Affirm Holdings, Inc. (AFRM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.3B

Revenue growth

32.2%

Net income, last twelve months

$1.9B

Earnings per share

$5.52

Operating margin

9.8%

Net margin

45.3%

Free cash flow

$992.6M

Return on equity

35.2%

Market value

$25.6B

Price to earnings

13.3x

Cash

$1.6B

Debt

$9.8B

Debt to equity

1.79

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2026

Company events

The newest 8-K filings of 61 held.

Every filing

The newest filings with the SEC of 135 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

735 funds held it at 30 Jun 2026: 381 added and 172 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• OneMain Holdings, Inc. (OMF): revenue $5.1B, market value $6.6B
• Credit Acceptance Corp. (CACC): revenue $2.3B, market value $5.7B
• Enova International, Inc. (ENVA): revenue $3.7B, market value $4.4B
• Bread Financial Holdings, Inc. (BFH): revenue $4.0B, market value $4.0B
• SLM Corp. (SLM): revenue $1.8B, market value $3.2B
• Happen, Inc. (HAPN): revenue $1.0B, market value $1.7B
• World Acceptance Corp. (WRLD): revenue $591.6M, market value $813.8M

What the company does

Affirm Holdings was founded in 2012 and runs a payment network that lets consumers pay for purchases over time at checkout. The company says its mission is to deliver honest financial products that improve lives. As of 30 June 2026 it had approximately 571 thousand active merchants and approximately 27.8 million active consumers. The platform is broadly available in the United States, Canada and the United Kingdom, and the company began a limited launch in Australia in the first quarter of fiscal year 2027. It had 2,358 employees, primarily in the United States.

What it sells

Affirm has three main loan products: Pay-in-X, 0% annual percentage rate (APR) monthly installment loans, and interest-bearing monthly installment loans. Pay-in-X mainly means short-term plans with one to four 0% APR installments. Of total gross merchandise volume (GMV) in the year, Pay-in-X was 16%, 0% APR installment loans were 14% and interest-bearing loans were 70%. Affirm charges $0 in late fees, and the interest-bearing loans carry simple interest only, with no deferred or compounding interest.

Consumers can also use the Affirm Card, a debit card for physical or virtual use that can pay in full from a linked bank account or be turned into a pay-over-time loan through the Affirm App. Affirm also issues virtual cards for merchants that are not integrated with it. Through the app and in partnership with Cross River Bank, it offers an FDIC-insured savings account. The Affirm Marketplace shows consumers offers from merchants. Affirm Card accounted for approximately 15% of total transactions, and 25% of transactions started in the app, on the website or with the Affirm Card.

How it earns money

From merchants, Affirm typically earns a fee when it helps complete a sale. Fees vary by merchant agreement and loan terms, and they are generally larger on 0% APR products. From consumers, it earns interest on the interest-bearing loans it originates or buys. When Affirm Card or virtual cards are used, card-issuing partners share a portion of the interchange fee with Affirm. Affirm also services all loans it originates or purchases and earns a servicing fee on loans held by third parties. It does not sell the servicing rights.

Who uses it

Merchants range from small businesses to large enterprises and include direct-to-consumer brands and physical stores. Their industries include electronics, equipment and auto, fashion and beauty, general merchandise, home and lifestyle, services, sporting goods and outdoors, and travel and ticketing. Merchants connect through Affirm's API or a platform partner, and the company says full integration is often done within days of signing. The top five merchants and platform partners made up 44% of GMV, and Amazon alone was 22%. Repeat consumers drove 96% of transactions, and active consumers averaged approximately 7.0 transactions.

How loans are made and funded

Substantially all U.S. loans on the platform are originated by Celtic Bank, a Utah state-chartered industrial bank, and Lead Bank, a Missouri state-chartered bank, both FDIC-insured. Affirm must follow their credit policies, and the banks keep final authority over whether to originate a loan. Affirm has so far purchased all loans the banks originated through its platform. Celtic Bank and Lead Bank generally allow rates up to 36%, and Cross River Bank generally allows up to 30%. Affirm also originates loans directly under its own licenses in Canada, the United Kingdom and most U.S. states, which was 19% of loans in the year. Substantially all Pay-in-X loans were held on its balance sheet.

Affirm names four main funding channels: warehouse credit facilities, term and revolving securitizations, pass-through loan sales, and forward flow loan sales. Its equity capital was 4% of its total platform portfolio. On 23 January 2026 it applied to Nevada and FDIC authorities to set up Affirm Bank, a proposed Nevada-chartered industrial loan company.

How it decides on credit

Affirm underwrites each transaction using its own risk model rather than relying only on a static credit score. The model turns user and transaction details into over 1,000 data points and was trained on data from approximately 553 million loans. Fraud models use approximately 350 other data points. Checks are generally completed in seconds. The company owns 30 issued U.S. patents and 48 pending U.S. patent applications.

Competitors, regulators and staff

Affirm competes with credit and debit cards from banks such as Synchrony, J.P. Morgan Chase, Citibank, Bank of America, Capital One, Bread Financial and American Express. It also competes with wallets and pay-over-time offers from PayPal, Block and Klarna, and with merchants' own installment options. Many competitors are substantially larger.

Ltd. None of its employees are represented by a labor union. Staff receive restricted stock units, performance stock units and an Employee Stock Purchase Plan.

*From Affirm's annual report on Form 10-K for the year ended 30 June 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1820953/000162828026059279/afrm-20260630.htm)*

From the company's 10-K.