Affirm Holdings, Inc.
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AFRM FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 1,113,966 | 826,008 | +34.9% |
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| Card network revenue | 231,308 | 151,401 | +52.8% |
| Merchant network revenue | 882,658 | 674,607 | +30.8% |
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| Affiliated Entity | 123.4 | 95.8 | +28.8% |
| Interest And Dividend Income Operating | 1,608,221 | 1,204,355 | +33.5% |
| Gain Loss On Sales Of Loans Net | 381,622 | 197,153 | +93.6% |
| Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets | 120,602 | 95,483 | +26.3% |
| Revenue | 3,224,412 | 2,322,999 | +38.8% |
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| CA | 119,009 | 97,394 | +22.2% |
| Other | 282 | — | — |
| US | 3,105,121 | 2,225,605 | +39.5% |
| Loss On Financing Receivable Commitments To Purchase | 242,264 | 180,395 | +34.3% |
| Provision For Loan Losses Expensed | 616,683 | 460,628 | +33.9% |
| Interest Expense Debt | 425,451 | 344,253 | +23.6% |
Show Long-Term Debt Type breakouts |
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| Convertible Debt | 7,144 | 3,400 | +110.1% |
| Processing And Servicing Expense | 457,849 | 343,249 | +33.4% |
| Technology And Data Analytics Expense | 589,723 | 501,857 | +17.5% |
| Sales & Marketing | 434,847 | 576,405 | -24.6% |
| General & Administrative | 545,053 | 525,291 | +3.8% |
| Restructuring Charges Reversals And Other Expense | -184 | 6,768 | -102.7% |
| Total Costs & Expenses | 3,311,685 | 2,938,846 | +12.7% |
| Operating Income | -87,273 | -615,847 | +85.8% |
| Other Non-Operating Income (Expense) | 148,737 | 100,320 | +48.3% |
| Income Before Taxes | 61,464 | -515,527 | +111.9% |
| Income Tax Expense (Benefit) | 9,279 | 2,230 | +316.1% |
| Net Income | 52,186 | -517,757 | +110.1% |
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| Retained Earnings | 52,186 | -517,757 | +110.1% |
| Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent | 6,025 | -13,655 | +144.1% |
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| Accumulated Other Comprehensive Income | 6,025 | -13,655 | +144.1% |
| Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax | 3,297 | 6,857 | -51.9% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | -2,826 | 656 | -530.8% |
| Other Comprehensive Income | 6,496 | -6,142 | +205.8% |
| Comprehensive Income | 58,682 | -523,899 | +111.2% |
| EPS (Basic) | 0.16 | -1.67 | +109.6% |
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| Common Class A | 0.16 | -1.67 | +109.6% |
| Common Class B | 0.16 | -1.67 | +109.6% |
| EPS (Diluted) | 0.15 | -1.67 | +109.0% |
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| Common Class A | 0.15 | -1.67 | +109.0% |
| Common Class B | 0.15 | -1.67 | +109.0% |
| Wtd Avg Shares (Basic) | 322,851,873 | 309,857,129 | +4.2% |
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| Common Class A | 281,215,807 | 257,810,094 | +9.1% |
| Common Class B | 41,636,066 | 52,047,035 | -20.0% |
| Wtd Avg Shares (Diluted) | 341,023,566 | 309,857,129 | +10.1% |
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| Common Class A | 299,387,500 | 257,810,094 | +16.1% |
| Common Class B | 41,636,066 | 52,047,035 | -20.0% |
| Interest Expense (FY) | — | — | — |
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| Convertible Debt | 3,656 | — | — |
| Net Income Loss Available To Common Stockholders Basic (FY) | — | — | — |
Show Statement Class Of Stock breakouts |
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| Common Class A | 45,456 | -430,789 | +110.6% |
| Common Class B | 6,730 | -86,968 | +107.7% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 1,354,455 | 1,013,106 | +33.7% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 572,637 | 427,686 | +33.9% |
| Goodwill | 534,156 | 533,439 | +0.1% |
| Total Assets | 11,154,929 | 9,519,619 | +17.2% |
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| Variable Interest Entity Not Primary Beneficiary · Residual interests in structured transactions | 2,284 | — | — |
| Variable Interest Entity Not Primary Beneficiary · Risk Sharing Assets | 43,179 | 33,884 | +27.4% |
| Variable Interest Entity Not Primary Beneficiary · Securitizations | 75,469 | 51,670 | +46.1% |
| Variable Interest Entity Primary Beneficiary | 6,661,329 | 5,378,135 | +23.9% |
| Variable Interest Entity Primary Beneficiary · Securitizations | 4,993,148 | 3,325,254 | +50.2% |
| Variable Interest Entity Primary Beneficiary · Warehouse credit facilities | 1,668,181 | 2,052,881 | -18.7% |
| Operating Lease Right-of-Use Assets | 19,124 | 21,863 | -12.5% |
| Intangible Assets | 169 | — | — |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Developed Technology Rights | 74 | 133 | -44.4% |
| Trademarks and domains | 95 | 285 | -66.7% |
| Other Assets | |||
| Restricted Cash | 401,968 | 282,293 | +42.4% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 192,638 | 145,829 | +32.1% |
| Other Investments | 871,425 | 1,131,628 | -23.0% |
| Notes Receivable Gross | 7,025,534 | 5,670,056 | +23.9% |
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| Variable Interest Entity Primary Beneficiary | 6,828,758 | 5,461,660 | +25.0% |
| Financing Receivable Allowance For Credit Losses | -396,929 | -309,097 | -28.4% |
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| Variable Interest Entity Primary Beneficiary | -365,656 | -242,991 | -50.5% |
| Notes Receivable Net | 6,628,606 | 5,360,959 | +23.6% |
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| Variable Interest Entity Primary Beneficiary | 6,463,101 | 5,218,669 | +23.8% |
| Accounts Receivable Net | 426,177 | 353,028 | +20.7% |
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| Variable Interest Entity Primary Beneficiary | 3,032 | 2,961 | +2.4% |
| Intangible Assets Net Excluding Goodwill | 12,935 | 13,502 | -4.2% |
| Commercial Agreement Asset Net | 57,210 | 104,602 | -45.3% |
| Other Assets | 295,360 | 299,340 | -1.3% |
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| Variable Interest Entity Primary Beneficiary | 2,558 | 10,676 | -76.0% |
| Assets Net (Q) | — | — | — |
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| Variable Interest Entity Not Primary Beneficiary | 120,842 | 84,636 | +42.8% |
| Variable Interest Entity Primary Beneficiary | 205,707 | 308,113 | -33.2% |
| Variable Interest Entity Primary Beneficiary · Securitizations | 41,663 | 79,026 | -47.3% |
| Variable Interest Entity Primary Beneficiary · Warehouse credit facilities | 164,044 | 229,087 | -28.4% |
| Non-Current Liabilities | |||
| Accounts Payable Current And Noncurrent | 82,820 | 41,019 | +101.9% |
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| Variable Interest Entity Primary Beneficiary | 2,833 | 2,830 | +0.1% |
| Interest Payable Current And Noncurrent | 24,465 | 24,327 | +0.6% |
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| Variable Interest Entity Primary Beneficiary | 23,998 | 24,220 | -0.9% |
| Total Liabilities | 8,085,919 | 6,787,630 | +19.1% |
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| Variable Interest Entity Not Primary Beneficiary · Risk Sharing Liabilities | 90 | 918 | -90.2% |
| Variable Interest Entity Primary Beneficiary | 6,455,621 | 5,070,022 | +27.3% |
| Variable Interest Entity Primary Beneficiary · Notes Issued By Securitization Trusts | 103.9 | — | — |
| Variable Interest Entity Primary Beneficiary · Notes Issued By Securitization Trusts | 4.8 | — | — |
| Variable Interest Entity Primary Beneficiary · Securitizations | 4,951,485 | 3,246,228 | +52.5% |
| Variable Interest Entity Primary Beneficiary · Warehouse credit facilities | 1,504,136 | 1,823,794 | -17.5% |
| Long-Term Debt | 7,609,663 | — | — |
Show Debt Instrument breakouts |
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| 2026 Notes · Convertible Debt | 247,880 | — | — |
| 2029 Notes · Convertible Debt | 905,120 | — | — |
| Funding Debt · International Warehouse Facilities | 390,139 | — | — |
| Funding Debt · Sales And Repurchase Agreements | 31,231 | — | — |
| Funding Debt · US warehouse facilities | 1,097,559 | — | — |
| Funding Debt · Variable funding notes | 103,879 | — | — |
| Notes Issued By Securitization Trusts · Notes Payable Other Payables | 4,833,855 | — | — |
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| Secured Debt | 6,456,663 | — | — |
| Unsecured Debt | 1,153,000 | — | — |
| Other Liabilities | |||
| Third Party Loan Owner Payable | 211,700 | 159,643 | +32.6% |
| Accrued Liabilities And Other Liabilities | 157,272 | 147,429 | +6.7% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 2,797 | 11,115 | -74.8% |
| Convertible Debt | 1,153,000 | 1,341,430 | -14.0% |
| Secured Debt (Q) | — | — | — |
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| Notes Issued By Securitization Trusts | 4,833,855 | 3,236,873 | +49.3% |
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| Variable Interest Entity Primary Beneficiary | 4,833,855 | 3,236,873 | +49.3% |
| Line Of Credit | 1,622,808 | 1,836,909 | -11.7% |
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| Variable Interest Entity Primary Beneficiary | 1,592,139 | 1,794,984 | -11.3% |
| Stockholders' Equity | |||
| Common Stock (Q) | — | — | — |
Show Statement Class Of Stock breakouts |
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| Common Class A | 2 | 2 | 0.0% |
| Common Class B | 1 | 1 | 0.0% |
| Additional Paid-In Capital | 6,140,893 | 5,862,555 | +4.7% |
| Retained Earnings | -3,056,818 | -3,109,004 | +1.7% |
| Accumulated Other Comprehensive Income | -15,069 | -21,565 | +30.1% |
| Total Stockholders' Equity | 3,069,009 | 2,731,989 | +12.3% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent | -1,419 | 1,407 | -200.9% |
| Accumulated Other Comprehensive Income | -15,069 | -21,565 | +30.1% |
| Additional Paid In Capital | 6,140,893 | 5,862,555 | +4.7% |
| Common Stock | 3 | 3 | 0.0% |
| Retained Earnings | -3,056,818 | -3,109,004 | +1.7% |
| Total Liabilities & Equity | 11,154,929 | 9,519,619 | +17.2% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Accretion Amortization Of Discounts And Premiums Financing Receivables | -233,799 | -187,709 | -24.6% |
| Gains Losses On Extinguishment Of Debt | -82,418 | -12,638 | -552.1% |
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| 2026 Notes · Convertible Debt | -82.4 | -12.6 | -554.0% |
| Gain Loss On Changes In Fair Value Of Assets And Liabilities | 7,146 | -2,776 | +357.4% |
| Commercial Agreement Asset Amortization Expense | 47,392 | 73,070 | -35.1% |
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| Commercial Agreement - Shopify | 26.7 | 35.9 | -25.6% |
| Amortization of Financing Costs | 30,389 | 24,546 | +23.8% |
Show Debt Instrument breakouts |
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| 2026 Notes · Convertible Debt | 1,724 | 3,400 | -49.3% |
| 2029 Notes · Convertible Debt | 1,764 | — | — |
Show Long-Term Debt Type breakouts |
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| Convertible Debt | 3,488 | 3,400 | +2.6% |
| Amortization Of Discount On Available For Sale Securities | -44,031 | -22,799 | -93.1% |
| Increase Decrease In Commercial Agreement Assets | 271,562 | 406,714 | -33.2% |
| Stock-Based Compensation | 321,433 | 344,511 | -6.7% |
| Depreciation & Amortization | 225,076 | 169,044 | +33.1% |
| Other Non-Cash Items | 13,703 | -25,331 | +154.1% |
| Payments For Origination And Purchases Of Loans Held For Sale | -3,389,953 | -4,212,299 | +19.5% |
| Proceeds From Sale Of Loans Held For Sale | 3,389,990 | 4,211,687 | -19.5% |
| Change in Accounts Receivable | -84,952 | -167,757 | +49.4% |
| Increase Decrease In Other Operating Assets | -12,175 | 31,228 | -139.0% |
| Change in Accounts Payable | 41,801 | 12,417 | +236.6% |
| Increase Decrease In Third Party Loan Owner Payable | 52,056 | 105,791 | -50.8% |
| Increase Decrease In Interest Payable Net | 2,386 | 11,138 | -78.6% |
| Increase Decrease In Accrued Liabilities And Other Operating Liabilities | -48,943 | -55,169 | +11.3% |
| Net Cash from Operations | 793,909 | 450,138 | +76.4% |
| Deferred Income Taxes | 7,113 | 396 | +1696.2% |
| Investing Activities | |||
| Payments To Acquire Finance Receivables | -32,545,595 | -21,488,547 | -51.5% |
| Proceeds From Sale Of Finance Receivables | 12,572,254 | 6,058,799 | +107.5% |
| Proceeds From Collection Of Finance Receivables | 18,655,657 | 14,147,034 | +31.9% |
| Capital Expenditures | -192,189 | -159,296 | -20.6% |
| Purchases of Investments | -823,886 | -986,071 | +16.4% |
| Proceeds From Sale And Maturity Of Available For Sale Securities | 1,215,777 | 1,136,937 | +6.9% |
| Proceeds From Other Investing Activities | 99,917 | 995 | +9941.9% |
| Payment For Other Investing Activity | -65,000 | -35,000 | -85.7% |
| Net Cash from Investing | -1,083,064 | -1,325,149 | +18.3% |
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount | 178,461 | 126,510 | +41.1% |
| Securities Retained Under Unconsolidated Securitization Transactions | 84,718 | 58,507 | +44.8% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 6,238 | — | — |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 920,000 | — | — |
| Proceeds From Long Term Lines Of Credit | 21,174,242 | 12,639,444 | +67.5% |
| Proceeds From Issuance Of Secured Debt | 2,500,000 | 2,350,000 | +6.4% |
| Repayments Of Long Term Lines Of Credit | -21,387,609 | -12,552,937 | -70.4% |
| Repayments Of Secured Debt | -900,000 | -1,276,451 | +29.5% |
| Debt Issuance Costs | -49,233 | -27,302 | -80.3% |
| Payments Of Debt Extinguishment Costs | -1,012,856 | -63,561 | -1493.5% |
| Proceeds From Stock Options And Warrants Exercised | 60,692 | 33,125 | +83.2% |
| Tax Withholding for Share Compensation | -303,811 | -189,169 | -60.6% |
| Share Repurchases | -250,000 | — | — |
| Net Cash from Financing | 751,425 | 913,149 | -17.7% |
| Supplemental | |||
| Interest Paid | 404,377 | 318,235 | +27.1% |
| Operating Lease Payments | 16,575 | 16,037 | +3.4% |
| Income Taxes Paid | 2,736 | 1,187 | +130.5% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -1,245 | -2,683 | +53.6% |
| Net Change in Cash | 461,024 | 35,455 | +1200.3% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,756,423 | 1,295,399 | +35.6% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.