Affirm Holdings Inc
NASDAQ: AFRM · FINANCIAL SERVICES · CREDIT SERVICES
Updated 2026-09-11
Affirm Holdings Inc (AFRM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $264.37M | $509.53M | $870.46M | $1.35B | $1.59B | $2.32B | $3.22B | $3.95B |
| Revenue growth (YoY) | — | +92.7% | +70.8% | +55.0% | +17.7% | +46.3% | +38.8% | +22.5% |
| Cost of revenue | $108.74M | $172.21M | $322.91M | $576.46M | $873.16M | $845.11M | $1.05B | $1.22B |
| Gross profit | $155.63M | $337.32M | $547.55M | $772.84M | $714.82M | $1.48B | $2.18B | $2.73B |
| Gross margin | 58.9% | 66.2% | 62.9% | 57.3% | 45.0% | 63.6% | 67.5% | 69.1% |
| R&D | $70.81M | $112.98M | $249.34M | $418.64M | $615.82M | $501.86M | — | — |
| SG&A | $88.90M | $121.23M | $383.75M | $577.49M | $586.40M | $525.29M | $545.05M | $578.31M |
| Operating income | $-101.55M | $-107.79M | $-383.67M | $-866.05M | $-1.20B | $-615.85M | $-87.27M | $870.87M |
| Operating margin | -38.4% | -21.2% | -44.1% | -64.2% | -75.6% | -26.5% | -2.7% | 22.1% |
| EBITDA | $-89.26M | $-70.46M | $-370.69M | $-602.41M | $-671.60M | $-2.23M | $711.99M | $1.25B |
| EBITDA margin | -33.8% | -13.8% | -42.6% | -44.6% | -42.3% | -0.1% | 22.1% | 31.6% |
| EBIT | $-94.52M | $-79.91M | $-390.67M | $-655.14M | $-806.23M | $-171.27M | $486.92M | $946.35M |
| Interest expense | $25.89M | $32.32M | $52.70M | $69.69M | $183.01M | $344.25M | $425.45M | $453.62M |
| Income tax | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-120.45M | $-112.60M | $-441.03M | $-707.42M | $-985.35M | $-517.76M | $52.19M | $1.93B |
| Net income growth (YoY) | — | +6.5% | -291.7% | -60.4% | -39.3% | +47.5% | +110.1% | +3597.9% |
| Profit margin | -45.6% | -22.1% | -50.7% | -52.4% | -62.1% | -22.3% | 1.6% | 48.9% |
Frequently asked questions
What is Affirm Holdings Inc's revenue?
Affirm Holdings Inc's trailing twelve-month revenue is $4.26B, and consensus projects about $10.43B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AFRM?
In its most recent fiscal year, AFRM ran a gross margin of 69.10%, an operating margin of 22.05%, and a net margin of 48.87%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AFRM generate?
AFRM produced $992.63M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AFRM's balance sheet healthy?
AFRM holds $1.63B in cash and equivalents against — in long-term debt, on $5.48B of shareholder equity. That debt is best read against the cash flow the business throws off each year.