Affirm Holdings, Inc.
TechnologyNASDAQ:AFRM · NASDAQ Global Select
-$1.48 today
Vol 1.63M · Avg 5.18M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$4.0B of revenue converted into $382.4M of net income for the selected period. Gross margin is 67.7% and net margin is 9.5%, showing how much revenue survives after costs and taxes. EPS is $1.10, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B +38.8% | $2.3B +46.3% | $1.6B +17.7% | $1.3B +55.0% | $870.5M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $1.0B +24.0% | $845.1M -3.2% | $873.2M +51.5% | $576.5M +78.5% | $322.9M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.2B +47.3% | $1.5B +106.7% | $714.8M -7.5% | $772.8M +41.1% | $547.5M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 67.5% +3.9pp | 63.6% +18.6pp | 45.0% -12.3pp | 57.3% -5.6pp | 62.9% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $979.9M -11.1% | $1.1B -10.0% | $1.2B +10.3% | $1.1B +96.1% | $565.9M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $2.3B +8.1% | $2.1B +9.3% | $1.9B +16.9% | $1.6B +76.0% | $931.2M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $225.1M +33.1% | $169.0M +25.6% | $134.6M +155.4% | $52.7M +163.9% | $20.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $712.0M +32027.8% | -$2.2M +99.7% | -$671.6M -11.5% | -$602.4M -62.5% | -$370.7M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 22.1% +22.2pp | -0.1% +42.2pp | -42.3% +2.4pp | -44.6% -2.1pp | -42.6% | 5.6% | 46.3% | 42.0% |
| Operating Income | -$87.3M +85.8% | -$615.8M +48.7% | -$1.2B -38.7% | -$866.0M -125.7% | -$383.7M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | -2.7% +23.8pp | -26.5% +49.1pp | -75.6% -11.4pp | -64.2% -20.1pp | -44.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $425.5M +23.6% | $344.3M +88.1% | $183.0M +162.6% | $69.7M +32.2% | $52.7M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $148.7M +48.3% | $100.3M -52.6% | $211.6M +49.9% | $141.2M +336.5% | -$59.7M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $61.5M +111.9% | -$515.5M +47.9% | -$989.2M -36.5% | -$724.8M -63.5% | -$443.4M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 1.9% +24.1pp | -22.2% +40.1pp | -62.3% -8.6pp | -53.7% -2.8pp | -50.9% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $9.3M +316.1% | $2.2M +157.2% | -$3.9M +77.6% | -$17.4M -643.2% | -$2.3M | $1.3B | -$1.6B | $745.2M |
| Net Income | $52.2M +110.1% | -$517.8M +47.5% | -$985.3M -39.3% | -$707.4M -60.4% | -$441.0M | $4.9B | $4.8B | $4.7B |
| Net Margin | 1.6% +23.9pp | -22.3% +39.8pp | -62.1% -9.6pp | -52.4% -1.8pp | -50.7% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $0 +109.6% | -$2 +50.0% | -$3 -33.1% | -$3 -53.0% | -$2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $0 +109.0% | -$2 +50.0% | -$3 -33.1% | -$3 -53.0% | -$2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $322.9M +4.2% | $309.9M +4.9% | $295.3M +4.8% | $281.7M +4.5% | $269.5M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $341.0M +10.1% | $309.9M +4.9% | $295.3M +4.8% | $281.7M +4.5% | $269.5M | $1.2B | $924.4M | $678.0M |
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SEC Filings
Recent regulatory filings
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How much revenue does AFRM generate?
Affirm Holdings, Inc. (AFRM) reported $3.22B of revenue in fiscal 2025.
Is AFRM profitable?
Affirm Holdings, Inc. (AFRM) reported $52.19M of net income, with a net margin of 1.6%.
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