Affirm Holdings, Inc.AFRMEarnings & Financial Report
Affirm Holdings, Inc. is an American financial technology company and a point-of-sale lender. Founded in 2012 by PayPal co-founder Max Levchin, it is the largest U.S. based buy now, pay later (BNPL) financier. As of 2025, Affirm reports nearly 26 million users and processing $37 billion in annual payments.
Revenue
$306.6M
Gross Profit
N/A
Operating Profit
$58.1M
Net Profit
$69.2M
Gross Margin
N/A
Operating Margin
18.9%
Net Margin
22.6%
YoY Growth
36.9%
EPS
$0.22
Financial Flow
Affirm Holdings, Inc. Q4 2025 Financial Summary
Affirm Holdings, Inc. reported revenue of $306.6M (up 36.9% YoY) for Q4 2025, with a net profit of $69.2M (up 253.4% YoY) (22.6% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $306.6M |
|---|---|
| Net Profit | $69.2M |
| Gross Margin | N/A |
| Operating Margin | 18.9% |
| Report Period | Q4 2025 |
Revenue Breakdown
Affirm Holdings, Inc. Q4 2025 revenue of $306.6M breaks down across 2 segments, led by Merchant Network at $239.5M (78.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Merchant Network | $239.5M | 78.1% |
| Virtual Card Network | $67.1M | 21.9% |
Affirm Holdings, Inc. Revenue by Segment — Quarterly Trend
Affirm Holdings, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Merchant Network and Virtual Card Network) has evolved quarter over quarter.
| Segment | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| Merchant Network | $328.4M | $251.1M | $239.5M | $214.0M |
| Virtual Card Network | $73.0M | $69.3M | $67.1M | $58.6M |
Affirm Holdings, Inc. Annual Revenue by Year
Affirm Holdings, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.1B).
| Year | Annual Revenue |
|---|---|
| 2025 | $1.1B |
| 2024 | $826.0M |
| 2023 | $626.9M |
| 2022 | $559.2M |
Affirm Holdings, Inc. Quarterly Revenue & Net Profit History
Affirm Holdings, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q2 2026 | $401.4M | +32.5% | $129.6M | 32.3% |
| Q1 2026 | $320.5M | +38.2% | $80.7M | 25.2% |
| Q4 2025 | $306.6M | +36.9% | $69.2M | 22.6% |
| Q3 2025 | $272.5M | +39.8% | $2.8M | 1.0% |
| Q2 2025 | $303.0M | +33.1% | $80.4M | 26.5% |
| Q1 2025 | $231.8M | +29.2% | $-100.2M | -43.2% |
| Q4 2024 | $224.0M | +27.7% | $-45.1M | -20.2% |
| Q3 2024 | $195.0M | +31.3% | $-133.9M | -68.7% |
Income Statement
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $195.0M | $224.0M | $231.8M | $303.0M | $272.5M | $306.6M | $320.5M | $401.4M |
| YoY Growth | 31.3% | 27.7% | 29.2% | 33.1% | 39.8% | 36.9% | 38.2% | 32.5% |
Balance Sheet
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $9.20B | $9.52B | $10.14B | $10.48B | $10.44B | $11.15B | $11.48B | $12.96B |
| Liabilities | $6.58B | $6.79B | $7.30B | $7.70B | $7.56B | $8.09B | $8.18B | $9.41B |
| Equity | $2.62B | $2.73B | $2.84B | $2.79B | $2.87B | $3.07B | $3.30B | $3.55B |
Cash Flow
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $208.2M | $68.8M | $196.9M | $312.0M | $210.4M | $74.6M | $374.6M | $173.7M |