$AFRM

Affirm Holdings, Inc.

CIK:0001820953|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Revenue
Revenue	$ 1,443,922	$ 1,113,966	$ 826,008
Interest income	2,047,485	1,608,221	1,204,355
Gain on sales of loans	596,553	381,622	197,153
Servicing income	173,123	120,602	95,483
Total revenue, net	4,261,082	3,224,412	2,322,999
Operating expenses
Loss on loan purchase commitment	311,864	242,264	180,395
Provision for credit losses	796,650	616,683	460,628
Funding costs	454,016	425,451	344,253
Processing and servicing	613,587	457,849	343,249
Technology and data analytics	747,145	589,723	501,857
Sales and marketing	342,531	434,847	576,405
General and administrative	578,312	545,053	525,291
Restructuring and other	0	(184)	6,768
Total operating expenses	3,844,105	3,311,685	2,938,846
Operating income (loss)	416,977	(87,273)	(615,847)
Other income, net	75,750	148,737	100,320
Income (loss) before income taxes	492,727	61,464	(515,527)
Income tax expense (benefit)	(1,437,067)	9,279	2,230
Net income (loss)	1,929,793	52,186	(517,757)
Other comprehensive income (loss)
Foreign currency translation adjustments	(24,862)	6,025	(13,655)
Unrealized gain (loss) on securities available for sale, net	(1,884)	3,297	6,857
Gain (loss) on cash flow hedges	5,447	(2,826)	656
Net other comprehensive income (loss)	(21,299)	6,496	(6,142)
Comprehensive income (loss)	$ 1,908,494	$ 58,682	$ (523,899)
Net income (loss) per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ 5.76	$ 0.16	$ (1.67)
Diluted (in USD per share)	$ 5.53	$ 0.15	$ (1.67)
Weighted average common shares outstanding
Basic (in shares)	335,155,421	322,851,873	309,857,129
Diluted (in shares)	348,846,647	341,023,566	309,857,129
Merchant network revenue
Revenue
Revenue	$ 1,149,932	$ 882,658	$ 674,607
Card network revenue
Revenue
Revenue	$ 293,990	$ 231,308	$ 151,401

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income (loss)	$ 1,929,793	$ 52,186	$ (517,757)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for losses	796,650	616,683	460,628
Amortization of premiums and discounts on loans	(305,433)	(233,799)	(187,709)
Gain on sales of loans	(596,553)	(381,622)	(197,153)
Gain on extinguishment of debt	(1,537)	(82,418)	(12,638)
Changes in fair value of assets and liabilities	444	7,146	(2,776)
Amortization of commercial agreement assets	18,884	47,392	73,070
Amortization of debt issuance costs	28,232	30,389	24,546
Accrued interest on securities available for sale	(35,421)	(44,031)	(22,799)
Commercial agreement warrant expense	192,278	271,562	406,714
Stock-based compensation	304,671	321,433	344,511
Depreciation and amortization	303,333	225,076	169,044
Impairment of right of use assets	0	0	752
Deferred income tax expense (benefit)	(1,455,217)	7,113	0
Other	(36,100)	13,703	(25,331)
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(2,599,368)	(3,389,953)	(4,212,299)
Proceeds from the sale of loans held for sale	2,598,182	3,389,990	4,211,687
Accounts receivable, net	132,603	(84,952)	(167,757)
Other assets	(50,111)	(19,288)	31,228
Accounts payable	1,827	41,801	12,417
Payable to third-party loan owners	(12,142)	52,056	105,791
Accrued interest payable	5,166	2,386	11,138
Accrued expenses and other liabilities	10,792	(48,943)	(55,169)
Net cash provided by operating activities	1,230,974	793,909	450,138
Cash flows from investing activities
Purchases and origination of loans held for investment	(46,660,265)	(32,545,595)	(21,488,547)
Proceeds from the sale of loans held for investment	19,683,618	12,572,254	6,058,799
Principal repayments and other loan servicing activity	24,652,096	18,655,657	14,147,034
Additions to property, equipment and software	(238,346)	(192,189)	(159,296)
Purchases of securities available for sale	(992,920)	(823,886)	(986,071)
Proceeds from maturities and repayments of securities available for sale	1,002,775	1,215,777	1,136,937
Other investing inflows	369	99,917	995
Other investing outflows	(754)	(65,000)	(35,000)
Net cash used in investing activities	(2,553,427)	(1,083,064)	(1,325,149)
Cash flows from financing activities
Proceeds from the issuance of convertible notes	0	920,000	0
Proceeds from the issuance of funding debt	38,055,930	21,174,242	12,639,444
Proceeds from issuance of notes and certificates by securitization trust	2,850,000	2,500,000	2,350,000
Principal repayments of funding debt	(36,318,734)	(21,387,609)	(12,552,937)
Principal repayments of notes issued by securitization trust	(2,350,000)	(900,000)	(1,276,451)
Payment of debt issuance costs	(35,464)	(49,233)	(27,302)
Extinguishment of convertible debt	(25,758)	(1,012,856)	(63,561)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	158,930	60,692	33,125
Repurchase of common stock	0	(250,000)	0
Taxes paid related to net share settlement of equity awards	(325,217)	(303,811)	(189,169)
Net cash provided by financing activities	2,009,688	751,425	913,149
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,615)	(1,245)	(2,683)
Net increase in cash, cash equivalents and restricted cash	676,620	461,024	35,455
Cash, cash equivalents and restricted cash, beginning of period	1,756,423	1,295,399	1,259,944
Cash, cash equivalents and restricted cash, end of period	2,433,043	1,756,423	1,295,399
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,630,038	1,354,455	1,013,106
Restricted cash	803,005	401,968	282,293
Total cash, cash equivalents and restricted cash	2,433,043	1,756,423	1,295,399
Supplemental disclosures of cash flow information
Cash payments for interest expense	426,175	404,377	318,235
Cash paid for income taxes	6,618	2,736	1,187
Cash paid for operating leases	22,120	16,575	16,037
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	179,842	178,461	126,510
Securities retained under unconsolidated securitization transactions	76,094	84,718	58,507
Right of use assets obtained in exchange for operating lease liabilities	$ 12,973	$ 6,238	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash and cash equivalents	$ 1,630,038	$ 1,354,455
Restricted cash	803,005	401,968
Securities available for sale at fair value	972,642	871,425
Loans held for sale	1	0
Loans held for investment	9,560,742	7,025,534
Allowance for credit losses	(563,295)	(396,929)
Loans held for investment, net	8,997,447	6,628,606
Accounts receivable, net	284,350	426,177
Property, equipment and software, net	685,834	572,637
Goodwill	524,452	534,156
Intangible assets	26,416	12,935
Commercial agreement assets	38,326	57,210
Deferred tax assets	1,467,036	13,929
Other assets	360,601	281,431
Total assets	15,790,148	11,154,929
Liabilities and stockholders’ equity
Accounts payable	84,647	82,820
Payable to third-party loan owners	199,557	211,700
Accrued interest payable	28,568	24,465
Accrued expenses and other liabilities	199,493	157,272
Convertible senior notes, net	1,129,581	1,153,000
Funding debt	3,333,248	1,622,808
Total liabilities	10,306,324	8,085,919
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid in capital	6,647,214	6,140,893
Accumulated deficit	(1,127,025)	(3,056,818)
Accumulated other comprehensive loss	(36,368)	(15,069)
Total stockholders’ equity	5,483,824	3,069,009
Total liabilities and stockholders’ equity	15,790,148	11,154,929
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	1,630,038	1,354,455
Restricted cash	803,005	401,968
Securities available for sale at fair value	972,642	871,425
Loans held for sale	1	0
Loans held for investment	9,560,742	7,025,534
Allowance for credit losses	(563,295)	(396,929)
Loans held for investment, net	8,997,447	6,628,606
Accounts receivable, net	284,350	426,177
Property, equipment and software, net	685,834	572,637
Goodwill	524,452	534,156
Intangible assets	26,416	12,935
Commercial agreement assets	38,326	57,210
Deferred tax assets	1,467,036	13,929
Other assets	360,601	281,431
Total assets	15,790,148	11,154,929
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	84,647	82,820
Payable to third-party loan owners	199,557	211,700
Accrued interest payable	28,568	24,465
Accrued expenses and other liabilities	199,493	157,272
Convertible senior notes, net	1,129,581	1,153,000
Funding debt	3,333,248	1,622,808
Total liabilities	10,306,324	8,085,919
Consolidated Variable Interest Entities
Restricted cash	343,284	192,638
Loans held for investment	9,361,243	6,828,758
Allowance for credit losses	(529,895)	(365,656)
Loans held for investment, net	8,831,348	6,463,101
Accounts receivable, net	2,969	3,032
Other assets	3,009	2,558
Total assets	9,180,610	6,661,329
Liabilities and stockholders’ equity
Accounts payable	0	2,833
Accrued interest payable	28,234	23,998
Accrued expenses and other liabilities	4,589	2,797
Notes issued by securitization trusts	5,331,229	4,833,855
Funding debt	3,328,963	1,592,139
Total liabilities	8,693,016	6,455,621
Assets of consolidated VIEs, included in total assets above
Restricted cash	343,284	192,638
Loans held for investment	9,361,243	6,828,758
Allowance for credit losses	(529,895)	(365,656)
Loans held for investment, net	8,831,348	6,463,101
Accounts receivable, net	2,969	3,032
Other assets	3,009	2,558
Total assets	9,180,610	6,661,329
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	0	2,833
Accrued interest payable	28,234	23,998
Accrued expenses and other liabilities	4,589	2,797
Notes issued by securitization trusts	5,331,229	4,833,855
Funding debt	3,328,963	1,592,139
Total liabilities	8,693,016	6,455,621
Total net assets of consolidated VIEs	487,594	205,707
Notes Issued By Securitization Trusts
Liabilities and stockholders’ equity
Notes issued by securitization trusts	5,331,229	4,833,855
Liabilities of consolidated VIEs, included in total liabilities above
Notes issued by securitization trusts	5,331,229	4,833,855
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1