Filing Flows › Affirm Holdings (AFRM) › Q3 FY25
Affirm Holdings (AFRM) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed May 9, 2025
Affirm Holdings (AFRM) reported revenue of $783M for the third quarter fiscal 2025 (Q3 FY25), +36% from a year earlier and -10% from the quarter before. Operating margin was -1.1%, net earnings $2.8M (0.4% of revenue).
Affirm Holdings, Q3 FY25: revenue $783M (+36% year over year), operating margin -1.1%, net earnings $2.8M, operating cash flow $210M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $783M | -10% | +36% |
| Operating profit | −$8.4M | — | — |
| Net earnings | $2.8M | — | — |
| Operating cash flow | $210M | -33% | +1% |
| Free cash flow | $157M | -41% | -3% |
What changed
Revenue was $783.1M in Q3 FY25, up 36% year over year and down 10% from the previous quarter. Merchant network revenue was the largest line at 27% of revenue. Merchant network revenue added $54.7M year over year (up 34%), 26% of the total change.
Operating costs exceeded revenue by $8.4M, an operating margin of -1.1%. Total costs grew 7% against revenue growth of 36%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $2.8M. The effective tax rate was 47.5%. Non-operating items added $13.7M, 257% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $210.4M (up 1% year over year), 7503% of net earnings. Non-cash charges added back $59.5M of depreciation and amortization and $75.6M of share-based compensation. Working capital and other items added $72.5M. Capital expenditures of $53.0M left free cash flow of $157.4M.
Questions
What was Affirm Holdings' revenue in the third quarter fiscal 2025?
Affirm Holdings (AFRM) reported revenue of $783M for the third quarter fiscal 2025 (Q3 FY25), +36% from a year earlier and -10% from the quarter before.
Was Affirm Holdings profitable in the third quarter fiscal 2025?
Operating loss was $8.4M (-1.1% of revenue) and net earnings $2.8M.
Source: Affirm Holdings 10-Q on SEC EDGAR.