Affirm Holdings, Inc. is a financial technology company that operates a "Buy Now, Pay Later" (BNPL) payment network primarily in the United States, Canada, and the United Kingdom. The company provides point-of-sale consumer lending and payment solutions, allowing consumers to split purchases into fixed installment loans. Affirm distinguishes itself by offering transparent credit with no hidden or late fees, and by partnering with major retail platforms like Amazon, Walmart, and Shopify.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Net Interest Income
1,182,770
860,102
502,204
458,186
Non-Interest Income
1,764,927
1,218,964
1,114,385
962,629
Total Revenues Before Provision for Credit Losses
2,947,697
2,079,066
1,616,589
1,420,815
Provision for Credit Losses
616,683
460,628
331,860
255,272
Total Revenues After Provision for Credit Losses
2,331,014
1,618,438
1,284,729
1,165,543
Selling, General & Administrative Expenses
979,900
1,101,696
1,224,678
1,109,836
Other Non-Interest Expenses
1,289,652
1,032,269
1,049,296
780,538
Total Non-Interest Expense
2,269,552
2,133,965
2,273,974
1,890,374
Income Before Provision for Income Taxes
61,464
(515,527)
(989,245)
(724,831)
Provision for Income Taxes
9,279
2,230
(3,900)
(17,414)
Consolidated Net Income
52,186
(517,757)
(985,345)
(707,417)
Net Income Attributable to Common Shareholders
52,186
(517,757)
(985,345)
(707,417)
Basic EPS
0.16
-1.67
-3.34
-2.51
Diluted EPS
0.15
-1.67
-3.34
-2.51
Basic Weighted Average Shares Outstanding
326,162
310,034
295,013
281,704
Diluted Weighted Average Shares Outstanding
347,907
310,034
295,013
281,704
Shares Outstanding
325,113
311,053
296,846
287,365
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,756,423
1,295,399
1,259,944
1,550,807
Securities and Investments
871,425
1,131,628
1,174,653
1,595,373
Trading Assets
—
36
76
2,670
Gross Loans
7,025,534
5,670,056
4,402,962
2,503,561
Allowance for Loan Losses
(396,929)
(309,097)
(204,531)
(155,392)
Net Loans
6,628,606
5,360,959
4,198,431
2,348,169
Net Property, Plant & Equipment
572,637
427,686
290,135
171,482
Accrued Interest and Accounts Receivable
426,177
353,028
199,085
142,052
Net Intangible Assets
12,935
13,502
34,434
78,942
Goodwill
534,156
533,439
542,571
539,534
Other Non-Earning Assets
352,570
403,942
456,286
544,763
Total Assets
11,154,929
9,519,619
8,155,615
6,973,792
Accounts Payable
82,820
41,019
28,602
33,072
Accrued Expenses
181,737
171,756
194,381
244,257
Long-Term Debt
7,609,663
6,415,212
5,344,597
4,006,825
Other Liabilities
211,700
159,643
53,852
71,383
Total Liabilities
8,085,919
6,787,630
5,621,432
4,355,537
Common Stock
3
3
3
3
Additional Paid-in Capital
6,140,893
5,862,555
5,140,850
4,231,303
Accumulated Other Comprehensive Income
(15,069)
(21,565)
(15,423)
(7,149)
Retained Earnings
(3,056,818)
(3,109,004)
(2,591,247)
(1,605,902)
Total Common Shareholders' Equity
3,069,009
2,731,989
2,534,183
2,618,255
Total Shareholders' Equity
3,069,009
2,731,989
2,534,183
2,618,255
Total Liabilities and Shareholders' Equity
11,154,929
9,519,619
8,155,615
6,973,792
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
52,186
(517,757)
(985,345)
(707,417)
Depreciation & Amortization
25,027
56,152
63,558
(4,162)
Provision for Credit Losses
616,683
460,628
331,860
255,272
Share-Based Compensation Expense
321,433
344,511
451,709
390,983
Net Change in Loans Held-for-Sale
37
(612)
165,086
29,373
Other Adjustments
(171,629)
169,568
120,288
(116,337)
Changes in Accrued Interest and Accounts Receivable
(84,952)
(167,757)
(67,690)
(62,700)
Changes in Accounts Payable
41,801
12,417
(5,038)
(24,686)
Changes in Accrued Expenses
(46,557)
(44,031)
(30,250)
71,197
Changes in Other Operating Activities
39,881
137,019
(31,997)
6,283
Cash from Operating Activities
793,909
450,138
12,181
(162,194)
Net Change in Loans Held-for-Investment
(1,317,684)
(1,282,714)
(1,975,298)
(341,858)
Net Change in Securities and Investments
391,891
150,866
455,348
(1,530,345)
Payments for Business Acquisitions
—
—
(16,051)
(5,999)
Capital Expenditure
(192,189)
(159,296)
(120,775)
(86,290)
Purchases of Intangible Assets
—
—
—
(25,415)
Other Investing Activities
34,917
(34,005)
3,706
(21,431)
Cash from Investing Activities
(1,083,064)
(1,325,149)
(1,653,070)
(2,011,338)
Issuance of Long-Term Debt
24,594,242
14,989,444
8,044,971
6,804,828
Repayments of Long-Term Debt
(23,300,465)
(13,892,949)
(6,614,397)
(4,642,608)
Net Issuance / (Repayments) of Long-Term Debt
1,293,777
1,096,495
1,430,574
2,162,220
Issuance of Common Shares
60,692
33,125
15,768
73,914
Repurchases of Common Shares
(553,811)
(189,169)
(73,954)
(185,264)
Net Issuance / (Repurchases) of Common Shares
(493,119)
(156,044)
(58,186)
(111,350)
Other Financing Activities
(49,233)
(27,302)
(22,443)
(13,751)
Cash from Financing Activities
751,425
913,149
1,349,945
2,037,119
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(1,245)
(2,683)
81
(5,412)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash