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Financials · NASDAQ: AFRM

Affirm: how the business works

Affirm lends shoppers money to pay for purchases in installments and charges merchants a fee for each sale, with revenue of $4.26 billion in FY2026 (the year to Jun 30, 2026).

By · Checked against filings: . Editorial policy. Corrections

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Affirm Holdings, Inc. · San Francisco, California · Founded 2012

Updated for Q1 FY2027 · checked

Revenue, FY2026
$4.26B
Operating income, FY2026
$417.0M
Net income, FY2026 (incl. one-off tax benefit)
$1.93B
Active consumers, Sep 30, 2026
28.7 million
Max Levchin's share of votes, Sep 30, 2026 (proxy)
44.04%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Affirm in 5 points

  1. 1 · What it sells

    Affirm lets shoppers pay for purchases over time, through short 0% plans, 0% monthly loans and interest-bearing monthly loans, and handled $50.2 billion of purchases in FY2026.

    More: what it sells

  2. 2 · Who pays it

    In FY2026, borrowers paid 48.1% of Affirm's revenue as interest, merchants 27.0% as fees, loan sales to investors brought 14.0%, card networks 6.9% and loan servicing 4.1%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, Affirm kept $44.5 as net income because of a one-off tax benefit, while its operating income was $9.8 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Affirm reports one segment: in FY2026, $4.26 billion of revenue covered $3.84 billion of operating costs, including $796.7 million of credit losses, leaving $417.0 million of operating income.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    The 30+ day delinquency rate on monthly installment loans was 2.9% in Q1 FY2027 against 2.8% a year earlier, while provision for credit losses rose to $259.4 million from $162.8 million.

    More: the one thing to watch

Sources: From Affirm's FY2026 10-K, Q1 FY2027 10-Q and Q1 FY2027 shareholder letter · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Affirm's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Affirm · FY2026

Receipt for every $100

Where $100 of Affirm's money went in FY2026
Credit losses$18.4
Funding costs$10.5
Loss on buying loans from partner banks$7.2
Processing and servicing$14.1
Technology, marketing and admin$38.5
Income tax benefit (added to profit)−$33.1
Kept as net income$44.5
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue $4,261.1 million + other income $75.8 million = $4,336.9 million). The tax line is negative because Affirm released most of a valuation allowance on its deferred tax assets in Q4 FY2026, a one-off, non-cash benefit of about $1.5 billion.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Affirm do?

Shoppers pay Affirm interest on installment loans and merchants pay it a fee for each sale; most of the money goes on running the platform, credit losses and funding the loans, and what is left is profit.

  • In FY2026, interest from borrowers was 48.1% of revenue, merchant fees 27.0%, gains on selling loans to investors 14.0%, card fees 6.9% and servicing fees 4.1%.
  • Affirm had operating income of $417.0 million in FY2026, after operating losses in each year from FY2022 to FY2025.
Next: Who pays it

03Who pays it

Who pays Affirm?

  • Borrowers (interest)

    48%

    of revenue

    Shoppers repaying interest-bearing installment loans that Affirm holds.

  • Merchants (fees)

    27%

    of revenue

    Stores and brands paying a fee when Affirm helps them make a sale, plus fees for placements in the Affirm app.

  • Investors buying loans (gain on sale)

    14%

    of revenue

    Gains when Affirm sells loans to investors through loan sales and forward-flow agreements (standing deals to buy loans).

  • Card networks (card fees)

    7%

    of revenue

    Merchants pay an interchange fee on each Affirm Card or virtual card purchase; card-issuing banks share part of it with Affirm.

  • Loan owners (servicing fees)

    4%

    of revenue

    Fees for collecting payments on loans that Affirm sold to others.

  • Borrowers (interest)48%
  • Merchants (fees)27%
  • Investors buying loans (gain on sale)14%
  • Card networks (card fees)7%
  • Loan owners (servicing fees)4%

How spread out the customers are

Affirm reports concentration by GMV, not revenue: Amazon was 22% of FY2026 GMV and the top five merchants and platform partners 44% (40% in Q1 FY2027). No single merchant was more than 10% of revenue in FY2024 to FY2026.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Affirm make money?

Affirm earns the gap between what each loan brings in and what it costs to fund, collect and lose.

In FY2026 revenue was 8.49% of GMV. Credit losses, funding costs, losses on buying loans and processing took $2.18 billion of the $4.26 billion; technology, marketing and admin were $1.53 billion in FY2022 and $1.67 billion in FY2026, while revenue more than tripled.

Operating income per $100 of revenue

−$64.2$9.8

FY2022 to FY2026

  1. Merchants add Affirm at checkout to sell more
  2. Shoppers pick a plan; Affirm prices each loan's risk
  3. Merchants pay fees; borrowers on interest-bearing plans pay interest
  4. Affirm sells loans or funds them with lenders and securitizations
  5. Repayment data feeds its risk models
  6. More shoppers and merchants join the network

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has Affirm done?

Revenue

$4.3BFY2026

Revenue rose every year, from $1.35 billion in FY2022 to $4.26 billion in FY2026, and Q1 FY2027 revenue of $1.26 billion was up 35% from $933.3 million a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$1.3B
FY2023$1.6B
FY2024$2.3B
FY2025$3.2B
FY2026$4.3B
Q2 FY2025$866M
Q3 FY2025$783M
Q4 FY2025$876M
Q1 FY2026$933M
Q2 FY2026$1.1B
Q3 FY2026$1.0B
Q4 FY2026$1.2B
Q1 FY2027$1.3B

Net profit

$1.9BFY2026

Operating income went from an $866.0 million loss in FY2022 to $417.0 million in FY2026; net income of $1.93 billion in FY2026 includes a one-off tax benefit of about $1.5 billion in Q4 FY2026, whose figures (EPS not shown) are a Cityfort calculation from the FY2026 10-K and Q3 FY2026 10-Q.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022−$707M−$2.51
FY2023−$985M−$3.34
FY2024−$518M−$1.67
FY2025$52.2M$0.15
FY2026$1.9B$5.53
Q2 FY2025$80.4M$0.23
Q3 FY2025$2.8M$0.01
Q4 FY2025$69.2M$0.20
Q1 FY2026$80.7M$0.23
Q2 FY2026$130M$0.37
Q3 FY2026$103M$0.30
Q4 FY2026$1.6B–
Q1 FY2027$164M$0.47

Profit kept per $100 of revenue

$45.3FY2026

Operating income per $100 of revenue went from a $64.2 loss in FY2022 to $9.8 in FY2026 and $14.8 in Q1 FY2027, while net income per $100 was $45.3 in FY2026 because of the tax benefit.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2022−52.4%−60.3%
FY2023−62.1%−67.1%
FY2024−22.3%−19.2%
FY20251.6%4.3%
FY202645.3%16.9%

Free cash flow

$993MFY2026

Free cash flow (cash from operations minus purchases of property, equipment and software) rose from a $248.5 million outflow in FY2022 to $992.6 million in FY2026, a measure that leaves out the $46.66 billion of loans Affirm bought or made in FY2026 (investing cash flow) and adds back $304.7 million of stock-based pay.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022−$162M$86.3M−$249M
FY2023$12.2M$121M−$109M
FY2024$450M$159M$291M
FY2025$794M$192M$602M
FY2026$1.2B$238M$993M
See all yearly numbers
Affirm annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$1.3B−$813M−$707M−$2.51−$162M$86.3M−$249M
FY2023$1.6B−$1.1B−$985M−$3.34$12.2M$121M−$109M
FY2024$2.3B−$447M−$518M−$1.67$450M$159M$291M
FY2025$3.2B$138M$52.2M$0.15$794M$192M$602M
FY2026$4.3B$720M$1.9B$5.53$1.2B$238M$993M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Jun 30; Affirm's FY2026 ran from Jul 1, 2025 to Jun 30, 2026, so Q1 FY2027 is July to September 2026). Net profit is the share belonging to the company's owners.

Download Affirm's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

06Who runs it

Who runs Affirm, and did they deliver?

  • Max Levchin

    Founder, Chief Executive Officer and Chair

    Received a grant of 333,667 performance stock units on Jan 13, 2026.

  • Michael Linford

    President · since 2026

    President since Aug 27, 2026; previously Chief Operating Officer, and Chief Financial Officer from 2018 to 2024.

  • Libor Michalek

    President (engineering, risk and product)

  • Rob O'Hare

    Chief Financial Officer

  • Jacqueline D. Reses

    Director

    Chief Executive Officer of Lead Bank, one of Affirm's two main originating banks.

  • Ryan Schneider

    Director · since 2026

    Joined the board on Jul 1, 2026.

What they said, and what happened

3 delivered · 2 too early to tell

  1. Said on Aug 28, 2025

    Affirm guided Q1 FY2026 GMV of $10.10 to $10.40 billion and revenue of $855 to $885 million.

    What happened

    Reported GMV of $10.8 billion and revenue of $933.3 million, both above the range.

    Delivered

  2. Said on Aug 28, 2025

    Affirm guided FY2026 GMV of more than $46 billion and a GAAP operating margin of more than 6.0%.

    What happened

    FY2026 GMV was $50.2 billion and operating margin 9.8% ($417.0 million on $4,261.1 million of revenue; Cityfort calculation from the FY2026 10-K).

    Delivered

  3. Said on May 7, 2026

    Affirm guided Q4 FY2026 revenue of $1,080 to $1,110 million and an operating margin of 9.5% to 11.5%.

    What happened

    Q4 FY2026 revenue was $1,166.0 million and operating margin 12.6%, both above the range (Cityfort calculation from the FY2026 10-K and Q3 FY2026 10-Q).

    Delivered

  4. Said on Nov 5, 2026

    Affirm guided Q2 FY2027 GMV of $17.9 to $18.2 billion, revenue of $1,435 to $1,465 million and an operating margin of 11.50% to 13.50%.

    What happened

    Q2 FY2027 results are not out yet; Q2 FY2026 GMV was $13.8 billion and revenue $1,123.0 million.

    Too early to tell

  5. Said on Nov 5, 2026

    Affirm guided FY2027 GMV of more than $65.25 billion and a GAAP operating margin of more than 14.75%.

    What happened

    Q1 FY2027 GMV was $14.4 billion and operating margin 14.8%.

    Too early to tell
Sources (12)
Next: What could go wrong

07What could go wrong

What could go wrong for Affirm?

  • Other

    Borrowers who do not repay

    Provision for credit losses rose 59% to $259.4 million in Q1 FY2027 from $162.8 million a year earlier, while revenue rose 35%. The 30+ day delinquency rate on monthly installment loans (excluding Peloton) was 2.9% in Q1 FY2027, against 2.8% a year earlier. FY2026 provision was $796.7 million and net charge-offs $611.6 million, 7.4% of average loans held for investment (Cityfort calculation from the FY2026 10-K).

    Watch The 30+ day delinquency rate and the allowance for credit losses (6.3% of loans at Sep 30, 2026) in each shareholder letter.

  • Cash and liquidity

    Funding markets and interest rates

    Affirm funds loans with warehouse lines, securitizations and loan sales, not deposits. Funding costs were $454.0 million in FY2026 and $134.4 million in Q1 FY2027. Its Nov 5, 2026 outlook assumes short-term benchmark rates rise in FY2027.

    Watch Funding costs and funding capacity ($31.7 billion at the end of Q1 FY2027) in each letter.

  • Concentration

    Reliance on Amazon and a few partners

    Amazon was 22% of FY2026 GMV and the top five merchants and platform partners 44%. Many partner agreements are non-exclusive, and some partners can end them on 30 to 90 days' notice. The Amazon agreement runs through the end of January 2031, then renews yearly unless either side gives notice.

    Watch Top-five share of GMV (40% in Q1 FY2027) and any change to the Amazon or Shopify agreements.

  • Regulation

    Partner banks and lending rules

    Celtic Bank and Lead Bank originate most loans made through Affirm ($40.2 billion bought from partner banks vs $9.5 billion Affirm originated itself in FY2026), and Affirm relies on their authority under federal law to set interest rates. The CFPB supervises Affirm, and new UK rules for deferred-payment credit took effect on Jul 25, 2026. Affirm's 10-K says its own bank application, filed Jan 23, 2026, has attracted opposition from industry and advocacy groups.

    Watch Partner bank renewals, the Affirm Bank application, and the legal and regulatory notes in each 10-Q.

  • Competition

    Competition at checkout

    Affirm's 10-K says the pay-over-time industry has low barriers to entry, and its offers increasingly appear next to rivals' at checkout. Card issuers, PayPal, Block, Klarna and merchants' own plans compete for the same purchases.

    Watch Active merchants, revenue as a share of GMV (8.79% in Q1 FY2027) and new partner wins or losses.

  • Governance

    Founder voting control

    Class B shares carry 15 votes each. Max Levchin held 44.04% of the votes on Sep 30, 2026, and directors and executive officers together 46.31%. Affirm's 10-K says the dual-classShares with different voting power, so some holders control more votes than their share of ownership. Learn more structure concentrates voting control with Class B holders.

    Watch Class B share count on each 10-Q cover and voting power in the annual proxy.

  • Other

    Stock pay and partner warrants

    Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $304.7 million in FY2026, and warrant expense under commercial agreements another $192.3 million. Amazon holds a warrant to buy up to 15,000,000 Class A shares. Diluted shares rose 23.8% from FY2022 to FY2026.

    Watch Diluted share count, stock-based compensation and enterprise warrant expense in each 10-Q.

  • Legal

    Lawsuits

    A securities class action, dismissed with prejudice on Sep 30, 2025, is on appeal at the Ninth Circuit; it alleged misleading statements about the business model's exposure to interest rates. Related derivative suits are stayed. Affirm said estimable losses from its legal proceedings would not have a material adverse effect on its finances.

    Watch The commitments and contingencies note in each 10-Q and 10-K.

Sources (7)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • GMV grew 34% to $14.4 billion in Q1 FY2027, which Affirm says was its twelfth straight quarter of GMV growth above 30%.
  • Operating income went from a $1.20 billion loss in FY2023 to $417.0 million in FY2026, and was $187.1 million in Q1 FY2027.
  • 96% of FY2026 transactions came from repeat consumers, according to the FY2026 10-K.
  • Funding capacity reached $31.7 billion at the end of Q1 FY2027, up from $26.6 billion a year earlier.
  • The top five partners' share of GMV fell to 40% in Q1 FY2027 from 44% a year earlier.

What critics point to

  • FY2026 net income of $1.93 billion includes a non-cash tax benefit of about $1.5 billion; pre-tax income was $492.7 million.
  • Provision for credit losses rose 59% in Q1 FY2027 while revenue rose 35%.
  • Amazon alone made up 22% of FY2026 GMV.
  • Founder Max Levchin held 44.04% of the votes on Sep 30, 2026 through 15-vote Class B shares.
  • Stock-based pay was $304.7 million and partner warrant expense $192.3 million in FY2026.
Next: What to watch next

09What to watch next

What should you watch next at Affirm?

Next event

Q2 FY2027 results

Date not announced yet.

  • Q2 FY2027 against the company's outlook

    Affirm guided Q2 FY2027 GMV of $17.9 to $18.2 billion and revenue of $1,435 to $1,465 million on Nov 5, 2026; Q2 FY2026 was $13.8 billion and $1,123.0 million.

  • Delinquencies and credit losses

    The 30+ day delinquency rate on monthly installment loans was 2.9% in Q1 FY2027 against 2.8% a year earlier; provision for credit losses was $259.4 million.

  • Affirm Bank application

    Affirm applied to the Nevada Financial Institutions Division and the FDIC on Jan 23, 2026; its filings report no decision yet.

Next: Key dates

10Key dates

What are the key dates for Affirm?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Affirm
EventDateSource
2026 convertible notes mature$221.3 million of 0% convertible notes outstanding at Jun 30, 2026.Form 10-K, fiscal year 2026 (year ended Jun 30, 2026)
Annual meeting of stockholders (2026 proxy statement)Holders of record on Oct 16, 2026 may vote.2026 proxy statement (DEF 14A), annual meeting Dec 14, 2026
Fiscal 2027 endsForm 10-K, fiscal year 2026 (year ended Jun 30, 2026)
Revolving credit facility matures$675 million, unsecured.Form 8-K filed Jun 25, 2026 (revolving credit facility amendment; director appointment)
Amazon agreement initial term endsRuns through the end of January 2031, then renews for one-year terms unless either party gives notice.Not yet statedForm 8-K filed Nov 6, 2025 (amended Amazon installment financing agreement and warrant amendment)

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (4)
Next: Key facts

11Key facts

Key facts about Affirm

What does Affirm do?
Affirm Holdings lets shoppers pay for purchases over time, in short 0% plans or monthly installment loans, online and in stores. Purchases paid for with Affirm (gross merchandise volume, GMV) totaled $50.2 billion in FY2026, the year to Jun 30, 2026, against revenue of $4.26 billion.
How does Affirm make money?
In FY2026 Affirm's $4.26 billion of revenue came from interest paid by borrowers (48.1%), fees from merchants (27.0%), gains on selling loans to investors (14.0%), card network fees (6.9%) and fees for servicing loans owned by others (4.1%).
Is Affirm profitable?
Affirm had operating income of $417.0 million in FY2026, after operating losses in each year from FY2022 to FY2025. Its FY2026 net income of $1.93 billion included a one-off, non-cash tax benefit of about $1.5 billion. In Q1 FY2027 (July to September 2026) Affirm's operating income was $187.1 million and net income $164.2 million.
Who are Affirm's customers?
Affirm serves two groups: 28.7 million active consumers and about 620,800 active merchants at Sep 30, 2026. Amazon accounted for 22% of Affirm's GMV in FY2026, and the top five merchants and platform partners 44%.
What loan products does Affirm offer?
In FY2026, interest-bearing monthly installment loans were 70% of Affirm's GMV, Pay-in-X plans (one to four 0% APR payments) 16% and 0% APR monthly installment loans 14%.
What is the Affirm Card?
The Affirm Card is a debit card that lets users pay in full from a linked bank account or apply to pay over time in the Affirm app. The Affirm Card accounted for 23% of Affirm's GMV in Q1 FY2027 (July to September 2026), and Card GMV grew 117% from a year earlier.
How big is Affirm?
Affirm had revenue of $4.26 billion and operating income of $417.0 million in FY2026, the year to Jun 30, 2026, and 2,358 employees at Jun 30, 2026.
Where does Affirm earn its revenue?
In FY2026, 96.5% of Affirm's revenue came from the United States, 3.4% from Canada and 0.1% from other countries. Affirm reports one operating segment.
Is Affirm a bank?
Affirm Holdings is not a bank and does not take deposits. According to its FY2026 10-K, two partner banks, Celtic Bank and Lead Bank, originate most loans made through Affirm: it bought $40.2 billion of loans from partner banks and originated $9.5 billion itself in FY2026. The Affirm Money savings account is held at Cross River Bank.
Who owns Affirm?
Founder and CEO Max Levchin held 44.04% of Affirm's voting power on Sep 30, 2026, mostly through Class B shares with 15 votes each, according to the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. All 13 directors and executive officers together held 46.31% of the votes, and Shopify 17.92%.
Sources (4)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Affirm sell?

Affirm is a pay-over-time button at checkout. When a shopper picks Affirm, Affirm checks the purchase in seconds and, if it approves, the merchant is paid and the shopper repays Affirm in installments.

  • Interest-bearing monthly loans (70% of FY2026 GMV)

    Monthly installment loans with fixed simple interest. Loan terms run up to 60 months, and Affirm charges no late fees or compounding interest.

  • Pay-in-X (16% of FY2026 GMV)

    Short payment plans, mostly one to four payments with 0% APR. The merchant pays Affirm a fee.

  • 0% APR monthly loans (14% of FY2026 GMV)

    Monthly installments with no interest for the shopper. Affirm generally earns larger merchant fees on these.

  • Affirm Card (23% of Q1 FY2027 GMV)

    A debit card that pays in full from a linked account, or lets the user apply in the app to pay over time, online or in stores.

  • Affirm Money and the Affirm app

    An FDIC-insured savings account offered with Cross River Bank, and an app where merchants pay for featured placements and offers.

What it does

  • Does: Approves or declines each purchase, and sets the loan terms
  • Does: Sells many of its loans to investors and keeps servicing them for a fee
  • Does: Funds the loans it keeps with warehouse credit lines and securitizations (bonds backed by loans)
  • Does: Earns a share of card fees when the Affirm Card is used

What it does not do

  • Does not: Does not charge late fees, deferred interest or compounding interest, according to its FY2026 10-K
  • Does not: Does not take deposits: it is not a bank, and the Affirm Money account is held at Cross River Bank
  • Does not: Does not originate most loans itself: in FY2026 it bought $40.2 billion of loans from partner banks such as Celtic Bank and Lead Bank and originated $9.5 billion directly
Sources (2)
13How the money flows

13How the money flows · FY2026

How does money flow through Affirm?

Money in

  • Interest from borrowers$2.0B
  • Merchant fees (merchant network revenue)$1.1B
  • Gains on selling loans$597M
  • Card network fees$294M
  • Servicing fees$173M
  • Other income, net$75.8M

The company

Affirm

$4.3B came in

Money out

  • Credit losses (provision for loans expected not to be repaid)$797M
  • Funding costs (interest on borrowing that funds loans)$454M
  • Loss on buying loans from partner banks$312M
  • Processing and servicing$614M
  • Technology, marketing and admin$1.7B
  • Income tax benefit (added to profit)−$1.4B
  • Net income$1.9B
  1. Borrowers, merchants, loan buyers and card networks paid Affirm $4.26 billion of revenue in FY2026.
  2. Credit losses, funding costs, losses on buying loans from partner banks, and processing and servicing took $2.18 billion.
  3. Technology, marketing and admin took $1.67 billion, so operating costs totaled $3.84 billion.
  4. That left $417.0 million of operating income; other income added $75.8 million.
  5. A net tax benefit of $1.44 billion, from a one-off release of about $1.5 billion, lifted net income to $1.93 billion.
Sources (1)
14What it needs to run

14What it needs to run

What does Affirm need to run?

  • Partner banks

    Celtic Bank and Lead Bank originate most loans made through Affirm ($40.2 billion bought from partner banks vs $9.5 billion Affirm originated itself in FY2026); Evolve Bank & Trust and Stride Bank issue the Affirm Card. The Celtic Bank and Lead Bank agreements renew one year at a time, the Evolve agreement in three-month terms, and Stride's first five-year term runs to 2030.

  • Funding

    Warehouse credit lines, securitizations and loan sales to investors. Affirm reported $31.7 billion of funding capacity at the end of Q1 FY2027.

  • Repayment data

    Affirm says its risk models draw on data from about 553 million loans, and 96% of FY2026 transactions came from repeat consumers.

  • Licenses

    State lending licenses in the US, and authorization from the UK's Financial Conduct Authority for its UK subsidiary.

  • People

    2,358 employees at Jun 30, 2026.

Sources (2)
15Where it sells

15Where it sells · FY2026

Where does Affirm sell?

  • United States97%
  • Canada3%
  • Other countries0%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Affirm compete with?

Affirm's FY2026 10-K names three groups of competitors: credit and debit cards from card-issuing banks, pay-over-time and wallet offerings from companies such as PayPal, Block and Klarna, and merchants' own pay-over-time plans.

  • PayPal

    NASDAQ: PYPL

    Named in Affirm's FY2026 10-K as offering mobile wallets and other pay-over-time solutions.

  • Block

    NYSE: XYZ

    Named in Affirm's FY2026 10-K as offering mobile wallets and other pay-over-time solutions.

  • Klarna

    Named in Affirm's FY2026 10-K as offering pay-over-time solutions.

  • Synchrony

    Named in Affirm's FY2026 10-K among card-issuing banks whose credit cards compete with Affirm's loans.

  • Capital One

    NYSE: COF

    Named in Affirm's FY2026 10-K among card-issuing banks; Affirm notes such banks fund themselves with insured deposits.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Merchant network4 of 5

    Active merchants rose to 620.8 thousand at Sep 30, 2026 from 418.9 thousand a year earlier, and Affirm's Amazon agreement runs through the end of January 2031.

  • Repeat users4 of 5

    96% of FY2026 transactions came from repeat consumers, and transactions per active consumer rose from 3.0 in FY2022 to 7.0 in FY2026.

  • Underwriting data3 of 5

    Affirm says its models use data from about 553 million loans; its allowance for credit losses was 6.3% of loans held for investment at Sep 30, 2026.

  • Access to funding3 of 5

    Funding capacity was $31.7 billion at the end of Q1 FY2027, up from $26.6 billion a year earlier, spread across warehouse lines, securitizations and loan sales.

Weak spot

Cost of money

Affirm's 10-K notes that large card-issuing competitors fund themselves with low-cost insured deposits; Affirm borrows from warehouse lenders and bond investors, and its funding costs were $454.0 million in FY2026.

Sources (6)
17Where growth could come from

17Where growth could come from

Where could Affirm's growth come from?

Affirm said in its Q1 FY2027 shareholder letter (Nov 5, 2026) that it expects FY2027 GMV of more than $65.25 billion, revenue similar to FY2026 as a share of GMV (about 8.49%) and a GAAP operating margin of more than 14.75%. For Q2 FY2027 it guided GMV of $17.9 to $18.2 billion, revenue of $1,435 to $1,465 million and an operating margin of 11.50% to 13.50%.
Management statement, Nov 5, 2026. Reported as a statement, not our forecast.

  • Affirm Card

    Working

    23% of Q1 FY2027 GMV

    Card GMV grew 117% in Q1 FY2027 from a year earlier, according to Affirm's shareholder letter.

    Status: Working, on track against what the company said.

  • More merchants

    Working

    620.8K active merchants

    Active merchants at Sep 30, 2026, up from 418.9 thousand a year earlier.

    Status: Working, on track against what the company said.

  • More use per shopper

    Working

    7.3 transactions per consumer

    Transactions per active consumer in the 12 months to Sep 30, 2026, up from 6.1 a year earlier.

    Status: Working, on track against what the company said.

  • Outside North America

    Early

    0.1% of FY2026 revenue

    Affirm launched with a large enterprise partner in the UK late in Q1 FY2027; it said expansion outside North America is not expected to be a material growth contributor in FY2027.

    Status: Early, too early to judge.

  • Affirm Bank

    New

    Applied Jan 23, 2026

    Affirm applied to the Nevada Financial Institutions Division and the FDIC to set up Affirm Bank, an industrial loan company. No approval is reported in its filings.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (4)
18The company's own measures (non-GAAP)

18The company's own measures · Q1 FY2027, FY2026 and FY2025

What do Affirm's own measures show?

Adjusted (non-GAAP) figures and operating measures are Affirm's own, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, Q1 FY2027

    $187M

    Company's own measure: Adjusted operating income, Q1 FY2027

    $380M

    Affirm adds back depreciation and amortization, stock-based compensation, enterprise warrant and share-based expense (mainly warrants given to Amazon and Shopify), and other items.

  • Official (GAAP): Operating margin, Q1 FY2027

    14.8%

    Company's own measure: Adjusted operating margin, Q1 FY2027

    30.1%

    Adjusted operating income as a share of revenue.

  • Official (GAAP): Total revenue, Q1 FY2027

    $1.3B

    Company's own measure: Revenue less transaction costs (RLTC), Q1 FY2027

    $617M

    Revenue minus four GAAP expense lines Affirm calls transaction costs ($645.1 million): loss on loan purchase commitment, provision for credit losses, funding costs, and processing and servicing.

  • Official (GAAP): Operating loss, FY2025

    −$87.3M

    Company's own measure: Adjusted operating income, FY2025

    $778M

    Same add-backs as above. The FY2026 figure is in the Q4 FY2026 letter, which was filed as images only, so it is not shown here.

  • Official (GAAP): Total revenue, Q1 FY2027

    $1.3B

    Company's own measure: Gross merchandise volume (GMV), Q1 FY2027

    $14.4B

    The total dollar amount of all transactions on the Affirm platform, net of refunds; it is not revenue. Revenue was 8.79% of GMV, as the company states it.

  • Official (GAAP): Loans held for investment, Sep 30, 2026

    $10.1B

    Company's own measure: Total platform portfolio, Sep 30, 2026

    $21.6B

    Unpaid principal of all loans made through Affirm, including loans held for sale and loans owned by third parties that are not on Affirm's balance sheet.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Active consumers, Sep 30, 2026

    28.7 million

    Consumers who completed at least one transaction in the previous 12 months, as Affirm defines it; up from 24.1 million a year earlier.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (5)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Affirm have?

Most of Affirm's $10.26 billion of debt at Sep 30, 2026 funds its loans: securitization notes and funding debt were $9.13 billion, against $10.11 billion of loans held for investment.
  • Total debt$10.3B
  • Cash and investments$3.0B
  • Net debt (debt minus cash)$7.3B
  • Net worth (shareholders' money)$5.8B
Debt to equity
1.78×
$ of debt for every $1 of shareholders' money
  • Debt = convertible notes ($1,130.6 million) + notes issued by securitization trusts ($6,221.2 million) + funding debt ($2,904.5 million). Cash and investments = cash ($2,072.4 million) + securities available for sale ($932.8 million); restricted cash of $498.6 million is left out. Net debt is a Cityfort calculation from the Q1 FY2027 10-Q.
  • At Jun 30, 2026, $8.69 billion of liabilities, including securitization notes and nearly all funding debt, sat in consolidated trusts and other entities whose creditors have no recourse to Affirm's general credit.
  • Funding costs (interest on the debt that funds loans) are an operating expense in Affirm's income statement, so operating income and EBITDA on this page are already after that interest.
  • Deferred tax assets were $1.43 billion at Sep 30, 2026, after the Q4 FY2026 release of most of the valuation allowance. $221.3 million of 0% convertible notes were due on Nov 15, 2026.
Sources (2)
20Who owns it

20Who owns it · ownership as of Sep 30, 2026

Who owns Affirm?

Founder Max Levchin held 44.04% of the votes on Sep 30, 2026, through Class B shares with 15 votes each. The 13 directors and executive officers together held 2.82% of Class A, 67.66% of Class B and 46.31% of the votes; the proxy gives no group share of all shares.
Officers and directors (as a group), votes
46.3%

Shares vs votes by class

Affirm has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes32.9%
  • Class B common stock: share of all votes67.1%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Affirm share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Oct 30, 2026 (10-Q cover). Share and vote percentages of Class A and Class B together are a Cityfort calculation from the Q1 FY2027 10-Q cover.)298.51Public and institutional investors; trades on Nasdaq as AFRM88.0%32.9%Yes
Class B common stock (Shares outstanding on Oct 30, 2026 (10-Q cover). Class B shares can convert into Class A shares.)40.515Mostly founder Max Levchin (65.35% of the class) and Shopify (25.04%) on Sep 30, 202612.0%67.1%No
Holders of 5% or more
Affirm holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Max Levchin (founder, CEO and chair)65.4%44.0%Sep 30, 2026S15% of Class B: 26,485,472 Class B shares, plus 2,735,296 Class A shares (under 1% of that class).
Shopify Inc.25.0%17.9%Sep 30, 2026S15% of Class B: 10,148,797 Class B shares, based on a Schedule 13G filed Feb 10, 2022. The proxy also counts them as 3.40% of Class A, since they can convert.
Capital World Investors7.8%2.6%Sep 30, 2026S15% of Class A: 23,115,136 shares, based on a Schedule 13G/A filed Aug 12, 2026.
Morgan Stanley7.0%2.3%Sep 30, 2026S15% of Class A: 20,737,156 shares, based on a Schedule 13G/A filed May 11, 2026.
Capital Research Global Investors6.8%2.2%Sep 30, 2026S15% of Class A: 20,251,044 shares, based on a Schedule 13G/A filed Feb 9, 2024.
JPMorgan Chase & Co.5.6%1.9%Sep 30, 2026S15% of Class A: 16,832,019 shares, based on a Schedule 13G filed Jul 16, 2026.
FMR LLC4.7%–Sep 30, 2026S16, S15% of Class A: 13,936,702 shares on Sep 30, 2026 (Schedule 13G/A filed Nov 5, 2026). The proxy listed FMR at 5.95% from a May 6, 2026 Schedule 13G.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Affirm's insiders report trading?

Affirm's insiders made 70 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 19 sales (1.1 million shares) in the open market or privately (codes P and S).

17 of the 19 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 113 other share transactions (M: 58, F: 38, A: 13, J: 3, C: 1).

They also report 134 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
C
conversion of a derivative security
J
another acquisition or disposition, described in a footnote

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 132 transactions
Affirm's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
O'Hare RobertChief Financial OfficerOct 9, 2026M17,023 A$17.1919,757CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026M1,866 A$41.8021,623CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026M10,239 A$22.3031,862CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026M21,836 A$23.3553,698CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026M8,991 A$44.0662,689CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026M5,636 A$57.5968,325CheckedForm 4, filed Oct 14, 2026
O'Hare RobertChief Financial OfficerOct 9, 2026S65,591 D$80.022,734CheckedForm 4, filed Oct 14, 2026
Jiyane SipheleleChief Accounting OfficerSep 14, 2026S26,980 D$72.19188,711Not checkedForm 4, filed Sep 16, 2026
Jiyane SipheleleChief Accounting OfficerSep 4, 2026S25,000 D$72.41215,691Not checkedForm 4, filed Sep 9, 2026
Adkins KatherineChief Legal OfficerSep 3, 2026M4,404 A$22.30156,843CheckedForm 4, filed Sep 3, 2026
Adkins KatherineChief Legal OfficerSep 3, 2026M37,260 A$23.35194,103CheckedForm 4, filed Sep 3, 2026
Adkins KatherineChief Legal OfficerSep 3, 2026S41,664 D$75.53152,439CheckedForm 4, filed Sep 3, 2026
O'Hare RobertChief Financial OfficerSep 2, 2026S5,886 D$74.022,734CheckedForm 4, filed Sep 3, 2026
Jiyane SipheleleChief Accounting OfficerSep 1, 2026M9,038 A$0.00244,249Not checkedForm 4, filed Sep 3, 2026
Jiyane SipheleleChief Accounting OfficerSep 1, 2026F3,558 D$69.94240,691Not checkedForm 4, filed Sep 3, 2026
Linford MichaelPresidentSep 1, 2026M11,719 A$0.00132,432Not checkedForm 4, filed Sep 3, 2026
Linford MichaelPresidentSep 1, 2026F4,662 D$69.94127,770Not checkedForm 4, filed Sep 3, 2026
Michalek LiborDirector, PresidentSep 1, 2026M11,364 A$0.00236,261Not checkedForm 4, filed Sep 3, 2026
Michalek LiborDirector, PresidentSep 1, 2026F5,784 D$69.94230,477Not checkedForm 4, filed Sep 3, 2026
O'Hare RobertChief Financial OfficerSep 1, 2026M11,987 A$0.0030,466CheckedForm 4, filed Sep 3, 2026
O'Hare RobertChief Financial OfficerSep 1, 2026F6,101 D$69.9424,365CheckedForm 4, filed Sep 3, 2026
O'Hare RobertChief Financial OfficerSep 1, 2026S15,545 D$71.598,820CheckedForm 4, filed Sep 3, 2026
O'Hare RobertChief Financial OfficerSep 1, 2026S200 D$72.518,620CheckedForm 4, filed Sep 3, 2026
Adkins KatherineChief Legal OfficerSep 1, 2026M10,594 A$0.00157,234CheckedForm 4, filed Sep 3, 2026
Adkins KatherineChief Legal OfficerSep 1, 2026F4,795 D$69.94152,439CheckedForm 4, filed Sep 3, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Affirm's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (3)
21What it does with profit

21What it does with profit

What does Affirm do with its profit?

Affirm has paid no dividends. Its FY2026 10-K shows $325.2 million paid in FY2026 for taxes on vested employee shares it withheld. An 8-K filed Jun 25, 2026 raised its unsecured revolving credit facility to $675 million, maturing Jun 18, 2029; the Q1 FY2027 10-Q shows it undrawn at Sep 30, 2026.

  • Buyback · Dec 31, 2024

    Repurchased 3.5 million Class A shares in December 2024 (Q2 FY2025) for about $250.0 million from holders of its 2026 convertible notes, paid with net proceeds of its 0.75% convertible notes due Dec 15, 2029 and cash on hand, as stated in the FY2025 10-K.

    $250M

Sources (2)
22Governance signals

22Governance signals

What do Affirm's governance filings show?

Auditor
Deloitte & Touche LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Lead Bank, whose CEO Jacqueline D. Reses is an Affirm director, originated $10.9 billion of loans through Affirm in FY2026; Affirm paid it about $4.8 million in fees plus interest. Shopify, which holds more than 5% of the votes, offers Affirm loans to its merchants through Shop Pay Installments under agreements from Jul 16, 2020 and Feb 14, 2025. Affirm paid Teller, Inc., in which Max Levchin's venture firm may hold more than 5%, about $331,000 in FY2026.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 6, 2026

Flags to know about

  • other

    Founder controls 44% of the votes

    Max Levchin held 44.04% of the votes on Sep 30, 2026 through Class B shares with 15 votes each; directors and executive officers together held 46.31%.

  • regulatory

    Supervised by the CFPB

    Affirm's Q1 FY2027 10-Q says it is subject to the regulatory and enforcement authority of the Consumer Financial Protection Bureau, which has requested reports on its business in the past. In the UK, new FCA rules that bring deferred-payment credit under its oversight took effect on Jul 25, 2026.

  • other

    Securities class action on appeal

    A 2022 class action alleged that Affirm made false or misleading statements about whether its business model was vulnerable to interest rate changes. The court dismissed it with prejudice on Sep 30, 2025; the plaintiffs appealed to the Ninth Circuit on Oct 29, 2025. Related shareholder derivative suits are stayed.

  • other

    Moved to Nevada

    Affirm reincorporated from Delaware to Nevada on Jul 1, 2025; its FY2026 10-K says the move could lead to additional litigation.

Sources (3)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Affirm on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Affirm's Class A shares closed at $69.66 on Nasdaq, the day it reported Q1 FY2027 results. Times 339.01 million Class A and Class B shares (Oct 30, 2026) that is a market value of about $23.6 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q1 FY2027 10-Q cover); unlisted Class B shares are counted at the Class A price. P/B is price ÷ book value per share: 4.1 on $16.97 of stockholders' equity per share at Sep 30, 2026 (Cityfort calculation from the Q1 FY2027 10-Q). P/E is not shown: FY2026 diluted EPS of $5.53 includes the one-off tax benefit, and Q4 FY2026 EPS is not in a text filing.

Share price
$69.66
Market value (market cap)
$23.6B
P/B
4.1×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 339.01 million ($69.66 × 339.01 million shares ≈ $23.6B). Source: Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A), annual meeting Dec 14, 2026

Source: Nasdaq historical quotes for AFRM (closing price Nov 5, 2026: $69.66); Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 30, 2026)

Sources (8)
24How it got here

24How it got here

How did Affirm get here?

  1. 2012

    Milestone

    Founded

    Affirm was founded in 2012.

  2. 2020

    Business-model change

    Shopify partnership

    A Jul 16, 2020 agreement put Affirm loans in Shopify's Shop Pay Installments; a global agreement followed on Feb 14, 2025.

  3. 2021

    Milestone

    Stock market listing

    Affirm listed through an IPO in January 2021, raising $1.31 billion net in FY2021.

  4. 2023

    Crisis

    Largest operating loss of the five years

    FY2023 operating loss was $1.20 billion; funding costs rose to $183.0 million from $69.7 million and technology costs to $615.8 million from $418.6 million; Affirm booked $35.9 million of restructuring costs.

  5. 2025

    Milestone

    Amazon agreement extended

    Affirm and Amazon restated their agreement in November 2025, with a five-year term from Feb 1, 2026 through the end of January 2031.

  6. 2026

    Business-model change

    Bank charter application

    On Jan 23, 2026, Affirm applied to set up Affirm Bank, a Nevada-chartered industrial loan company.

  7. 2026

    Milestone

    Operating profit for the year

    FY2026 operating income was $417.0 million; a one-off tax benefit of about $1.5 billion lifted net income to $1.93 billion.

Sources (5)

25Sources and changes

Where every number on this page comes from

Sources (20 documents)
  1. S1Form 10-K, fiscal year 2026 (year ended Jun 30, 2026) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  2. S2Form 10-K, fiscal year 2025 (year ended Jun 30, 2025) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2025
  3. S3Form 10-K, fiscal year 2024 (year ended Jun 30, 2024) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2024
  4. S4Form 10-K, fiscal year 2023 (year ended Jun 30, 2023) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 25, 2023
  5. S5Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 30, 2026) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  6. S6Form 10-Q, Q3 fiscal 2026 (quarter ended Mar 31, 2026) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  7. S7Shareholder letter, Q1 fiscal 2027 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  8. S8Form 8-K filed Aug 27, 2026 (Q4 fiscal 2026 results; Michael Linford appointed President) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  9. S9Shareholder letter, Q3 fiscal 2026 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  10. S10Shareholder letter, Q2 fiscal 2026 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
  11. S11Shareholder letter, Q1 fiscal 2026 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  12. S12Shareholder letter, Q4 fiscal 2025 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2025
  13. S13Shareholder letter, Q3 fiscal 2025 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  14. S14Shareholder letter, Q2 fiscal 2025 (Form 8-K Ex. 99.1) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  15. S152026 proxy statement (DEF 14A), annual meeting Dec 14, 2026 · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
  16. S16Schedule 13G/A by FMR LLC on Affirm Class A common stock (event date Sep 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  17. S17Form 8-K filed Nov 6, 2025 (amended Amazon installment financing agreement and warrant amendment) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  18. S18Form 8-K filed Jun 25, 2026 (revolving credit facility amendment; director appointment) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2026
  19. S19Form 8-K filed Jan 16, 2026 (CEO performance stock unit grant) · Affirm Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 16, 2026
  20. S20Nasdaq historical quotes for AFRM (closing price Nov 5, 2026: $69.66) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q1 FY2027 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.