Affirm Holdings, Inc. (AFRM) financials
NASDAQ · Financial Services · Financial - Credit Services · 2,358 employees · CEO Max Rafailovych Levchin
- Price
- $73.47 -1.83%
- Market cap
- $21.9B
- Enterprise value
- $29.3B
- Last report
- Q4 '26 filed 2026-08-27
- Next report
- 2026-11-05
Revenue (TTM)$4.18B+29.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)15.5%+18.2 pp vs a year agoOperating income $649M
Net income (TTM)$1.93B+3,597.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$993M+65.0% vs a year agoCapex $238M
Diluted EPS (TTM)$5.52+4,209.1% vs a year agoSum of the last 4 quarters
Net cash-$6.74B-19.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $21.9B EV $29.3B
- Revenue
- $4.18B Trailing 12 months
- Revenue growth
- +39% FY2027 consensus
- Profit margin
- 46.1% Net income / revenue, TTM
- P/E
- 12.9× Forward 36.8× (FY2027)
- P/S
- 5.2× Price / sales, TTM
- EV / EBITDA
- 23.5× TTM
- Free cash flow
- $993M Trailing 12 months
- Net income
- $1.93B Trailing 12 months
- Revenue estimate
- $5.5B FY2027 consensus
- Earnings
- 2026-11-05
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 24.3% year on yearQ4 '26 revenue $1.09B, against an average of 32.2% over the four quarters before.
- Operating margin 15.5% (TTM), +18.2 pp on a year agoOperating income grew 843.4% while revenue grew 29.8%.
- 31.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $493M vs operating income $649M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.7% of revenue (a year ago 6.0%)$238M invested in the last 4 quarters (+24.0% on a year earlier). Free cash flow $993M = 51.5% of net income.
- Returned $112M to shareholders = 11.3% of free cash flowBuybacks $112M (a year earlier $0), dividends $0, stock-based pay $164M (TTM).
- Diluted share count up 2.1% in a year350M diluted shares in Q4 '26, 343M a year earlier.
- Net debt $6.74BCash + short-term investments $3.08B, debt incl. leases $9.82B; a year ago net debt $5.63B.
Last quarter: Q4 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.09B | $876M | +24.3% |
| Gross margin | 69.4% | 67.7% | +1.7 pp |
| Operating income | $265M | $58.1M | +356.9% |
| Operating margin | 24.3% | 6.6% | +17.7 pp |
| Net income | $1.62B | $69.2M | +2,234.7% |
| Diluted EPS | $4.62 | $0.20 | +2,210.0% |
| Operating cash flow | $296M | $74.6M | +297.1% |
| Capex | $66.9M | $51.1M | +30.8% |
| Free cash flow | $229M | $23.5M | +875.9% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $65.5M | -100.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Interest income | – | – | – | – | – | |
| Merchant network revenue | – | – | – | – | – | |
| Merchant Network | $302M | +26.3% | 78.0% | – | – | |
| Gain on sales of loans | – | – | – | – | – | |
| Virtual Card Network | $85.2M | +26.9% | 22.0% | – | – | |
| Card network revenue | – | – | – | – | – | |
| Servicing income | – | – | – | – | – |
Revenue by region
share of total| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $390M | +11.4% | 97.7% | $1.44B | +31.5% | |
| CANADA | $9.12M | -13.3% | 2.3% | $44.7M | +40.9% | |
| Other Geographical | $48K | – | 0.0% | $178K | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.23B
- Capex
- -$238M
- Buybacks
- -$112M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $2.15B
- Stock-based compensation
- $164M
- Free cash flow
- $993M
- Returned to shareholders / FCF
- 11.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.9× | 223.1× 2 of 5 years | 14.2× – 432.1× |
| EV / EBITDA | 23.5× | 34.1× 2 of 5 years | 27.8× – 40.5× |
| EV / Sales | 7.0× | 7.2× | 5.7× – 8.9× |
| Price / FCF | 22.1× | 32.1× 3 of 5 years | 27.5× – 37.1× |
| Price / Book | 4.5× | 3.9× | 1.8× – 7.3× |
| FCF yield | 4.5% | 0.3% | -5.4% – 3.6% |
| Return on invested capital | 11.6% | -3.8% | -14.8% – 15.6% |
| Return on equity | 47.9% | -9.6% | -38.9% – 35.2% |
Analysts
Consensus target $95.50 (+30.0%)
range $75.00 – $115.00 · rating Buy
Strong buy0
Buy28
Hold10
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $5.5B | +39.2% | $2.00 | -63.9% | 36.8× | 16 |
| FY2028 | $6.86B | +24.7% | $2.91 | +45.6% | 25.3× | 14 |
| FY2029 | $8.5B | +24.1% | $3.93 | +35.4% | 18.7× | 15 |
| FY2030 | $11.4B | +33.5% | $5.56 | +41.4% | 13.2× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 315 figures Affirm Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $910K | – | – | |
| – | – | – | $2.38M | – | – | |
| – | – | – | $3.33M | – | – | |
| Accounts Payable | $84.6M | $82.8M | +2.2% | $84.6M | $82.8M | +2.2% |
| Accounts Receivable, after Allowance for Credit Loss | $284M | $426M | -33.3% | $284M | $426M | -33.3% |
| Accounts Receivable, Allowance for Credit Loss | $22.7M | $18.8M | +20.7% | $22.7M | $18.8M | +20.7% |
| Accrued Liabilities | $119M | $72.8M | +63.1% | $119M | $72.8M | +63.1% |
| Accrued Liabilities and Other Liabilities | $199M | $157M | +26.8% | $199M | $157M | +26.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $717M | $455M | +57.4% | $717M | $455M | +57.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$36.4M | -$15.1M | -141.3% | -$36.4M | -$15.1M | -141.3% |
| Additional Paid in Capital | $6.65B | $6.14B | +8.2% | $6.65B | $6.14B | +8.2% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $40.5M2026-03-31 | $36.1M | +12.3% | $192M | $272M | -29.2% |
| Advertising Expense | – | – | – | $40.8M | $30.8M | +32.5% |
| Amortization of Debt Issuance Costs | $7.43M | $7.09M | +4.8% | $28.2M | $30.4M | -7.1% |
| Amortization of Intangible Assets | $200K | $0 | – | $200K | $1.3M | -84.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -3.65M | -32.4M | +88.7% | 9.79M | 9.03M | +8.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $115M2026-03-31 | $120M | -3.7% | $485M | $500M | -3.1% |
| Assets | $15.8B | $11.2B | +41.6% | $15.8B | $11.2B | +41.6% |
| Assets Sold under Agreements to Repurchase, Carrying Amount | $10B | $7.8B | +28.2% | $10B | $7.8B | +28.2% |
| Assets Sold under Agreements to Repurchase, Repurchase Liability | $6.3M | $8.7M | -27.6% | $6.3M | $8.7M | -27.6% |
| Assets, Fair Value Disclosure | $1.28B | $1.01B | +26.5% | $1.28B | $1.01B | +26.5% |
| Cash and Cash Equivalents, at Carrying Value | $1.63B | $1.35B | +20.3% | $1.63B | $1.35B | +20.3% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $800K | – | – | $1.5M | -$300K | +600.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.43B | $1.76B | +38.5% | $2.43B | $1.76B | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$41.3M | $20.5M | -301.6% | $677M | $461M | +46.8% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $68.75 | $81.08 | -15.2% | $68.75 | $81.08 | -15.2% |
| Class of Warrant or Right, Outstanding | 18.5M | 18.5M | 0.0% | 18.5M | 18.5M | 0.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 89M | 93M | -4.3% | 89M | 93M | -4.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.6B | $98.7M | +1,525.3% | $1.91B | $58.7M | +3,152.3% |
| Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $10B | $7.8B | +28.2% | $10B | $7.8B | +28.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $88M | $76.9M | +14.4% | $88M | $76.9M | +14.4% |
| Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $46.1M | $33.9M | +36.0% | $173M | $121M | +43.5% |
| Convertible Debt | $1.13B | $1.15B | -2.0% | $1.13B | $1.15B | -2.0% |
| Costs and Expenses | $1.02B | $818M | +24.5% | $3.84B | $3.31B | +16.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $241K | $1.57M | -84.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.64M | $425K | +992.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $18.2M | $2.17M | +738.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $13.3M | $176K | +7,437.5% |
| Debt Issuance Costs, Net | $56.3M | $49.6M | +13.6% | $56.3M | $49.6M | +13.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.85M | $1.47M | +26.2% | $1.85M | $1.47M | +26.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1.76M | $217K | +712.0% | $1.76M | $217K | +712.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $0 | $17M | -100.0% | $0 | $17M | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $14K | -100.0% | $0 | $14K | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $688M | $338M | +103.7% | $688M | $338M | +103.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $1.68M | $161K | +945.3% | $1.68M | $161K | +945.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $325M | $219M | +48.2% | $325M | $219M | +48.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $325M | $219M | +48.4% | $325M | $219M | +48.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $680M | $673M | +1.0% | $680M | $673M | +1.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $680M | $674M | +0.9% | $680M | $674M | +0.9% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $02026-03-31 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $688M | $355M | +93.9% | $688M | $355M | +93.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $1.68M | $175K | +861.7% | $1.68M | $175K | +861.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 181 security | 67 security | +170.1% | 181 security | 67 security | +170.1% |
| DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest | $218K | $941K | -76.8% | $218K | $941K | -76.8% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $1B | $892M | +12.6% | $1B | $892M | +12.6% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $1B | $892M | +12.6% | $1B | $892M | +12.6% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | – | – | – | $02025-06-30 | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.02B | $139K | -732,861.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4.78M | $7.19M | -33.5% |
| Deferred Income Tax Assets, Net | $1.47B | $13.9M | +10,432.2% | $1.47B | $13.9M | +10,432.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-K 2024-06-30
Data as of 2026-11-02