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Affirm

AFRM Nasdaq Transaction & Payment Processing Services Financials FY2019–FY2026

Affirm's revenue rose 32.1% to $4.3 billion in fiscal 2026. Its operating margin was 9.8%, up from −2.7% a year earlier. Free cash flow was $993 million, up 65.0%. The diluted share count rose 2.3%.

Last close · Oct 23, 2026

$70.08

3.2%
Value it Compare
Revenue Total sales reported in the income statement.
$4.3B
32.2% vs prior year
Operating margin Operating income as a share of revenue.
9.8%
12.5 pts
Net income Profit after all expenses, interest and tax.
$1.9B
3,596.9%
Free cash flow Cash from operations minus capital spending.
$993M
65.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$24.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Affirm's borrowings (funding debt, notes issued by its loan securitization trusts and convertible notes) are tagged under different labels from year to year, with a total only from fiscal 2025, so debt is left blank.

What Affirm does

No business description yet.

Legal name
Affirm Holdings, Inc.
Fiscal year ends
June 30, 2026
Latest annual report
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Accession · CIK
0001628280-26-059279
0001820953

Revenue and margins

Affirm had $4.3B of revenue in fiscal 2026, up 32.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $993M in fiscal 2026, 23.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Affirm returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Affirm yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 348.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.7x · peers 10.4x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Affirm can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $1.3B$892M$1.0B$1.4B$1.6B
Interest coverage −12.4x−6.6x−1.8x−0.2x0.9x
Total assets $7.0B$8.2B$9.5B$11.2B$15.8B
Total liabilities $4.4B$5.6B$6.8B$8.1B$10.3B
Shareholders' equity $2.6B$2.5B$2.7B$3.1B$5.5B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$32.2M

5 insiders

Of sales under plans

88%

$28.4M

DateInsiderTradeSharesPriceValueFiling
Oct 9, 2026 Robert O'HareChief Financial Officer Sold plan 65,591 $80.02 $5.2M Form 4
Sep 14, 2026 Siphelele JiyaneChief Accounting Officer Sold 26,980 $72.19 $1.9M Form 4
Sep 4, 2026 Siphelele JiyaneChief Accounting Officer Sold 25,000 $72.41 $1.8M Form 4
Sep 3, 2026 Katherine AdkinsChief Legal Officer Sold plan 41,664 $75.53 $3.1M Form 4
Sep 2, 2026 Robert O'HareChief Financial Officer Sold plan 5,886 $74.02 $0.4M Form 4
Sep 1, 2026 Katherine AdkinsChief Legal Officer Sold plan 41,664 $70.55 $2.9M Form 4
Sep 1, 2026 Robert O'HareChief Financial Officer Sold plan 15,745 $71.60 $1.1M Form 4
Aug 28, 2026 Michael LinfordChief Operating Officer Sold plan 79,219 $90.01 $7.1M Form 4
Aug 12, 2026 Noel Bertram WatsonDirector Sold plan 2,000 $77.86 $0.2M Form 4
Jun 26, 2026 Michael LinfordChief Operating Officer Sold plan 100,000 $80.04 $8.0M Form 4
May 13, 2026 Noel Bertram WatsonDirector Sold plan 2,000 $65.00 $0.1M Form 4
Apr 14, 2026 Noel Bertram WatsonDirector Sold plan 2,000 $55.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −11.0%−7.2%5.2%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Affirm AFRM $24.4B 32.2% 9.8% 23.3% — — —
Euronet Worldwide EEFT $3.0B 6.4% 12.5% 10.2% 29.9% 10.4x 7 Compare →
Shift4 FOUR $50.4M 25.5% 8.4% 14.9% 6.5% — 6 Compare →
Western Union WU $2.0B −3.8% 18.7% 12.5% 24.0% 5.2x — Compare →
Corpay CPAY $27.1B 13.9% 44.0% 28.7% 11.5% 24.9x 5 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $264M $510M $871M $1.3B $1.6B $2.3B $3.2B $4.3B
Operating income −$127M −$108M −$384M −$866M −$1.2B −$616M −$87.3M $417M
Interest expense $25.9M $32.3M $52.7M $69.7M $183M $344M $426M $454M
Pretax income −$120M −$112M −$443M −$725M −$989M −$516M $61.5M $493M
Income tax $0.0M $0.4M −$2.3M −$17.4M −$3.9M $2.2M $9.3M −$1.4B
Net income −$121M −$113M −$441M −$707M −$985M −$518M $52.2M $1.9B
Diluted EPS −$2.84 −$2.63 −$2.94 −$2.51 −$3.34 −$1.67 $0.15 $5.53
Diluted shares 0.05B 0.05B 0.16B 0.28B 0.30B 0.31B 0.34B 0.35B
Cash flow
Cash from operations −$87.6M −$71.3M −$193M −$162M $12.2M $450M $794M $1.2B
Capital expenditure $19.4M $21.0M $20.3M $86.3M $121M $159M $192M $238M
Free cash flow −$107M −$92.3M −$213M −$248M −$109M $291M $602M $993M
Depreciation and amortization $5.3M $9.4M $20.0M $52.7M $135M $169M $225M $303M
Stock-based compensation $33.7M $29.6M $293M $391M $452M $345M $321M $305M
Acquisitions $0.0M $0.0M $222M $6.0M $16.1M $0.0M $0.0M $0.0M
Share buybacks $2.6M $18.9M $0.8M $0.1M $0.1M $0.0M $250M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $2.6M $18.9M $0.8M $0.1M $0.1M $0.0M $250M $0.0M
Balance sheet
Cash and short-term investments $358M $267M $1.5B $1.3B $892M $1.0B $1.4B $1.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $48.1M $62.5M $172M $290M $428M $573M $686M
Total assets — $1.4B $4.9B $7.0B $8.2B $9.5B $11.2B $15.8B
Total liabilities — $965M $2.3B $4.4B $5.6B $6.8B $8.1B $10.3B
Shareholders' equity −$263M −$367M $2.6B $2.6B $2.5B $2.7B $3.1B $5.5B
Margins
Operating margin −48.2% −21.2% −44.1% −64.2% −75.6% −26.5% −2.7% 9.8%
EBITDA margin −46.2% −19.3% −41.8% −60.3% −67.1% −19.2% 4.3% 16.9%
Net margin −45.6% −22.1% −50.7% −52.4% −62.1% −22.3% 1.6% 45.3%
FCF margin −40.5% −18.1% −24.5% −18.4% −6.8% 12.5% 18.7% 23.3%
Returns
Return on equity — — −39.9% −27.2% −38.3% −19.7% 1.8% 45.1%
Return on assets — — −14.1% −12.0% −13.0% −5.9% 0.5% 14.3%
Growth
Revenue growth — 92.7% 70.8% 55.0% 17.7% 46.3% 38.8% 32.2%
Net income growth — — — — — — — 3,597.9%
EPS growth — — — — — — — 3,586.7%
FCF growth — — — — — — 106.9% 65.0%
Share count change — 1.1% 232.8% 76.9% 4.8% 4.9% 10.1% 2.3%
Financial health
Interest coverage −4.9x −3.3x −7.3x −12.4x −6.6x −1.8x −0.2x 0.9x
Capital allocation
Capex / revenue 7.3% 4.1% 2.3% 6.4% 7.6% 6.9% 6.0% 5.6%
Stock comp / revenue 12.8% 5.8% 33.6% 29.0% 28.5% 14.8% 10.0% 7.2%
Payouts / FCF — — — — — 0.0% 41.6% 0.0%
Quality scores
Accruals ratio — — −7.9% −9.2% −13.2% −11.0% −7.2% 5.2%

Source: SEC EDGAR XBRL filings (CIK 0001820953). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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