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Affirm (AFRM) Financials

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$72.35 -1.95 (-2.62%)
As of 04:00 PM Eastern
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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 2025 2026
Period end date 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Total Costs & Expenses		 - - - - - 2,939 3,312 3,844
Net Income / (Loss) Attributable to Common Shareholders		 -135 -126 -434 -721 -985 -524 59 1,908
Consolidated Net Income / (Loss)		 -120 -113 -441 -707 -985 -518 52 1,930
Net Income / (Loss) Continuing Operations		 -120 -113 -441 -707 -985 -518 52 1,930
Total Pre-Tax Income 		-120 -112 -443 -725 -989 -516 61 493
Total Operating Income		 -127 -108 -384 -866 -1,201 -616 -87 417
Total Gross Profit		 264 510 870 1,349 1,588 2,323 3,224 4,261
Total Revenue		 264 510 870 1,349 1,588 2,323 3,224 4,261
Operating Revenue		 264 510 870 1,349 1,588 2,323 3,224 4,261
Total Cost of Revenue		 0.00 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 3,844
Selling, General & Admin Expense		 89 121 384 577 586 525 545 578
Marketing Expense		 17 25 182 532 638 576 435 343
Other Operating Expenses / (Income)		 286 471 688 1,106 1,528 1,830 2,332 2,923
Restructuring Charge		 - - 0.00 0.00 36 6.77 -0.18 0.00
Total Other Income / (Expense), net		 7.02 -4.43 -60 141 212 100 149 76
Other Income / (Expense), net		 7.02 -4.43 -60 141 212 100 149 76
Income Tax Expense		 0.04 0.38 -2.34 -17 -3.90 2.23 9.28 -1,437
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - -7.08 14 - 6.14 -6.50 21
Basic Earnings per Share		 ($2.84) ($2.63) ($2.78) ($2.51) ($3.34) ($1.67) $0.16 $5.76
Weighted Average Basic Shares Outstanding		 47.35M 47.86M 158.37M 281.70M 295.34M 309.86M 322.85M 335.16M
Diluted Earnings per Share		 ($2.84) ($2.63) ($2.94) ($2.51) ($3.34) ($1.67) $0.15 $5.53
Weighted Average Diluted Shares Outstanding		 47.35M 47.86M 159.24M 281.70M 295.34M 309.86M 341.02M 348.85M
Weighted Average Basic & Diluted Shares Outstanding		 - - 271.87M 289.07M 299.30M 311.12M 325.65M 337.42M

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Total Costs & Expenses		 - - - - - - - - - - 1,019
Net Income / (Loss) Attributable to Common Shareholders		 -149 -134 -49 -88 42 5.85 99 71 137 96 1,604
Consolidated Net Income / (Loss)		 -167 -134 -45 -100 80 2.80 69 81 130 103 1,617
Net Income / (Loss) Continuing Operations		 -167 -134 -45 -100 80 2.80 69 81 130 103 1,617
Total Pre-Tax Income 		-168 -133 -44 -98 83 5.35 72 83 133 107 169
Total Operating Income		 -172 -161 -73 -133 -4.32 -8.39 58 64 118 88 147
Total Gross Profit		 591 576 659 698 866 783 876 933 1,123 1,039 1,166
Total Revenue		 591 576 659 698 866 783 876 933 1,123 1,039 1,166
Operating Revenue		 591 576 659 698 866 783 876 933 1,123 1,039 1,166
Total Operating Expenses		 763 737 733 831 871 792 818 870 1,005 950 1,019
Selling, General & Admin Expense		 133 129 123 138 139 134 133 145 141 145 147
Marketing Expense		 161 133 135 145 136 74 80 78 99 73 92
Other Operating Expenses / (Income)		 469 470 474 548 595 583 606 646 765 732 779
Total Other Income / (Expense), net		 4.55 28 29 34 87 14 14 19 16 19 22
Other Income / (Expense), net		 4.55 28 29 34 87 14 14 19 16 19 22
Income Tax Expense		 -0.70 0.89 1.00 1.90 2.50 2.54 2.34 2.33 3.65 4.48 -1,448
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 -18 - 4.26 -12 38 -3.05 -29 9.32 -7.45 6.66 13
Basic Earnings per Share		 ($0.54) ($0.43) ($0.13) ($0.31) $0.25 $0.01 $0.21 $0.24 $0.39 $0.31 $4.82
Weighted Average Basic Shares Outstanding		 307.57M 312.63M 309.86M 318.23M 322.28M 324.05M 322.85M 330.24M 334.27M 337.14M 335.16M
Diluted Earnings per Share		 ($0.54) ($0.43) ($0.13) ($0.31) $0.23 $0.01 $0.22 $0.23 $0.37 $0.30 $4.63
Weighted Average Diluted Shares Outstanding		 307.57M 312.63M 309.86M 318.23M 345.20M 344.22M 341.02M 348.28M 349.37M 348.10M 348.85M
Weighted Average Basic & Diluted Shares Outstanding		 306.87M 309.12M 311.12M 314.06M 318.06M 322.60M 325.65M 330.07M 333.11M 334.90M 337.42M

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 2025 2026
Period end date 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Change in Cash & Equivalents		 120 -30 1,365 -142 -291 35 461 677
Net Cash From Operating Activities		 -88 -71 -193 -162 12 450 794 1,231
Net Cash From Continuing Operating Activities		 -88 -71 -193 -162 12 450 794 1,231
Net Income / (Loss) Continuing Operations		 -120 -113 -441 -707 -985 -518 52 1,930
Consolidated Net Income / (Loss)		 -120 -113 -441 -707 -985 -518 52 1,930
Depreciation Expense		 5.27 9.44 20 53 135 169 225 303
Amortization Expense		 -18 -25 -15 -57 -71 -90 -156 -258
Non-Cash Adjustments To Reconcile Net Income		 72 26 322 581 1,051 1,057 775 611
Changes in Operating Assets and Liabilities, net		 -27 31 -79 -31 -117 -168 -102 -1,355
Net Cash From Investing Activities		 -354 -253 -1,022 -2,011 -1,653 -1,325 -1,083 -2,553
Net Cash From Continuing Investing Activities		 -354 -253 -1,022 -2,011 -1,653 -1,325 -1,083 -2,553
Purchase of Property, Plant & Equipment		 -19 -21 -20 -86 -121 -159 -192 -238
Purchase of Investments		 -1,893 -2,830 -5,897 -12,203 -14,668 -22,475 -33,369 -47,653
Sale and/or Maturity of Investments		 147 303 824 2,210 3,120 7,196 13,788 20,686
Other Investing Activities, net		 1,413 2,295 4,294 8,100 10,032 14,113 18,691 24,652
Net Cash From Financing Activities		 562 295 2,578 2,037 1,350 913 751 2,010
Net Cash From Continuing Financing Activities		 562 295 2,578 2,037 1,350 913 751 2,010
Repayment of Debt		 -1,085 -1,890 -3,388 -4,656 -6,637 -13,920 -23,350 -38,730
Repurchase of Common Equity		 -2.63 -19 -0.80 -0.09 -0.11 0.00 -250 0.00
Issuance of Debt		 1,355 2,208 4,338 6,805 8,045 14,989 24,594 40,906
Other Financing Activities, net		 6.48 2.73 -111 -111 -58 -156 -243 -166
Effect of Exchange Rate Changes		 0.00 0.00 1.84 -5.41 0.08 -2.68 -1.25 -11
Cash Interest Paid		 28 28 42 52 163 318 404 426
Cash Income Taxes Paid		 0.00 0.00 0.22 0.22 0.81 1.19 2.74 6.62

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -41 172 -324 89 353 -1.20 20 341 -3.04 380 -41
Net Cash From Operating Activities		 74 208 69 197 312 210 75 375 174 387 296
Net Cash From Continuing Operating Activities		 74 208 69 197 312 210 75 375 174 387 296
Net Income / (Loss) Continuing Operations		 -167 -134 -45 -100 80 2.80 69 81 130 103 1,617
Consolidated Net Income / (Loss)		 -167 -134 -45 -100 80 2.80 69 81 130 103 1,617
Depreciation Expense		 27 37 65 47 55 59 64 65 76 75 87
Amortization Expense		 -29 -37 -21 -32 -49 -47 -57 -50 -67 -72 -69
Non-Cash Adjustments To Reconcile Net Income		 384 262 162 254 138 216 187 136 84 210 182
Changes in Operating Assets and Liabilities, net		 -140 80 -93 28 87 -21 -189 143 -48 71 -1,520
Net Cash From Investing Activities		 -625 -147 -538 -575 -89 36 -455 -140 -1,365 149 -1,198
Net Cash From Continuing Investing Activities		 -625 -147 -538 -575 -89 36 -455 -140 -1,365 149 -1,198
Purchase of Property, Plant & Equipment		 -39 -46 -38 -44 -44 -53 -51 -54 -56 -61 -67
Purchase of Investments		 -6,200 -5,492 -6,456 -6,525 -8,712 -8,045 -10,088 -9,944 -12,733 -11,266 -13,710
Sale and/or Maturity of Investments		 2,297 1,613 2,124 1,846 4,139 3,122 4,681 4,499 5,533 4,801 5,853
Other Investing Activities, net		 3,317 3,778 3,833 4,148 4,528 5,011 5,004 5,359 5,890 6,676 6,726
Net Cash From Financing Activities		 506 112 146 466 144 -246 387 110 1,187 -153 866
Net Cash From Continuing Financing Activities		 506 112 146 466 144 -246 387 110 1,187 -153 866
Repayment of Debt		 -3,371 -2,702 -4,382 -3,414 -5,171 -7,304 -7,462 -8,953 -8,034 -11,941 -9,801
Issuance of Debt		 3,895 2,885 4,563 3,939 5,624 7,131 7,900 9,080 9,293 11,808 10,725
Other Financing Activities, net		 -18 -71 -34 -60 -60 -73 -51 -17 -72 -19 -58
Effect of Exchange Rate Changes		 3.72 -1.71 -1.39 1.73 -15 -1.55 13 -3.86 1.64 -3.58 -4.81
Cash Interest Paid		 78 86 90 100 102 102 102 103 103 108 112
Cash Income Taxes Paid		 0.26 0.02 0.60 0.45 0.66 1.32 0.30 1.75 0.48 1.55 2.83

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 2025 2026
Period end date 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Total Assets		 1,402 4,867 6,974 8,156 14,898 17,816 24,971
Total Current Assets		 231 1,440 3,136 2,429 2,377 2,487 2,943
Cash & Equivalents		 267 1,467 1,255 892 1,013 1,354 1,630
Restricted Cash		 - - 296 368 428 595 1,146
Short-Term Investments		 - - 1,595 1,175 1,132 871 973
Note & Lease Receivable		 - -118 2.67 0.08 0.04 0.00 0.00
Accounts Receivable		 59 92 142 199 356 429 287
Other Current Assets		 -95 - -155 -205 -552 -763 -1,093
Plant, Property, & Equipment, net		 48 62 171 290 428 573 686
Total Noncurrent Assets		 1,123 3,348 3,667 5,436 12,093 14,757 21,342
Long-Term Investments		 1,034 - 2,504 4,403 11,132 13,854 18,922
Goodwill		 1.26 517 540 543 533 534 524
Intangible Assets		 2.50 68 79 34 14 13 26
Noncurrent Deferred & Refundable Income Taxes		 - - - - - 14 1,467
Other Noncurrent Operating Assets		 85 2,763 545 456 415 341 402
Total Liabilities & Shareholders' Equity		 1,402 4,867 6,974 8,156 9,520 11,155 15,790
Total Liabilities		 965 2,291 4,356 5,621 11,858 14,542 18,999
Total Current Liabilities		 48 384 349 277 411 506 545
Accounts Payable		 18 58 104 82 203 297 284
Accrued Expenses		 28 324 238 181 159 160 204
Other Current Nonoperating Liabilities		 1.86 2.75 6.66 13 49 48 57
Total Noncurrent Liabilities		 917 1,907 4,007 5,345 11,447 14,036 18,454
Long-Term Debt		 917 1,907 4,007 5,345 11,447 14,036 18,454
Commitments & Contingencies		 0.00 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 5,484
Total Preferred & Common Equity		 -367 2,576 2,618 2,534 2,732 3,069 5,484
Total Common Equity		 -367 2,576 2,618 2,534 2,732 3,069 5,484
Common Stock		 80 3,467 4,231 5,141 5,863 6,141 6,647
Retained Earnings		 -447 -898 -1,606 -2,591 -3,109 -3,057 -1,127
Accumulated Other Comprehensive Income / (Loss)		 -0.30 6.77 -7.15 -15 -22 -15 -36

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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2022 3/31/2023 9/30/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
Total Assets		 7,805 7,508 8,407 9,065 9,201 10,139 10,481 10,436 18,425 21,343 21,403
Total Current Assets		 6,455 6,176 2,514 2,407 2,406 2,416 2,244 2,361 2,712 2,477 2,868
Cash & Equivalents		 1,440 972 1,079 1,037 1,273 1,046 1,200 1,351 1,429 1,528 1,723
Restricted Cash		 424 409 409 411 347 338 537 385 987 877 1,123
Short-Term Investments		 915 1,059 1,022 914 781 1,074 667 780 812 723 758
Note & Lease Receivable		 3,474 3,599 0.15 0.03 0.13 0.00 0.00 0.00 0.01 0.01 0.00
Accounts Receivable		 202 136 236 307 293 308 204 220 287 271 234
Other Current Assets		 - - -232 -262 -289 -351 -364 -375 -803 -922 -970
Plant, Property, & Equipment, net		 249 277 339 370 402 473 506 543 614 640 668
Total Noncurrent Assets		 1,101 1,055 5,554 6,288 6,394 7,250 7,731 7,531 15,099 18,226 17,867
Long-Term Investments		 - - 4,549 5,239 5,461 6,311 6,796 6,630 14,236 17,290 16,914
Goodwill		 528 537 536 541 536 537 522 522 530 533 529
Intangible Assets		 64 48 20 17 15 13 12 12 13 13 27
Other Noncurrent Operating Assets		 509 470 448 491 382 389 401 366 321 391 396
Total Liabilities & Shareholders' Equity		 7,805 7,508 8,407 9,065 9,201 10,139 10,481 10,436 11,479 12,957 13,142
Total Liabilities		 5,295 4,997 5,840 6,430 6,578 7,304 7,696 7,561 14,793 17,308 17,128
Total Current Liabilities		 389 280 317 367 338 372 389 416 469 431 516
Accounts Payable		 156 74 137 194 165 210 208 218 252 188 238
Accrued Expenses		 221 192 160 150 150 137 156 174 168 186 223
Other Current Nonoperating Liabilities		 12 14 20 22 23 24 25 24 49 57 55
Total Noncurrent Liabilities		 4,906 4,716 5,524 6,063 6,240 6,932 7,307 7,146 14,324 16,878 16,611
Long-Term Debt		 4,906 4,716 5,524 6,063 6,240 6,932 7,307 7,146 14,324 16,878 16,611
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,510 2,511 2,567 2,635 2,623 2,836 2,786 2,875 3,299 3,547 3,783
Total Preferred & Common Equity		 2,510 2,511 2,567 2,635 2,623 2,836 2,786 2,875 3,299 3,547 3,783
Total Common Equity		 2,510 2,511 2,567 2,635 2,623 2,836 2,786 2,875 3,299 3,547 3,783
Common Stock		 4,716 4,919 5,355 5,572 5,705 6,054 5,962 6,045 6,299 6,410 6,551
Retained Earnings		 -2,180 -2,385 -2,763 -2,930 -3,064 -3,209 -3,129 -3,126 -2,976 -2,847 -2,744
Accumulated Other Comprehensive Income / (Loss)		 -27 -22 -25 -7.14 -17 -9.12 -48 -45 -24 -17 -24

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 2025 2026
Period end date 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
DEI Shares Outstanding		 - - - - - - - 334,898,565.00
DEI Adjusted Shares Outstanding		 - - - - - - - 334,898,565.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 5.70
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 92.74% 70.84% 55.01% 17.69% 46.29% 38.80% 32.15%
EBITDA Growth		 0.00% 3.58% -242.19% -66.34% -26.98% 50.37% 118.83% 311.99%
EBIT Growth		 0.00% 6.81% -295.08% -63.48% -36.48% 47.89% 111.92% 701.65%
NOPAT Growth		 0.00% 15.42% -255.94% -125.73% -38.66% 48.72% 82.81% 2,304.00%
Net Income Growth		 0.00% 6.52% -291.68% -60.40% -39.29% 47.45% 110.08% 3,597.91%
EPS Growth		 0.00% 7.39% -11.79% 14.63% -33.07% 50.00% 108.98% 3,586.67%
Operating Cash Flow Growth		 0.00% 18.65% -170.86% 16.02% 107.51% 3,595.41% 76.37% 55.05%
Free Cash Flow Firm Growth		 0.00% 0.00% -2,371.35% 143.98% -164.56% 50.64% 135.17% 592.77%
Invested Capital Growth		 0.00% 0.00% 5,388.87% -67.30% 7.41% 1.87% -17.70% 164.82%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 8.21% 5.42% 10.11% 7.22% 7.29%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -11.58% 1.73% 28.79% 962.28% 35.99%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -12.17% -0.28% 24.04% 213.29% 24.67%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -23.18% 2.71% 21.67% 51.62% 414.90%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -9.77% -2.03% 23.70% 183.91% 404.62%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 8.73% -2.14% 25.11% 175.00% 393.75%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 4.23% -31.87% 113.43% 5.87% 0.75% 21.95%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 29.54% -113.97% 367.57% -36.16%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -77.52% -78.03% 4.95% -23.82% 328.23%
Profitability Metrics		 - - - - - - - -
Gross Margin		 100.00% 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% 12.62%
Operating Margin		 -48.21% -21.15% -44.08% -64.19% -75.62% -26.51% -2.71% 9.79%
EBIT Margin		 -45.55% -22.02% -50.93% -53.72% -62.30% -22.19% 1.91% 11.56%
Profit (Net Income) Margin		 -45.56% -22.10% -50.67% -52.43% -62.05% -22.29% 1.62% 45.29%
Tax Burden Percent		 100.03% 100.34% 99.47% 97.60% 99.61% 100.43% 84.91% 391.66%
Interest Burden Percent		 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% 15.10% -291.66%
Return on Invested Capital (ROIC)		 0.00% -275.83% -17.57% -30.43% -82.54% -40.49% -9.78% 130.88%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -256.40% -783.85% -13.69% -73.25% -34.97% -15.67% 121.09%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 224.31% -11.71% 3.19% 44.30% 20.83% 11.58% -85.75%
Return on Equity (ROE)		 0.00% -51.52% -29.28% -27.24% -38.25% -19.66% 1.80% 45.13%
Cash Return on Invested Capital (CROIC)		 0.00% -475.83% -210.41% 71.00% -89.69% -42.35% 9.63% 40.52%
Operating Return on Assets (OROA)		 0.00% -8.00% -14.14% -12.24% -13.08% -5.83% 0.38% 2.30%
Return on Assets (ROA)		 0.00% -8.03% -14.07% -11.95% -13.03% -5.86% 0.32% 9.02%
Return on Common Equity (ROCE)		 0.00% 43.27% -21.46% -27.24% -38.25% -19.66% 1.80% 45.13%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 30.67% -17.12% -27.02% -38.88% -18.95% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -89 -75 -269 -606 -841 -431 -74 1,633
NOPAT Margin		 -33.74% -14.81% -30.85% -44.93% -52.94% -18.56% -2.30% 38.33%
Net Nonoperating Expense Percent (NNEP)		 0.00% -19.43% 766.29% -16.74% -9.29% -5.53% 5.89% 9.80%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -0.43% 6.82%
Cost of Revenue to Revenue		 0.00% 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% 13.57%
R&D to Revenue		 0.00% 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% 90.21%
Earnings before Interest and Taxes (EBIT)		 -120 -112 -443 -725 -989 -516 61 493
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -133 -128 -438 -729 -926 -459 86 538
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 6.93 1.98 1.79 3.42 7.27 4.98
Price to Tangible Book Value (P/TBV)		 0.00 0.00 8.97 2.59 2.32 4.27 8.84 5.54
Price to Revenue (P/Rev)		 4.56 2.37 20.51 3.83 2.85 4.02 6.92 6.41
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 380.09 14.31
Dividend Yield		 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% 0.26% 6.99%
Enterprise Value to Invested Capital (EV/IC)		 0.00 29.71 6.09 3.59 2.88 7.13 28.75 12.75
Enterprise Value to Revenue (EV/Rev)		 0.00 3.19 21.02 2.62 1.91 3.30 6.10 5.42
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 227.37 42.95
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 319.95 46.87
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.14
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 249.56 17.01 24.77 18.76
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 2.50 0.00 0.00 269.43 45.67
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 2.10 0.74 1.53 2.11 2.35 4.57 3.37
Long-Term Debt to Equity		 0.00 2.10 0.74 1.53 2.11 2.35 4.57 3.37
Financial Leverage		 0.00 -0.87 0.01 -0.23 -0.60 -0.60 -0.74 -0.71
Leverage Ratio		 0.00 3.21 2.08 2.28 2.94 3.36 5.64 5.00
Compound Leverage Factor		 0.00 3.21 2.08 2.28 2.94 3.36 5.64 5.00
Debt to Total Capital		 0.00% 67.73% 42.55% 60.48% 67.84% 70.13% 82.06% 77.09%
Short-Term Debt to Total Capital		 0.00% 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% 77.09%
Preferred Equity to Total Capital		 0.00% 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% 0.00%
Common Equity to Total Capital		 0.00% -27.11% 57.45% 39.52% 32.16% 29.87% 17.94% 22.91%
Debt to EBITDA		 0.00 -7.16 -4.35 -5.50 -5.77 -13.97 162.28 34.32
Net Debt to EBITDA		 0.00 3.00 -1.01 2.25 1.61 3.66 -30.51 -7.84
Long-Term Debt to EBITDA		 0.00 -7.16 -4.35 -5.50 -5.77 -13.97 162.28 34.32
Debt to NOPAT		 0.00 -12.16 -7.10 -6.61 -6.36 -14.88 -189.42 11.30
Net Debt to NOPAT		 0.00 5.09 -1.64 2.71 1.78 3.90 35.62 -2.58
Long-Term Debt to NOPAT		 0.00 -12.16 -7.10 -6.61 -6.36 -14.88 -189.42 11.30
Altman Z-Score		 0.00 0.56 4.56 0.72 0.15 0.70 1.01 1.15
Noncontrolling Interest Sharing Ratio		 0.00% 183.99% 26.69% 0.00% 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 5.40
Quick Ratio		 0.00 6.79 3.75 8.59 8.18 6.71 5.25 5.30
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -130 -3,217 1,415 -913 -451 73 506
Operating Cash Flow to CapEx		 -451.66% -339.23% -953.63% -187.96% 10.09% 282.58% 413.09% 516.47%
Free Cash Flow to Firm to Interest Expense		 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
Operating Cash Flow Less CapEx to Interest Expense		 0.00 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 0.20
Accounts Receivable Turnover		 0.00 8.64 11.56 11.55 9.31 8.41 8.21 11.89
Inventory Turnover		 0.00 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 6.77
Accounts Payable Turnover		 0.00 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 30.69
Days Inventory Outstanding (DIO)		 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
Cash Conversion Cycle (CCC)		 0.00 42.27 31.57 31.60 39.21 43.38 44.44 30.69
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 55 3,003 982 1,055 1,074 684 1,812
Invested Capital Turnover		 0.00 18.63 0.57 0.68 1.56 2.18 4.26 3.41
Increase / (Decrease) in Invested Capital		 0.00 55 2,948 -2,021 73 20 -147 1,127
Enterprise Value (EV)		 0.00 1,625 18,295 3,530 3,040 7,657 19,665 23,094
Market Capitalization		 1,205 1,205 17,854 5,173 4,533 9,339 22,305 27,311
Book Value per Share		 $0.00 ($7.67) $9.72 $9.14 $8.57 $8.84 $9.51 $16.37
Tangible Book Value per Share		 $0.00 ($7.75) $7.51 $6.98 $6.62 $7.07 $7.82 $14.73
Total Capital		 0.00 1,354 4,483 6,625 7,879 9,147 17,105 23,938
Total Debt		 0.00 917 1,907 4,007 5,345 6,415 14,036 18,454
Total Long-Term Debt		 0.00 917 1,907 4,007 5,345 6,415 14,036 18,454
Net Debt		 0.00 -384 441 -1,643 -1,493 -1,682 -2,639 -4,217
Capital Expenditures (CapEx)		 19 21 20 86 121 159 192 238
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -84 -410 -359 -282 -328 -839 -1,351
Debt-free Net Working Capital (DFNWC)		 0.00 183 1,056 2,787 2,152 2,099 1,981 2,398
Net Working Capital (NWC)		 0.00 183 1,056 2,787 2,152 2,099 1,981 2,398
Net Nonoperating Expense (NNE)		 31 37 172 101 145 87 -126 -297
Net Nonoperating Obligations (NNO)		 0.00 -382 427 -1,636 -1,479 -1,658 -2,385 -3,672
Total Depreciation and Amortization (D&A)		 -12 -16 5.13 -4.16 64 56 25 45
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -16.52% -47.13% -26.63% -17.77% -14.14% -26.03% -31.70%
Debt-free Net Working Capital to Revenue		 0.00% 35.89% 121.35% 206.54% 135.54% 90.34% 61.44% 56.28%
Net Working Capital to Revenue		 0.00% 35.89% 121.35% 206.54% 135.54% 90.34% 61.44% 56.28%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($2.72) ($2.51) ($3.34) ($1.67) $0.16 $5.76
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 158.37M 281.70M 295.34M 309.86M 322.85M 335.16M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($2.88) ($2.51) ($3.34) ($1.67) $0.15 $5.53
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 159.24M 281.70M 295.34M 309.86M 341.02M 348.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 337.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -89 -75 -269 -606 -815 -426 -74 292
Normalized NOPAT Margin		 -33.74% -14.81% -30.85% -44.93% -51.35% -18.35% -2.30% 6.85%
Pre Tax Income Margin		 -45.55% -22.02% -50.93% -53.72% -62.30% -22.19% 1.91% 11.56%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 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
EBIT Less CapEx to Interest Expense		 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
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 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% 0.00%

Quarterly Metrics And Ratios for Affirm

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 333,110,651.00 334,898,565.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 333,110,651.00 334,898,565.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.29 4.79
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 47.94% 51.23% 47.86% 40.67% 46.57% 35.92% 32.95% 33.62% 29.62% 32.64% 33.04%
EBITDA Growth		 46.88% 21.78% 100.25% 36.77% 152.22% 113.50% 16,885.56% 217.80% 42.36% 334.16% 110.86%
EBIT Growth		 48.27% 35.58% 78.71% 42.42% 149.44% 104.02% 262.17% 184.44% 60.80% 1,908.92% 136.23%
NOPAT Growth		 52.12% 48.14% 69.87% 36.68% 96.52% 96.09% 209.23% 166.65% 2,829.28% 2,024.67% 2,406.50%
Net Income Growth		 48.24% 34.88% 78.09% 41.66% 148.15% 102.09% 253.41% 180.52% 61.26% 3,569.76% 2,234.66%
EPS Growth		 50.91% 37.68% 81.16% 45.61% 142.59% 102.33% 269.23% 174.19% 60.87% 2,900.00% 2,004.55%
Operating Cash Flow Growth		 360.34% 483.51% 57.03% 99.05% 319.82% 1.07% 8.54% 90.27% -44.32% 83.71% 296.80%
Free Cash Flow Firm Growth		 418.23% 664.41% 70.77% -102.68% -94.20% -96.68% 18.07% 932.35% 142.86% 360.70% 37.96%
Invested Capital Growth		 -75.92% -78.67% 1.87% -2.62% -18.03% -12.30% -17.70% -47.13% -39.85% -52.89% 164.82%
Revenue Q/Q Growth		 19.04% -2.53% 14.41% 5.96% 24.04% -9.61% 11.91% 6.49% 20.32% -7.50% 12.24%
EBITDA Q/Q Growth		 -8.53% 21.89% 100.35% -21,462.50% 189.65% -79.81% 339.34% 24.55% 44.57% -21.98% 68.85%
EBIT Q/Q Growth		 1.84% 20.62% 66.82% -122.75% 184.27% -93.55% 1,239.20% 15.98% 60.49% -19.41% 57.48%
NOPAT Q/Q Growth		 17.81% 6.60% 54.31% -80.54% 95.48% -5.04% 1,375.71% 10.16% 84.88% -25.93% 1,561.36%
Net Income Q/Q Growth		 2.84% 19.75% 66.30% -122.04% 180.18% -96.51% 2,369.47% 16.54% 60.59% -20.59% 1,471.05%
EPS Q/Q Growth		 5.26% 20.37% 69.77% -138.46% 174.19% -95.65% 2,100.00% 4.55% 60.87% -18.92% 1,443.33%
Operating Cash Flow Q/Q Growth		 -24.85% 180.07% -66.97% 186.30% 58.49% -32.57% -64.52% 401.86% -53.62% 122.46% -23.37%
Free Cash Flow Firm Q/Q Growth		 39.56% 7.52% -101.94% 8.14% 402.42% -38.54% 67.32% 167.65% -11.76% 16.58% -49.89%
Invested Capital Q/Q Growth		 6.57% -8.55% 4.95% -4.79% -10.30% -2.15% -23.82% -20.94% 2.06% -23.36% 328.23%
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		 -28.79% -23.07% 0.07% -14.19% 10.26% 2.29% 8.99% 10.52% 12.64% 10.66% 16.03%
Operating Margin		 -29.12% -27.91% -11.14% -18.99% -0.50% -1.07% 6.63% 6.82% 10.47% 8.51% 12.63%
EBIT Margin		 -28.35% -23.09% -6.70% -14.08% 9.56% 0.68% 8.17% 8.89% 11.86% 10.34% 14.50%
Profit (Net Income) Margin		 -28.24% -23.25% -6.85% -14.35% 9.28% 0.36% 7.90% 8.65% 11.54% 9.91% 138.65%
Tax Burden Percent		 99.58% 100.67% 102.26% 101.93% 96.98% 52.46% 96.74% 97.20% 97.26% 95.83% 956.04%
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% 3.02% 47.54% 3.26% 2.80% 2.74% 4.17% -856.05%
Return on Invested Capital (ROIC)		 -13.53% -14.15% -17.02% -32.37% -1.33% -1.76% 27.28% 29.33% 51.52% 49.06% 412.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 -28.44% -20.35% -17.42% -31.93% -6.33% -2.16% 26.67% 28.51% 50.89% 48.37% 405.45%
Return on Net Nonoperating Assets (RNNOA)		 -3.44% -2.73% 10.38% 19.67% 3.95% 1.41% -19.70% -21.24% -39.08% -38.78% -287.15%
Return on Equity (ROE)		 -16.98% -16.89% -6.64% -12.70% 2.62% -0.35% 7.58% 8.09% 12.44% 10.28% 125.20%
Cash Return on Invested Capital (CROIC)		 99.65% 110.79% -42.35% -33.75% -5.69% -2.84% 9.63% 75.05% 80.03% 119.92% 40.52%
Operating Return on Assets (OROA)		 -6.44% -5.83% -1.76% -3.83% 2.74% 0.21% 1.61% 2.15% 2.77% 2.58% 2.89%
Return on Assets (ROA)		 -6.41% -5.87% -1.80% -3.91% 2.66% 0.11% 1.56% 2.09% 2.69% 2.47% 27.62%
Return on Common Equity (ROCE)		 -16.98% -16.89% -6.64% -12.70% 2.62% -0.35% 7.58% 8.09% 12.44% 10.28% 125.20%
Return on Equity Simple (ROE_SIMPLE)		 -28.48% -25.87% 0.00% -15.74% -7.14% -2.16% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -121 -113 -51 -93 -4.19 -4.40 56 62 114 85 1,408
NOPAT Margin		 -20.39% -19.54% -7.80% -13.29% -0.48% -0.56% 6.41% 6.63% 10.19% 8.16% 120.75%
Net Nonoperating Expense Percent (NNEP)		 14.91% 6.20% 0.40% -0.44% 5.00% 0.40% 0.61% 0.82% 0.62% 0.68% 6.89%
Return On Investment Capital (ROIC_SIMPLE)		 -1.39% - - - -0.04% -0.04% 0.33% 0.35% 0.56% 0.42% 5.88%
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		 22.46% 22.34% 18.73% 19.83% 16.09% 17.15% 15.16% 15.53% 12.58% 13.99% 12.59%
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		 129.11% 127.91% 111.14% 119.02% 100.49% 101.07% 93.38% 93.18% 89.53% 91.49% 87.37%
Earnings before Interest and Taxes (EBIT)		 -168 -133 -44 -98 83 5.35 72 83 133 107 169
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -170 -133 0.46 -99 89 18 79 98 142 111 187
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.63 4.36 3.42 4.48 6.87 5.00 7.27 7.21 6.93 4.03 4.98
Price to Tangible Book Value (P/TBV)		 7.14 5.52 4.27 5.56 8.49 6.14 8.84 8.63 8.19 4.73 5.54
Price to Revenue (P/Rev)		 7.74 5.42 4.02 5.03 6.83 4.78 6.92 6.88 6.61 3.84 6.41
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 380.09 109.25 78.50 37.84 14.31
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% 0.26% 0.92% 1.27% 2.64% 6.99%
Enterprise Value to Invested Capital (EV/IC)		 11.87 9.58 7.13 10.62 18.78 13.78 28.75 38.20 38.09 26.84 12.75
Enterprise Value to Revenue (EV/Rev)		 6.94 4.65 3.30 4.30 6.15 4.11 6.10 5.97 5.66 2.86 5.42
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 1,519.53 227.37 77.09 67.79 28.72 42.95
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 319.95 85.08 71.72 28.73 46.87
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 197.40 94.54 35.80 14.14
Enterprise Value to Operating Cash Flow (EV/OCF)		 81.66 23.08 17.01 19.82 21.93 15.70 24.77 21.26 25.23 11.25 18.76
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.62 3.04 0.00 0.00 0.00 0.00 269.43 35.21 35.76 14.34 45.67
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.30 2.38 2.35 2.44 2.62 2.49 4.57 4.34 4.76 4.39 3.37
Long-Term Debt to Equity		 2.30 2.38 2.35 2.44 2.62 2.49 4.57 4.34 4.76 4.39 3.37
Financial Leverage		 0.12 0.13 -0.60 -0.62 -0.62 -0.65 -0.74 -0.75 -0.77 -0.80 -0.71
Leverage Ratio		 3.28 3.25 3.36 3.43 3.61 3.57 5.64 4.66 5.03 4.78 5.00
Compound Leverage Factor		 3.28 3.25 3.36 3.43 3.61 3.57 5.64 4.66 5.03 4.78 5.00
Debt to Total Capital		 69.71% 70.40% 70.13% 70.97% 72.40% 71.31% 82.06% 81.28% 82.63% 81.45% 77.09%
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		 69.71% 70.40% 70.13% 70.97% 72.40% 71.31% 82.06% 81.28% 82.63% 81.45% 77.09%
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		 30.29% 29.60% 29.87% 29.03% 27.60% 28.69% 17.94% 18.72% 17.37% 18.55% 22.91%
Debt to EBITDA		 -8.89 -9.67 -13.97 -17.26 -51.20 877.63 162.28 53.45 54.41 42.01 34.32
Net Debt to EBITDA		 2.25 2.51 3.66 4.57 13.27 -245.75 -30.51 -11.72 -11.41 -9.88 -7.84
Long-Term Debt to EBITDA		 -8.89 -9.67 -13.97 -17.26 -51.20 877.63 162.28 53.45 54.41 42.01 34.32
Debt to NOPAT		 -9.26 -11.34 -14.88 -18.37 -28.12 -46.66 -189.42 136.87 75.89 52.37 11.30
Net Debt to NOPAT		 2.35 2.95 3.90 4.87 7.29 13.06 35.62 -30.00 -15.92 -12.32 -2.58
Long-Term Debt to NOPAT		 -9.26 -11.34 -14.88 -18.37 -28.12 -46.66 -189.42 136.87 75.89 52.37 11.30
Altman Z-Score		 1.35 1.03 0.86 1.06 1.58 1.23 1.01 1.09 0.97 0.69 1.11
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		 6.56 7.12 6.64 6.50 5.77 5.68 4.92 5.78 5.75 5.56 5.40
Quick Ratio		 6.16 6.95 6.71 6.54 5.33 5.66 5.25 5.39 5.85 5.26 5.30
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,408 3,664 -71 -65 198 121 203 544 480 560 280
Operating Cash Flow to CapEx		 191.81% 447.87% 179.74% 445.88% 710.66% 396.87% 146.00% 688.99% 311.90% 629.43% 442.88%
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 0.25 0.26 0.27 0.29 0.31 0.20 0.24 0.23 0.25 0.20
Accounts Receivable Turnover		 7.52 9.83 8.41 9.27 10.96 11.71 8.21 11.62 15.65 17.49 11.89
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		 6.19 6.22 6.47 6.22 6.39 6.37 6.45 6.37 6.48 6.56 6.77
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)		 48.51 37.13 43.38 39.37 33.30 31.17 44.44 31.40 23.33 20.87 30.69
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)		 48.51 37.13 43.38 39.37 33.30 31.17 44.44 31.40 23.33 20.87 30.69
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,119 1,024 1,074 1,023 918 898 684 541 552 423 1,812
Invested Capital Turnover		 0.66 0.72 2.18 2.44 2.75 3.13 4.26 4.42 5.06 6.01 3.41
Increase / (Decrease) in Invested Capital		 -3,529 -3,777 20 -27 -202 -126 -147 -482 -366 -475 1,127
Enterprise Value (EV)		 13,290 9,812 7,657 10,863 17,233 12,372 19,665 20,659 21,027 11,356 23,094
Market Capitalization		 14,827 11,434 9,339 12,700 19,126 14,373 22,305 23,799 24,567 15,263 27,311
Book Value per Share		 $8.73 $8.55 $8.84 $9.11 $8.87 $9.04 $9.51 $10.13 $10.75 $11.36 $16.37
Tangible Book Value per Share		 $6.88 $6.75 $7.07 $7.35 $7.17 $7.36 $7.82 $8.46 $9.09 $9.69 $14.73
Total Capital		 8,698 8,863 9,147 9,768 10,092 10,021 17,105 17,623 20,424 20,395 23,938
Total Debt		 6,063 6,240 6,415 6,932 7,307 7,146 14,036 14,324 16,878 16,611 18,454
Total Long-Term Debt		 6,063 6,240 6,415 6,932 7,307 7,146 14,036 14,324 16,878 16,611 18,454
Net Debt		 -1,538 -1,622 -1,682 -1,837 -1,893 -2,001 -2,639 -3,140 -3,540 -3,907 -4,217
Capital Expenditures (CapEx)		 39 46 38 44 44 53 51 54 56 61 67
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -322 -334 -328 -414 -549 -570 -839 -985 -1,082 -1,253 -1,351
Debt-free Net Working Capital (DFNWC)		 2,040 2,068 2,099 2,045 1,855 1,946 1,981 2,243 2,046 2,352 2,398
Net Working Capital (NWC)		 2,040 2,068 2,099 2,045 1,855 1,946 1,981 2,243 2,046 2,352 2,398
Net Nonoperating Expense (NNE)		 46 21 -6.29 7.39 -85 -7.21 -13 -19 -15 -18 -209
Net Nonoperating Obligations (NNO)		 -1,515 -1,600 -1,658 -1,813 -1,868 -1,977 -2,385 -2,758 -2,995 -3,360 -3,672
Total Depreciation and Amortization (D&A)		 -2.55 0.14 45 -0.80 6.00 13 7.23 15 8.67 3.35 18
Debt-free, Cash-free Net Working Capital to Revenue		 -16.80% -15.81% -14.14% -16.39% -19.61% -18.97% -26.03% -28.49% -29.11% -31.54% -31.70%
Debt-free Net Working Capital to Revenue		 106.57% 98.01% 90.34% 80.97% 66.24% 64.71% 61.44% 64.84% 55.07% 59.21% 56.28%
Net Working Capital to Revenue		 106.57% 98.01% 90.34% 80.97% 66.24% 64.71% 61.44% 64.84% 55.07% 59.21% 56.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.54) ($0.43) ($0.13) ($0.31) $0.25 $0.01 $0.21 $0.24 $0.39 $0.31 $4.82
Adjusted Weighted Average Basic Shares Outstanding		 307.57M 312.63M 309.86M 318.23M 322.28M 324.05M 322.85M 330.24M 334.27M 337.14M 335.16M
Adjusted Diluted Earnings per Share		 ($0.54) ($0.43) ($0.13) ($0.31) $0.23 $0.01 $0.22 $0.23 $0.37 $0.30 $4.63
Adjusted Weighted Average Diluted Shares Outstanding		 307.57M 312.63M 309.86M 318.23M 345.20M 344.22M 341.02M 348.28M 349.37M 348.10M 348.85M
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		 306.87M 309.12M 311.12M 314.06M 318.06M 322.60M 325.65M 330.07M 333.11M 334.90M 337.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -121 -109 -52 -93 -4.19 -4.40 56 62 114 85 103
Normalized NOPAT Margin		 -20.39% -18.90% -7.82% -13.29% -0.48% -0.56% 6.41% 6.63% 10.19% 8.16% 8.84%
Pre Tax Income Margin		 -28.35% -23.09% -6.70% -14.08% 9.56% 0.68% 8.17% 8.89% 11.86% 10.34% 14.50%
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		 0.00% 0.00% 0.00% 0.00% -125.67% -401.97% 479.06% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Affirm’s financial profile has improved substantially over the period provided. Revenue increased from $364.1 million in Q4 2022 to $1.17 billion in Q4 2026, with particularly strong growth through fiscal 2025 and 2026. The company also moved from sizable operating losses to positive operating income: Q4 2026 operating income was $147.3 million, compared with an $8.4 million loss in Q3 2025 and a $310.0 million loss in Q3 2023.

Cash generation has generally strengthened alongside profitability. Operating cash flow was negative in several earlier periods, including Q4 2022, but remained positive in every reported quarter of fiscal 2026, reaching $296.2 million in Q4. However, Affirm continues to rely heavily on debt financing and investment-related cash flows, which are important considerations for investors evaluating the sustainability of its growth.

  • Strong revenue expansion: Quarterly revenue rose from $364.1 million in Q4 2022 to $1.17 billion in Q4 2026, indicating significant platform and transaction growth.
  • Operating profitability improved: Affirm generated positive operating income in each fiscal 2026 quarter, including $147.3 million in Q4, a meaningful improvement from the large operating losses reported in 2022 and 2023.
  • Positive operating cash flow: Operating cash flow increased from $43.8 million in Q4 2023 and $74.6 million in Q4 2025 to $296.2 million in Q4 2026. Fiscal 2026’s four reported quarters each produced positive operating cash flow.
  • Retained losses are narrowing: Retained earnings improved from a deficit of approximately $3.21 billion in Q1 2025 to a deficit of $2.74 billion in Q3 2026, supported by the company’s return to profitability.
  • Liquidity has expanded: Cash, restricted cash and short-term investments totaled approximately $3.61 billion at Q3 2026, up from roughly $2.82 billion at Q1 2025.
  • Q4 earnings included an unusual tax benefit: Net income attributable to common shareholders reached $1.60 billion, or $4.82 per basic share, despite pretax income of only $169.1 million. The reported $1.45 billion income tax benefit appears to be a major one-time contributor and should not be treated as representative of recurring earnings without further disclosure.
  • Investment cash flows dominate the statement: Affirm purchased $13.7 billion of investments and received $5.9 billion from investment sales or maturities in Q4 2026. These large flows likely reflect the financing and management of consumer receivables and related assets, making reported investing cash flow less comparable to that of a typical operating company.
  • Debt remains very high: Long-term debt was $16.6 billion at Q3 2026, compared with $7.1 billion at Q3 2025 and $4.1 billion at Q3 2022. The increase supports loan growth but leaves Affirm exposed to funding costs, credit-market conditions and refinancing risk.
  • Cash interest expense is rising: Cash interest paid increased from $58.3 million in Q4 2023 to $111.9 million in Q4 2026. Higher interest costs could pressure future earnings if borrowing costs remain elevated or debt continues to grow.
  • Quarterly cash balances remain volatile: Despite positive operating cash flow, cash and equivalents declined by $41.3 million in Q4 2026 because investing activities used $1.20 billion and financing provided $865.6 million. This dependence on financing and investment transactions creates potential liquidity risk.

Overall, the statements show a company with accelerating revenue, improving operating margins and stronger operating cash flow. The key risks are the rapid expansion of long-term debt, increasing interest expense and the unusually large tax benefit that inflated Q4 2026 earnings. Investors should focus more on recurring operating income, operating cash flow and credit performance than on the headline quarterly net income.

09/04/26 05:43 PM ETAI Generated. May Contain Errors.

Affirm Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Affirm's financial year ends in June. Their financial year 2026 ended on June 30, 2026.

Affirm's net income appears to be on a downward trend, with a most recent value of $1.93 billion in 2026, falling from -$120.46 million in 2019. The previous period was $52.19 million in 2025. Find out what analysts predict for Affirm in the coming months.

Affirm's total operating income in 2026 was $416.98 million, based on the following breakdown:
  • Total Gross Profit: $4.26 billion
  • Total Operating Expenses: $3.84 billion

Over the last 7 years, Affirm's total revenue changed from $264.37 million in 2019 to $4.26 billion in 2026, a change of 1,511.8%.

Affirm's total liabilities were at $19.00 billion at the end of 2026, a 30.7% increase from 2025, and a 1,868.5% increase since 2020.

In the past 6 years, Affirm's cash and equivalents has ranged from $267.06 million in 2020 to $1.63 billion in 2026, and is currently $1.63 billion as of their latest financial filing in 2026.

Over the last 7 years, Affirm's book value per share changed from 0.00 in 2019 to 16.37 in 2026, a change of 1,637.5%.


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Financial statements for NASDAQ:AFRM last updated on 8/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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