Filing Flows

Filing Flows › Financials › Affirm Holdings (AFRM)

Affirm Holdings (AFRM) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Nov 5, 2026 · Affirm Holdings (AFRM) Q1 FY27 earnings results →

Q1 FY27 Revenue up 35% year over year to $1.3B · 13¢ of every $1 of revenue kept as net profit · operating margin 14.8%

Affirm Holdings made $1.3B in Q1 FY27 (+35% Y/Y): Other revenues $869M, Merchant network revenue $297M, Card network revenue $96.5M. Operating margin 14.8%, net earnings $164M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.3B
Year over year+35%
Operating margin14.8%
Net earnings$164M
Operating cash flow$207M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.3B in Q1 FY27, up 35% year over year and up 8% from the previous quarter. Merchant network revenue was the largest line at 24% of revenue. Merchant network revenue added $0.05B year over year (up 18%), 14% of the total change.

Operating profit was $0.19B, a 14.8% margin (up 8.0 points year over year). Of the extra revenue versus Q1 FY26, 38% reached operating profit, above the 7% margin then. Total costs grew 24% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+31%). Net earnings were $0.16B, up 103% year over year. The effective tax rate was 19.9%.

Operating cash flow was $0.21B (down 45% year over year), 126% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.06B left free cash flow of $0.14B.

Quarterly history

Affirm Holdings revenue by quarterAffirm Holdings revenue by quarter$783MQ3 FY25$876MQ4 FY25$933MQ1 FY26$1.1BQ2 FY26$1.0BQ3 FY26$1.2BQ4 FY26$1.3BQ1 FY27
Affirm Holdings net earnings by quarterAffirm Holdings net earnings by quarter$2.8MQ3 FY25$69.2MQ4 FY25$80.7MQ1 FY26$130MQ2 FY26$103MQ3 FY26$1.6BQ4 FY26$164MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QNov 5, 2026$1.3B+35%14.8%$164M$207M
Q4 FY2610-KAug 27, 2026$1.2B+33%12.6%$1.6B$296M
Q3 FY2610-QMay 7, 2026$1.0B+33%8.5%$103M$387M
Q2 FY2610-QFeb 5, 2026$1.1B+30%10.5%$130M$174M
Q1 FY2610-QNov 6, 2025$933M+34%6.8%$80.7M$375M
Q4 FY2510-KAug 28, 2025$876M+33%6.6%$69.2M$74.6M
Q3 FY2510-QMay 9, 2025$783M+36%-1.1%$2.8M$210M

Charts

Affirm Holdings: revenue growth, year over year and quarter over quarterAffirm Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q+36%Q3 FY25+33%+12%Q4 FY25+34%+6%Q1 FY26+30%+20%Q2 FY26+33%-8%Q3 FY26+33%+12%Q4 FY26+35%+8%Q1 FY27
Latest (Q1 FY27): Y/Y +35%, Q/Q +8%.
Affirm Holdings: where the cash came from (+) and went (−), TTM to Q1 FY27Affirm Holdings: where the cash came from (+) and went (−), TTM to Q1 FY27Other investing−$2.7BNet borrowing (+) / repaid (−)$2.5BOperating cash flow$1.1BCash drawn (+) / kept (−)−$473MCapital spending−$246MOther financing−$224MExchange rates−$5.9MNot reconciled−$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Affirm Holdings: profit against cash, quarter by quarterAffirm Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow$80.4M$312MQ2 FY25$2.8M$210MQ3 FY25$69.2M$74.6MQ4 FY25$80.7M$375MQ1 FY26$130M$174MQ2 FY26$103M$387MQ3 FY26$1.6B$296MQ4 FY26$164M$207MQ1 FY27
Latest (Q1 FY27): Net income $164M, Operating cash flow $207M.
Affirm Holdings: diluted shares by fiscal year (split-adjusted)Affirm Holdings: diluted shares by fiscal year (split-adjusted)318MFY21282MFY22295MFY23310MFY24341MFY25349MFY26
+9.5% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY22.
Affirm Holdings: long-term debt falling due (FY26)Affirm Holdings: long-term debt falling due (FY26)$221M2027$824M2028$1.0B2029$2.1B2030$179M2031$5.6BLater
Cash $1.6B, short-term investments —, long-term debt $9.8B at 2026-06-30.
Affirm Holdings in its industry: growth against margin (9 companies, SIC 6141)Affirm Holdings in its industry: growth against margin (9 companies, SIC 6141)revenue growth, year over year →↑ operating marginmedian +8%median 16%OMFBFHENVAATLCCACCHAPNRMWRLDAFRM (+35%, 15%)
Personal Credit Institutions; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Sells to

About Affirm Holdings

Affirm was founded in 2012 with a mission to deliver honest financial products that improve lives. We are building the next generation payment network. We believe that by using modern technology, strong engineering talent, and a mission-driven approach, we can reinvent payments and commerce. Our solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend and save responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive.

In its own words, from its 10-K, filed Aug 27, 2026.

Affirm Holdings against its Personal Credit Institutions peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +8%. Operating margin: 14.8% against the peers' median 15.6%.

CompanyQuarterRevenueY/YOp. margin
AFRM Affirm HoldingsQ1 FY27$1.3B+35%14.8%
OMF OneMain HoldingsQ3 2026$1.4B+10%17.2%
BFH Bread Financial HoldingsQ3 2026$1.0B+5%20.6%
ENVA Enova InternationalQ3 2026$1.0B+26%24.5%
ATLC Atlanticus HoldingsQ3 2026$776M+60%15.6%
CACC Credit AcceptanceQ3 2026$595M+2%-12.4%
HAPN HappenQ3 2026$263M-1%29.2%
RM Regional ManagementQ3 2026$179M+8%11.1%
WRLD World AcceptanceQ2 FY27$139M+3%8.4%

Source: Affirm Holdings 10-Q on SEC EDGAR · CIK 1820953 · Personal Credit Institutions

Guidance and outlook

Affirm Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Affirm Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Other3Margins1Capital spending1
5 statements; tone +0.20 (−1 all cautious, +1 all confident); 1 hedged.
Affirm Holdings: outlook statements against the filing beforeAffirm Holdings: outlook statements against the filing beforeConfident2Cautious1

13F: who owns AFRM and who is buying

Largest holders of AFRM (13F)Largest holders of AFRM (13F)Capital Research Global Investors$2.1BCapital World Investors$1.9BMorgan Stanley$1.9BVanguard Group$1.8BBlackRock$1.6BFMR LLC$1.4BVanguard Capital Management LLC$1.0BVanguard Portfolio Management LLC$969MState Street$518MBaillie Gifford$478M
Funds' net buying of AFRM by quarter (13F)Funds' net buying of AFRM by quarter (13F)$121M2024-09$630M2024-12$445M2025-03$499M2025-06$338M2025-09$508M2025-12$22.4M2026-03$461M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AFRM

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

Compare AFRM with

中文版：Affirm Holdings（AFRM）财报

Español · Français