Affirm Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 27, 2026.
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FY2026 · Filed Aug 27, 2026
AFRM$68.11-2.2%Stored close · as of Nov 6, 2026
Contents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| June 30, 2026 | June 30, 2025 | June 30, 2024 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income (loss) | $1,929,793 | $52,186 | $(517,757) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for losses | 796,650 | 616,683 | 460,628 |
| Amortization of premiums and discounts on loans | (305,433) | (233,799) | (187,709) |
| Gain on sales of loans | (596,553) | (381,622) | (197,153) |
| Gain on extinguishment of debt | (1,537) | (82,418) | (12,638) |
| Changes in fair value of assets and liabilities | 444 | 7,146 | (2,776) |
| Amortization of commercial agreement assets | 18,884 | 47,392 | 73,070 |
| Amortization of debt issuance costs | 28,232 | 30,389 | 24,546 |
| Accrued interest on securities available for sale | (35,421) | (44,031) | (22,799) |
| Commercial agreement warrant expense | 192,278 | 271,562 | 406,714 |
| Stock-based compensation | 304,671 | 321,433 | 344,511 |
| Depreciation and amortization | 303,333 | 225,076 | 169,044 |
| Impairment of right of use assets | — | — | 752 |
| Deferred income tax expense (benefit) | (1,455,217) | 7,113 | — |
| Other | (36,100) | 13,703 | (25,331) |
| Change in operating assets and liabilities: | |||
| Purchases and origination of loans held for sale | (2,599,368) | (3,389,953) | (4,212,299) |
| Proceeds from the sale of loans held for sale | 2,598,182 | 3,389,990 | 4,211,687 |
| Accounts receivable, net | 132,603 | (84,952) | (167,757) |
| Other assets | (50,111) | (19,288) | 31,228 |
| Accounts payable | 1,827 | 41,801 | 12,417 |
| Payable to third-party loan owners | (12,142) | 52,056 | 105,791 |
| Accrued interest payable | 5,166 | 2,386 | 11,138 |
| Accrued expenses and other liabilities | 10,792 | (48,943) | (55,169) |
| Net cash provided by operating activities | 1,230,974 | 793,909 | 450,138 |
| Cash flows from investing activities | |||
| Purchases and origination of loans held for investment | (46,660,265) | (32,545,595) | (21,488,547) |
| Proceeds from the sale of loans held for investment | 19,683,618 | 12,572,254 | 6,058,799 |
| Principal repayments and other loan servicing activity | 24,652,096 | 18,655,657 | 14,147,034 |
| Additions to property, equipment and software | (238,346) | (192,189) | (159,296) |
| Purchases of securities available for sale | (992,920) | (823,886) | (986,071) |
| Proceeds from maturities and repayments of securities available for sale | 1,002,775 | 1,215,777 | 1,136,937 |
| Other investing inflows | 369 | 99,917 | 995 |
| Other investing outflows | (754) | (65,000) | (35,000) |
| Net cash used in investing activities | (2,553,427) | (1,083,064) | (1,325,149) |
| Cash flows from financing activities | |||
| Proceeds from the issuance of convertible notes | — | 920,000 | — |
| Proceeds from the issuance of funding debt | 38,055,930 | 21,174,242 | 12,639,444 |
| Proceeds from issuance of notes and certificates by securitization trust | 2,850,000 | 2,500,000 | 2,350,000 |
| Principal repayments of funding debt | (36,318,734) | (21,387,609) | (12,552,937) |
| Principal repayments of notes issued by securitization trust | (2,350,000) | (900,000) | (1,276,451) |
| Payment of debt issuance costs | (35,464) | (49,233) | (27,302) |
| Extinguishment of convertible debt | (25,758) | (1,012,856) | (63,561) |
| Proceeds from exercise of common stock options and warrants and contributions to ESPP | 158,930 | 60,692 | 33,125 |
| Repurchase of common stock | — | (250,000) | — |
| Taxes paid related to net share settlement of equity awards | (325,217) | (303,811) | (189,169) |
| Net cash provided by financing activities | 2,009,688 | 751,425 | 913,149 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10,615) | (1,245) | (2,683) |
| Net increase in cash, cash equivalents and restricted cash | 676,620 | 461,024 | 35,455 |
| Cash, cash equivalents and restricted cash, beginning of period | 1,756,423 | 1,295,399 | 1,259,944 |
| Cash, cash equivalents and restricted cash, end of period | $2,433,043 | $1,756,423 | $1,295,399 |
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT.
(in thousands)
| June 30, 2026 | June 30, 2025 | June 30, 2024 | |
|---|---|---|---|
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | 1,630,038 | 1,354,455 | 1,013,106 |
| Restricted cash | 803,005 | 401,968 | 282,293 |
| Total cash, cash equivalents and restricted cash | $2,433,043 | $1,756,423 | $1,295,399 |
| June 30, 2026 | June 30, 2025 | June 30, 2024 | |
|---|---|---|---|
| Supplemental disclosures of cash flow information | |||
| Cash payments for interest expense | $426,175 | $404,377 | $318,235 |
| Cash paid for income taxes | 6,618 | 2,736 | 1,187 |
| Cash paid for operating leases | 22,120 | 16,575 | 16,037 |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Stock-based compensation included in capitalized internal-use software | $179,842 | $178,461 | $126,510 |
| Securities retained under unconsolidated securitization transactions | 76,094 | 84,718 | 58,507 |
| Right of use assets obtained in exchange for operating lease liabilities | 12,973 | 6,238 | — |
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