Affirm Holdings Inc.
AFRMFinancial Snapshot
ticker: AFRM step: 04 generated: 2026-05-13 source: quick-research
Affirm Holdings, Inc. (AFRM) — Financial Snapshot
Note: Affirm's fiscal year ends June 30.
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $1.35B | $1.59B | $2.32B | +46% |
| Gross Margin | ~57% | ~45% | ~64% | recovering |
| GAAP Operating Margin | ~-50% | ~-35% | ~-15% | improving |
| GAAP Net Income | ~-$0.7B | ~-$0.5B | ~-$0.4B | improving |
| Basic EPS | negative | negative | negative |
FY2025: Revenue $3.224B (+39% YoY); gross margin improving. Q2 FY2026 (Dec 2025): Revenue $1.1B (+27% YoY); Basic EPS $0.39 — first positive GAAP quarters emerging. FY2026 guidance twice raised. B2B vertical: "other" category grew 81% YoY. Affirm Card GMV doubled YoY.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Loan Portfolio / GMV | ~$25–30B annually (Gross Merchandise Volume) |
| Cash & Equivalents | ~$2.8B |
| Total Debt (warehouse lines) | ~$10B+ (funded by capital markets partners) |
| GAAP Net Income | ~-$0.4B (improving) |
| Equity | ~$4.5B |
Affirm is a lending business: it funds loan portfolios through warehouse credit facilities and securitizations, then sells down risk to capital market partners. The balance sheet carries $10B+ in loan assets funded by debt — standard for consumer lending. Funding cost sensitivity is the primary financial risk: when interest rates rise, funding spreads compress margins. With rates declining in 2025–2026, funding costs are improving.
Key Ratios (approximate)
- P/E: 79.5x (trailing; GAAP recently turning positive) | Price/Sales: ~6x | DCF: ~$41 (some estimates)
- Revenue Growth (TTM): ~27–39% | Gross Margin: ~62–65%
Growth Profile
Affirm tripled revenue from $1.35B (FY2022) to $3.22B (FY2025) — extraordinary growth for a fintech — but the trajectory was non-linear: FY2023 gross margin collapsed to 45% when interest rates surged (funding costs rose faster than loan yields), then recovered to 64% as Affirm re-priced loans and secured better funding structures. GAAP profitability is now emerging: Q2 FY2026 EPS $0.39. FY2026 guidance twice raised, reflecting management confidence in the consumer credit quality and merchant expansion pipeline.
Forward Estimates
- FY2026: Revenue ~$3.7–4.0B (+15–25% YoY); B2B + Affirm Card + International as new growth legs
- GAAP profitability: achieving in FY2026 as revenue scale absorbs fixed costs
- International expansion: Shopify partnership in 5+ new countries by end of FY2026
- Analyst median PT: $82.50 (range $53–105; 22 Buy / 8 Hold / 0 Sell; 39 analysts)
- GMV trajectory: $40B+ by FY2026 as Affirm Card and B2B scale
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AFRM.