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Midas Edge

Affirm Holdings, Inc.

For the period ended Jun 30, 2025. Filed Aug 28, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Aug 28, 2025

AFRM$68.03-0.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

June 30, 2025June 30, 2024
Assets
Cash and cash equivalents$1,354,455$1,013,106
Restricted cash401,968282,293
Securities available for sale at fair value871,4251,131,628
Loans held for sale—36
Loans held for investment7,025,5345,670,056
Allowance for credit losses(396,929)(309,097)
Loans held for investment, net6,628,6065,360,959
Accounts receivable, net426,177353,028
Property, equipment and software, net572,637427,686
Goodwill534,156533,439
Intangible assets12,93513,502
Commercial agreement assets57,210104,602
Other assets295,360299,340
Total assets$11,154,929$9,519,619
Liabilities and stockholders’ equity
Liabilities:
Accounts payable$82,820$41,019
Payable to third-party loan owners211,700159,643
Accrued interest payable24,46524,327
Accrued expenses and other liabilities157,272147,429
Convertible senior notes, net1,153,0001,341,430
Notes issued by securitization trusts4,833,8553,236,873
Funding debt1,622,8081,836,909
Total liabilities8,085,9196,787,630
Commitments and contingencies (Note 8)
Stockholders’ equity:
Class A common stock, par value $0.00001 per share: 3,030,000,000 shares authorized, 284,378,565 shares issued and outstanding as of June 30, 2025; 3,030,000,000 shares authorized, 267,305,456 shares issued and outstanding as of June 30, 202422
Class B common stock, par value $0.00001 per share: 140,000,000 shares authorized, 40,734,234 shares issued and outstanding as of June 30, 2025; 140,000,000 authorized, 43,747,575 shares issued and outstanding as of June 30, 202411
Additional paid in capital6,140,8935,862,555
Accumulated deficit(3,056,818)(3,109,004)
Accumulated other comprehensive loss(15,069)(21,565)
Total stockholders’ equity3,069,0092,731,989
Total liabilities and stockholders’ equity$11,154,929$9,519,619

CONSOLIDATED BALANCE SHEETS, CONT.

(in thousands, except shares and per share amounts)

The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of the Company. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate upon consolidation.

June 30, 2025June 30, 2024
Assets of consolidated VIEs, included in total assets above
Restricted cash$192,638$145,829
Loans held for investment6,828,7585,461,660
Allowance for credit losses(365,656)(242,991)
Loans held for investment, net6,463,1015,218,669
Accounts receivable, net3,0322,961
Other assets2,55810,676
Total assets of consolidated VIEs$6,661,329$5,378,135
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable$2,833$2,830
Accrued interest payable23,99824,220
Accrued expenses and other liabilities2,79711,115
Notes issued by securitization trusts4,833,8553,236,873
Funding debt1,592,1391,794,984
Total liabilities of consolidated VIEs6,455,6215,070,022
Total net assets of consolidated VIEs$205,707$308,113
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.