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Affirm (AFRM) Financials

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$79.49 +5.00 (+6.71%)
Closing price 08/22/2025 04:00 PM Eastern
Extended Trading
$79.92 +0.43 (+0.53%)
As of 08/22/2025 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Affirm

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

Quarterly Income Statements for Affirm

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

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -278 -315 -201 -199 -182 -149 -134 -49 -88 42 5.85
Consolidated Net Income / (Loss)		 -251 -322 -206 -206 -172 -167 -134 -45 -100 80 2.80
Net Income / (Loss) Continuing Operations		 -251 -322 -206 -206 -172 -167 -134 -45 -100 80 2.80
Total Pre-Tax Income 		-251 -324 -207 -207 -171 -168 -133 -44 -98 83 5.35
Total Operating Income		 -287 -360 -310 -244 -209 -172 -161 -73 -133 -4.32 -8.39
Total Gross Profit		 362 400 381 446 497 591 576 659 698 866 783
Total Revenue		 362 400 381 446 497 591 576 659 698 866 783
Operating Revenue		 362 400 381 446 497 591 576 659 698 866 783
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 649 759 691 690 704 763 737 733 831 871 792
Selling, General & Admin Expense		 161 159 139 128 140 133 129 123 138 139 134
Marketing Expense		 164 188 141 145 147 161 133 135 145 136 74
Other Operating Expenses / (Income)		 324 412 376 416 417 469 470 474 548 595 583
Total Other Income / (Expense), net		 36 36 104 37 39 4.55 28 29 34 87 14
Other Income / (Expense), net		 36 36 104 37 39 4.55 28 29 34 87 14
Income Tax Expense		 -0.18 -1.57 -0.84 -1.32 1.04 -0.70 0.89 1.00 1.90 2.50 2.54
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 27 -7.59 -4.29 -6.92 9.78 -18 - 4.26 -12 38 -3.05
Basic Earnings per Share		 ($0.86) ($1.10) ($0.69) ($0.69) ($0.57) ($0.54) ($0.43) ($0.13) ($0.31) $0.25 $0.01
Weighted Average Basic Shares Outstanding		 290.93M 293.68M 297.20M 295.34M 303.84M 307.57M 312.63M 309.86M 318.23M 322.28M 324.05M
Diluted Earnings per Share		 ($0.86) ($1.10) ($0.69) ($0.69) ($0.57) ($0.54) ($0.43) ($0.13) ($0.31) $0.23 $0.01
Weighted Average Diluted Shares Outstanding		 290.93M 293.68M 297.20M 295.34M 303.84M 307.57M 312.63M 309.86M 318.23M 345.20M 344.22M
Weighted Average Basic & Diluted Shares Outstanding		 290.15M 293.99M 295.69M 299.30M 301.73M 306.87M 309.12M 311.12M 314.06M 318.06M 322.60M

Annual Cash Flow Statements for Affirm

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

Quarterly Cash Flow Statements for Affirm

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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 3/31/2025
Net Change in Cash & Equivalents		 363 -49 -483 -122 229 -41 172 -324 89 353 -1.20
Net Cash From Operating Activities		 51 -29 -54 44 99 74 208 69 197 312 210
Net Cash From Continuing Operating Activities		 51 -29 -54 44 99 74 208 69 197 312 210
Net Income / (Loss) Continuing Operations		 -251 -322 -206 -206 -172 -167 -134 -45 -100 80 2.80
Consolidated Net Income / (Loss)		 -251 -322 -206 -206 -172 -167 -134 -45 -100 80 2.80
Depreciation Expense		 21 23 47 43 40 27 37 65 47 55 59
Amortization Expense		 -20 -19 -11 -21 -26 -29 -37 -21 -48 -49 -47
Non-Cash Adjustments To Reconcile Net Income		 307 370 75 299 271 384 262 162 278 138 216
Changes in Operating Assets and Liabilities, net		 -6.03 -80 40 -71 -15 -140 80 -93 20 87 -21
Net Cash From Investing Activities		 117 -692 -301 -777 -16 -625 -147 -538 -575 -89 36
Net Cash From Continuing Investing Activities		 117 -692 -301 -777 -16 -625 -147 -538 -575 -89 36
Purchase of Property, Plant & Equipment		 -31 -34 -31 -25 -36 -39 -46 -38 -44 -44 -53
Purchase of Investments		 -2,849 -3,792 -3,547 -4,480 -4,326 -6,200 -5,492 -6,456 -6,525 -8,712 -8,045
Sale and/or Maturity of Investments		 791 710 721 898 1,162 2,297 1,613 2,124 1,846 4,139 3,122
Other Investing Activities, net		 2,207 2,424 2,573 2,829 3,185 3,317 3,778 3,833 4,148 4,528 5,011
Net Cash From Financing Activities		 200 670 -129 610 149 506 112 146 466 144 -246
Net Cash From Continuing Financing Activities		 200 670 -129 610 149 506 112 146 466 144 -246
Repayment of Debt		 -1,218 -1,493 -2,293 -1,633 -3,465 -3,371 -2,702 -4,382 -3,414 -5,171 -7,304
Issuance of Debt		 1,444 2,174 2,181 2,246 3,646 3,895 2,885 4,563 3,939 5,624 7,131
Other Financing Activities, net		 -26 -11 -18 -3.50 -33 -18 -71 -34 -60 -60 -73
Effect of Exchange Rate Changes		 -5.30 2.20 0.89 2.29 -3.30 3.72 -1.71 -1.39 1.73 -15 -1.55
Cash Interest Paid		 23 33 49 58 65 78 86 90 100 102 102
Cash Income Taxes Paid		 0.14 0.07 0.17 0.43 0.31 0.26 0.02 0.60 0.45 0.66 1.32

Annual Balance Sheets for Affirm

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

Quarterly Balance Sheets for Affirm

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

Annual Metrics And Ratios for Affirm

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%

Quarterly Metrics And Ratios for Affirm

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

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.24% 10.68% 7.39% 22.43% 37.31% 47.94% 51.23% 47.86% 40.67% 46.57% 35.92%
EBITDA Growth		 18.63% -88.19% -241.11% 8.07% 37.33% 46.88% 21.78% 100.25% 36.77% 152.22% 113.50%
EBIT Growth		 17.95% -103.19% -279.54% -1.35% 32.10% 48.27% 35.58% 78.71% 42.42% 149.44% 104.02%
NOPAT Growth		 -73.10% -83.25% -36.85% 12.05% 27.14% 52.12% 48.14% 69.87% 36.68% 96.52% 96.09%
Net Income Growth		 18.05% -101.86% -276.21% -10.50% 31.63% 48.24% 34.88% 78.09% 41.66% 148.15% 102.09%
EPS Growth		 23.89% -92.98% -263.16% -11.29% 33.72% 50.91% 37.68% 81.16% 45.61% 142.59% 102.33%
Operating Cash Flow Growth		 -85.97% 93.52% -93.97% 174.08% 93.11% 360.34% 483.51% 57.03% 99.05% 319.82% 1.07%
Free Cash Flow Firm Growth		 74.81% 43.21% 62.80% -113.32% 406.78% 418.23% 664.41% 70.77% -102.68% -94.20% -96.68%
Invested Capital Growth		 19.54% 21.40% 9.89% 7.41% -71.13% -75.92% -78.67% 1.87% -2.62% -18.03% -12.30%
Revenue Q/Q Growth		 -0.69% 10.49% -4.65% 17.02% 11.38% 19.04% -2.53% 14.41% 5.96% 24.04% -9.61%
EBITDA Q/Q Growth		 -24.11% -28.06% 46.96% -9.05% 15.39% -8.53% 21.89% 100.35% -21,462.50% 189.65% -79.81%
EBIT Q/Q Growth		 -22.95% -28.86% 36.26% -0.37% 17.63% 1.84% 20.62% 66.82% -122.75% 184.27% -93.55%
NOPAT Q/Q Growth		 -3.69% -25.07% 13.77% 21.35% 14.10% 17.81% 6.60% 54.31% -80.54% 95.48% -5.04%
Net Income Q/Q Growth		 -34.80% -28.32% 36.21% -0.14% 16.59% 2.84% 19.75% 66.30% -122.04% 180.18% -96.51%
EPS Q/Q Growth		 -38.71% -27.91% 37.27% 0.00% 17.39% 5.26% 20.37% 69.77% -138.46% 174.19% -95.65%
Operating Cash Flow Q/Q Growth		 186.65% -155.74% -90.12% 180.68% 125.86% -24.85% 180.07% -66.97% 186.30% 58.49% -32.57%
Free Cash Flow Firm Q/Q Growth		 -143.57% -34.54% 39.38% 62.51% 1,103.30% 39.56% 7.52% -101.94% 8.14% 402.42% -38.54%
Invested Capital Q/Q Growth		 270.58% 27.73% 3.29% -78.03% -0.41% 6.57% -8.55% 4.95% -4.79% -10.30% -2.15%
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		 -69.17% -80.17% -44.60% -41.56% -31.57% -28.79% -23.07% 0.07% -14.19% 10.26% 2.29%
Operating Margin		 -79.49% -89.98% -81.38% -54.69% -42.18% -29.12% -27.91% -11.14% -18.99% -0.50% -1.07%
EBIT Margin		 -69.53% -81.09% -54.21% -46.49% -34.39% -28.35% -23.09% -6.70% -14.08% 9.56% 0.68%
Profit (Net Income) Margin		 -69.48% -80.70% -53.99% -46.20% -34.60% -28.24% -23.25% -6.85% -14.35% 9.28% 0.36%
Tax Burden Percent		 99.93% 99.52% 99.60% 99.37% 100.61% 99.58% 100.67% 102.26% 101.93% 96.98% 52.46%
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% 3.02% 47.54%
Return on Invested Capital (ROIC)		 -24.00% -22.00% -18.72% -59.70% -21.70% -13.53% -14.15% -17.02% -32.37% -1.33% -1.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 -29.75% -26.04% -18.16% -57.43% -10.27% -28.44% -20.35% -17.42% -31.93% -6.33% -2.16%
Return on Net Nonoperating Assets (RNNOA)		 -10.49% -18.30% -14.57% 34.73% 0.88% -3.44% -2.73% 10.38% 19.67% 3.95% 1.41%
Return on Equity (ROE)		 -34.50% -40.29% -33.29% -24.97% -20.81% -16.98% -16.89% -6.64% -12.70% 2.62% -0.35%
Cash Return on Invested Capital (CROIC)		 -38.48% -38.34% -28.27% -89.69% 76.88% 99.65% 110.79% -42.35% -33.75% -5.69% -2.84%
Operating Return on Assets (OROA)		 -15.95% -16.27% -11.23% -9.76% -7.61% -6.44% -5.83% -1.76% -3.83% 2.74% 0.21%
Return on Assets (ROA)		 -15.94% -16.19% -11.19% -9.70% -7.66% -6.41% -5.87% -1.80% -3.91% 2.66% 0.11%
Return on Common Equity (ROCE)		 -34.50% -40.29% -33.29% -24.97% -20.81% -16.98% -16.89% -6.64% -12.70% 2.62% -0.35%
Return on Equity Simple (ROE_SIMPLE)		 -25.44% -32.46% -38.46% 0.00% -35.29% -28.48% -25.87% 0.00% -15.74% -7.14% -2.16%
Net Operating Profit after Tax (NOPAT)		 -201 -252 -217 -171 -147 -121 -113 -51 -93 -4.19 -4.40
NOPAT Margin		 -55.65% -62.99% -56.97% -38.28% -29.53% -20.39% -19.54% -7.80% -13.29% -0.48% -0.56%
Net Nonoperating Expense Percent (NNEP)		 5.74% 4.05% -0.56% -2.26% -11.42% 14.91% 6.20% 0.40% -0.44% 5.00% 0.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -1.39% - - - -0.04% -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		 44.51% 39.70% 36.55% 28.60% 28.26% 22.46% 22.34% 18.73% 19.83% 16.09% 17.15%
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		 179.49% 189.98% 181.38% 154.69% 141.85% 129.11% 127.91% 111.14% 119.02% 100.49% 101.07%
Earnings before Interest and Taxes (EBIT)		 -251 -324 -207 -207 -171 -168 -133 -44 -98 83 5.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -250 -320 -170 -185 -157 -170 -133 0.46 -99 89 18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.12 1.12 1.32 1.79 2.48 5.63 4.36 3.42 4.48 6.87 5.00
Price to Tangible Book Value (P/TBV)		 2.76 1.46 1.72 2.32 3.17 7.14 5.52 4.27 5.56 8.49 6.14
Price to Revenue (P/Rev)		 3.76 1.90 2.20 2.85 3.69 7.74 5.42 4.02 5.03 6.83 4.78
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)		 1.78 1.06 1.16 2.88 4.60 11.87 9.58 7.13 10.62 18.78 13.78
Enterprise Value to Revenue (EV/Rev)		 4.50 3.33 3.71 1.91 2.80 6.94 4.65 3.30 4.30 6.15 4.11
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 1,519.53
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 0.00 249.56 80.68 81.66 23.08 17.01 19.82 21.93 15.70
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 2.68 4.62 3.04 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.65 1.95 1.88 2.11 2.15 2.30 2.38 2.35 2.44 2.62 2.49
Long-Term Debt to Equity		 1.65 1.95 1.88 2.11 2.15 2.30 2.38 2.35 2.44 2.62 2.49
Financial Leverage		 0.35 0.70 0.80 -0.60 -0.09 0.12 0.13 -0.60 -0.62 -0.62 -0.65
Leverage Ratio		 2.54 2.96 2.86 2.94 3.04 3.28 3.25 3.36 3.43 3.61 3.57
Compound Leverage Factor		 2.54 2.96 2.86 2.94 3.04 3.28 3.25 3.36 3.43 3.61 3.57
Debt to Total Capital		 62.22% 66.15% 65.26% 67.84% 68.27% 69.71% 70.40% 70.13% 70.97% 72.40% 71.31%
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		 62.22% 66.15% 65.26% 67.84% 68.27% 69.71% 70.40% 70.13% 70.97% 72.40% 71.31%
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		 37.78% 33.85% 34.74% 32.16% 31.73% 30.29% 29.60% 29.87% 29.03% 27.60% 28.69%
Debt to EBITDA		 -6.28 -5.97 -5.01 -5.77 -6.64 -8.89 -9.67 -13.97 -17.26 -51.20 877.63
Net Debt to EBITDA		 -1.59 -2.59 -2.42 1.61 1.85 2.25 2.51 3.66 4.57 13.27 -245.75
Long-Term Debt to EBITDA		 -6.28 -5.97 -5.01 -5.77 -6.64 -8.89 -9.67 -13.97 -17.26 -51.20 877.63
Debt to NOPAT		 -6.11 -6.09 -5.46 -6.36 -7.03 -9.26 -11.34 -14.88 -18.37 -28.12 -46.66
Net Debt to NOPAT		 -1.55 -2.64 -2.63 1.78 1.95 2.35 2.95 3.90 4.87 7.29 13.06
Long-Term Debt to NOPAT		 -6.11 -6.09 -5.46 -6.36 -7.03 -9.26 -11.34 -14.88 -18.37 -28.12 -46.66
Altman Z-Score		 1.34 0.91 1.01 0.47 0.65 1.35 1.03 0.86 1.06 1.58 1.23
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		 15.34 16.60 22.02 8.78 7.94 6.56 7.12 6.64 6.50 5.77 5.68
Quick Ratio		 14.33 15.51 20.57 8.18 7.38 6.16 6.95 6.71 6.54 5.33 5.66
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -796 -1,071 -649 -243 2,442 3,408 3,664 -71 -65 198 121
Operating Cash Flow to CapEx		 164.41% -83.35% -177.86% 176.16% 276.13% 191.81% 447.87% 179.74% 445.88% 710.66% 396.87%
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 0.20 0.21 0.21 0.22 0.23 0.25 0.26 0.27 0.29 0.31
Accounts Receivable Turnover		 11.59 8.80 11.57 9.31 8.97 7.52 9.83 8.41 9.27 10.96 11.71
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		 9.83 8.17 7.19 6.88 6.30 6.19 6.22 6.47 6.22 6.39 6.37
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)		 31.49 41.45 31.55 39.21 40.67 48.51 37.13 43.38 39.37 33.30 31.17
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)		 31.49 41.45 31.55 39.21 40.67 48.51 37.13 43.38 39.37 33.30 31.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,639 4,648 4,801 1,055 1,050 1,119 1,024 1,074 1,023 918 898
Invested Capital Turnover		 0.43 0.35 0.33 1.56 0.73 0.66 0.72 2.18 2.44 2.75 3.13
Increase / (Decrease) in Invested Capital		 595 819 432 73 -2,589 -3,529 -3,777 20 -27 -202 -126
Enterprise Value (EV)		 6,493 4,932 5,589 3,040 4,830 13,290 9,812 7,657 10,863 17,233 12,372
Market Capitalization		 5,423 2,806 3,313 4,533 6,366 14,827 11,434 9,339 12,700 19,126 14,373
Book Value per Share		 $8.87 $8.65 $8.54 $8.57 $8.58 $8.73 $8.55 $8.84 $9.11 $8.87 $9.04
Tangible Book Value per Share		 $6.81 $6.61 $6.55 $6.62 $6.72 $6.88 $6.75 $7.07 $7.35 $7.17 $7.36
Total Capital		 6,785 7,416 7,227 7,879 8,090 8,698 8,863 9,147 9,768 10,092 10,021
Total Debt		 4,221 4,906 4,716 5,345 5,524 6,063 6,240 6,415 6,932 7,307 7,146
Total Long-Term Debt		 4,221 4,906 4,716 5,345 5,524 6,063 6,240 6,415 6,932 7,307 7,146
Net Debt		 1,070 2,126 2,276 -1,493 -1,536 -1,538 -1,622 -1,682 -1,837 -1,893 -2,001
Capital Expenditures (CapEx)		 31 34 31 25 36 39 46 38 44 44 53
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,303 3,286 3,455 -282 -312 -322 -334 -328 -414 -549 -570
Debt-free Net Working Capital (DFNWC)		 5,454 6,066 5,895 2,152 2,198 2,040 2,068 2,099 2,045 1,855 1,946
Net Working Capital (NWC)		 5,454 6,066 5,895 2,152 2,198 2,040 2,068 2,099 2,045 1,855 1,946
Net Nonoperating Expense (NNE)		 50 71 -11 35 25 46 21 -6.29 7.39 -85 -7.21
Net Nonoperating Obligations (NNO)		 1,076 2,138 2,290 -1,479 -1,516 -1,515 -1,600 -1,658 -1,813 -1,868 -1,977
Total Depreciation and Amortization (D&A)		 1.30 3.68 37 22 14 -2.55 0.14 45 -0.80 6.00 13
Debt-free, Cash-free Net Working Capital to Revenue		 159.76% 222.04% 229.35% -17.77% -18.14% -16.80% -15.81% -14.14% -16.39% -19.61% -18.97%
Debt-free Net Working Capital to Revenue		 378.34% 409.85% 391.38% 135.54% 127.56% 106.57% 98.01% 90.34% 80.97% 66.24% 64.71%
Net Working Capital to Revenue		 378.34% 409.85% 391.38% 135.54% 127.56% 106.57% 98.01% 90.34% 80.97% 66.24% 64.71%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.86) ($1.10) ($0.69) ($0.69) ($0.57) ($0.54) ($0.43) ($0.13) ($0.31) $0.25 $0.01
Adjusted Weighted Average Basic Shares Outstanding		 290.93M 293.68M 297.20M 295.34M 303.84M 307.57M 312.63M 309.86M 318.23M 322.28M 324.05M
Adjusted Diluted Earnings per Share		 ($0.86) ($1.10) ($0.69) ($0.69) ($0.57) ($0.54) ($0.43) ($0.13) ($0.31) $0.23 $0.01
Adjusted Weighted Average Diluted Shares Outstanding		 290.93M 293.68M 297.20M 295.34M 303.84M 307.57M 312.63M 309.86M 318.23M 345.20M 344.22M
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		 290.15M 293.99M 295.69M 299.30M 301.73M 306.87M 309.12M 311.12M 314.06M 318.06M 322.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -201 -252 -193 -170 -147 -121 -109 -52 -93 -4.19 -4.40
Normalized NOPAT Margin		 -55.65% -62.99% -50.55% -38.14% -29.53% -20.39% -18.90% -7.82% -13.29% -0.48% -0.56%
Pre Tax Income Margin		 -69.53% -81.09% -54.21% -46.49% -34.39% -28.35% -23.09% -6.70% -14.08% 9.56% 0.68%
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		 -0.03% -0.02% -0.01% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% -125.67% -401.97%

Key Financial Trends

Affirm Holdings, Inc. (NASDAQ: AFRM) has shown some key financial trends over the past four years based on its quarterly income statements, cash flow statements, and balance sheets.

Revenue and Profitability:

  • Revenue has grown steadily over the years, reaching $783 million in Q3 2025, up from $354.8 million in Q3 2022, demonstrating solid top-line growth.
  • Despite revenue growth, net income has been volatile with several quarters showing a net loss. However, Q3 2025 showed a slight positive net income of about $2.8 million, improving from significant losses in prior quarters.
  • Operating expenses, especially other operating expenses (primarily large and fluctuating), continue to exceed gross profit, reflecting ongoing challenges in achieving operating profitability.
  • Earnings per share have been mostly negative but show improvement, with Q3 2025 EPS at $0.01 both basic and diluted compared to negative EPS in earlier quarters.

Cash Flow Trends:

  • Operating cash flow improved significantly in 2025 quarters, with Q3 2025 operating cash inflow at approximately $210 million compared to negative cash flows in earlier periods, indicating better cash generation from core operations.
  • Investing activities show heavy purchases of investments, with large outflows (billions of dollars) which are partially offset by sales and maturities, showing Affirm's ongoing asset management and investment strategy.
  • Financing activities show large borrowings and repayments of debt, indicating active debt management but with net outflows in recent Q3 2025, suggesting tightening financing conditions or debt paydowns.

Balance Sheet Highlights:

  • Total assets have grown from about $7 billion in Q3 2022 to over $10 billion in Q3 2025, supported by increases in cash, investments, and receivables, reflecting scaling of business operations.
  • Long-term debt levels remain high, increasing from approximately $4 billion in Q3 2022 to over $7 billion in Q3 2025, indicating increasing leverage which may weigh on financial flexibility.
  • Shareholders' equity remains positive but has been modest relative to total liabilities, highlighting the capital structure's reliance on debt financing.

Summary: Affirm's top-line has demonstrated strong growth but profitability continues to be a challenge with heavy operating expenses and large investment outlays. Improved operating cash flow in recent quarters is a positive sign of operational efficiency gains. However, high debt levels and volatile net income remain concerns. Retail investors should watch for sustained profitability improvements and prudent debt management as key future milestones for Affirm’s financial health.

08/23/25 09:43 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. 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 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 8/23/2025 by MarketBeat.com Staff
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