# Affirm Holdings Inc. (AFRM) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AFRM/thesis · /stocks/AFRM/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AFRM/fundamental

## Navigation

- Overview: /stocks/AFRM
- Financials (this page): /stocks/AFRM/financials
- Thesis: /stocks/AFRM/thesis
- Investment Memo: /stocks/AFRM/memo
- Coverage universe: /stocks