Filing Flows › Affirm Holdings (AFRM) › Q4 FY25
Affirm Holdings (AFRM) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Aug 28, 2025
Affirm Holdings (AFRM) reported revenue of $876M for the fourth quarter fiscal 2025 (Q4 FY25), +33% from a year earlier and +12% from the quarter before. Operating margin was 6.6%, net earnings $69.2M (7.9% of revenue).
Affirm Holdings, Q4 FY25: revenue $876M (+33% year over year), operating margin 6.6%, net earnings $69.2M, operating cash flow $74.6M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $876M | +12% | +33% |
| Operating profit | $58.1M | — | — |
| Net earnings | $69.2M | 25× | — |
| Operating cash flow | $74.6M | -65% | +9% |
| Free cash flow | $23.5M | -85% | -23% |
What changed
Revenue was $876.4M in Q4 FY25, up 33% year over year and up 12% from the previous quarter. Merchant network revenue was the largest line at 27% of revenue.
Operating profit was $58.1M, a 6.6% margin (up 17.8 points year over year). Total costs grew 12% against revenue growth of 33%. The fastest-growing cost line was Other operating costs (+28%). Net earnings were $69.2M. The effective tax rate was 3.3%.
Operating cash flow was $74.6M (up 9% year over year), 108% of net earnings. Non-cash charges added back $64.0M of depreciation and amortization and $65.5M of share-based compensation. Working capital and other items used $124.1M. Capital expenditures of $51.1M left free cash flow of $23.5M.
Questions
What was Affirm Holdings' revenue in the fourth quarter fiscal 2025?
Affirm Holdings (AFRM) reported revenue of $876M for the fourth quarter fiscal 2025 (Q4 FY25), +33% from a year earlier and +12% from the quarter before.
Was Affirm Holdings profitable in the fourth quarter fiscal 2025?
Operating profit was $58.1M (6.6% of revenue) and net earnings $69.2M.
Source: Affirm Holdings 10-K on SEC EDGAR.