Affirm Holdings, Inc. Revenue & Financials

Affirm Holdings reported $2.24 billion in net revenue for fiscal year 2024, representing a 36% increase from the $1.64 billion generated in the prior year, driven by robust growth in both gross merchandise volume and the expansion of the consumer-interest revenue mix. This top-line expansion was accompanied by a dramatic improvement in profitability, with the company achieving its first-ever quarter of GAAP net income at $25 million in the fourth quarter of fiscal 2024, a massive swing from the net losses incurred during its high-growth, high-burn phase. The fourth quarter of 2024 was particularly illustrative of this operational leverage, generating $632 million in net revenue and processing $6.4 billion in gross merchandise value, as the company successfully scaled its Pay Monthly products and optimized its cost of capital. Adjusted EBITDA reached a record $225 million for the full year, demonstrating the cash-generative capacity of the business model now that the heavy investments in technology infrastructure and merchant subsidies have stabilized. The tangible book value per share grew significantly, reflecting the company's ability to retain earnings and compound capital without relying on dilutive equity issuances. The adjusted efficiency ratio, a critical metric for financial services profitability, improved to approximately 45%, with management guiding toward further expansion as revenue growth continues to outpace operating expense increases. The loan portfolio maintained pristine credit quality, with net charge-offs remaining at 5.2% of average loans, validating the company's conservative, data-driven underwriting standards despite the macroeconomic headwinds. The financial services segment, which includes the Affirm Card and travel financing, generated record adjusted net revenue, driven by the rapid scaling of the physical card program and the high-margin nature of the travel vertical. The technology platform segment, while a smaller contributor to top-line revenue, maintained stable recurring revenue and improved its contribution margins as the integration of merchant APIs yielded operational synergies. The company's capital position remains exceptionally strong, with over $4 billion in cash, cash equivalents, and marketable securities, providing ample capacity to support organic loan growth and absorb potential macroeconomic shocks. The free cash flow profile has turned decisively positive, allowing the company to reinvest in product development and strategic acquisitions without relying on external debt markets. The financial narrative of Affirm has shifted definitively from a story of growth-at-all-costs to one of sustainable, profitable compounding, with the market beginning to re-rate the stock based on its earnings power rather than mere gross merchandise volume metrics.