Affirm Holdings, Inc.

5. Balance Sheet Components

Accounts Receivable, net

Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $22.5 million and $18.8 million as of December 31, 2025 and June 30, 2025, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):

Depreciation and amortization expense on property, equipment and software was $75.5 million and $140.8 million for the three and six months ended December 31, 2025, respectively, and $54.3 million and $100.4 million for the three and six months ended December 31, 2024, respectively.

No impairment losses related to property, equipment and software were recorded during the three and six months ended December 31, 2025 and 2024.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the six months ended December 31, 2025 were as follows (in thousands):

(1)Adjustments to goodwill during the six months ended December 31, 2025 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three and six months ended December 31, 2025 and 2024.

Intangible assets consisted of the following (in thousands):

Amortization expense for intangible assets was $0.1 million for both thethree and six months ended December 31, 2025, respectively, and$0.6 millionand$1.2 million for the three and six months ended December 31, 2024, respectively. No impairment losses related to intangible assets were recorded during the three and six months ended December 31, 2025 and 2024.

The expected future amortization expense of these intangible assets was immaterial as of December 31, 2025.

Commercial Agreement Assets

In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit. We amortize the asset over the expected benefit period, which was extended from four tonine years in November 2025 upon execution of a commercial agreement that will supersede and replace the previous commercial agreement. For the three and six months ended December 31, 2025, we recognized amortization expense of $1.9 million and $7.1 million, respectively, and $5.2 million and $10.4 million for the three and six months ended December 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of December 31, 2025, the accumulated amortization is $128.5 million and the remaining net asset value is $5.1 million, which will be recognized over the remaining useful life of 5.1 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $270.6 million based on the grant-date fair value of the vested warrants. We amortize the asset over the expected benefit period, which was extended fromsix tonine years during the fiscal year 2025 upon execution of a commercial agreement that superseded and replaced the previous commercial agreement. The benefit period is reevaluated each reporting period. For the three and six months ended December 31, 2025, we recorded amortization expense related to the commercial agreement asset of $2.8 million and $5.7 million, respectively, and $9.0 million and $18.1 million for the three and six months ended December 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of December 31, 2025, the accumulated amortization is $231.2 million and the remaining net asset value is $39.4 million, which will be recognized over the remaining useful life of 3.5 years.

Other Assets

Other assets consisted of the following (in thousands):

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):