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Affirm Holdings, Inc.AFRM

Sector
Financial Services
Industry
Personal Credit Institutions
Exchange
Nasdaq

Stock Price $AFRM

Latest filings

You are here#52 of 58 in Financials by market cap

Filing record · 2021–202610-K610-Q178-K61

AFRM filed 6 annual reports (10-K), 17 quarterly reports (10-Q) and 61 current reports (8-K) between 2021 and 2026.

  1. Material agreement8-K · Jan ’21Jan ’21
  2. Material agreement8-K · May ’22May ’22
  3. Leadership change8-K · Oct ’23Oct ’23
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  7. $3.22B
YoY changeLargest recent move+92.7%in FY20Latest +38.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AFRM Financial Metrics45 metrics

Income Statement13

Balance Sheet15

Cash Flow13

Per Share4

02—Overview

Affirm Holdings, Inc. Financial Overview 2021–2025

Updated Aug 15, 2026

Affirm Holdings executed a severe financial turnaround, achieving GAAP operating profitability in Q4 2025 just two years after posting a $985.3 million net lossa in FY2023. This proves the buy-now-pay-later provider’s underwriting model can survive higher benchmark rates without choking off transaction volume. By strictly managing credit risk and shifting its mix toward interest-bearing loans, Affirm successfully transitioned from a capital-dependent startup into a self-funding lending network.

The platform's scale expanded dramatically, with total revenue surging from $870.5 million in FY2021 to $3.22 billionb in FY2025. This top-line explosion was fueled by Gross Merchandise Volume (GMV), which climbed from $8.3 billion to $36.7 billion over the same period. Active consumers more than tripled to 23.0 million in FY2025. Despite funding costs rocketing by 88% in FY2024 due to macroeconomic pressure, Affirm absorbed the shock. The company grew interest income by 76% that year by pushing interest-bearing loans to 74% of its GMV mix, paving the way for sustainable margins.

Investors aggressively priced in this structural turnaround. Affirm posted an EPS of $0.15c for FY2025, a sharp recovery from its $-3.34 EPS trough in FY2023. At the close of FY2025, the market valued this hard-won profitability at a steep premium, with shares closing at $69.14 and commanding a trailing P/E ratio of 460.9x.

Recent Developments (Q2 and Q3 2026)

In Q3 2026, Affirm sustained its upward trajectory, pushing nine-month total revenue up 32% year-over-year to $3.1 billiond. This growth was propelled by a 37% surge in nine-month Gross Merchandise Volume to $36.1 billion and active consumers reaching 26.8 million. The company augmented its liquidity by expanding its revolving credit facility to $675 million and appointed Ryan Schneider to its board.

Bulls highlight the platform's expanding operating leverage, evidenced by nine-month net income reaching $313.2 millione while transactions per active consumer rose 20% to 6.7. Conversely, bears warn that a 40% jump in Q2 2026 provision for credit losses to $214.2 million signals emerging portfolio risk. At $67.36 per share, the stock traded at a premium 449.1x trailing P/E as of May 2026, pricing in continued rapid growth.

What to watch: default rates as the loan portfolio expands; utilization of the extended revolving credit facility.

03—Filings

Recent SEC Filings

  1. 8-KAffirm Holdings, Inc. 8-K Report, Financial Results (Aug 27, 2026)Affirm Holdings, Inc. (AFRM) filed an 8-K on August 27, 2026, primarily to provide an update on its fourth fiscal quarter financial results for the period ending June 30, 2026, via a Shareholder Letter. While the 8-K does not provide the detailed financial figures directly, it references an attached Shareholder Letter (Exhibit 99.1) which contains these results, including non-GAAP financial measures with reconciliations to GAAP. Investors should refer to Exhibit 99.1 for specific performance details. In addition to financial reporting, the 8-K announced a significant leadership change. Michael Linford has been appointed President of the Company, effective August 27, 2026. He will expand his oversight to include legal, compliance, public affairs, revenue, and global markets, while retaining responsibility for brand, communications, enterprise risk, finance, internal audit, and people functions. This appointment does not alter his current compensation structure.
  2. 8-KAffirm Holdings, Inc. 8-K Report, Material Agreement (Jun 25, 2026)Affirm Holdings, Inc. (AFRM) has announced a significant amendment to its revolving credit facility, increasing the aggregate commitment from $330 million to $675 million and extending the maturity date by two years to June 18, 2029. This expansion enhances the company's liquidity and financial flexibility. However, the maturity date can be accelerated under specific conditions related to the outstanding principal amount of its 0% convertible notes due 2026, which warrants investor attention. The company also appointed Ryan Schneider as a new Class III director, effective July 1, 2026, bolstering the Board with his extensive experience in financial services, executive leadership, and public company board service. Mr. Schneider's appointment, particularly to the Audit and Nominating and Governance committees, is expected to bring valuable oversight and strategic guidance. The new director will receive a compensation package including restricted stock units and an annual cash retainer.
  3. 8-KAffirm Holdings, Inc. 8-K Report, Financial Results (May 7, 2026)Affirm Holdings (AFRM) reported fiscal third-quarter 2026 results (quarter ended March 31, 2026) via a shareholder letter furnished under Item 2.02 of an 8-K. The headline numbers were strong: GMV rose 35% to $11.6 billion, the company's 10th consecutive quarter of over-30% GMV growth. Revenue grew 33% to $1,039 million, and Revenue Less Transaction Costs (RLTC, a non-GAAP unit-economics measure) grew 41% to $498 million, or 4.31% of GMV, above management's 3-4% long-term target range. GAAP operating income swung to $88 million (8.5% margin) from a loss a year earlier, and net income reached $103 million versus $3 million. Non-GAAP Adjusted Operating Income rose 62% to $281 million, a 27.0% margin. Much of the margin improvement was driven by funding costs, which fell about 126 basis points year over year to 5.8%, aided by repeated ABS repricings (the latest revolving deal priced under a 5% blended yield). Credit metrics warrant monitoring: 30+ day delinquencies ex-Peloton and Pay in X rose 29 bps year over year to 2.8%, and the allowance for credit losses rose to 6.0% of loans held for investment from 5.7%. Management characterized the increase as largely in line with expectations and partly a seasonal denominator effect. Forward guidance for fiscal Q4 2026 calls for GMV of $13.15-13.45 billion and revenue of $1,080-1,110 million, and full-year FY2026 operating margin of 8.9-9.4%. Management also flagged a possible release of a significant portion of the U.S. deferred tax valuation allowance by fiscal year-end, which could produce a material one-time GAAP earnings benefit. The filing is largely a management communication rather than a regulatory event. The information is furnished, not filed, under Section 18, and the letter's non-GAAP measures and forward-looking statements carry the usual caveats. Investors should weigh the strong top-line and margin trajectory against rising delinquency and allowance levels, and should note that the Investor Forum on May 12, 2026 is expected to provide medium-term financial framework detail.
  4. 8-KAffirm Holdings, Inc. 8-K Report, Financial Results (Feb 5, 2026)Affirm Holdings (AFRM) reported fiscal Q2 2026 results (quarter ended December 31, 2025) that showed strong top-line growth and a meaningful step-up in profitability. GMV rose 36% to $13.8 billion, total revenue grew 30% to $1,123 million, and Revenue Less Transaction Costs (RLTC) grew 29% to $543 million. GAAP operating income swung to $118 million (a 10.5% margin) from a $4 million loss a year earlier, and net income reached $130 million, up from $80 million. Adjusted operating margin expanded to 30.0% from 27.4%. Much of the GAAP improvement reflected a $35 million decline in enterprise warrant expense, while funding costs fell about 109 basis points year over year to 6.2%, a key tailwind to unit economics. Growth was broad-based but leaned on Affirm Card and 0% APR products. Direct-to-consumer GMV grew 52% to $4.3 billion, with Affirm Card GMV up 159% and active cardholders at 3.7 million. The 0% APR mix rose to 32% of GMV, which pressured interest yield and total revenue as a percentage of GMV, which fell 40 basis points to 8.14%. Credit metrics were stable: 30+ day delinquencies excluding Peloton and Pay in X were 2.7%, up 18 basis points year over year but down sequentially, and the allowance for credit losses was 5.4% of loans held for investment. Management guided FQ3 2026 GMV to $11.00–11.25 billion and full-year FY2026 GMV to $48.30–48.85 billion, and said a significant release of the U.S. deferred tax valuation allowance may occur by fiscal year-end if earnings momentum continues. For investors, the key questions are whether the 0% APR strategy can sustain volume growth without eroding yields, how durable the funding-cost tailwind is given expected modest rate declines, and whether the deferred tax asset release and enterprise warrant roll-off will flatter GAAP earnings relative to underlying operating performance. Note that this 8-K furnishes the shareholder letter under Item 2.02 and is not deemed filed for Section 18 purposes.
  5. 8-KAffirm Holdings, Inc. 8-K Report, Executive Changes (Jan 16, 2026)Affirm Holdings, Inc. (AFRM) has filed a current report (8-K) detailing the grant of a significant equity award to its Founder and CEO, Max Levchin. This award, comprising 333,667 performance stock units (PSUs), is designed to incentivize long-term financial performance and retention. The PSUs are contingent upon achieving specific revenue growth and adjusted operating income targets over a three-year performance period, commencing July 1, 2025. This structure directly aligns executive compensation with key operational metrics and shareholder value creation, a common practice to foster a performance-driven culture.
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04—See also

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