6.66	13	24
Total Noncurrent Liabilities	917	1,907	4,007	5,345	6,415
Long-Term Debt	917	1,907	4,007	5,345	6,415
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-367	2,576	2,618	2,534	2,732
Total Preferred & Common Equity	-367	2,576	2,618	2,534	2,732
Total Common Equity	-367	2,576	2,618	2,534	2,732
Common Stock	80	3,467	4,231	5,141	5,863
Retained Earnings	-447	-898	-1,606	-2,591	-3,109
Accumulated Other Comprehensive Income / (Loss)	-0.30	6.77	-7.15	-15	-22

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

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

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

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	39.10%	34.24%	10.68%	7.39%	22.43%	37.31%	47.94%	51.23%	47.86%	40.67%	46.57%
EBITDA Growth	-60.09%	18.63%	-88.19%	-241.11%	8.07%	37.33%	46.88%	21.78%	100.25%	36.77%	152.22%
EBIT Growth	-62.48%	17.95%	-103.19%	-279.54%	-1.35%	32.10%	48.27%	35.58%	78.71%	42.42%	149.44%
NOPAT Growth	-142.64%	-73.10%	-83.25%	-36.85%	12.05%	27.14%	52.12%	48.14%	69.87%	36.68%	96.52%
Net Income Growth	-51.03%	18.05%	-101.86%	-276.21%	-10.50%	31.63%	48.24%	34.88%	78.09%	41.66%	148.15%
EPS Growth	27.91%	23.89%	-92.98%	-263.16%	-11.29%	33.72%	50.91%	37.68%	81.16%	45.61%	142.59%
Operating Cash Flow Growth	-196.84%	-85.97%	93.52%	-93.97%	174.08%	93.11%	360.34%	483.51%	57.03%	99.05%	319.82%
Free Cash Flow Firm Growth	0.00%	74.81%	43.21%	62.80%	-113.32%	406.78%	418.23%	664.41%	70.77%	-102.68%	-94.20%
Invested Capital Growth	-67.30%	19.54%	21.40%	9.89%	7.41%	-71.13%	-75.92%	-78.67%	1.87%	-2.62%	-18.03%
Revenue Q/Q Growth	2.64%	-0.69%	10.49%	-4.65%	17.02%	11.38%	19.04%	-2.53%	14.41%	5.96%	24.04%
EBITDA Q/Q Growth	-304.64%	-24.11%	-28.06%	46.96%	-9.05%	15.39%	-8.53%	21.89%	100.35%	-21,462.50%	189.65%
EBIT Q/Q Growth	-275.87%	-22.95%	-28.86%	36.26%	-0.37%	17.63%	1.84%	20.62%	66.82%	-122.75%	184.27%
NOPAT Q/Q Growth	-22.37%	-3.69%	-25.07%	13.77%	21.35%	14.10%	17.81%	6.60%	54.31%	-80.54%	95.48%
Net Income Q/Q Growth	-240.94%	-34.80%	-28.32%	36.21%	-0.14%	16.59%	2.84%	19.75%	66.30%	-122.04%	180.18%
EPS Q/Q Growth	-226.32%	-38.71%	-27.91%	37.27%	0.00%	17.39%	5.26%	20.37%	69.77%	-138.46%	174.19%
Operating Cash Flow Q/Q Growth	-111.25%	186.65%	-155.74%	-90.12%	180.68%	125.86%	-24.85%	180.07%	-66.97%	186.30%	58.49%
Free Cash Flow Firm Q/Q Growth	204.67%	-143.57%	-34.54%	39.38%	62.51%	1,103.30%	39.56%	7.52%	-101.94%	8.14%	402.42%
Invested Capital Q/Q Growth	-77.52%	270.58%	27.73%	3.29%	-78.03%	-0.41%	6.57%	-8.55%	4.95%	-4.79%	-10.30%
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	-55.35%	-69.17%	-80.17%	-44.60%	-41.56%	-31.57%	-28.79%	-23.07%	0.07%	-14.19%	10.26%
Operating Margin	-76.13%	-79.49%	-89.98%	-81.38%	-54.69%	-42.18%	-29.12%	-27.91%	-11.14%	-18.99%	-0.50%
EBIT Margin	-56.17%	-69.53%	-81.09%	-54.21%	-46.49%	-34.39%	-28.35%	-23.09%	-6.70%	-14.08%	9.56%
Profit (Net Income) Margin	-51.19%	-69.48%	-80.70%	-53.99%	-46.20%	-34.60%	-28.24%	-23.25%	-6.85%	-14.35%	9.28%
Tax Burden Percent	91.14%	99.93%	99.52%	99.60%	99.37%	100.61%	99.58%	100.67%	102.26%	101.93%	96.98%
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%	0.00%	0.00%	3.02%
Return on Invested Capital (ROIC)	-36.09%	-24.00%	-22.00%	-18.72%	-59.70%	-21.70%	-13.53%	-14.15%	-17.02%	-32.37%	-1.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-37.36%	-29.75%	-26.04%	-18.16%	-57.43%	-10.27%	-28.44%	-20.35%	-17.42%	-31.93%	-6.33%
Return on Net Nonoperating Assets (RNNOA)	8.70%	-10.49%	-18.30%	-14.57%	34.73%	0.88%	-3.44%	-2.73%	10.38%	19.67%	3.95%
Return on Equity (ROE)	-27.39%	-34.50%	-40.29%	-33.29%	-24.97%	-20.81%	-16.98%	-16.89%	-6.64%	-12.70%	2.62%
Cash Return on Invested Capital (CROIC)	71.00%	-38.48%	-38.34%	-28.27%	-89.69%	76.88%	99.65%	110.79%	-42.35%	-33.75%	-5.69%
Operating Return on Assets (OROA)	-12.80%	-15.95%	-16.27%	-11.23%	-9.76%	-7.61%	-6.44%	-5.83%	-1.76%	-3.83%	2.74%
Return on Assets (ROA)	-11.67%	-15.94%	-16.19%	-11.19%	-9.70%	-7.66%	-6.41%	-5.87%	-1.80%	-3.91%	2.66%
Return on Common Equity (ROCE)	-27.39%	-34.50%	-40.29%	-33.29%	-24.97%	-20.81%	-16.98%	-16.89%	-6.64%	-12.70%	2.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-25.44%	-32.46%	-38.46%	0.00%	-35.29%	-28.48%	-25.87%	0.00%	-15.74%	-7.14%
Net Operating Profit after Tax (NOPAT)	-194	-201	-252	-217	-171	-147	-121	-113	-51	-93	-4.19
NOPAT Margin	-53.29%	-55.65%	-62.99%	-56.97%	-38.28%	-29.53%	-20.39%	-19.54%	-7.80%	-13.29%	-0.48%
Net Nonoperating Expense Percent (NNEP)	1.27%	5.74%	4.05%	-0.56%	-2.26%	-11.42%	14.91%	6.20%	0.40%	-0.44%	5.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-1.39%	-	-	-	-0.04%
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	43.26%	44.51%	39.70%	36.55%	28.60%	28.26%	22.46%	22.34%	18.73%	19.83%	16.09%
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	176.13%	179.49%	189.98%	181.38%	154.69%	141.85%	129.11%	127.91%	111.14%	119.02%	100.49%
Earnings before Interest and Taxes (EBIT)	-205	-251	-324	-207	-207	-171	-168	-133	-44	-98	83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-202	-250	-320	-170	-185	-157	-170	-133	0.46	-99	89
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.98	2.12	1.12	1.32	1.79	2.48	5.63	4.36	3.42	4.48	6.87
Price to Tangible Book Value (P/TBV)	2.59	2.76	1.46	1.72	2.32	3.17	7.14	5.52	4.27	5.56	8.49
Price to Revenue (P/Rev)	3.83	3.76	1.90	2.20	2.85	3.69	7.74	5.42	4.02	5.03	6.83
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	0.00
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%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.59	1.78	1.06	1.16	2.88	4.60	11.87	9.58	7.13	10.62	18.78
Enterprise Value to Revenue (EV/Rev)	2.62	4.50	3.33	3.71	1.91	2.80	6.94	4.65	3.30	4.30	6.15
Enterprise Value to EBITDA (EV/EBITDA)	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 EBIT (EV/EBIT)	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 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	0.00	0.00	249.56	80.68	81.66	23.08	17.01	19.82	21.93
Enterprise Value to Free Cash Flow (EV/FCFF)	2.50	0.00	0.00	0.00	0.00	2.68	4.62	3.04	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.53	1.65	1.95	1.88	2.11	2.15	2.30	2.38	2.35	2.44	2.62
Long-Term Debt to Equity	1.53	1.65	1.95	1.88	2.11	2.15	2.30	2.38	2.35	2.44	2.62
Financial Leverage	-0.23	0.35	0.70	0.80	-0.60	-0.09	0.12	0.13	-0.60	-0.62	-0.62
Leverage Ratio	2.28	2.54	2.96	2.86	2.94	3.04	3.28	3.25	3.36	3.43	3.61
Compound Leverage Factor	2.28	2.54	2.96	2.86	2.94	3.04	3.28	3.25	3.36	3.43	3.61
Debt to Total Capital	60.48%	62.22%	66.15%	65.26%	67.84%	68.27%	69.71%	70.40%	70.13%	70.97%	72.40%
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	60.48%	62.22%	66.15%	65.26%	67.84%	68.27%	69.71%	70.40%	70.13%	70.97%	72.40%
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	39.52%	37.78%	33.85%	34.74%	32.16%	31.73%	30.29%	29.60%	29.87%	29.03%	27.60%
Debt to EBITDA	-5.50	-6.28	-5.97	-5.01	-5.77	-6.64	-8.89	-9.67	-13.97	-17.26	-51.20
Net Debt to EBITDA	2.25	-1.59	-2.59	-2.42	1.61	1.85	2.25	2.51	3.66	4.57	13.27
Long-Term Debt to EBITDA	-5.50	-6.28	-5.97	-5.01	-5.77	-6.64	-8.89	-9.67	-13.97	-17.26	-51.20
Debt to NOPAT	-6.61	-6.11	-6.09	-5.46	-6.36	-7.03	-9.26	-11.34	-14.88	-18.37	-28.12
Net Debt to NOPAT	2.71	-1.55	-2.64	-2.63	1.78	1.95	2.35	2.95	3.90	4.87	7.29
Long-Term Debt to NOPAT	-6.61	-6.11	-6.09	-5.46	-6.36	-7.03	-9.26	-11.34	-14.88	-18.37	-28.12
Altman Z-Score	0.97	1.34	0.91	1.01	0.47	0.65	1.35	1.03	0.86	1.06	1.58
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	8.99	15.34	16.60	22.02	8.78	7.94	6.56	7.12	6.64	6.50	5.77
Quick Ratio	8.59	14.33	15.51	20.57	8.18	7.38	6.16	6.95	6.71	6.54	5.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,827	-796	-1,071	-649	-243	2,442	3,408	3,664	-71	-65	198
Operating Cash Flow to CapEx	-218.63%	164.41%	-83.35%	-177.86%	176.16%	276.13%	191.81%	447.87%	179.74%	445.88%	710.66%
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	0.23	0.23	0.20	0.21	0.21	0.22	0.23	0.25	0.26	0.27	0.29
Accounts Receivable Turnover	11.55	11.59	8.80	11.57	9.31	8.97	7.52	9.83	8.41	9.27	10.96
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	11.53	9.83	8.17	7.19	6.88	6.30	6.19	6.22	6.47	6.22	6.39
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)	31.60	31.49	41.45	31.55	39.21	40.67	48.51	37.13	43.38	39.37	33.30
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)	31.60	31.49	41.45	31.55	39.21	40.67	48.51	37.13	43.38	39.37	33.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	982	3,639	4,648	4,801	1,055	1,050	1,119	1,024	1,074	1,023	918
Invested Capital Turnover	0.68	0.43	0.35	0.33	1.56	0.73	0.66	0.72	2.18	2.44	2.75
Increase / (Decrease) in Invested Capital	-2,021	595	819	432	73	-2,589	-3,529	-3,777	20	-27	-202
Enterprise Value (EV)	3,530	6,493	4,932	5,589	3,040	4,830	13,290	9,812	7,657	10,863	17,233
Market Capitalization	5,173	5,423	2,806	3,313	4,533	6,366	14,827	11,434	9,339	12,700	19,126
Book Value per Share	$9.14	$8.87	$8.65	$8.54	$8.57	$8.58	$8.73	$8.55	$8.84	$9.11	$8.87
Tangible Book Value per Share	$6.98	$6.81	$6.61	$6.55	$6.62	$6.72	$6.88	$6.75	$7.07	$7.35	$7.17
Total Capital	6,625	6,785	7,416	7,227	7,879	8,090	8,698	8,863	9,147	9,768	10,092
Total Debt	4,007	4,221	4,906	4,716	5,345	5,524	6,063	6,240	6,415	6,932	7,307
Total Long-Term Debt	4,007	4,221	4,906	4,716	5,345	5,524	6,063	6,240	6,415	6,932	7,307
Net Debt	-1,643	1,070	2,126	2,276	-1,493	-1,536	-1,538	-1,622	-1,682	-1,837	-1,893
Capital Expenditures (CapEx)	27	31	34	31	25	36	39	46	38	44	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-359	2,303	3,286	3,455	-282	-312	-322	-334	-328	-414	-549
Debt-free Net Working Capital (DFNWC)	2,787	5,454	6,066	5,895	2,152	2,198	2,040	2,068	2,099	2,045	1,855
Net Working Capital (NWC)	2,787	5,454	6,066	5,895	2,152	2,198	2,040	2,068	2,099	2,045	1,855
Net Nonoperating Expense (NNE)	-7.66	50	71	-11	35	25	46	21	-6.29	7.39	-85
Net Nonoperating Obligations (NNO)	-1,636	1,076	2,138	2,290	-1,479	-1,516	-1,515	-1,600	-1,658	-1,813	-1,868
Total Depreciation and Amortization (D&A)	2.96	1.30	3.68	37	22	14	-2.55	0.14	45	-0.80	6.00
Debt-free, Cash-free Net Working Capital to Revenue	-26.63%	159.76%	222.04%	229.35%	-17.77%	-18.14%	-16.80%	-15.81%	-14.14%	-16.39%	-19.61%
Debt-free Net Working Capital to Revenue	206.54%	378.34%	409.85%	391.38%	135.54%	127.56%	106.57%	98.01%	90.34%	80.97%	66.24%
Net Working Capital to Revenue	206.54%	378.34%	409.85%	391.38%	135.54%	127.56%	106.57%	98.01%	90.34%	80.97%	66.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.62)	($0.86)	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.25
Adjusted Weighted Average Basic Shares Outstanding	281.70M	290.93M	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	322.28M
Adjusted Diluted Earnings per Share	($0.62)	($0.86)	($1.10)	($0.69)	($0.69)	($0.57)	($0.54)	($0.43)	($0.13)	($0.31)	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	281.70M	290.93M	293.68M	297.20M	295.34M	303.84M	307.57M	312.63M	309.86M	318.23M	345.20M
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	289.07M	290.15M	293.99M	295.69M	299.30M	301.73M	306.87M	309.12M	311.12M	314.06M	318.06M
Normalized Net Operating Profit after Tax (NOPAT)	-194	-201	-252	-193	-170	-147	-121	-109	-52	-93	-4.19
Normalized NOPAT Margin	-53.29%	-55.65%	-62.99%	-50.55%	-38.14%	-29.53%	-20.39%	-18.90%	-7.82%	-13.29%	-0.48%
Pre Tax Income Margin	-56.17%	-69.53%	-81.09%	-54.21%	-46.49%	-34.39%	-28.35%	-23.09%	-6.70%	-14.08%	9.56%
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	-0.01%	-0.03%	-0.02%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	-125.67%

Key Financial Trends

Affirm Holdings, Inc. (NASDAQ: AFRM) has shown significant changes in its financial performance and position over the last four years, based on the available quarterly data through Q2 2025.

Below are the key trends and highlights from the recent quarterly financial statements:

Revenue Growth: Operating revenue has steadily increased from $354.8 million in Q3 2022 to $866.4 million in Q2 2025, demonstrating strong top-line growth over this period.
Positive Net Income in Recent Quarters: After several quarters of net losses, AFRM reported net income of $80.36 million in Q2 2025, reflecting improved profitability.
Increasing Operating Cash Flow: Net cash from operating activities rose significantly from negative $54.3 million in Q3 2023 to $312 million in Q2 2025, indicating improved operational cash efficiency.
Strong Cash & Equivalents Position: Cash and equivalents increased to $1.2 billion by Q2 2025, up from around $973 million in Q3 2023, showing enhanced liquidity.
Stable Shareholder Equity: Total common equity increased from approximately $2.5 billion in early 2023 to nearly $2.8 billion by the end of 2024, suggesting improved net asset value.
Consistent Operating Expenses: Selling, General & Administrative and Marketing expenses remain substantial and have increased moderately over the years, which may pressure margins if revenues do not keep pace.
High Other Operating Expenses: Other operating expenses have been very high, reaching $595 million in Q2 2025, which impacts operating income negatively.
Volatile Net Income Trend: While Q2 2025 showed profitability, the previous quarters often featured large net losses, indicating volatile earnings performance.
Significant Debt Levels: Long-term debt increased to $7.31 billion in Q2 2025 from $4.72 billion in Q3 2023. This high leverage could pose risk to financial stability.
Negative Operating Income Most Quarters: Despite revenue growth, operating income has been negative in most quarters, including Q2 2025 with a slight operating loss of $4.32 million, reflecting ongoing operational challenges.

Summary: Affirm has demonstrated impressive revenue growth and recent improvements in profitability and operating cash flow. The company’s liquidity position strengthened considerably, backed by higher cash reserves. However, it still faces challenges with consistent operating losses, high other operating expenses, and a significant debt burden. Investors should weigh the recent earnings improvements against the historical volatility in profitability and the high leverage when considering AFRM's stock.

08/03/25 04:00 PMAI Generated. May Contain Errors.

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 2024 ended on June 30, 2024.

How has Affirm's net income changed over the last 5 years?

Affirm's net income appears to be on an upward trend, with a most recent value of -$517.76 million in 2024, rising from -$120.46 million in 2019. The previous period was -$985.35 million in 2023. Find out what analysts predict for Affirm in the coming months.

What is Affirm's operating income?

Affirm's total operating income in 2024 was -$615.85 million, based on the following breakdown:

Total Gross Profit: $2.32 billion
Total Operating Expenses: $2.94 billion

How has Affirm's revenue changed over the last 5 years?

Over the last 5 years, Affirm's total revenue changed from $264.37 million in 2019 to $2.32 billion in 2024, a change of 778.7%.

How much debt does Affirm have?

Affirm's total liabilities were at $6.79 billion at the end of 2024, a 20.7% increase from 2023, and a 603.3% increase since 2020.

How much cash does Affirm have?

In the past 4 years, Affirm's cash and equivalents has ranged from $267.06 million in 2020 to $1.47 billion in 2021, and is currently $1.01 billion as of their latest financial filing in 2024.

How has Affirm's book value per share changed over the last 5 years?

Over the last 5 years, Affirm's book value per share changed from 0.00 in 2019 to 8.84 in 2024, a change of 883.8%.

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This page (NASDAQ:AFRM) was last updated on 8/3/2025 by MarketBeat.com Staff

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Affirm (AFRM) Financials

Key Financial Trends

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Affirm (AFRM) Financials

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