Affirm (AFRM) financial statements
Affirm reported revenue of $1.4B in fiscal 2026, up 39.5% a year over 7 years.
Net income was $1.9B and the operating margin 28.9%, against -90.9% in 2019.
Free cash flow was $993M.
The diluted share count rose 637% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Affirm's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $140M | $276M | $429M | $559M | $627M | $826M | $1.1B | $1.4B |
| Selling, general and admin | $106M | $146M | $566M | $1.1B | $1.2B | $1.1B | $980M | $921M |
| Operating income | -$127M | -$108M | -$384M | -$866M | -$1.2B | -$616M | -$87M | $417M |
| Interest expense | $26M | $32M | $53M | $70M | $183M | $344M | $425M | $454M |
| Pre-tax income | -$120M | -$112M | -$443M | -$725M | -$989M | -$516M | $61M | $493M |
| Income tax | $36,000 | $376,000 | -$2M | -$17M | -$4M | $2M | $9M | -$1.4B |
| Net income | -$120M | -$113M | -$441M | -$707M | -$985M | -$518M | $52M | $1.9B |
| EPS (diluted) | -$2.84 | -$2.63 | -$2.94 | -$2.51 | -$3.34 | -$1.67 | $0.15 | $5.53 |
| Diluted shares | 47M | 48M | 159M | 282M | 295M | 310M | 341M | 349M |
| Operating margin | -90.9% | -39.0% | -89.3% | -154.9% | -191.5% | -74.6% | -7.8% | 28.9% |
| Net margin | -85.9% | -40.8% | -102.7% | -126.5% | -157.2% | -62.7% | 4.7% | 133.6% |
Balance sheet
Fiscal years, from Affirm's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $358M | $267M | $1.5B | $1.3B | $892M | $1.0B | $1.4B | $1.6B |
| Property, plant and equipment | — | $48M | $62M | $171M | $290M | $428M | $573M | $686M |
| Goodwill | $1M | $1M | $517M | $540M | $543M | $533M | $534M | $524M |
| Total assets | — | $1.4B | $4.9B | $7.0B | $8.2B | $9.5B | $11.2B | $15.8B |
| Total liabilities | — | $965M | $2.3B | $4.4B | $5.6B | $6.8B | $8.1B | $10.3B |
| Shareholders' equity | -$263M | -$367M | $2.6B | $2.6B | $2.5B | $2.7B | $3.1B | $5.5B |
| Net debt | -$358M | -$267M | -$1.5B | -$1.3B | -$892M | -$1.0B | -$1.4B | -$1.6B |
Cash flow
Fiscal years, from Affirm's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$88M | -$71M | -$193M | -$162M | $12M | $450M | $794M | $1.2B |
| Capital spending | $19M | $21M | $20M | $86M | $121M | $159M | $192M | $238M |
| Free cash flow | -$107M | -$92M | -$213M | -$248M | -$109M | $291M | $602M | $993M |
| Stock-based compensation | $34M | $30M | $293M | $391M | $452M | $345M | $321M | $305M |
| Share buybacks (net) | -$3M | -$19M | -$800,000 | -$86,000 | -$109,000 | $0 | -$250M | $0 |
| Net borrowing | — | — | — | — | $0 | $0 | $920M | $0 |
| Free cash flow margin | -76.3% | -33.4% | -49.7% | -44.4% | -17.3% | 35.2% | 54.0% | 68.7% |
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Open AFRM in InvestinglyQuestions
What was Affirm's revenue in 2026?
$1.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Affirm generate?
$993M in fiscal 2026 (operating cash flow minus capital spending).
From Affirm's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.