AFRM 10-Q Quarterly Reports

Affirm Holdings, Inc. reported a strong financial performance for the nine months ended March 31, 2026, showcasing significant growth across key metrics. Total revenue surged by 32% year-over-year to $3.1 billion, driven by robust increases in merchant network revenue and interest income. The company demonstrated improved profitability, with operating income turning positive at $269.7 million compared to a loss in the prior year, and net income reaching $313.2 million. This growth was fueled by a substantial 37% increase in Gross Merchandise Volume (GMV) to $36.1 billion, supported by a 22% rise in active consumers to 26.8 million and a 20% increase in transactions per active consumer, indicating strong customer engagement. The company also maintained a healthy balance sheet with total assets growing to $13.1 billion, supported by a solid cash position of $1.7 billion. Affirm's strategic focus on expanding its network, diversifying funding relationships, and optimizing its credit risk models appears to be paying off. The increase in GMV was broad-based, with notable growth in Pay-in-X and 0% APR monthly installment loans, alongside continued strength in interest-bearing loans. The company's efforts to manage funding costs and leverage capital markets effectively are reflected in its improved profitability. Despite macroeconomic uncertainties, Affirm's strong operational execution and strategic initiatives position it well for continued growth and market leadership in the Buy Now, Pay Later sector.

Affirm Holdings, Inc. reported strong top-line growth in its fiscal second quarter of 2026, with total revenue increasing by 30% year-over-year to $1.12 billion. This growth was primarily driven by a significant 36% increase in Gross Merchandise Volume (GMV) to $13.8 billion, indicating robust consumer adoption and merchant participation on the platform. The company also achieved a significant operational milestone by turning an operating loss into an operating income of $117.6 million, a substantial improvement from a $4.3 million loss in the prior year's quarter. This improved profitability is a testament to effective cost management and scaling efficiencies, with total operating expenses growing at a slower pace than revenue. The balance sheet reflects substantial growth in loans held for investment, which increased to $8.3 billion net of allowance, demonstrating the company's expanding lending portfolio. However, the provision for credit losses also increased by 40% year-over-year, reflecting a proactive approach to managing potential credit risks associated with portfolio growth. Despite increased credit provisions and higher operational costs in areas like technology and processing, the company's ability to translate revenue growth into profitability is a key positive takeaway for investors, signaling operational leverage and a move towards sustainable financial health.

Affirm Holdings, Inc. reported a significant turnaround in its financial performance for the three months ended September 30, 2025, compared to the same period in the prior year. The company achieved a net income of $80.7 million, a substantial improvement from a net loss of $100.2 million in the prior year period. This positive shift was driven by robust revenue growth of 34%, reaching $933.3 million, coupled with a well-managed increase in operating expenses, which grew by 5%. The company demonstrated strong operational execution, with Gross Merchandise Volume (GMV) increasing by 42% to $10.8 billion, supported by a 24% rise in active consumers and a 20% increase in transactions per active consumer. Key drivers of this performance include strong growth in merchant network revenue, card network revenue, and significant gains on the sale of loans. While provision for credit losses and funding costs saw modest increases, the overall increase in revenue outpaced operating expense growth, leading to a significant swing to profitability and a strong operating income of $63.7 million. This quarter's results highlight Affirm's ability to scale its operations efficiently while improving credit management and maintaining robust growth across its platform.

Affirm Holdings, Inc. reported a significant increase in revenue for the nine months ended March 31, 2025, up 41% year-over-year to $2.35 billion, driven by strong growth in merchant network revenue and interest income. While the company achieved net income of $2.8 million in the latest quarter, a substantial improvement from a net loss of $133.9 million in the prior year's comparable quarter, the nine-month period still resulted in a net loss of $17.1 million. Total assets grew to $10.4 billion, supported by an increase in loans held for investment, which rose to $6.26 billion. The company also managed its debt effectively, with total liabilities representing approximately 72% of total assets. Affirm continues to focus on expanding its network, with GMV increasing by 36% year-over-year, and active consumers growing by 21% to 21.9 million. The company's financial performance demonstrates robust top-line growth and a move towards profitability, though significant interest expenses and credit loss provisions remain key areas to monitor. The expansion of its merchant network and consumer base, coupled with a diversified funding strategy, positions Affirm for continued growth. Investors should closely watch the company's ability to further improve its profitability and manage credit risks in the evolving macroeconomic environment.

Affirm Holdings, Inc. (AFRM) reported strong revenue growth and a significant swing towards profitability in its second fiscal quarter ending December 31, 2024. Total revenue increased by 47% year-over-year to $866.4 million, driven by robust performance in merchant network revenue, card network revenue, and interest income. Notably, the company achieved a net income of $80.4 million, a substantial improvement from the net loss of $166.9 million in the prior year's quarter. This turnaround was bolstered by a significant increase in gains on sales of loans and improved operating expense management, particularly in sales and marketing. Key drivers of this quarter's performance include a 35% increase in Gross Merchandise Volume (GMV) to $10.1 billion, indicating strong consumer adoption and merchant activity. The company also saw a 19% rise in active consumers to 21 million and a 22% increase in transactions per active consumer, highlighting growing engagement on the platform. Affirm successfully managed its credit risk, with the provision for credit losses increasing by 27% but remaining manageable relative to loan portfolio growth. The company also benefited from a favorable interest rate environment, which helped reduce funding costs. Affirm ended the quarter with a strong liquidity position, holding $1.9 billion in cash and cash equivalents and available-for-sale securities.

Affirm Holdings, Inc. reported significant revenue growth of 41% year-over-year for the fiscal first quarter ending September 30, 2024, reaching $698.5 million. This top-line expansion was primarily driven by a substantial 35% increase in Gross Merchandise Volume (GMV) to $7.6 billion, fueled by growth in active merchants, consumers, and transactions per consumer. The company also saw strong performance in interest income, up 44%, and gain on sales of loans, up 86%, indicating effective loan portfolio management and capital markets activities. Despite the robust revenue growth, Affirm continued to operate at a net loss, albeit reduced by 42% to $100.2 million compared to the prior year. This loss was influenced by a notable increase in the provision for credit losses (up 60%) and funding costs (up 41%), reflecting the growing loan portfolio and the prevailing interest rate environment. The company's balance sheet shows an increase in total assets to $10.1 billion and total liabilities to $7.3 billion, with a growing loan portfolio now at $5.96 billion net of allowance for credit losses.

Affirm Holdings, Inc. (AFRM) reported a substantial increase in total revenue for the nine months ended March 31, 2024, up 46% year-over-year to $1.66 billion, driven primarily by a 77% surge in interest income. This growth was supported by a 44% increase in loans held for investment, reflecting a strategic shift towards higher-margin interest-bearing loans. Despite revenue growth, the company continues to operate at a net loss, although the net loss narrowed by 35% to $473 million for the same period. This narrowing was largely due to a significant reduction in operating expenses, particularly in Technology and Data Analytics, and Sales and Marketing, indicating successful cost management initiatives. Gross Merchandise Volume (GMV) also saw robust growth, increasing 32% to $19.4 billion, highlighting strong consumer demand and merchant adoption, with active consumers growing 13% year-over-year. The balance sheet shows a significant increase in cash and cash equivalents to $1.27 billion from $892 million, coupled with a substantial growth in loans held for investment to $5.17 billion. The company appears to be managing its funding costs effectively, with increased interest income offsetting higher funding costs driven by elevated benchmark rates. Affirm's continued focus on expanding its merchant and consumer base, coupled with disciplined cost control, positions it for potentially improved profitability, though the path to net profitability remains a key area for investor scrutiny.

Affirm Holdings, Inc. (AFRM) reported a significant increase in total revenue for the second quarter and first half of fiscal year 2024, driven by strong growth in merchant network revenue and interest income. Despite this top-line growth, the company continued to post net losses, although the loss narrowed considerably year-over-year. This improvement in net loss is attributed to a combination of increased revenue and successful cost management initiatives, particularly in technology, sales, and marketing expenses. The company also demonstrated robust growth in its key operating metrics, with Gross Merchandise Volume (GMV) increasing by 32% year-over-year for the quarter, and active consumers growing by 13%. The company highlighted improved credit performance and normalization of delinquency rates, suggesting effective risk management. Financially, Affirm saw a substantial increase in loans held for investment, indicating a growing balance sheet, alongside higher funding costs due to the prevailing interest rate environment. The company also benefited from a significant increase in cash provided by operating activities, a substantial improvement from the prior year, signaling better operational cash generation. While the company is actively managing its debt, including authorized note repurchases, its overall financial position appears to be strengthening, supported by strategic cost controls and continued user and merchant base expansion.

Affirm Holdings, Inc. (AFRM) reported its financial results for the fiscal first quarter ended September 30, 2023. The company demonstrated significant revenue growth of 37% year-over-year, reaching $496.5 million. This growth was primarily driven by a substantial increase in interest income, up 92%, and a 28% rise in Gross Merchandise Volume (GMV) to $5.6 billion, indicating strong consumer adoption and engagement. Despite revenue growth, Affirm reported a net loss of $171.8 million, a decrease from the prior year's loss of $251.3 million. The company has also focused on operational efficiencies, with several operating expense lines decreasing year-over-year, including technology and data analytics, sales and marketing, and general and administrative expenses. Affirm's balance sheet shows a healthy increase in cash and cash equivalents to over $1 billion. The company's loan portfolio held for investment grew by 70% year-over-year to $4.5 billion, supported by increased funding capacity. While the provision for credit losses increased by 55% due to portfolio growth, the allowance for credit losses as a percentage of loans held for investment slightly improved. Management's focus on managing costs, expanding its merchant and consumer network, and optimizing its funding structure appear to be showing progress, although profitability remains a key area to watch.

Affirm Holdings, Inc. reported a net loss of $205.7 million for the third quarter of fiscal year 2023, a significant increase from the $54.7 million net loss in the prior year's comparable period. This widened loss was primarily driven by a substantial increase in operating expenses, particularly in technology and data analytics, alongside restructuring charges of $34.9 million related to workforce reductions and office space consolidation. Despite the increased loss, Total Revenue, net, saw a healthy 7% increase to $381.0 million, primarily fueled by a 32% rise in interest income, reflecting growth in loans held for investment and recent pricing initiatives. Key operational metrics showed positive trends, with Gross Merchandise Volume (GMV) growing 18% year-over-year to $4.6 billion, supported by an expanding merchant base and increased active consumers. The company also reported growth in active consumers (up 26%) and transactions per active consumer (up 34%). Affirm repurchased $299.1 million of its convertible senior notes, resulting in an $89.8 million gain on extinguishment of debt. The company maintained a strong liquidity position with $2.0 billion in cash and equivalents and available-for-sale securities, and $2.5 billion in remaining funding capacity across warehouse channels as of March 31, 2023.

Affirm Holdings, Inc. reported solid top-line growth in the second quarter of fiscal year 2023, with total revenue increasing by 11% year-over-year to $399.6 million, driven by a 27% rise in Gross Merchandise Volume (GMV) to $5.7 billion. This growth was fueled by an expanding merchant base and increasing consumer engagement, as evidenced by a 39% increase in active consumers to 15.6 million and a 38% rise in transactions per active consumer. Despite revenue growth, the company continued to experience significant net losses, amounting to $322.4 million for the quarter, a substantial increase from the $159.7 million loss in the prior year's comparable period. This widened loss is primarily attributable to increased operating expenses, particularly in technology and data analytics, sales and marketing, and a significant rise in the provision for credit losses and funding costs, reflecting higher interest rates and loan volume. The company also announced a restructuring plan on February 8, 2023, involving a reduction of approximately 19% of its workforce (around 500 employees) and expects to incur $35-$39 million in associated costs. This move is aimed at managing operating expenses in response to macroeconomic conditions and business prioritization. Affirm has also completed the acquisition of Butter Holdings Ltd., a UK-based BNPL company, in early February 2023, though the accounting for this acquisition is still pending. While Affirm is demonstrating strong growth in customer and merchant adoption, continued profitability remains a key concern for investors, exacerbated by rising operational costs and credit loss provisions.

Affirm Holdings, Inc.'s (AFRM) 10-Q filing for the period ending September 30, 2022, reveals a significant increase in total revenue, up 34% year-over-year to $361.6 million, driven primarily by a substantial 62% increase in Gross Merchandise Volume (GMV) to $4.4 billion. This growth was fueled by an expanding merchant base and a growing number of active consumers engaging more frequently with the platform. Despite the top-line growth, Affirm continued to report a net loss, which narrowed by 18% to $251.3 million compared to the prior year's $306.6 million. This narrowing of the loss was mainly due to a significant increase in "Other (expense) income, net," largely driven by favorable changes in the fair value of contingent consideration. Operating expenses, however, saw a substantial 49% increase, particularly in technology and data analytics, and sales and marketing, indicating continued investment in growth and platform development. The company also highlighted its capital-efficient funding model, with equity capital required as a percentage of the total platform portfolio decreasing to 2% by the end of the quarter.

Affirm Holdings, Inc. reported a significant increase in total revenue for the nine months ended March 31, 2022, reaching $985.2 million, a 62% increase year-over-year. This growth was primarily driven by a substantial 91% increase in Gross Merchandise Volume (GMV) to $11.1 billion, supported by a expanding merchant network and a growing active consumer base. Despite the revenue surge, the company continued to operate at a net loss, with a loss of $521.0 million for the same period, compared to a $317.6 million loss in the prior year. This widening loss reflects increased operating expenses, particularly in sales and marketing, which more than doubled year-over-year, and higher provisions for credit losses, indicating a strategic investment in growth and scale. The company's balance sheet shows substantial growth in assets, with total assets increasing to $7.03 billion from $4.87 billion at the end of the previous fiscal year. This growth is fueled by increased loans held for investment and a significant rise in cash and cash equivalents, partly due to the proceeds from a convertible senior notes issuance. However, total liabilities also grew considerably, largely due to the new convertible notes and increased funding debt. Affirm's capital-efficient model continues to be a focus, with equity capital required as a percentage of the total platform portfolio decreasing. Investors should monitor the company's path to profitability amidst its aggressive growth strategy and the rising costs associated with scaling its operations and managing credit risk.

Affirm Holdings, Inc. reported significant growth in its fiscal second quarter of 2022, driven by a substantial increase in Gross Merchandise Volume (GMV) and active consumers. Total revenue surged by 77% year-over-year to $361 million, fueled by strong performance in merchant network revenue and interest income. Despite this revenue growth, the company reported a net loss of $159.7 million, widening from the previous year's loss of $26.6 million. This increased loss was largely attributed to a significant rise in operating expenses, particularly in sales and marketing, technology and data analytics, and general and administrative costs. These increases were driven by investments in growth initiatives, including expanded marketing campaigns, technology infrastructure, and increased headcount. Affirm's balance sheet shows a substantial increase in cash and cash equivalents, largely due to the proceeds from issuing convertible senior notes. The company also saw a significant increase in its loan portfolio, with loans held for investment growing considerably. While the company highlighted its capital-efficient model and diverse funding sources, investors should note the continued high operating expenses and the resulting net loss. The company's strategic partnerships, such as with Shopify and Amazon, are key growth drivers, but also contribute to increased sales and marketing expenses.

Affirm Holdings, Inc. reported its second quarter results for fiscal year 2022, ending September 30, 2021. The company demonstrated strong top-line growth, with total revenue increasing by 55% year-over-year to $269.4 million, driven primarily by an 84% increase in Gross Merchandise Volume (GMV) to $2.7 billion. This growth was fueled by significant expansion in both the active consumer base, which grew 124% year-over-year to 8.7 million, and the merchant network, which saw a substantial increase in active merchants. Despite revenue growth, Affirm experienced a widening net loss of $306.6 million, compared to a net loss of $3.9 million in the prior year period, primarily due to substantial increases in operating expenses, particularly in technology and data analytics, sales and marketing, and general and administrative costs. Significant increases in stock-based compensation and a notable fair value adjustment to contingent consideration liability contributed to the increased expenses. The balance sheet shows a robust increase in total assets to $5.4 billion from $4.9 billion, bolstered by substantial growth in securities available for sale and loans held for investment. However, liabilities also rose significantly, driven by an increase in notes issued by securitization trusts and accrued expenses. The company ended the quarter with $1.4 billion in cash and cash equivalents, providing a seemingly adequate liquidity buffer for its operations over the next 12 months, supported by available capacity from its debt facilities and loan sale arrangements. Investors should monitor the company's ability to manage its escalating operating expenses and convert its significant revenue growth into profitability, alongside its continued expansion of the platform and funding sources.

Affirm Holdings, Inc. (AFRM) reported substantial growth in revenue and Gross Merchandise Volume (GMV) for the nine months ended March 31, 2021, compared to the same period in the prior year. Total revenue increased by 71% to $608.7 million, driven by a 69% increase in GMV to $5.8 billion. This growth was supported by a significant expansion in both the active consumer base (up 60% to 5.4 million) and the merchant network (up 103% to 11,513). Despite this top-line growth, the company continued to experience significant net losses, with a net loss of $277.7 million for the nine months ended March 31, 2021, compared to $147.4 million in the prior year period. This increase in net loss was largely attributable to a substantial rise in operating expenses, particularly in technology and data analytics, sales and marketing, and general and administrative costs. The company also completed its initial public offering (IPO) in January 2021, raising approximately $1.3 billion, which significantly bolstered its cash position. Key financial highlights include a dramatic increase in cash and cash equivalents to $1.62 billion as of March 31, 2021, from $267.1 million as of June 30, 2020, largely due to the IPO proceeds. The company's funding capacity also increased. However, the significant increase in operating expenses, particularly stock-based compensation, and the continued net losses are key areas for investor attention. The acquisition of PayBright in January 2021 added $257.2 million in goodwill, reflecting strategic investment for future growth.

This Affirm Holdings, Inc. 10-Q filing, covering the period ending December 31, 2020, provides insights into the company's market risk exposure, internal controls, and a comprehensive overview of its business risks. Affirm operates primarily in the United States and Canada, with its market risk exposure largely concentrated in interest rate fluctuations. While the company's cash and cash equivalents are short-term and thus minimally impacted by interest rate changes, a rising interest rate environment could negatively affect customer spending and their ability to repay loans. Furthermore, variable interest rates on certain funding arrangements could reduce Affirm's interest margin. A significant focus of this filing is the disclosure of a material weakness in Affirm's internal control over financial reporting, specifically related to general IT controls, including access and change management. The company is actively implementing remediation efforts, including hiring experienced personnel and enhancing control processes. Despite this weakness, management asserts that the interim financial statements are presented fairly.