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Affirm Holdings cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$145M in Q1 FY27 · $817M over twelve months

Operating cash flow$207M
Capital spending−$62.5M
Free cash flow+$145M
Cash / net income1.3×

Analysis

In Q1 FY27, Affirm Holdings generated $207M of operating cash flow and spent $62.5M on capital projects, leaving free cash flow of $145M. That is $176M less than in Q1 FY26 ($320M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were other investing ($2.7B), capital spending ($246M), other financing ($224M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.5B); the cash balance rose by $473M.

Operating cash flow was $207M against net income of $164M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$86.8M, receivables −$74.8M, prepaid and other assets −$61.8M.

Free cash flow

Affirm Holdings: free cash flow by quarterAffirm Holdings: free cash flow by quarter$268MQ2 FY25$157MQ3 FY25$23.5MQ4 FY25$320MQ1 FY26$118MQ2 FY26$325MQ3 FY26$229MQ4 FY26$145MQ1 FY27
Operating cash flow less capital spending.
Affirm Holdings: operating cash flow against capital spendingAffirm Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$312M$43.9MQ2 FY25$210M$53.0MQ3 FY25$74.6M$51.1MQ4 FY25$375M$54.4MQ1 FY26$174M$55.7MQ2 FY26$387M$61.4MQ3 FY26$296M$66.9MQ4 FY26$207M$62.5MQ1 FY27
Latest (Q1 FY27): Operating cash flow $207M, Capital spending $62.5M.

Capital allocation, year by year

Affirm Holdings: where the cash came from (up) and went (down), by fiscal yearAffirm Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$162MFY22: Net borrowing $458MFY22: Capital spending −$86.3MFY22: Acquisitions −$6.0MFY22: Buybacks −$86K$458MFY22FY23: Operating cash flow $12.2MFY23: Net borrowing $487MFY23: Capital spending −$121MFY23: Acquisitions −$16.1MFY23: Buybacks −$109K$499MFY23FY24: Operating cash flow $450MFY24: Net borrowing −$1.2BFY24: Capital spending −$159M$450MFY24FY25: Operating cash flow $794MFY25: Net borrowing −$193MFY25: Capital spending −$192MFY25: Buybacks −$250M$794MFY25FY26: Operating cash flow $1.2BFY26: Net borrowing −$613MFY26: Capital spending −$238M$1.2BFY26
Over these 5 years operating cash flow totalled $2.3B; the largest uses were net borrowing ($2.0B) and capital spending ($797M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debt$10.3B
Net debt$8.2B
Due within a year$221M

Affirm Holdings funds itself: free cash flow was $817M over the last twelve months, and $2.1B of cash and investments stands against $10.3B of debt ($221M due within a year, 9.4× covered by cash).

Affirm Holdings: debt maturities by year (FY26)Affirm Holdings: debt maturities by year (FY26)$221MYear 1$824MYear 2$1.0BYear 3$2.1BYear 4$179MYear 5$5.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Affirm Holdings: sources (+) and uses (−) of cash, Q1 FY27Affirm Holdings: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)$467MOther investing−$427MOperating cash flow$207MCash drawn (+) / kept (−)−$138MCapital spending−$62.5MOther financing−$48.3MExchange rates$829K
Affirm Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Affirm Holdings: sources (+) and uses (−) of cash, 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 profit to cash

Affirm Holdings: net income to operating cash flow, Q1 FY27Affirm Holdings: net income to operating cash flow, Q1 FY27Net income$164MDepreciation & amortization$86.8MStock-based pay$55.7MDeferred taxes$34.0MOther non-cash−$8.0MReceivables−$74.8MPayables−$1.4MAccrued liabilities−$17.4MPrepaid and other assets−$61.8MOperating cash flow$207M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$207M−$62.5M$467M−$138M$145M
Q4 FY26$296M−$66.9M$928M$41.3M$229M
Q3 FY26$387M−$61.4M−$1.9B−$380M$325M
Q2 FY26$174M−$55.7M$1.3B$3.0M$118M
Q1 FY26$375M−$54.4M$162M−$341M$320M
Q4 FY25$74.6M−$51.1M−$305M−$20.5M$23.5M
Q3 FY25$210M−$53.0M−$1.2B$1.2M$157M
Q2 FY25$312M−$43.9M$445M−$353M$268M

Affirm Holdings: income statement and cash flow

Affirm Holdings, Q1 FY27: revenue $1.3B (+35% year over year), operating margin 14.8%. The chart follows the revenue to costs, profit and cash.

Affirm Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.