Affirm Holdings, Inc.
Explore Affirm Holdings, Inc.
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Affirm Holdings, Inc.
Explore Affirm Holdings, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$3.2B
▲ 43.9% vs FY2024 ($2.2B)
Source: Annual report / company filing
Affirm Holdings, Inc. reported $3.2B in revenue for fiscal year 2025. This represents a growth of 43.9% compared to the 2024 figure of $2.2B.
Affirm's first GAAP-profitable quarter in fiscal 2024 resolved a question that had weighed on the company since its IPO: the business model can generate positive net income under real operating conditions, not just on an adjusted basis with stock-based compensation excluded. The $25 million in net income for the full fiscal 2024 year is thin against $2.24 billion in revenue, but the direction matters more than the magnitude at this stage. Revenue growth from $1.16 billion in fiscal 2022 to $2.24 billion in fiscal 2024 — a 93 percent increase over two years — reflects both merchant network expansion and the blended take rate improvement as the product mix shifted toward consumer-interest loans. The zero-interest Pay in 4 product, while excellent for customer acquisition, carries lower margins than the monthly installment products where Affirm earns interest income. Shifting the mix toward longer-term, interest-bearing products is the financial narrative of the next several years. The $17 billion market capitalization at roughly 7.6 times fiscal 2025 revenue prices Affirm as a platform still in growth mode — a valuation that requires sustained GMV expansion and continued take rate improvement to justify. The company's 1,700 employees handle $22.3 billion in annual GMV, and the incremental cost of adding the next billion dollars of GMV is substantially lower than the first billion, which is the structural advantage of algorithm-driven underwriting at scale. Net charge-offs at 5.2 percent of average loans represent the risk cost of underwriting at the credit quality Affirm targets — thinner files, alternative data, consumers without traditional credit histories. That charge-off rate is higher than prime credit card portfolios but reflects a different borrower mix. Whether the underwriting algorithm's accuracy holds across a full credit cycle, including a recession, remains the central question that Affirm has not yet been tested on at current scale.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $3.2B | — | +43.9% |
| FY2024 | $2.2B | $25M | +36.6% |
| FY2023 | $1.6B | — | +41.4% |
| FY2022 | $1.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.