AFRM

MKT CAP:$21B

Affirm Holdings, Inc.

Market Cap

$21B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$63.72-$10.31 (-13.93%)

Apr 24, 2026

Company Details

Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States and Canada. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focus...

CEO

Max Roth Levchin

IPO Date

Jan 13, 2021

Website

www.affirm.com

Key Metrics TTM

Revenue

$3.7B

+32.7% YoY

Net Income

$282M

EPS (Diluted)

$0.81

Free Cash Flow

$619M

Revenue / Share

$10.64

Gross Margin

67.7%

Operating Margin

6.2%

Net Margin

7.6%

FCF Margin

16.7%

P/S

5.7x

P/E

75.4x

Earnings Reports

Q3 2026

May 14, 2026

PENDING

Q2 2026

Feb 5, 2026

$1.1B+29.6%EPS $0.37

Q1 2026

Nov 6, 2025

$933M+33.6%EPS $0.23

FY 2025

Aug 28, 2025

$3.2B+38.8%EPS $0.15

Q4 2025

Aug 28, 2025

$876M+33.0%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$355M	$201M	-$227M
Q4 22	$364M	$181M	-$277M
Q1 23	$362M	$162M	-$287M
Q2 23	$400M	$176M	-$360M
Q3 23	$381M	$154M	-$310M
Q4 23	$446M	$222M	-$244M
Q1 24	$497M	$288M	-$209M
Q2 24	$591M	$381M	-$172M
Q3 24	$576M	$363M	-$161M
Q4 24	$659M	$446M	-$73M
Q1 25	$698M	$469M	-$133M
Q2 25	$866M	$602M	-$4M
Q3 25	$783M	$512M	-$8M
Q4 25	$876M	$593M	$58M
Q1 26	$933M	$631M	$64M
Q2 26	$1.1B	$780M	$118M

Valuation

Quarter	P/S	P/E
Q3 22	17.1x	—
Q4 22	15.8x	—
Q1 23	14.8x	—
Q2 23	14.4x	—
Q3 23	14.1x	—
Q4 23	13.4x	—
Q1 24	12.3x	—
Q2 24	11.1x	—
Q3 24	10.1x	—
Q4 24	9.2x	—
Q1 25	8.4x	—
Q2 25	7.6x	—
Q3 25	7.1x	—
Q4 25	6.6x	407.7x
Q1 26	6.1x	91.3x
Q2 26	5.7x	75.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	-$28M	-$49M
Q4 22	-$59M	-$112M
Q1 23	$51M	$20M
Q2 23	-$29M	-$63M
Q3 23	-$54M	-$85M
Q4 23	$44M	$19M
Q1 24	$99M	$63M
Q2 24	$74M	$36M
Q3 24	$208M	$162M
Q4 24	$69M	$31M
Q1 25	$197M	$153M
Q2 25	$312M	$268M
Q3 25	$210M	$157M
Q4 25	$75M	$24M
Q1 26	$375M	$320M
Q2 26	$174M	$118M

Capital Expenditures

Quarter	CapEx
Q3 22	$21M
Q4 22	$52M
Q1 23	$31M
Q2 23	$34M
Q3 23	$31M
Q4 23	$25M
Q1 24	$36M
Q2 24	$39M
Q3 24	$46M
Q4 24	$38M
Q1 25	$44M
Q2 25	$44M
Q3 25	$53M
Q4 25	$51M
Q1 26	$54M
Q2 26	$56M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+53.8%	+32.1%
Q4 22	+39.1%	+55.9%
Q1 23	+34.2%	+49.1%
Q2 23	+10.7%	+36.2%
Q3 23	+7.4%	+18.9%
Q4 23	+22.4%	+7.5%
Q1 24	+37.3%	+8.8%
Q2 24	+47.9%	+0.5%
Q3 24	+51.2%	+6.6%
Q4 24	+47.9%	+6.2%
Q1 25	+40.7%	+17.7%
Q2 25	+46.6%	+14.1%
Q3 25	+35.9%	+7.4%
Q4 25	+33.0%	+11.7%
Q1 26	+33.6%	+4.6%
Q2 26	+29.6%	+15.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$98M	27.7%
Q4 22	$111M	30.4%
Q1 23	$120M	33.1%
Q2 23	$122M	30.5%
Q3 23	$107M	28.0%
Q4 23	$103M	23.2%
Q1 24	$112M	22.6%
Q2 24	$90M	15.3%
Q3 24	$77M	13.4%
Q4 24	$65M	9.8%
Q1 25	$94M	13.5%
Q2 25	$86M	9.9%
Q3 25	$76M	9.7%
Q4 25	$65M	7.5%
Q1 26	$86M	9.2%
Q2 26	$78M	6.9%

OpEx Breakdown

Quarter	G&A	S&M
Q3 22	$142M	$156M
Q4 22	$158M	$169M
Q1 23	$161M	$164M
Q2 23	$159M	$188M
Q3 23	$139M	$141M
Q4 23	$128M	$145M
Q1 24	$140M	$147M
Q2 24	$133M	$161M
Q3 24	$129M	$133M
Q4 24	$123M	$135M
Q1 25	$138M	$145M
Q2 25	$139M	$136M
Q3 25	$134M	$74M
Q4 25	$133M	$80M
Q1 26	$145M	$78M
Q2 26	$141M	$99M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 22	53.8%	-7.2%	46.6
Q4 22	39.1%	-46.1%	-7.0
Q1 23	34.2%	-56.8%	-22.6
Q2 23	10.7%	-64.4%	-53.7
Q3 23	7.4%	-28.3%	-20.9
Q4 23	22.4%	-22.7%	-0.2
Q1 24	37.3%	-11.4%	25.9
Q2 24	47.9%	-9.6%	38.4
Q3 24	51.2%	-1.0%	50.3
Q4 24	47.9%	17.7%	65.5
Q1 25	40.7%	7.5%	48.2
Q2 25	46.6%	28.3%	74.9
Q3 25	35.9%	22.0%	57.9
Q4 25	33.0%	27.6%	60.5
Q1 26	33.6%	27.7%	61.3
Q2 26	29.6%	28.5%	58.2

Rule of 40

Revenue by Geography

Quarter	Canada	Other Geographical	United States
Q3 22	$10M	$56.0K	$345M
Q4 22	$17M	$49.0K	$348M
Q1 23	$9M	$25.0K	$353M
Q2 23	$9M	$48.0K	$390M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$2.3B	$617M	$2.9B
Q4 22	$1.3B	$1.6B	$2.9B
Q1 23	$1.5B	$1.2B	$2.8B
Q2 23	$1.4B	$915M	$2.4B
Q3 23	$972M	$1.1B	$2.0B
Q4 23	$892M	$1.2B	$2.1B
Q1 24	$1.1B	$1.0B	$2.1B
Q2 24	$1.0B	$914M	$2.0B
Q3 24	$1.3B	$781M	$2.1B
Q4 24	$1.0B	$1.1B	$2.1B
Q1 25	$1.0B	$1.1B	$2.1B
Q2 25	$1.2B	$667M	$1.9B
Q3 25	$1.4B	$780M	$2.1B
Q4 25	$1.4B	$871M	$2.2B
Q1 26	$1.4B	$49M	$1.5B
Q2 26	$1.5B	$723M	$2.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	286M	+1.5%	+22.4%
Q4 22	288M	+0.9%	+7.8%
Q1 23	291M	+1.0%	+7.1%
Q2 23	294M	+0.9%	+4.3%
Q3 23	297M	+1.2%	+4.0%
Q4 23	300M	+0.8%	+4.0%
Q1 24	304M	+1.4%	+4.4%
Q2 24	308M	+1.2%	+4.7%
Q3 24	313M	+1.6%	+5.2%
Q4 24	315M	+0.9%	+5.3%
Q1 25	318M	+0.9%	+4.7%
Q2 25	345M	+8.5%	+12.2%
Q3 25	344M	-0.3%	+10.1%
Q4 25	343M	-0.5%	+8.6%
Q1 26	348M	+1.7%	+9.4%
Q2 26	349M	+0.3%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$216.2K	2K
Q4 22	$142.7K	3K
Q1 23	$141.7K	3K
Q2 23	$156.6K	3K
Q3 23	$149.3K	3K
Q4 23	$205.4K	2K
Q1 24	$228.7K	2K
Q2 24	$272.3K	2K
Q3 24	$265.4K	2K
Q4 24	$328.6K	2K
Q1 25	$348.2K	2K
Q2 25	$431.9K	2K
Q3 25	$390.4K	2K
Q4 25	$397.3K	2K
Q1 26	$423.1K	2K
Q2 26	$509.1K	2K

Revenue / Employee