Affirm Holdings, Inc.

For the period ended Dec 31, 2025. Filed Feb 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2025 · Filed Feb 5, 2026

AFRM$65.95-3.1%Stored close · as of Nov 10, 2026

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Contents

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended December 31,
	2025	2024
Cash flows from operating activities
Net income (loss)	$210,280	$(19,862)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for losses	376,905	312,804
Amortization of premiums and discounts on loans	(143,999)	(111,297)
Gain on sales of loans	(304,280)	(188,900)
Gain on extinguishment of debt	(1,537)	(82,418)
Changes in fair value of assets and liabilities	1,905	4,622
Amortization of commercial agreement assets	12,815	28,511
Amortization of debt issuance costs	14,072	12,990
Accrued interest on securities available for sale	(18,272)	(26,618)
Commercial agreement warrant expense	102,184	194,039
Stock-based compensation	163,653	180,331
Depreciation and amortization	140,922	101,614
Other	(19,095)	(2,151)
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(1,477,398)	(2,262,419)
Proceeds from the sale of loans held for sale	1,476,673	2,262,441
Accounts receivable, net	149,916	143,781
Other assets	(39,030)	(27,421)
Accounts payable	(25,592)	9,607
Payable to third-party loan buyers	(81,372)	(2,398)
Accrued interest payable	5,054	1,894
Accrued expenses and other liabilities	4,505	(20,266)
Net cash provided by operating activities	548,310	508,884
Cash flows from investing activities
Purchases and origination of loans held for investment	(22,462,467)	(15,051,906)
Proceeds from the sale of loans held for investment	9,605,927	5,264,335
Principal repayments and other loan servicing activity	11,249,582	8,661,493
Additions to property, equipment and software	(110,069)	(88,057)
Purchases of securities available for sale	(214,397)	(184,885)
Proceeds from maturities and repayments of securities available for sale	426,676	720,570
Other investing inflows	141	36,383
Other investing outflows	—	(22,000)
Net cash used in investing activities	(1,504,608)	(664,067)
Cash flows from financing activities
Proceeds from the issuance of convertible notes	—	920,000
Proceeds from the issuance of funding debt	17,273,024	7,893,354
Proceeds from issuance of notes and certificates by securitization trust	1,100,000	750,000
Principal repayments of funding debt	(15,850,765)	(7,548,552)
Principal repayments of notes issued by securitization trust	(1,100,000)	—
Payment of debt issuance costs	(10,696)	(23,070)
Extinguishment of convertible debt	(25,758)	(1,012,856)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	104,098	39,388
Repurchase of common stock	—	(250,000)
Taxes paid related to net share settlement of equity awards	(193,236)	(158,543)
Net cash provided by financing activities	1,296,666	609,721
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,219)	(12,780)
Net increase in cash, cash equivalents and restricted cash	338,149	441,758
Cash, cash equivalents and restricted cash, beginning of period	1,756,423	1,295,399
Cash, cash equivalents and restricted cash, end of period	$2,094,572	$1,737,157

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