AFRM Nasdaq Transaction & Payment Processing Services Financials FY2019βFY2026
Affirm had $4.3B of revenue in fiscal 2026, up 32.2% on the year before. Over five years, revenue changed +37.4% a year on average.
Hi! I read Affirmβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+32.2%
Yes. Sales grew 32.2% last year.
Does it make a profit?
45.3%
Yes. It keeps 45.3% of every sale as profit.
Does profit turn into cash?
23.3%
Yes. 23.3% of sales ends up as free cash.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Affirm did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 25, 2026 | Q4 '26 | Time not announced | 8-K β |
| May 7, 2026 | Q3 '26 | After the market closes | 8-K β |
| Feb 5, 2026 | Q2 '26 | After the market closes | 8-K β |
| Nov 2, 2025 | Q1 '26 | Time not announced | 8-K β |
| Aug 28, 2025 | Q4 '25 | After the market closes | 8-K β |
| May 8, 2025 | Q3 '25 | After the market closes | 8-K β |
| Feb 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| Nov 5, 2024 | Q1 '25 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Affirm had $4.3B of revenue in fiscal 2026, up 32.2% on the year before. Over five years, revenue changed +37.4% a year on average. Its operating margin was 9.8%, up 12.5Β pts: of every 100 in sales, about 10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Affirm made $1.9B of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $993M in fiscal 2026, 23.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Affirm returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 2.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $32.2M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$32.2M
5 insiders
Of sales under plans
88%
$28.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Affirm can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $892M | $1.0B | $1.4B | $1.6B |
| Interest coverage | β12.4x | β6.6x | β1.8x | β0.2x | 0.9x |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β11.0% | β7.2% | 5.2% |
| Altman Z'' | β | β | β |
What does the share cost, and how does it compare?
KIRA Β· At $70.08 a share, the company is worth $24.4B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β and divides by 348.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 12.7x Β· peers 10.4x Β· sector 13.7x.
KIRA Β· Affirm grew sales faster than 4 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Affirm AFRM | $24.4B | 32.2% | 9.8% | 23.3% | β | β | β | |
| Euronet Worldwide EEFT | $3.0B | 6.4% | 12.5% | 10.2% | 29.9% | 10.4x | 7 | Compare β |
| Shift4 FOUR | $50.4M | 25.5% | 8.4% | 14.9% | 6.5% | β | 6 | Compare β |
| Western Union WU | $2.0B | β3.8% | 18.7% | 12.5% | 24.0% | 5.2x | β | Compare β |
| Corpay CPAY | $27.1B | 13.9% | 44.0% | 28.7% | 11.5% | 24.9x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $264M | $510M | $871M | $1.3B | $1.6B | $2.3B | $3.2B | $4.3B |
| Operating income | β$127M | β$108M | β$384M | β$866M | β$1.2B | β$616M | β$87.3M | $417M |
| Interest expense | $25.9M | $32.3M | $52.7M | $69.7M | $183M | $344M | $426M | $454M |
| Pretax income | β$120M | β$112M | β$443M | β$725M | β$989M | β$516M | $61.5M | $493M |
| Income tax | $0.0M | $0.4M | β$2.3M | β$17.4M | β$3.9M | $2.2M | $9.3M | β$1.4B |
| Net income | β$121M | β$113M | β$441M | β$707M | β$985M | β$518M | $52.2M | $1.9B |
| Diluted EPS | β$2.84 | β$2.63 | β$2.94 | β$2.51 | β$3.34 | β$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 | β$87.6M | β$71.3M | β$193M | β$162M | $12.2M | $450M | $794M | $1.2B |
| Capital expenditure | $19.4M | $21.0M | $20.3M | $86.3M | $121M | $159M | $192M | $238M |
| Free cash flow | β$107M | β$92.3M | β$213M | β$248M | β$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 | β | $48.1M | $62.5M | $172M | $290M | $428M | $573M | $686M |
| Total assets | β | $1.4B | $4.9B | $7.0B | $8.2B | $9.5B | $11.2B | $15.8B |
| Total liabilities | β | $965M | $2.3B | $4.4B | $5.6B | $6.8B | $8.1B | $10.3B |
| Shareholders' equity | β$263M | β$367M | $2.6B | $2.6B | $2.5B | $2.7B | $3.1B | $5.5B |
| Margins | ||||||||
| Operating margin | β48.2% | β21.2% | β44.1% | β64.2% | β75.6% | β26.5% | β2.7% | 9.8% |
| EBITDA margin | β46.2% | β19.3% | β41.8% | β60.3% | β67.1% | β19.2% | 4.3% | 16.9% |
| Net margin | β45.6% | β22.1% | β50.7% | β52.4% | β62.1% | β22.3% | 1.6% | 45.3% |
| FCF margin | β40.5% | β18.1% | β24.5% | β18.4% | β6.8% | 12.5% | 18.7% | 23.3% |
| Returns | ||||||||
| Return on equity | β | β | β39.9% | β27.2% | β38.3% | β19.7% | 1.8% | 45.1% |
| Return on assets | β | β | β14.1% | β12.0% | β13.0% | β5.9% | 0.5% | 14.3% |
| Growth | ||||||||
| Revenue growth | β | 92.7% | 70.8% | 55.0% | 17.7% | 46.3% | 38.8% | 32.2% |
| Net income growth | β | β | β | β | β | β | β | 3,597.9% |
| EPS growth | β | β | β | β | β | β | β | 3,586.7% |
| FCF growth | β | β | β | β | β | β | 106.9% | 65.0% |
| Share count change | β | 1.1% | 232.8% | 76.9% | 4.8% | 4.9% | 10.1% | 2.3% |
| Financial health | ||||||||
| Interest coverage | β4.9x | β3.3x | β7.3x | β12.4x | β6.6x | β1.8x | β0.2x | 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 | β | β | β | β | β | 0.0% | 41.6% | 0.0% |
| Quality scores | ||||||||
| Accruals ratio | β | β | β7.9% | β9.2% | β13.2% | β11.0% | β7.2% | 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 β not investment advice. Check the original filings before relying on any figure.
