Aktieanalys – källarkiv Uppdaterad 2026-08-06T05:39:23Z

SEC EDGAR · 10-Q

10-Q – 2026-05-07 – afrm-20260331.htm

308720 tecken · 2 HTML-del(ar)

Fulltext som ren TXT · Öppna originalkällan

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Omsättning
  • 3. Revenue | 15
  • Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 84
  • • our expectations regarding our future revenue, expenses, and other operating results and key operating metrics; | • our ability to attract new merchant partners and commerce platforms and grow our relationships with existing merchant partners and commerce platforms;
  • • our ability to effectively use and provide AI-powered solutions; | • the future growth rate of our revenue and related key operating metrics; | • our ability to achieve sustained profitability in the future;
  • 2026 2025 2026 2025 | Revenue | Merchant network revenue $ 268,027 $ 213,973 $ 847,553 $ 643,207
  • Revenue | Merchant network revenue $ 268,027 $ 213,973 $ 847,553 $ 643,207 | Card network revenue 66,467 58,572 208,832 164,194
  • Merchant network revenue $ 268,027 $ 213,973 $ 847,553 $ 643,207 | Card network revenue 66,467 58,572 208,832 164,194 | Total network revenue 334,494 272,545 1,056,385 807,401
  • Card network revenue 66,467 58,572 208,832 164,194 | Total network revenue 334,494 272,545 1,056,385 807,401 | Interest income 532,449 402,701 1,480,198 1,189,132
Rörelseresultat
  • Total operating expenses $ 950,337 $ 791,527 $ 2,825,406 $ 2,493,332 | Operating income (loss) $ 88,429 $ ( 8,393 ) $ 269,716 $ ( 145,337 ) | Other income, net 18,948 13,738 53,918 135,221
  • From time to time we grant PSUs to select executives and employees. Vesting is contingent upon completion of a continuous three-year service period and the achievement of company financial performance goals, including target growth rates for revenue less transaction costs and adjusted operating income. The number of shares that vest at the end of the performance period will range between 0 % and 200 % of the target shares based on actual performance against the applicable targets, which will be
  • Total operating expenses 950,337 791,527 158,810 20 % 2,825,406 2,493,332 332,074 13 % | Operating income (loss) $ 88,429 $ (8,393) $ 96,822 NM (1) | $ 269,716 $ (145,337) $ 415,053 NM (1)
Periodens resultat
  • 16. Net Income (Loss) per Share Attributable to Common Stockholders | 57
  • Income tax expense 4,476 2,541 10,453 6,942 | Net income (loss) $ 102,900 $ 2,804 $ 313,180 $ ( 17,058 ) | Other comprehensive income (loss)
  • Per share data: | Net income (loss) per share attributable to common stockholders for Class A and Class B | Basic $ 0.31 $ 0.01 $ 0.94 $ ( 0.05 )
  • Loss on cash flow hedges — — — — ( 129 ) ( 129 ) | Net income — — — 80,694 — 80,694 | Balance as of September 30, 2025 330,048,504 $ 3 $ 6,299,395 $ ( 2,976,124 ) $ ( 24,389 ) $ 3,298,885
  • Loss on cash flow hedges — — — — ( 305 ) ( 305 ) | Net income — — — 129,586 — 129,586 | Balance as of December 31, 2025 332,207,105 $ 3 $ 6,410,335 $ ( 2,846,538 ) $ ( 16,939 ) $ 3,546,861
  • Gain on cash flow hedges — — — — 5,100 5,100 | Net income — — — 102,900 — 102,900 | Balance as of March 31, 2026 334,846,331 $ 3 $ 6,550,639 $ ( 2,743,638 ) $ ( 23,594 ) $ 3,783,410
  • Loss on cash flow hedges — — — — ( 89 ) ( 89 ) | Net income — — — 80,360 — 80,360 | Balance as of December 31, 2024 315,735,274 $ 3 $ 5,961,956 $ ( 3,128,866 ) $ ( 47,553 ) $ 2,785,540
  • Loss on cash flow hedges — — — — ( 1,279 ) ( 1,279 ) | Net income — — — 2,804 — 2,804 | Balance as of March 31, 2025 322,520,741 $ 3 $ 6,045,479 $ ( 3,126,062 ) $ ( 44,504 ) $ 2,874,916
Kassaflöde
  • Unrealized gain (loss) on securities available for sale, net ( 1,090 ) 778 ( 359 ) 3,494 | Gain (loss) on cash flow hedges 5,100 ( 1,279 ) 4,666 ( 2,860 ) | Net other comprehensive income (loss) $ ( 6,655 ) $ 3,049 $ ( 8,525 ) $ ( 22,939 )
  • Unrealized gain on securities available for sale — — — — 812 812 | Loss on cash flow hedges — — — — ( 129 ) ( 129 ) | Net income — — — 80,694 — 80,694
  • Unrealized loss on securities available for sale — — — — ( 81 ) ( 81 ) | Loss on cash flow hedges — — — — ( 305 ) ( 305 ) | Net income — — — 129,586 — 129,586
  • Unrealized loss on securities available for sale — — — — ( 1,090 ) ( 1,090 ) | Gain on cash flow hedges — — — — 5,100 5,100 | Net income — — — 102,900 — 102,900
  • Unrealized gain on securities available for sale — — — — 5,589 5,589 | Loss on cash flow hedges — — — — ( 1,492 ) ( 1,492 ) | Net loss — — — ( 100,222 ) — ( 100,222 )
  • Unrealized loss on securities available for sale — — — — ( 2,873 ) ( 2,873 ) | Loss on cash flow hedges — — — — ( 89 ) ( 89 ) | Net income — — — 80,360 — 80,360
  • Unrealized gain on securities available for sale — — — — 778 778 | Loss on cash flow hedges — — — — ( 1,279 ) ( 1,279 ) | Net income — — — 2,804 — 2,804
  • 2026 2025 | Supplemental disclosures of cash flow information | Cash payments for interest expense $ 314,227 $ 302,791
Likvida medel
  • Assets | Cash and cash equivalents $ 1,723,413 $ 1,354,455 | Restricted cash 750,892 401,968
  • Reconciliation to amounts on consolidated balance sheets (as of period end) | Cash and cash equivalents $ 1,723,413 $ 1,351,148 | Restricted cash 750,892 384,811
  • Cash and Cash Equivalents and Securities Available for Sale
  • Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):
  • March 31, 2026 June 30, 2025 | Cash and cash equivalents: | Money market funds $ 97,312 $ 70,920
  • (1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. | (2) As of March 31, 2026 and June 30, 2025, these securities include $ 100.5 million and $ 75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.
  • (1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. | (2) Based on weighted average life of expected cash flows as of March 31, 2026 and June 30, 2025 .
  • Assets: | Cash and cash equivalents: | Money market funds $ 97,312 $ — $ — $ 97,312
Nettoskuld
  • Net income (loss) $ 313,180 $ ( 17,058 ) | Adjustments to reconcile net income (loss) to net cash used in operating activities: | Provision for losses 573,448 460,056
  • Accrued expenses and other liabilities 33,570 ( 18,813 ) | Net cash provided by operating activities 934,811 719,272 | Cash flows from investing activities
  • Other investing outflows ( 279 ) ( 64,000 ) | Net cash used in investing activities ( 1,355,168 ) ( 628,550 ) | Cash flows from financing activities
  • Taxes paid related to net share settlement of equity awards ( 251,210 ) ( 241,586 ) | Net cash provided by financing activities 1,144,040 364,166 | Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 5,801 ) ( 14,328 )
  • (in thousands) | Net cash provided by operating activities 934,811 719,272 | Net cash used in investing activities (1,355,168) (628,550)
  • Net cash provided by operating activities 934,811 719,272 | Net cash used in investing activities (1,355,168) (628,550) | Net cash provided by financing activities 1,144,040 364,166
  • Net cash used in investing activities (1,355,168) (628,550) | Net cash provided by financing activities 1,144,040 364,166
  • Our largest sources of operating cash are fees charged to merchant partners on transactions processed through our platform and interest income from consumers’ loans. Our primary uses of cash from operating activities are for general and administrative, technology and data analytics, funding costs, processing and servicing, and sales and marketing expenses. | Net cash provided by operating activities was $934.8 million for the nine months ended March 31, 2026, which reflected adjustments for significant non-cash items, including provision for losses, amortization of premiums and discounts on loans, gain on sale of loans, commercial agreement warrant expense, stock-based compensation, depreciation and amortization, and changes in operating assets and liabilities. Total adjustments and changes in operating assets and liabilities collectively resulted i
Eget kapital
  • CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited) | 8
  • $ 13,141,580 $ 11,154,929 | Liabilities and stockholders’ equity
  • Stockholders’ equity: | Class A common stock, par value $ 0.00001 per share: 3,030,000,000 shares authorized, 294,229,690 shares issued and outstanding as of March 31, 2026; 3,030,000,000 shares authorized, 284,378,565 shares issued and outstanding as of June 30, 2025
  • Accumulated other comprehensive loss ( 23,594 ) ( 15,069 ) | Total stockholders’ equity 3,783,410 3,069,009 | Total liabilities and stockholders’ equity
  • Total stockholders’ equity 3,783,410 3,069,009 | Total liabilities and stockholders’ equity | $ 13,141,580 $ 11,154,929
  • AFFIRM HOLDINGS, INC. | CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY | (Unaudited)
  • In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”) and recognized an asset of $ 133.5 million based on the grant date fair value of the warrants that were fully vested upon grant. The asset is amortized over the expected benefit period, which was extended from four to nine years in November 2025 upon the execution of a commercial agreement that superseded the prior agreement. For the three and nine months
  • 13. Stockholders’ Equity
Antal aktier
  • A s of May 1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 294,357,801 and the number of shares of the registrant’s Class B common stock outstanding was 40,540,764 .
  • Diluted $ 0.30 $ 0.01 $ 0.90 $ ( 0.05 ) | Weighted average common shares outstanding | Basic 337,142,686 324,053,967 333,860,094 321,505,149
  • The following table summarizes the warrants activity for the nine months ended March 31, 2026: | Number of Shares Weighted Average Exercise Price ($) Weighted Average Remaining Life (years) | Warrants outstanding, June 30, 2025 18,500,000 $ 81.08 3.90
  • Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, officers, directors, and consultants. As of March 31, 2026, the maximum number of shares of common stock which may be issued under the Plan is 192,859,800 Class A shares and there were 68,429,699 shares of Class A common stock available for future grants under the Plan.
  • Number of Shares Weighted Average Grant Date Fair Value | Non-vested at June 30, 2025
  • From time to time we grant PSUs to select executives and employees. Vesting is contingent upon completion of a continuous three-year service period and the achievement of company financial performance goals, including target growth rates for revenue less transaction costs and adjusted operating income. The number of shares that vest at the end of the performance period will range between 0 % and 200 % of the target shares based on actual performance against the applicable targets, which will be
  • Denominator: | Weighted average shares of common stock - basic 296,470,028 40,672,658 293,156,526 40,703,568 | Dilutive effect of stock equivalents:
  • Performance stock units 25,497 — 8,499 — | Weighted average shares of common stock - diluted 307,424,203 40,672,658 307,852,988 40,703,568 | Net income per share:
Antal anställda
  • Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, officers, directors, and consultants. As of March 31, 2026, the maximum number of shares of common stock which may be issued under the Plan is 192,859,800 Class A shares and there were 68,429,699 shares of Class A common stock available for future grants under the Plan.
  • From time to time we grant PSUs to select executives and employees. Vesting is contingent upon completion of a continuous three-year service period and the achievement of company financial performance goals, including target growth rates for revenue less transaction costs and adjusted operating income. The number of shares that vest at the end of the performance period will range between 0 % and 200 % of the target shares based on actual performance against the applicable targets, which will be
  • We offer an Employee Stock Purchase Plan (“ESPP”) to our employees. A total of 19.1 million shares of Class A common stock are reserved and available for issuance under the ESPP and 2.2 million shares have been issued as of March 31, 2026. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85 % of the les | 55
  • Technology and data analytics | Technology and data analytics expense consists primarily of the salaries, stock-based compensation, and personnel-related costs of our engineering, product, and credit and analytics employees, as well as the amortization of internally-developed software and technology intangible assets, and our infrastructure and hosting costs. | Technology and data analytics expense increased by $39.0 million, or 26%, and $109.5 million, or 25%, for the three and nine months ended March 31, 2026, respectively, compared to the same periods in 2025. The increase is partially driven by amortization of internally-developed software which increased by $15.7 million, or 27%, and

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2

afrm-20260331 FALSE Q3 2026 06/30 0001820953 P4Y P6Y http://fasb.org/us-gaap/2026#AccruedLiabilitiesAndOtherLiabilities http://fasb.org/us-gaap/2026#AccruedLiabilitiesAndOtherLiabilities 0 0 0 P5D P5Y 0.0046371 0.0098992 http://fasb.org/us-gaap/2026#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent P1Y 1 1 xbrli:shares iso4217:USD iso4217:USD xbrli:shares afrm:deferral xbrli:pure afrm:tradingDay afrm:day afrm:consecutiveTradingDay afrm:security afrm:class afrm:vote afrm:year afrm:segment 0001820953 2025-07-01 2026-03-31 0001820953 us-gaap:CommonClassAMember 2026-05-01 0001820953 us-gaap:CommonClassBMember 2026-05-01 0001820953 2026-03-31 0001820953 2025-06-30 0001820953 afrm:NotesIssuedBySecuritizationTrustsMember 2026-03-31 0001820953 afrm:NotesIssuedBySecuritizationTrustsMember 2025-06-30 0001820953 us-gaap:CommonClassAMember 2025-06-30 0001820953 us-gaap:CommonClassAMember 2026-03-31 0001820953 us-gaap:CommonClassBMember 2026-03-31 0001820953 us-gaap:CommonClassBMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-06-30 0001820953 afrm:MerchantNetworkMember 2026-01-01 2026-03-31 0001820953 afrm:MerchantNetworkMember 2025-01-01 2025-03-31 0001820953 afrm:MerchantNetworkMember 2025-07-01 2026-03-31 0001820953 afrm:MerchantNetworkMember 2024-07-01 2025-03-31 0001820953 afrm:VirtualCardNetworkMember 2026-01-01 2026-03-31 0001820953 afrm:VirtualCardNetworkMember 2025-01-01 2025-03-31 0001820953 afrm:VirtualCardNetworkMember 2025-07-01 2026-03-31 0001820953 afrm:VirtualCardNetworkMember 2024-07-01 2025-03-31 0001820953 2026-01-01 2026-03-31 0001820953 2025-01-01 2025-03-31 0001820953 2024-07-01 2025-03-31 0001820953 us-gaap:CommonStockMember 2025-06-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001820953 us-gaap:RetainedEarningsMember 2025-06-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001820953 us-gaap:CommonStockMember 2025-07-01 2025-09-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0001820953 2025-07-01 2025-09-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0001820953 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0001820953 us-gaap:CommonStockMember 2025-09-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0001820953 us-gaap:RetainedEarningsMember 2025-09-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0001820953 2025-09-30 0001820953 us-gaap:CommonStockMember 2025-10-01 2025-12-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-10-01 2025-12-31 0001820953 2025-10-01 2025-12-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-01 2025-12-31 0001820953 us-gaap:RetainedEarningsMember 2025-10-01 2025-12-31 0001820953 us-gaap:CommonStockMember 2025-12-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001820953 us-gaap:RetainedEarningsMember 2025-12-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001820953 2025-12-31 0001820953 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-31 0001820953 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001820953 us-gaap:CommonStockMember 2026-03-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001820953 us-gaap:RetainedEarningsMember 2026-03-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001820953 us-gaap:CommonStockMember 2024-06-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001820953 us-gaap:RetainedEarningsMember 2024-06-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001820953 2024-06-30 0001820953 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0001820953 2024-07-01 2024-09-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0001820953 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0001820953 us-gaap:CommonStockMember 2024-09-30 0001820953 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0001820953 us-gaap:RetainedEarningsMember 2024-09-30 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0001820953 2024-09-30 0001820953 us-gaap:CommonStockMember 2024-10-01 2024-12-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2024-10-01 2024-12-31 0001820953 2024-10-01 2024-12-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-01 2024-12-31 0001820953 us-gaap:RetainedEarningsMember 2024-10-01 2024-12-31 0001820953 us-gaap:CommonStockMember 2024-12-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001820953 us-gaap:RetainedEarningsMember 2024-12-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001820953 2024-12-31 0001820953 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001820953 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001820953 us-gaap:CommonStockMember 2025-03-31 0001820953 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001820953 us-gaap:RetainedEarningsMember 2025-03-31 0001820953 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001820953 2025-03-31 0001820953 srt:AffiliatedEntityMember 2026-01-01 2026-03-31 0001820953 srt:AffiliatedEntityMember 2025-07-01 2026-03-31 0001820953 srt:AffiliatedEntityMember 2025-01-01 2025-03-31 0001820953 srt:AffiliatedEntityMember 2024-07-01 2025-03-31 0001820953 srt:RestatementAdjustmentMember 2025-01-01 2025-03-31 0001820953 srt:RestatementAdjustmentMember 2024-07-01 2025-03-31 0001820953 srt:MaximumMember 2025-07-01 2026-03-31 0001820953 afrm:FinancialAsset0To3DaysPastDueMember 2026-03-31 0001820953 afrm:FinancialAsset4To29DaysPastDueMember 2026-03-31 0001820953 us-gaap:FinancingReceivables30To59DaysPastDueMember 2026-03-31 0001820953 us-gaap:FinancingReceivables60To89DaysPastDueMember 2026-03-31 0001820953 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2026-03-31 0001820953 afrm:FinancialAsset0To3DaysPastDueMember 2025-06-30 0001820953 afrm:FinancialAsset4To29DaysPastDueMember 2025-06-30 0001820953 us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-06-30 0001820953 us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-06-30 0001820953 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0001820953 us-gaap:PaymentDeferralMember 2026-01-01 2026-03-31 0001820953 us-gaap:PaymentDeferralMember 2025-01-01 2025-03-31 0001820953 us-gaap:PaymentDeferralMember 2025-07-01 2026-03-31 0001820953 us-gaap:PaymentDeferralMember 2024-07-01 2025-03-31 0001820953 afrm:LoanReAmortizationMember 2026-01-01 2026-03-31 0001820953 afrm:LoanReAmortizationMember 2025-01-01 2025-03-31 0001820953 afrm:LoanReAmortizationMember 2025-07-01 2026-03-31 0001820953 afrm:LoanReAmortizationMember 2024-07-01 2025-03-31 0001820953 srt:MinimumMember 2025-07-01 2026-03-31 0001820953 srt:MinimumMember 2024-07-01 2025-03-31 0001820953 srt:MinimumMember 2026-01-01 2026-03-31 0001820953 srt:MinimumMember 2025-01-01 2025-03-31 0001820953 srt:MaximumMember 2025-01-01 2025-03-31 0001820953 srt:MaximumMember 2026-01-01 2026-03-31 0001820953 srt:MaximumMember 2024-07-01 2025-03-31 0001820953 us-gaap:PaymentDeferralMember afrm:FinancialAsset0To3DaysPastDueMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember afrm:FinancialAsset0To3DaysPastDueMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember afrm:FinancialAsset4To29DaysPastDueMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember afrm:FinancialAsset4To29DaysPastDueMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember 2026-03-31 0001820953 afrm:LoanReAmortizationMember 2026-03-31 0001820953 us-gaap:PaymentDeferralMember afrm:FinancialAsset0To3DaysPastDueMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember afrm:FinancialAsset0To3DaysPastDueMember 2025-03-31 0001820953 afrm:FinancialAsset0To3DaysPastDueMember 2025-03-31 0001820953 us-gaap:PaymentDeferralMember afrm:FinancialAsset4To29DaysPastDueMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember afrm:FinancialAsset4To29DaysPastDueMember 2025-03-31 0001820953 afrm:FinancialAsset4To29DaysPastDueMember 2025-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0001820953 us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0001820953 us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0001820953 us-gaap:PaymentDeferralMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0001820953 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0001820953 us-gaap:PaymentDeferralMember 2025-03-31 0001820953 afrm:LoanReAmortizationMember 2025-03-31 0001820953 us-gaap:SoftwareDevelopmentMember 2026-03-31 0001820953 us-gaap:SoftwareDevelopmentMember 2025-06-30 0001820953 us-gaap:LeaseholdImprovementsMember 2026-03-31 0001820953 us-gaap:LeaseholdImprovementsMember 2025-06-30 0001820953 us-gaap:ComputerEquipmentMember 2026-03-31 0001820953 afrm:FurnitureAndEquipmentMember 2025-06-30 0001820953 afrm:FurnitureAndEquipmentMember 2026-03-31 0001820953 us-gaap:ComputerEquipmentMember 2025-06-30 0001820953 afrm:MerchantRelationshipsMember 2026-03-31 0001820953 us-gaap:DevelopedTechnologyRightsMember 2026-03-31 0001820953 afrm:AssembledWorkforceMember 2026-03-31 0001820953 afrm:TrademarksAndDomainsMember 2026-03-31 0001820953 afrm:TrademarksLicensesAndDomainsMember 2026-03-31 0001820953 us-gaap:OtherIntangibleAssetsMember 2026-03-31 0001820953 afrm:MerchantRelationshipsMember 2025-06-30 0001820953 us-gaap:DevelopedTechnologyRightsMember 2025-06-30 0001820953 afrm:AssembledWorkforceMember 2025-06-30 0001820953 afrm:TrademarksAndDomainsMember 2025-06-30 0001820953 afrm:TrademarksLicensesAndDomainsMember 2025-06-30 0001820953 us-gaap:OtherIntangibleAssetsMember 2025-06-30 0001820953 afrm:CommercialAgreementAmazonMember 2022-06-30 0001820953 afrm:CommercialAgreementAmazonMember 2022-07-01 2022-09-30 0001820953 afrm:CommercialAgreementAmazonMember 2025-11-01 2025-11-30 0001820953 afrm:CommercialAgreementAmazonMember 2026-01-01 2026-03-31 0001820953 afrm:CommercialAgreementAmazonMember 2025-07-01 2026-03-31 0001820953 afrm:CommercialAgreementAmazonMember 2025-01-01 2025-03-31 0001820953 afrm:CommercialAgreementAmazonMember 2024-07-01 2025-03-31 0001820953 afrm:CommercialAgreementAmazonMember 2026-03-31 0001820953 afrm:CommercialAgreementShopifyMember 2021-06-30 0001820953 afrm:CommercialAgreementShopifyMember 2020-07-01 2021-06-30 0001820953 afrm:CommercialAgreementShopifyMember 2024-07-01 2025-06-30 0001820953 afrm:CommercialAgreementShopifyMember 2026-01-01 2026-03-31 0001820953 afrm:CommercialAgreementShopifyMember 2025-07-01 2026-03-31 0001820953 afrm:CommercialAgreementShopifyMember 2025-01-01 2025-03-31 0001820953 afrm:CommercialAgreementShopifyMember 2024-07-01 2025-03-31 0001820953 afrm:CommercialAgreementShopifyMember 2026-03-31 0001820953 srt:MinimumMember 2026-03-31 0001820953 srt:MaximumMember 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember afrm:USWarehouseFacilitiesMember 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember srt:MinimumMember afrm:USWarehouseFacilitiesMember 2025-07-01 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember srt:MaximumMember afrm:USWarehouseFacilitiesMember 2025-07-01 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember afrm:InternationalWarehouseFacilitiesMember 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember srt:MinimumMember afrm:InternationalWarehouseFacilitiesMember 2025-07-01 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember srt:MaximumMember afrm:InternationalWarehouseFacilitiesMember 2025-07-01 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember afrm:VariableFundingNotesMember 2026-03-31 0001820953 us-gaap:LineOfCreditMember afrm:FundingDebtMember afrm:VariableFundingNotesMember 2025-07-01 2026-03-31 0001820953 afrm:SalesAndRepurchaseAgreementsMember afrm:FundingDebtMember 2026-03-31 0001820953 us-gaap:NotesPayableOtherPayablesMember afrm:NotesIssuedBySecuritizationTrustsMember 2026-03-31 0001820953 us-gaap:SecuredDebtMember 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2026-03-31 0001820953 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2025-07-01 2026-03-31 0001820953 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2026-03-31 0001820953 us-gaap:UnsecuredDebtMember 2026-03-31 0001820953 us-gaap:AssetPledgedAsCollateralMember 2026-03-31 0001820953 us-gaap:RevolvingCreditFacilityMember 2026-03-31 0001820953 us-gaap:RevolvingCreditFacilityMember 2025-07-01 2026-03-31 0001820953 us-gaap:RevolvingCreditFacilityMember us-gaap:FederalFundsEffectiveSwapRateMember 2025-07-01 2026-03-31 0001820953 us-gaap:RevolvingCreditFacilityMember afrm:OneMonthSecuredOvernightFinancingRateSOFRMember 2025-07-01 2026-03-31 0001820953 us-gaap:RevolvingCreditFacilityMember us-gaap:BaseRateMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2024-12-20 2024-12-20 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member afrm:ConversionPeriodOneMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member afrm:ConversionPeriodTwoMember 2025-07-01 2026-03-31 0001820953 afrm:ConvertibleSeniorNotesDue2029Member afrm:ConversionPeriodOneMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member afrm:ConversionPeriodOneMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member afrm:ConversionPeriodTwoMember 2025-07-01 2026-03-31 0001820953 afrm:ConvertibleSeniorNotesDue2026Member afrm:ConversionPeriodOneMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member 2026-01-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member 2025-01-01 2025-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2026Member 2024-07-01 2025-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2026-01-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2025-01-01 2025-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember afrm:ConvertibleSeniorNotesDue2029Member 2024-07-01 2025-03-31 0001820953 us-gaap:ConvertibleDebtMember 2026-01-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember 2025-01-01 2025-03-31 0001820953 us-gaap:ConvertibleDebtMember 2025-07-01 2026-03-31 0001820953 us-gaap:ConvertibleDebtMember 2024-07-01 2025-03-31 0001820953 afrm:ConvertibleSeniorNotesDue2026Member 2025-07-01 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:WarehouseCreditFacilityMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:SecuritizationMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:WarehouseCreditFacilityMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:SecuritizationMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:FundingDebtMember afrm:NotesIssuedBySecuritizationTrustsMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember afrm:FundingDebtMember afrm:NotesIssuedBySecuritizationTrustsMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NotesPayableOtherPayablesMember afrm:NotesIssuedBySecuritizationTrustsMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:NotesPayableOtherPayablesMember afrm:NotesIssuedBySecuritizationTrustsMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:SecuritizationMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:SecuritizationMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:ResidualInterestsInStructuredTransactionsMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:ResidualInterestsInStructuredTransactionsMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:RiskSharingAssetsMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:RiskSharingAssetsMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:RiskSharingLiabilitiesMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember afrm:RiskSharingLiabilitiesMember 2025-06-30 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2026-03-31 0001820953 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-06-30 0001820953 us-gaap:MoneyMarketFundsMember 2026-03-31 0001820953 us-gaap:MoneyMarketFundsMember 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember 2026-03-31 0001820953 us-gaap:AgencySecuritiesMember 2025-06-30 0001820953 us-gaap:CorporateBondSecuritiesMember 2026-03-31 0001820953 us-gaap:CorporateBondSecuritiesMember 2025-06-30 0001820953 us-gaap:CommercialPaperMember 2026-03-31 0001820953 us-gaap:CommercialPaperMember 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0001820953 us-gaap:CertificatesOfDepositMember 2026-03-31 0001820953 us-gaap:CertificatesOfDepositMember 2025-06-30 0001820953 us-gaap:CorporateBondSecuritiesMember 2026-03-31 0001820953 us-gaap:CorporateBondSecuritiesMember 2025-06-30 0001820953 us-gaap:CommercialPaperMember 2026-03-31 0001820953 us-gaap:CommercialPaperMember 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember 2026-03-31 0001820953 us-gaap:AgencySecuritiesMember 2025-06-30 0001820953 us-gaap:MunicipalBondsMember 2026-03-31 0001820953 us-gaap:MunicipalBondsMember 2025-06-30 0001820953 afrm:NonUSGovernmentAgenciesDebtSecuritiesMember 2026-03-31 0001820953 afrm:NonUSGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember 2026-03-31 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2025-06-30 0001820953 us-gaap:OtherDebtSecuritiesMember 2026-03-31 0001820953 us-gaap:OtherDebtSecuritiesMember 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:AssetPledgedAsCollateralMember 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:AssetPledgedAsCollateralMember 2025-06-30 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:AssetPledgedAsCollateralMember 2026-03-31 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:AssetPledgedAsCollateralMember 2025-06-30 0001820953 afrm:AgencyBondsCorporateBondsCommercialPaperAndUSGovernmentBondsMember 2026-03-31 0001820953 afrm:AgencyBondsCorporateBondsCommercialPaperAndUSGovernmentBondsMember 2025-06-30 0001820953 afrm:RepurchaseAgreementMember afrm:AffirmAssetSecuritizationTrust2021Z1And2021Z2NotesMember us-gaap:AssetPledgedAsCollateralMember 2026-03-31 0001820953 afrm:RepurchaseAgreementMember afrm:AffirmAssetSecuritizationTrust2021Z1And2021Z2NotesMember us-gaap:AssetPledgedAsCollateralMember 2025-06-30 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2026-03-31 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2025-06-30 0001820953 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2026-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2025-06-30 0001820953 us-gaap:NondesignatedMember afrm:RiskSharingAssetsLiabilitiesMember 2026-03-31 0001820953 us-gaap:NondesignatedMember afrm:RiskSharingAssetsLiabilitiesMember 2025-06-30 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-12-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-06-30 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-06-30 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-01-01 2026-03-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-07-01 2026-03-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-07-01 2025-03-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-03-31 0001820953 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-03-31 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember 2026-01-01 2026-03-31 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-03-31 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember 2025-07-01 2026-03-31 0001820953 us-gaap:DesignatedAsHedgingInstrumentMember 2024-07-01 2025-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpense 2026-01-01 2026-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpense 2025-01-01 2025-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpense 2025-07-01 2026-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpense 2024-07-01 2025-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:GainLossOnSalesOfLoansNet 2026-01-01 2026-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:GainLossOnSalesOfLoansNet 2025-01-01 2025-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:GainLossOnSalesOfLoansNet 2025-07-01 2026-03-31 0001820953 us-gaap:NondesignatedMember us-gaap:GainLossOnSalesOfLoansNet 2024-07-01 2025-03-31 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:OtherDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:OtherDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:OtherDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001820953 us-gaap:InterestRateContractMember 2026-03-31 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:AgencySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:ForeignGovernmentDebtSecuritiesMember 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 afrm:SecuritizationNotesReceivableAndCertificatesMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member 2025-06-30 0001820953 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0001820953 us-gaap:InterestRateContractMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2026-03-31 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:MinimumMember 2026-03-31 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:MaximumMember 2026-03-31 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:WeightedAverageMember 2026-03-31 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:MinimumMember 2026-03-31 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:MaximumMember 2026-03-31 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:WeightedAverageMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2025-06-30 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:MinimumMember 2025-06-30 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:MaximumMember 2025-06-30 0001820953 afrm:MeasurementInputAdequateCompensationMember srt:WeightedAverageMember 2025-06-30 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:MinimumMember 2025-06-30 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:MaximumMember 2025-06-30 0001820953 us-gaap:MeasurementInputDefaultRateMember srt:WeightedAverageMember 2025-06-30 0001820953 us-gaap:MeasurementInputDefaultRateMember 2026-03-31 0001820953 us-gaap:MeasurementInputDefaultRateMember 2025-06-30 0001820953 afrm:MeasurementInputAdequateCompensationMember 2026-03-31 0001820953 afrm:MeasurementInputAdequateCompensationMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember 2025-06-30 0001820953 afrm:PerformanceFeeLiabilityMember 2025-12-31 0001820953 afrm:PerformanceFeeLiabilityMember 2024-12-31 0001820953 afrm:PerformanceFeeLiabilityMember 2025-06-30 0001820953 afrm:PerformanceFeeLiabilityMember 2024-06-30 0001820953 afrm:PerformanceFeeLiabilityMember 2026-01-01 2026-03-31 0001820953 afrm:PerformanceFeeLiabilityMember 2025-01-01 2025-03-31 0001820953 afrm:PerformanceFeeLiabilityMember 2025-07-01 2026-03-31 0001820953 afrm:PerformanceFeeLiabilityMember 2024-07-01 2025-03-31 0001820953 afrm:PerformanceFeeLiabilityMember 2026-03-31 0001820953 afrm:PerformanceFeeLiabilityMember 2025-03-31 0001820953 afrm:MeasurementInputRefundRateMember srt:MinimumMember 2026-03-31 0001820953 afrm:MeasurementInputRefundRateMember srt:MaximumMember 2026-03-31 0001820953 afrm:MeasurementInputRefundRateMember srt:WeightedAverageMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember 2026-03-31 0001820953 afrm:MeasurementInputRefundRateMember srt:MinimumMember 2025-06-30 0001820953 afrm:MeasurementInputRefundRateMember srt:MaximumMember 2025-06-30 0001820953 afrm:MeasurementInputRefundRateMember srt:WeightedAverageMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember 2025-06-30 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2026-03-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2025-07-01 2026-03-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2025-12-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2024-12-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2025-06-30 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2024-06-30 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2026-01-01 2026-03-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2025-01-01 2025-03-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2024-07-01 2025-03-31 0001820953 afrm:SeniorNotesAndResidualTrustCertificatesMember 2025-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MinimumMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MaximumMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:WeightedAverageMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MinimumMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MaximumMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:WeightedAverageMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2025-12-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2025-06-30 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2026-01-01 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2025-07-01 2026-03-31 0001820953 afrm:ResidualInterestsInStructuredTransactionsMember 2026-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2025-12-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2024-12-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2025-06-30 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2024-06-30 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2026-01-01 2026-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2025-01-01 2025-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2025-07-01 2026-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2024-07-01 2025-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2026-03-31 0001820953 afrm:CommercialAgreementProfitShareLiabilityMember 2025-03-31 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:MinimumMember 2026-03-31 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:MaximumMember 2026-03-31 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:WeightedAverageMember 2026-03-31 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:MinimumMember 2025-06-30 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:MaximumMember 2025-06-30 0001820953 afrm:MeasurementInputProgramProfitabilityMember srt:WeightedAverageMember 2025-06-30 0001820953 afrm:RiskSharingArrangementMember 2025-12-31 0001820953 afrm:RiskSharingArrangementMember 2024-12-31 0001820953 afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:RiskSharingArrangementMember 2024-06-30 0001820953 afrm:RiskSharingArrangementMember 2026-01-01 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-01-01 2025-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-07-01 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2024-07-01 2025-03-31 0001820953 afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-12-31 0001820953 afrm:RiskSharingArrangementMember 2024-12-31 0001820953 afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:RiskSharingArrangementMember 2024-06-30 0001820953 afrm:RiskSharingArrangementMember 2026-01-01 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-01-01 2025-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-07-01 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2024-07-01 2025-03-31 0001820953 afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:RiskSharingArrangementMember 2025-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2026-03-31 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputPrepaymentRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MinimumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:MaximumMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 afrm:MeasurementInputLossRateMember srt:WeightedAverageMember afrm:RiskSharingArrangementMember 2025-06-30 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2026-03-31 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2026-03-31 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-06-30 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-06-30 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2026Member 2026-03-31 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2026Member 2026-03-31 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2029Member 2026-03-31 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2029Member 2026-03-31 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2026Member 2025-06-30 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2026Member 2025-06-30 0001820953 us-gaap:CarryingReportedAmountFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2029Member 2025-06-30 0001820953 us-gaap:EstimateOfFairValueFairValueDisclosureMember afrm:ConvertibleSeniorNotesDue2029Member 2025-06-30 0001820953 us-gaap:EmployeeStockOptionMember 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2025-06-30 0001820953 afrm:ShareBasedPaymentAgreementOptionFutureGrantMember 2026-03-31 0001820953 afrm:ShareBasedPaymentAgreementOptionFutureGrantMember 2025-06-30 0001820953 afrm:CommercialAgreementWithAmazonNewUsersAcquiredPriorToFebruary1Member 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonNewUsersAcquiredSubsequentToFebruary1Member 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember us-gaap:MeasurementInputExpectedDividendRateMember 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember us-gaap:MeasurementInputExpectedTermMember 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember us-gaap:MeasurementInputPriceVolatilityMember 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2025-11-01 2025-11-30 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2026-01-01 2026-03-31 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2025-07-01 2026-03-31 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2025-01-01 2025-03-31 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2024-07-01 2025-03-31 0001820953 afrm:CommercialAgreementWithAmazonWarrantsMember 2026-03-31 0001820953 afrm:AmendedAndRestated2012StockPlanMember us-gaap:CommonClassAMember 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2025-07-01 2026-03-31 0001820953 us-gaap:ShareBasedCompensationAwardTrancheOneMember us-gaap:EmployeeStockOptionMember 2025-07-01 2026-03-31 0001820953 us-gaap:ShareBasedCompensationAwardTrancheTwoMember us-gaap:EmployeeStockOptionMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember srt:MaximumMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember srt:MinimumMember 2025-07-01 2026-03-31 0001820953 2024-07-01 2025-06-30 0001820953 afrm:PerformanceBasedStockOptionsMember 2020-11-01 2020-11-30 0001820953 afrm:PerformanceBasedStockOptionsMember 2026-01-01 2026-03-31 0001820953 afrm:PerformanceBasedStockOptionsMember 2025-07-01 2026-03-31 0001820953 afrm:PerformanceBasedStockOptionsMember 2025-01-01 2025-03-31 0001820953 afrm:PerformanceBasedStockOptionsMember 2024-07-01 2025-03-31 0001820953 afrm:PerformanceBasedStockOptionsMember 2025-06-30 0001820953 afrm:PerformanceBasedStockOptionsMember 2024-07-01 2025-06-30 0001820953 afrm:PerformanceBasedStockOptionsMember 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2025-06-30 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2026-03-31 0001820953 us-gaap:PerformanceSharesMember 2025-07-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember srt:MinimumMember 2025-07-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember srt:MaximumMember 2025-07-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember 2025-06-30 0001820953 us-gaap:PerformanceSharesMember 2026-03-31 0001820953 afrm:A2020EmployeeStockPurchasePlanMember us-gaap:CommonClassAMember 2026-03-31 0001820953 afrm:A2020EmployeeStockPurchasePlanMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember 2025-07-01 2026-03-31 0001820953 afrm:A2020EmployeeStockPurchasePlanMember 2025-07-01 2026-03-31 0001820953 us-gaap:GeneralAndAdministrativeExpense 2026-01-01 2026-03-31 0001820953 us-gaap:GeneralAndAdministrativeExpense 2025-01-01 2025-03-31 0001820953 us-gaap:GeneralAndAdministrativeExpense 2025-07-01 2026-03-31 0001820953 us-gaap:GeneralAndAdministrativeExpense 2024-07-01 2025-03-31 0001820953 afrm:TechnologyAndDataAnalyticsExpense 2026-01-01 2026-03-31 0001820953 afrm:TechnologyAndDataAnalyticsExpense 2025-01-01 2025-03-31 0001820953 afrm:TechnologyAndDataAnalyticsExpense 2025-07-01 2026-03-31 0001820953 afrm:TechnologyAndDataAnalyticsExpense 2024-07-01 2025-03-31 0001820953 us-gaap:SellingAndMarketingExpense 2026-01-01 2026-03-31 0001820953 us-gaap:SellingAndMarketingExpense 2025-01-01 2025-03-31 0001820953 us-gaap:SellingAndMarketingExpense 2025-07-01 2026-03-31 0001820953 us-gaap:SellingAndMarketingExpense 2024-07-01 2025-03-31 0001820953 afrm:ProcessingAndServicingExpense 2026-01-01 2026-03-31 0001820953 afrm:ProcessingAndServicingExpense 2025-01-01 2025-03-31 0001820953 afrm:ProcessingAndServicingExpense 2025-07-01 2026-03-31 0001820953 afrm:ProcessingAndServicingExpense 2024-07-01 2025-03-31 0001820953 us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember us-gaap:CommonClassBMember 2026-01-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember us-gaap:CommonClassAMember 2025-07-01 2026-03-31 0001820953 us-gaap:PerformanceSharesMember us-gaap:CommonClassBMember 2025-07-01 2026-03-31 0001820953 us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001820953 us-gaap:CommonClassBMember 2025-01-01 2025-03-31 0001820953 us-gaap:CommonClassAMember 2024-07-01 2025-03-31 0001820953 us-gaap:CommonClassBMember 2024-07-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2025-01-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassAMember 2024-07-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassBMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassBMember 2024-07-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassBMember 2025-01-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassAMember 2024-07-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember us-gaap:CommonClassBMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassBMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassAMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember us-gaap:CommonClassBMember 2024-07-01 2025-03-31 0001820953 us-gaap:WarrantMember 2026-01-01 2026-03-31 0001820953 us-gaap:WarrantMember 2025-01-01 2025-03-31 0001820953 us-gaap:WarrantMember 2025-07-01 2026-03-31 0001820953 us-gaap:WarrantMember 2024-07-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2025-07-01 2026-03-31 0001820953 us-gaap:RestrictedStockUnitsRSUMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockOptionMember 2024-07-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember 2026-01-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember 2025-01-01 2025-03-31 0001820953 us-gaap:EmployeeStockMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember 2024-07-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2026-01-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2025-01-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2025-07-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2024-07-01 2025-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

  ☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

  ☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  __________ to __________

Commission file number: 001-39888

Affirm Holdings, Inc.
(Exact name of registrant as specified in its charter)

Nevada
84-2224323

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

650 California Street

San Francisco , California
94108
(Address of principal executive offices)
(Zip Code)

( 415 ) 960-1518
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A common stock, par value $0.00001 per share AFRM The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ☒    No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes    ☒    No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer
   ☐

Non-accelerated filer  
☐
Smaller reporting company
   ☐

Emerging growth company
   ☐

                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    ☐      No   ☒

A s of May 1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 294,357,801 and the number of shares of the registrant’s Class B common stock outstanding was 40,540,764 .

Table of Contents

TABLE OF CONTENTS

Page

Cover
1

Table of Contents
2

Part I - Financial Information
5

Item 1. Financial Statements
5

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
5

CONDENSED CONSOLIDATED BALANCE SHEETS, CONT. (Unaudited)
6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
7

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT. (Unaudited)
11

1. Business Description
12

2.  Summary of Significant Accounting Policies
12

3.  Revenue
15

4. Loans Held for Investment and Allowance for Credit Losses
17

5. Balance Sheet Components
21

6. Leases
23

7. Commitments and Contingencies
24

8. Debt
26

9. Securitization and Variable Interest Entities
30

10.  Investments
34

11.  Derivative Financial Instruments
38

12. Fair Value of Financial Assets and Liabilities
40

13. Stockholders ’ Equity
52

14. Equity Incentive Plans
53

15. Income Taxes
56

16. Net Income (Loss) per Share Attributable to Common Stockholders
57

17.  Segment Information
58

Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations
59

Item 3. Quantitative and Qualitative Disclosures About Market Risk
79

Item 4. Controls and Procedures
81

Part II - Other Information
82

Item 1. Legal Proceedings
82

Item 1A. Risk Factors
82

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
84

Item 3. Defaults Upon Senior Securities
84

Item 4. Mine Safety Disclosures
84

Item 5. Other Information
85

Item 6. Exhibits
86

Signatures
87

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”), as well as information included in oral statements or other written statements made or to be made by us, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management regarding future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

• our expectations regarding our future revenue, expenses, and other operating results and key operating metrics;
• our ability to attract new merchant partners and commerce platforms and grow our relationships with existing merchant partners and commerce platforms;
• our ability to compete successfully in a highly competitive and evolving industry;
• our ability to attract new consumers and retain and grow our relationships with our existing consumers;
• our expectations regarding the development, innovation, introduction of, and demand for, our products;
• our ability to successfully maintain our relationship with existing originating bank partners and card issuing bank partners and engage additional originating bank partners and card issuing bank partners;
• our ability to maintain, renew or replace our existing funding arrangements and build and grow new funding relationships;
• the impact of any of our funding sources becoming unwilling or unable to provide funding to us on terms acceptable to us, or at all;
• our ability to effectively price and score credit risk using our proprietary risk model;
• the performance of loans facilitated and originated through our platform;
• our ability to effectively use and provide AI-powered solutions;
• the future growth rate of our revenue and related key operating metrics;
• our ability to achieve sustained profitability in the future;
• our ability, and the ability of our originating bank and other partners, to comply, and remain in compliance with, laws and regulations that currently apply or become applicable to our business or the businesses of such partners;
• our ability to protect our confidential, proprietary, or sensitive information;
• past and future acquisitions, investments, and other strategic investments;
• our ability to successfully expand into new international geographies;
• our ability to maintain, protect, and enhance our brand and intellectual property;
• litigation, investigations, regulatory inquiries, and proceedings;
• developments in our regulatory environment, including governmental actions to cap interest rates;
• the impact of macroeconomic conditions on our business, including the impacts of persistent inflation, an elevated interest rate environment and corresponding elevated negotiated interest rate spreads, ongoing recessionary concerns, uncertainty relating to the magnitude, duration and impact of tariffs on global trade,
3

Table of Contents

and the potential impact of macroeconomic conditions on the stability of the consumers and financial institutions with whom we do business; and
• the size and growth rates of the markets in which we compete.
Forward-looking statements, including statements such as “we believe” and similar statements, are based on our management’s current beliefs, opinions and assumptions and on information currently available as of the date of this Report. Such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Form 10-Q and in our most recently filed Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the “ Annual Report”). Other sections of this Form 10-Q may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive, heavily regulated and rapidly changing environment. New risks emerge from time to time, and it is not possible for our management to predict all risks that we may face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause our actual results to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable as of the date of this Report, we cannot guarantee future results, levels of activity, performance, achievements, events, outcomes, timing of results or circumstances. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Report or to conform these statements to actual results or to changes in our expectations. You should read this Form 10-Q and the documents that we have filed as exhibits to this Report with the understanding that our actual future results, levels of activity, performance, outcomes, achievements and timing of results or outcomes may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.affirm.com), our filings with the Securities and Exchange Commission (“SEC”), webcasts, press releases, conference calls, and social media. We use these mediums, including our website, to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our Company to review the information that we make available on our website. The contents of our website are not incorporated into this filing. We have included our investor relations website address only as an inactive textual reference for convenience and do not intend it to be an active link to our website.
4

Table of Contents

Part I - Financial Information

Item 1. Financial Statements

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except shares and per share amounts)

March 31, 2026 June 30, 2025
Assets
Cash and cash equivalents $ 1,723,413   $ 1,354,455  
Restricted cash 750,892   401,968  
Securities available for sale at fair value 757,597   871,425  
Loans held for sale —   —  
Loans held for investment 8,572,972   7,025,534  
Allowance for credit losses ( 512,314 ) ( 396,929 )
Loans held for investment, net 8,060,659   6,628,606  
Accounts receivable, net 230,703   426,177  
Property, equipment and software, net 668,292   572,637  
Goodwill 529,284   534,156  
Intangible assets 27,436   12,935  
Commercial agreement assets 41,377   57,210  
Other assets 351,927   295,360  
Total assets
$ 13,141,580   $ 11,154,929  
Liabilities and stockholders’ equity

Liabilities:
Accounts payable $ 59,590   $ 82,820  
Payable to third-party loan owners 178,275   211,700  
Accrued interest payable 28,456   24,465  
Accrued expenses and other liabilities 217,938   157,272  
Convertible senior notes, net 1,128,617   1,153,000  
Notes issued by securitization trusts 5,327,589   4,833,855  
Funding debt 2,417,705   1,622,808  
Total liabilities 9,358,170   8,085,919  
Commitments and contingencies (Note 7)

Stockholders’ equity:
Class A common stock, par value $ 0.00001 per share: 3,030,000,000 shares authorized, 294,229,690 shares issued and outstanding as of March 31, 2026; 3,030,000,000 shares authorized, 284,378,565 shares issued and outstanding as of June 30, 2025
2   2  
Class B common stock, par value $ 0.00001 per share: 140,000,000 shares authorized, 40,616,641 shares issued and outstanding as of March 31, 2026; 140,000,000 shares authorized, 40,734,234 shares issued and outstanding as of June 30, 2025
1   1  
Additional paid in capital 6,550,639   6,140,893  
Accumulated deficit ( 2,743,638 ) ( 3,056,818 )
Accumulated other comprehensive loss ( 23,594 ) ( 15,069 )
Total stockholders’ equity 3,783,410   3,069,009  
Total liabilities and stockholders’ equity
$ 13,141,580   $ 11,154,929  

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
5

Table of Contents

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS, CONT.
(Unaudited)
(in thousands)

    The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the interim condensed 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.

March 31, 2026 June 30, 2025
Assets of consolidated VIEs, included in total assets above
Restricted cash $ 372,392   $ 192,638  
Loans held for investment 8,341,198   6,828,758  
Allowance for credit losses ( 458,139 ) ( 365,656 )
Loans held for investment, net 7,883,059   6,463,101  
Accounts receivable, net 3,270   3,032  
Other assets 2,446   2,558  
Total assets of consolidated VIEs $ 8,261,166   $ 6,661,329  
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable $ —   $ 2,833  
Accrued interest payable 26,429   23,998  
Accrued expenses and other liabilities 5,451   2,797  
Notes issued by securitization trusts 5,327,589   4,833,855  
Funding debt 2,409,921   1,592,139  
Total liabilities of consolidated VIEs 7,769,390   6,455,621  
Total net assets of consolidated VIEs
$ 491,776   $ 205,707  

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
6

Table of Contents

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands, except share and per share amounts)

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Revenue
Merchant network revenue $ 268,027   $ 213,973   $ 847,553   $ 643,207  
Card network revenue 66,467   58,572   208,832   164,194  
Total network revenue 334,494   272,545   1,056,385   807,401  
Interest income 532,449   402,701   1,480,198   1,189,132  
Gain on sales of loans 127,200   75,838   431,480   264,739  
Servicing income 44,622   32,050   127,058   86,723  
Total revenue, net $ 1,038,765   $ 783,135   $ 3,095,122   $ 2,347,995  
Operating expenses
Loss on loan purchase commitment $ 67,964   $ 57,290   $ 235,581   $ 181,805  
Provision for credit losses 196,543   147,252   573,448   460,056  
Funding costs 113,762   107,631   335,507   319,539  
Processing and servicing 162,291   118,398   454,680   329,504  
Technology and data analytics 191,619   152,620   544,595   435,123  
Sales and marketing 72,854   74,022   250,128   355,293  
General and administrative 145,304   134,303   431,468   412,196  
Restructuring and other —   12   —   ( 184 )
Total operating expenses $ 950,337   $ 791,527   $ 2,825,406   $ 2,493,332  
Operating income (loss) $ 88,429   $ ( 8,393 ) $ 269,716   $ ( 145,337 )
Other income, net 18,948   13,738   53,918   135,221  
Income (loss) before income taxes $ 107,376   $ 5,345   $ 323,633   $ ( 10,116 )
Income tax expense 4,476   2,541   10,453   6,942  
Net income (loss) $ 102,900   $ 2,804   $ 313,180   $ ( 17,058 )
Other comprehensive income (loss)
Foreign currency translation adjustments $ ( 10,665 ) $ 3,550   $ ( 12,832 ) $ ( 23,573 )
Unrealized gain (loss) on securities available for sale, net ( 1,090 ) 778   ( 359 ) 3,494  
Gain (loss) on cash flow hedges 5,100   ( 1,279 ) 4,666   ( 2,860 )
Net other comprehensive income (loss) $ ( 6,655 ) $ 3,049   $ ( 8,525 ) $ ( 22,939 )
Comprehensive income (loss) $ 96,245   $ 5,853   $ 304,655   $ ( 39,998 )
Per share data:
Net income (loss) per share attributable to common stockholders for Class A and Class B
Basic $ 0.31   $ 0.01   $ 0.94   $ ( 0.05 )
Diluted $ 0.30   $ 0.01   $ 0.90   $ ( 0.05 )
Weighted average common shares outstanding
Basic 337,142,686   324,053,967   333,860,094   321,505,149  
Diluted 348,096,861   344,224,332   348,556,556   321,505,149  

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
7

Table of Contents

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands, except share amounts)

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders ’ Equity

Shares (1)
Amount
Balance as of June 30, 2025 325,112,799   $ 3   $ 6,140,893   $ ( 3,056,818 ) $ ( 15,069 ) $ 3,069,009  
Issuance of common stock upon exercise of stock options 3,020,789   —  94,828   —  —  94,828  
Vesting of restricted stock units 1,914,916   —  —  —  —  — 
Vesting of warrants for common stock —  —  40,977   —  —  40,977  
Stock-based compensation —  —  138,738   —  —  138,738  
Tax withholding on stock-based compensation —  —  ( 116,041 ) —  —  ( 116,041 )
Foreign currency translation adjustments —  —  —  —  ( 10,003 ) ( 10,003 )
Unrealized gain on securities available for sale —  —  —  —  812   812  
Loss on cash flow hedges —  —  —  —  ( 129 ) ( 129 )
Net income —  —  —  80,694   —  80,694  
Balance as of September 30, 2025 330,048,504   $ 3   $ 6,299,395   $ ( 2,976,124 ) $ ( 24,389 ) $ 3,298,885  
Issuance of common stock upon exercise of stock options 276,350   —  2,537   —  —  2,537  
Issuance of common stock, employee share purchase plan 152,596   —  6,733   —  —  6,733  
Vesting of restricted stock units 1,729,655   —  —  —  —  — 
Vesting of warrants for common stock —  —  61,206   —  —  61,206  
Stock-based compensation —  —  124,436   —  —  124,436  
Tax withholding on stock-based compensation —  —  ( 83,972 ) —  —  ( 83,972 )
Foreign currency translation adjustments —  —  —  —  7,836   7,836  
Unrealized loss on securities available for sale —  —  —  —  ( 81 ) ( 81 )
Loss on cash flow hedges —  —  —  —  ( 305 ) ( 305 )
Net income —  —  —  129,586   —  129,586  
Balance as of December 31, 2025 332,207,105   $ 3   $ 6,410,335   $ ( 2,846,538 ) $ ( 16,939 ) $ 3,546,861  
Issuance of common stock upon exercise of stock options 1,095,628   —  38,583   —  —  38,583  
Vesting of restricted stock units 1,543,598   —  —  —  —  — 
Vesting of warrants for common stock —  —  40,497   —  —  40,497  
Stock-based compensation —  —  115,485   —  —  115,485  
Tax withholding on stock-based compensation —  —  ( 54,261 ) —  —  ( 54,261 )
Foreign currency translation adjustments —  —  —  —  ( 10,665 ) ( 10,665 )
Unrealized loss on securities available for sale —  —  —  —  ( 1,090 ) ( 1,090 )
Gain on cash flow hedges —  —  —  —  5,100   5,100  
Net income —  —  —  102,900   —  102,900  
Balance as of March 31, 2026 334,846,331   $ 3   $ 6,550,639   $ ( 2,743,638 ) $ ( 23,594 ) $ 3,783,410  

8

Table of Contents

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders ’ Equity

Shares (1)
Amount
Balance as of June 30, 2024 311,053,031   $ 3   $ 5,862,555   $ ( 3,109,004 ) $ ( 21,565 ) $ 2,731,989  
Issuance of common stock upon exercise of stock options 432,277   —  3,596   —  —  3,596  
Vesting of restricted stock units 2,492,095   —  —  —  —  — 
Vesting of warrants for common stock —  —  107,263   —  —  107,263  
Stock-based compensation —  —  143,711   —  —  143,711  
Tax withholding on stock-based compensation —  —  ( 63,208 ) —  —  ( 63,208 )
Foreign currency translation adjustments —  —  —  —  8,346   8,346  
Unrealized gain on securities available for sale —  —  —  —  5,589   5,589  
Loss on cash flow hedges —  —  —  —  ( 1,492 ) ( 1,492 )
Net loss —  —  —  ( 100,222 ) —  ( 100,222 )
Balance as of September 30, 2024 313,977,403   $ 3   $ 6,053,917   $ ( 3,209,226 ) $ ( 9,122 ) $ 2,835,572  
Issuance of common stock upon exercise of stock options 2,762,075   —  30,700   —  —  30,700  
Issuance of common stock, employee share purchase plan 204,650   —  5,092   —  —  5,092  
Repurchases of common stock ( 3,526,590 ) —  ( 250,000 ) —  —  ( 250,000 )
Vesting of restricted stock units 2,317,736   —  —  —  —  — 
Vesting of warrants for common stock —  —  86,776   —  —  86,776  
Stock-based compensation —  —  130,806   —  —  130,806  
Tax withholding on stock-based compensation —  —  ( 95,335 ) —  —  ( 95,335 )
Foreign currency translation adjustments —  —  —  —  ( 35,469 ) ( 35,469 )
Unrealized loss on securities available for sale —  —  —  —  ( 2,873 ) ( 2,873 )
Loss on cash flow hedges —  —  —  —  ( 89 ) ( 89 )
Net income —  —  —  80,360   —  80,360  
Balance as of December 31, 2024 315,735,274   $ 3   $ 5,961,956   $ ( 3,128,866 ) $ ( 47,553 ) $ 2,785,540  
Issuance of common stock upon exercise of stock options 1,037,308   —  10,528   —  —  10,528  
Issuance of common stock upon exercise of warrants 3,499,453   —  —  —  —  — 
Vesting of restricted stock units 2,248,706   —  —  —  —  — 
Vesting of warrants for common stock —  —  36,062   —  —  36,062  
Stock-based compensation —  —  119,976   —  —  119,976  
Tax withholding on stock-based compensation —  —  ( 83,043 ) —  —  ( 83,043 )
Foreign currency translation adjustments —  —  —  —  3,550   3,550  
Unrealized gain on securities available for sale —  —  —  —  778   778  
Loss on cash flow hedges —  —  —  —  ( 1,279 ) ( 1,279 )
Net income —  —  —  2,804   —  2,804  
Balance as of March 31, 2025 322,520,741   $ 3   $ 6,045,479   $ ( 3,126,062 ) $ ( 44,504 ) $ 2,874,916  

(1) The share amounts listed above combine Class A and Class B stock.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
9

Table of Contents

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

Nine Months Ended March 31,
2026 2025
Cash flows from operating activities
Net income (loss) $ 313,180   $ ( 17,058 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for losses 573,448   460,056  
Amortization of premiums and discounts on loans ( 225,466 ) ( 171,827 )
Gain on sales of loans ( 431,480 ) ( 264,739 )
Gain on extinguishment of debt ( 1,537 ) ( 82,418 )
Changes in fair value of assets and liabilities 881   5,456  
Amortization of commercial agreement assets 15,833   39,424  
Amortization of debt issuance costs 20,804   23,298  
Accrued interest on securities available for sale ( 26,070 ) ( 34,182 )
Commercial agreement warrant expense 142,681   230,102  
Stock-based compensation 237,490   255,938  
Depreciation and amortization 215,985   161,081  
Other ( 32,090 ) 9,980  
Change in operating assets and liabilities:
Purchases and origination of loans held for sale ( 2,089,516 ) ( 3,051,742 )
Proceeds from the sale of loans held for sale 2,088,537   3,051,803  
Accounts receivable, net 185,470   123,897  
Other assets ( 35,180 ) ( 17,992 )
Accounts payable ( 23,230 ) 39  
Payable to third-party loan buyers ( 33,425 ) 17,353  
Accrued interest payable 4,926   ( 383 )
Accrued expenses and other liabilities 33,570   ( 18,813 )
Net cash provided by operating activities 934,811   719,272  
Cash flows from investing activities
Purchases and origination of loans held for investment ( 33,397,975 ) ( 22,727,969 )
Proceeds from the sale of loans held for investment 14,103,336   8,122,806  
Principal repayments and other loan servicing activity 17,925,622   13,649,667  
Additions to property, equipment and software ( 171,474 ) ( 141,069 )
Purchases of securities available for sale ( 544,887 ) ( 553,595 )
Proceeds from maturities and repayments of securities available for sale 730,191   984,387  
Other investing inflows 299   101,224  
Other investing outflows ( 279 ) ( 64,000 )
Net cash used in investing activities ( 1,355,168 ) ( 628,550 )
Cash flows from financing activities
Proceeds from the issuance of convertible notes —   920,000  
Proceeds from the issuance of funding debt 27,331,029   14,023,995  
Proceeds from issuance of notes and certificates by securitization trust 2,850,000   1,750,000  
Principal repayments of funding debt ( 26,521,828 ) ( 13,932,542 )
Principal repayments of notes issued by securitization trust ( 2,350,000 ) ( 900,000 )
Payment of debt issuance costs ( 30,874 ) ( 42,759 )
Extinguishment of convertible debt ( 25,758 ) ( 1,012,856 )
Proceeds from exercise of common stock options and warrants and contributions to ESPP 142,680   49,915  
Repurchase of common stock —   ( 250,000 )
Taxes paid related to net share settlement of equity awards ( 251,210 ) ( 241,586 )
Net cash provided by financing activities 1,144,040   364,166  
Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 5,801 ) ( 14,328 )
Net increase in cash, cash equivalents and restricted cash 717,882   440,560  
Cash, cash equivalents and restricted cash, beginning of period 1,756,423   1,295,399  
Cash, cash equivalents and restricted cash, end of period $ 2,474,305   $ 1,735,959  

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
10

Table of Contents

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT.
(Unaudited)
(in thousands)

Nine Months Ended March 31,
2026 2025
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents $ 1,723,413   $ 1,351,148  
Restricted cash 750,892   384,811  
Total cash, cash equivalents and restricted cash $ 2,474,305   $ 1,735,959  

Nine Months Ended March 31,
2026 2025
Supplemental disclosures of cash flow information
Cash payments for interest expense $ 314,227   $ 302,791  
Cash paid for operating leases 12,784   12,501  
Cash paid for income taxes 3,785   2,432  
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software 141,169   138,555  
Securities retained under unconsolidated securitization transactions 44,608   41,940  
Right of use assets obtained in exchange for operating lease liabilities 11,513   7,418  

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
11

Table of Contents

1.    Business Description

Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners.

Merchants partner with us to transform the consumer shopping experience and to acquire and convert consumers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied consumer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

On June 26, 2025, the Company filed a certificate of conversion with the Secretary of State of the State of Delaware and filed articles of conversion and articles of incorporation with the Secretary of State of the State of Nevada, which as of July 1, 2025, effected a change in our jurisdiction of incorporation from Delaware to Nevada.

2.    Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2025. The balance sheet as of June 30, 2025 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
12

Table of Contents

Use of Estimates

The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts and residual interest in structured transactions, the fair value of risk sharing arrangements, and stock-based compensation. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected.

These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.   

Significant Accounting Policies

There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, which was filed with the SEC on August 28, 2025.

Recent Accounting Pronouncements Not Yet Adopted

Income Taxes

In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We will apply the guidance beginning with our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Reporting Comprehensive Income

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” . Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Debt with Conversion and Other Options

In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” . The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced
13

Table of Contents

conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ”. The new guidance introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, “ Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ”. The new guidance primarily changes the software cost capitalization criteria and modifies the website development cost guidance. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on a prospective, modified transition, or retrospective basis approach. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Derivatives and Hedging

In November 2025, the FASB issued ASU 2025-09, “ Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ”. The new guidance is primarily intended to enable entities to achieve and maintain hedge accounting for a broader group of highly effective economic hedges. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, and should be applied on a prospective basis. The amendments may also be applied to hedging relationships existing as of the date of adoption. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Interim Reporting

In December 2025, the FASB issued ASU 2025-11, “ Interim Reporting (Topic 270): Narrow-Scope Improvements ”. The new guidance primarily clarifies the required interim disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on either a prospective or retrospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

14

Table of Contents

3.    Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Merchant network revenue $ 268,027   $ 213,973   $ 847,553   $ 643,207  
Card network revenue 66,467   58,572   208,832   164,194  
Interest income 532,449   402,701   1,480,198   1,189,132  
Gain on sales of loans 127,200   75,838   431,480   264,739  
Servicing income 44,622   32,050   127,058   86,723  
Total revenue, net $ 1,038,765   $ 783,135   $ 3,095,122   $ 2,347,995  

Merchant Network Revenue — Revenue from Contracts with Customers

Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled.

Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions, rebates, or other prepaid incentives. These amounts are recorded as a reduction to merchant network revenue.

We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total merchant network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense.

A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the merchant successfully confirms the transaction. Affiliate network revenue was $ 29.1 million and $ 100.1 million for the three and nine months ended March 31, 2026, respectively, and $ 30.3 million and $ 90.6 million for the three and nine months ended March 31, 2025, respectively.

We reviewed merchant network revenue by merchant as a percentage of total revenue for the three and nine months ended March 31, 2026 and 2025, and no individual merchant accounted for 10% or more of total revenue.

15

Table of Contents

Card Network Revenue — Revenue from Contracts with Customers

We have agreements with card-issuing partners to facilitate the issuance of physical and one-time-use virtual cards to be used by consumers at checkout. Prior to purchase, consumers can apply at Affirm.com or via the Affirm App and, upon approval, use a physical or virtual card to complete their purchase online or in-store. Eligible consumers can also use the Affirm Card, a card issued by a card-issuing partner to pay in full or pay later, by using a unique post-purchase feature that allows them to instantly apply for an installment loan for any eligible debit transaction. Where applicable, after the merchant confirms the transaction, we or our originating bank partner originates a loan to the consumer. The merchant is charged interchange fees for each successful card transaction, and a portion of this revenue is shared with us by our card-issuing partners.

Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue.

Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers.

A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by our card-issuing partners. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully.

Interest Income

Interest income consisted of the following components (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Contractual interest income on unpaid principal balance (1)
$ 465,786   $ 353,842   $ 1,294,471   $ 1,055,971  
Amortization of discount on loans 88,586   65,639   245,807   186,450  
Amortization of premiums on loans ( 7,119 ) ( 5,108 ) ( 20,340 ) ( 14,623 )
Interest receivable charged-off, net of recoveries (2)
( 14,804 ) ( 11,672 ) ( 39,739 ) ( 38,666 )
Total interest income $ 532,449   $ 402,701   $ 1,480,198   $ 1,189,132  

(1) Contractual interest income on unpaid principal balance, for the three and nine months ended March 31, 2025, was previously reported as $ 369.7 million and $ 1.08 billion, respectively. These amounts have been corrected herein; the correction is not material to the previously issued financial statements.
(2) Interest receivable charged-off, net of recoveries, for the three and nine months ended March 31, 2025, was previously reported as $ 27.5 million and $ 65.4 million, respectively. These amounts have been corrected herein; the correction is not material to the previously issued financial statements.
16

Table of Contents

We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of March 31, 2026 and June 30, 2025, the unpaid principal balance of loans held for investment on non-accrual status was $ 6.0 million and $ 6.2 million, respectively.

The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is charged-off.

Gain on Sales of Loans

We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations by calculating the difference between the proceeds received and the carrying value of the loan. This amount is adjusted for the initial recognition of any assets or liabilities incurred upon sale. These generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a liability in connection with our loan repurchase obligation for loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Additionally, we recognize a risk sharing asset or liability in certain arrangements where payments are made or received based on the actual versus expected loan performance, as contractually agreed upon with the third party.

Refer to Note 9.  Securitization and Variable Interest Entities for further discussion on transfers of loan receivables. Refer to Note 11. Derivative Financial Instruments and Note 12. Fair Value of Financial Assets and Liabilities for further discussion of risk sharing arrangements.

Servicing Income

Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

4.    Loans Held for Investment and Allowance for Credit Losses

     Loans held for investment consisted of the following (in thousands):

March 31, 2026 June 30, 2025
Unpaid principal balance $ 8,597,051   $ 7,050,446  
Accrued interest receivable 89,379   67,953  
Premiums on loans held for investment 10,914   9,818  
Less: Discount due to loss on loan purchase commitment ( 87,138 ) ( 75,124 )
Less: Discount due to loss on directly originated loans ( 37,234 ) ( 27,559 )

Total loans held for investment $ 8,572,972   $ 7,025,534  

Loans held for investment includes loans originated through our originating bank partners and directly originated loans. Loans that are underwritten using our technology platform and originated by our originating bank
17

Table of Contents

partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $ 9.4 billion and $ 28.9 billion during the three and nine months ended March 31, 2026, respectively, and $ 7.1 billion and $ 21.6 billion during the three and nine months ended March 31, 2025, respectively. We directly originated $ 2.3 billion and $ 7.0 billion of loans during the three and nine months ended March 31, 2026, respectively, and $ 1.5 billion and $ 4.5 billion during the three and nine months ended March 31, 2025, respectively.

Our portfolio consists of interest bearing and non-interest bearing consumer loans with original term lengths of up to sixty months originated in markets including the U.S., U.K., and Canada, with the majority of loans originated within the U.S. While we view our loan portfolio as a single product segment, unsecured consumer loans, we consider factors such as country of origin, loan product, origination channel, merchant and various borrower characteristics to predict future losses.

We closely monitor the performance of our loan receivables to manage and evaluate our exposure to credit risk. Credit risk management begins with initial underwriting and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models that leverage detailed information from external sources, such as credit bureaus where available, as well as the consumer’s prior repayment history on our platform. We evaluate the credit quality of our loan receivable based on the aging status of the loan.

The following tables present an aging analysis of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination, of loans held for investment by delinquency status as of March 31, 2026 and June 30, 2025 (in thousands):

March 31, 2026
Amortized Cost Basis by Fiscal Year of Origination
2026 2025 2024 2023 2022 Prior Total
Current  – 3 calendar days past due $ 7,164,994   $ 782,797   $ 68,312   $ 13,788   $ 1,230   $ 88   $ 8,031,209  
4 – 29 calendar days past due 180,830   33,815   1,205   201   34   1   216,086  
30 – 59 calendar days past due 76,955   16,050   499   63   10   1   93,578  
60 – 89 calendar days past due 61,844   15,776   477   61   8   1   78,167  
90 – 119 calendar days past due (1)
46,207   17,691   522   98   25   10   64,553  
Total amortized cost basis $ 7,530,830   $ 866,129   $ 71,015   $ 14,211   $ 1,307   $ 101   $ 8,483,593  

(1) Includes $ 64.5  million of loan receivables as of March 31, 2026 that are 90 days or more past due, but are not on non-accrual status. 

June 30, 2025
Amortized Cost Basis by Fiscal Year of Origination
2025 2024 2023 2022 2021 Prior Total
Current  – 3 calendar days past due $ 6,268,050   $ 294,778   $ 50,958   $ 4,170   $ 133   $ 28   $ 6,618,117  
4 – 29 calendar days past due 156,941   9,713   1,347   145   10   —   168,156  
30 – 59 calendar days past due 62,250   4,367   288   35   4   —   66,944  
60 – 89 calendar days past due 51,095   5,251   255   30   2   —   56,633  
90 – 119 calendar days past due (1)
41,889   5,571   228   34   2   8   47,732  
Total amortized cost basis $ 6,580,225   $ 319,680   $ 53,076   $ 4,414   $ 151   $ 36   $ 6,957,582  

(1) Includes $ 47.6 million of loan receivables as of June 30, 2025 that are 90 days or more past due, but are not on non-accrual status.  

18

Table of Contents

The following table presents net charge-offs by fiscal year of origination as of March 31, 2026 (in thousands):

March 31, 2026
Net Charge-offs by Fiscal Year of Origination
2026 2025 2024 2023 2022 Prior Total
Current period charge-offs ( 124,874 ) ( 349,961 ) ( 19,317 ) ( 1,521 ) ( 443 ) ( 36 ) ( 496,152 )
Current period recoveries 4,184   26,633   15,119   5,706   2,439   648   54,729  
Current period net charge-offs ( 120,690 ) ( 323,328 ) ( 4,198 ) 4,185   1,996   612   ( 441,423 )

We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses reflects our estimate of expected lifetime credit losses as of the balance sheet date. Our estimate considers the remaining contractual term of our loan portfolio, historical credit losses, consumer payment history and estimated recoveries. We also consider current economic conditions and evolving consumer behavioral patterns. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented within our interim condensed consolidated statements of operations and comprehensive income (loss). When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Balance at beginning of period $ 478,103   $ 363,831   $ 396,929   $ 309,097  
Provision for loan losses 192,229   140,473   556,808   442,347  
Charge-offs ( 179,693 ) ( 144,792 ) ( 496,152 ) ( 409,152 )
Recoveries of charged-off receivables 21,675   15,475   54,729   32,695  
Balance at end of period $ 512,314   $ 374,987   $ 512,314   $ 374,987  

Loan Modifications for Borrowers Experiencing Financial Difficulty

We have a loan modification program for borrowers experiencing financial difficulty if certain eligibility criteria are met. A loan is evaluated for modification program eligibility when a borrower self-reports financial hardship, either when a borrower contacts us directly or upon making contact with the borrower to determine eligibility when a loan payment is past due. The objectives of the loan modification program are to offer borrowers assistance during times of financial stress, increase collections, and minimize losses.

We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months . A loan re-amortization provides the borrower relief by lowering monthly payments through extending the term length of the loan; however, the total remaining term may not exceed twenty-four months . In addition, the total interest due from the consumer will not exceed the initial total interest due prior to modification, and a loan may not be re-amortized more than once.

19

Table of Contents

The following tables present the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three and nine months ended March 31, 2026 and 2025, by type of modification (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Payment deferral $ 13,214   $ 5,749   $ 23,039   $ 13,110  
Loan re-amortization 126   116   240   250  
Total $ 13,340   $ 5,865   $ 23,279   $ 13,360  
% of total loan receivables outstanding 0.16   % 0.09   % 0.27   % 0.20   %

With respect to borrowers who received payment deferrals during the three and nine months ended March 31, 2026 and 2025, the length of each deferral period was one month .

With respect to borrowers who received a loan re-amortization during the three and nine months ended March 31, 2026 and 2025, the payment amount was generally reduced by half and the term of the loan was extended between one month and twelve months .

During the modification process, the loans are made current, and payment schedules for these loans are updated according to the modified terms. We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified, the delinquency status of the loan on the date of modification, and the increased likelihood that such loan may become delinquent or charge-off in the future.

The following tables present the delinquency status as of March 31, 2026 and 2025, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands):

March 31, 2026
Payment Deferral Loan Re-amortization Total
Current  – 3 calendar days past due $ 14,748   $ 139   $ 14,887  
4 – 29 calendar days past due 3,578   47   3,625  
30 – 59 calendar days past due 1,973   19   1,992  
60 – 89 calendar days past due 1,561   19   1,580  
90 – 119 calendar days past due 1,490   26   1,516  
Total amortized cost basis $ 23,350   $ 250   $ 23,600  

March 31, 2025
Payment Deferral Loan Re-amortization Total
Current – 3 calendar days past due
$ 7,761   $ 154   $ 7,915  
4 – 29 calendar days past due 2,123   40   2,163  
30 – 59 calendar days past due 1,398   20   1,418  
60 – 89 calendar days past due 1,211   26   1,237  
90 – 119 calendar days past due 1,224   20   1,244  
Total amortized cost basis $ 13,717   $ 260   $ 13,977  

20

Table of Contents

With respect to modifications during the 12 months preceding March 31, 2026 and 2025, respectively, where the borrower was experiencing financial difficulty at the time of modification, the amortized cost basis of loans which have been charged off was $ 5.3 million and $ 10.4 million, respectively.

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 $ 24.0 million and $ 18.8 million as of March 31, 2026 and June 30, 2025, respectively.

Property, Equipment and Software, net

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

March 31, 2026 June 30, 2025
Internally developed software $ 1,276,136   $ 987,399  
Leasehold improvements 30,865   21,990  
Computer equipment 11,330   9,555  
Furniture and equipment 10,634   9,007  
Total property, equipment and software, at cost $ 1,328,965   $ 1,027,952  
Less: Accumulated depreciation and amortization ( 660,673 ) ( 455,315 )
Total property, equipment and software, net $ 668,292   $ 572,637  

Depreciation and amortization expense on property, equipment and software was $ 74.9 million and $ 215.7 million for the three and nine months ended March 31, 2026, respectively, and $ 59.4 million and $ 159.8 million for the three and nine months ended March 31, 2025, respectively.

No impairment losses related to property, equipment and software were recorded during the three and nine months ended March 31, 2026 and 2025.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the nine months ended March 31, 2026 were as follows (in thousands):

Balance as of June 30, 2025 $ 534,156  

Adjustments (1)
( 4,872 )
Balance as of March 31, 2026 $ 529,284  

(1) Adjustments to goodwill during the nine months ended March 31, 2026 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three and nine months ended March 31, 2026 and 2025.

21

Table of Contents

Intangible assets consisted of the following (in thousands):

March 31, 2026
Gross Accumulated Amortization Net Weighted Average Remaining Useful Life
(in years)
Merchant relationships $ 52,826   $ ( 37,826 ) $ 15,000   3.8
Developed technology 39,431   ( 39,401 ) 30   0.6
Assembled workforce 12,490   ( 12,490 ) —   0.0
Trademarks and domains 1,448   ( 1,448 ) —   0.0
Trademarks, licenses and domains 12,056   —  12,056   Indefinite
Other intangibles 350   —  350   Indefinite
Total intangible assets $ 118,601   $ ( 91,165 ) $ 27,436  

June 30, 2025
Gross Accumulated Amortization Net Weighted Average
Remaining Useful Life
(in years)
Merchant relationships $ 37,845   $ ( 37,845 ) $ —   0.0
Developed technology 39,443   ( 39,369 ) 74   1.3
Assembled workforce 12,490   ( 12,490 ) —   0.0
Trademarks and domains 1,450   ( 1,355 ) 95   0.6
Trademarks, licenses and domains 12,416   —  12,416   Indefinite
Other intangibles 350   —  350   Indefinite
Total intangible assets $ 103,994   $ ( 91,059 ) $ 12,935  

Amortization expense for intangible assets was immaterial for the three and nine months ended March 31, 2026, and for the three months ended March 31, 2025. Amortization expense for intangible assets was $ 1.3 million for the nine months ended March 31, 2025. No impairment losses related to intangible assets were recorded during the three and nine months ended March 31, 2026 and 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”) and recognized an asset of $ 133.5 million based on the grant date fair value of the warrants that were fully vested upon grant. The asset is amortized over the expected benefit period, which was extended from four to nine years in November 2025 upon the execution of a commercial agreement that superseded the prior agreement. For the three and nine months ended March 31, 2026, we recognized amortization expense of $ 0.2 million and $ 7.4 million, respectively, and $ 5.1 million and $ 15.6 million for the three and nine months ended March 31, 2025, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of March 31, 2026, the accumulated amortization is $ 128.7 million and the remaining net asset value is $ 4.8 million, which will be recognized over the remaining useful life of 4.8 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
22

Table of Contents

the grant-date fair value of the vested warrants. We amortize the asset over the expected benefit period, which was extended from six to nine years during fiscal year 2025 upon execution of a commercial agreement that superseded the prior agreement. The benefit period is reevaluated each reporting period. For the three and nine months ended March 31, 2026, we recorded amortization expense related to the commercial agreement asset of $ 2.8 million and $ 8.4 million, respectively, and $ 5.8 million and $ 23.9 million for the three and nine months ended March 31, 2025, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of March 31, 2026, the accumulated amortization is $ 233.9 million and the remaining net asset value is $ 36.7 million, which will be recognized over the remaining useful life of 3.3 years.

Other Assets

     Other assets consisted of the following (in thousands):

March 31, 2026 June 30, 2025
Processing reserves $ 118,167   $ 90,826  
Prepaid expenses 57,964   44,912  
Equity securities held at cost 40,396   40,277  
Derivative instruments 34,732   45,823  
Prepaid merchant incentives 31,672   2,114  
Operating lease right-of-use assets 23,532   19,124  
Prepaid payroll taxes for stock-based compensation 20,421   25,188  
Foreign deferred tax asset 7,430   13,929  
Other assets 17,613   13,166  
Total other assets $ 351,927   $ 295,360  

Accrued Expenses and Other Liabilities

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

March 31, 2026 June 30, 2025
Accrued expenses $ 117,076   $ 72,813  
Operating lease liability 38,563   31,943  
Other liabilities 62,299   52,516  
Total accrued expenses and other liabilities $ 217,938   $ 157,272  

6. Leases

We lease office space under operating leases with various expiration dates through 2034. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year . As of March 31, 2026, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years .

Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of March 31, 2026 and June 30, 2025, the collateral totaled $ 4.7 million and $ 4.5 million, respectively, which was in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets.

23

Table of Contents

Operating lease expense is as follows (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Operating lease expense (1)
$ 3,216 $ 2,915 $ 9,554 $ 8,633

(1) Lease expenses for our short-term leases were immaterial for the periods presented.

Lease term and discount rate information are summarized as follows:
March 31, 2026
Weighted average remaining lease term (in years) 6.5
Weighted average discount rate 6.4 %

As of March 31, 2026, future minimum lease payments are as follows, by fiscal year (in thousands):

2026 (remaining three months) $ 3,782  
2027 6,745  
2028 6,411  
2029 6,551  
2030 6,767  
Thereafter 17,739  
Total lease payments 47,995  
Less imputed interest ( 9,432 )
Present value of total lease liabilities $ 38,563  

7.    Commitments and Contingencies

Loan Repurchase Obligations

Under the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representations and warranties is identified. Generally, a breach in representations and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. As of March 31, 2026, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $ 9.4 billion, of which we have recorded a repurchase liability of $ 6.8 million within accrued expenses and other liabilities in our interim condensed consolidated balance sheets.

Legal Proceedings

From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable.

Kusnier v. Affirm Holdings, Inc.

On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier
24

Table of Contents

action”). On May 5, 2023, plaintiffs Kusnier and Chris Meinsen filed their first amended complaint alleging that the defendants (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. On December 20, 2023, the Court granted Affirm’s motion to dismiss the first amended complaint with leave to amend. On January 19, 2024, plaintiffs filed their second amended complaint, which contained only the allegations from the first amended complaint relating to false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiffs assert that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, unspecified compensatory and punitive damages, and costs and expenses. Affirm filed its motion to dismiss the second amended complaint on February 2, 2024. On August 26, 2024, the Court granted Affirm’s motion to dismiss with leave to amend. On September 23, 2024, plaintiffs filed a motion for leave to file a motion for reconsideration of the Court's Order granting Affirm's motion to dismiss. On August 14, 2025, the Court resolved plaintiffs' motion in Affirm's favor. On September 30, 2025, the Court dismissed the action with prejudice. On October 29, 2025, plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. Briefing is underway in the appeal.

Quiroga v. Levchin, et al.

On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action at the time of filing. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action.

Jeffries v. Levchin, et al.

On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Jeffries action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions at the time of filing. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action.

Vallieres v. Levchin, et al.

On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier, Quiroga, and Jeffries actions at the time of filing. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. On November 30, 2023, the case was stayed by agreement of the parties.

We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect within our consolidated financial position, results of operations or cash flows. Amounts accrued as of
25

Table of Contents

March 31, 2026 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

8.    Debt

Debt outstanding as of March 31, 2026 includes amounts classified within our interim condensed consolidated balance sheets as funding debt, notes issued by securitization trusts, and convertible senior notes, net. Secured debt includes borrowings from our warehouse facilities, variable funding notes, notes issued by securitization trusts and sale and repurchase agreements. Unsecured debt includes outstanding convertible senior notes and any borrowings on our unsecured revolving credit facility.

The following table summarizes the components and terms of our secured and unsecured debt as of March 31, 2026 (in thousands):

Interest Rate (1)
Unused Commitment Fees Maturity by Fiscal Year
Borrowing Capacity (2)
Debt Outstanding (3)
Debt Outstanding net of unamortized premiums and discount
Secured debt

Funding debt
US warehouse facilities 5.30 % 0.20 % - 0.50 %
2027 - 2032
5,400,000   1,688,998   1,671,663  
International warehouse facilities (4)
4.60 % 0.30 % - 0.95 %
2028 - 2031
814,352   552,329   547,987  
Variable funding notes 5.16 % 0.30 % 2032 1,350,000   192,255   189,855  
Sales and repurchase agreements 6.81 % — 2029 - 2030
— 8,200   8,200  
Notes issued by securitization trusts 4.85 % — 2030 - 2035
5,350,000   5,350,000   5,327,589  
$ 12,914,352   $ 7,791,781   $ 7,745,294  
Unsecured debt

Convertible senior notes:
2026 Notes — — 2027 — 221,321   220,988  
2029 Notes 0.75 % — 2030 — 920,000   907,629  
Revolving credit facility — 0.20 % 2027 330,000   —   —  
$ 330,000   $ 1,141,321   $ 1,128,617  
Total
$ 13,244,352   $ 8,933,102   $ 8,873,911  

(1) The stated interest rate reflects the fixed or variable interest rate in effect for each of our contractual arrangements as of March 31, 2026, weighted by the outstanding principal balance as of that date. The interest rate resets periodically for our variable rate debt, typically based on a reference rate such as Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), or an alternative rate based on the cost of funds for the lender, plus any applicable spread.
(2) Represents total revolving commitment amount, inclusive of debt outstanding as of March 31, 2026.
(3) Certain loans are pledged as collateral for borrowings in our secured debt facilities, except for our sales and repurchase agreements which are collateralized by securitization notes receivable and certificates retained by the Company and classified as securities available for sale at fair value. The carrying value of these pledged assets was $ 8.4 billion as of March 31, 2026.
(4) As of March 31, 2026, international facilities finance loan receivables originated in Canada and the U.K.

26

Table of Contents

Maturity by Fiscal Year

The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):

March 31, 2026
2026 $ —  
2027 421,677  
2028 1,064,767  
2029 516,868  
2030 1,675,952  
Thereafter 5,253,838  
Total $ 8,933,102  
Deferred debt issuance costs ( 59,191 )
Total funding debt, net of deferred debt issuance costs $ 8,873,911  

Funding Debt
Warehouse Credit Facilities
Through certain consolidated subsidiaries, which are typically trusts, we enter into secured borrowing arrangements with banks and other financial institutions. Through each of these subsidiaries we enter into a loan or credit and security agreement where we borrow against loans pledged as collateral. Financing terms, including the advance rate and financing spread, vary across these revolving facilities and generally depend on the types of collateral that may be pledged and respective concentration limits. We may continue to pledge new receivables to allow us to borrow up to the commitment amount throughout the revolving period for each facility. The length of the revolving period, the maximum amount we may borrow against pledged collateral balance during the revolving period, and the length of the amortization period prior to the maturity date varies across borrowing facilities depending on negotiated terms.

Borrowings under these agreements are classified as funding debt within our interim condensed consolidated balance sheets and proceeds from the borrowings can only be used for the purposes of funding loans. These borrowing facilities are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm.

Our funding debt agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of March 31, 2026, we were in compliance with all applicable covenants in the agreements.
Variable Funding Note

We entered into a syndicated revolving loan agreement through a securitization master trust which funds loans. In connection with the loan agreement, the master trust issued a variable funding note (“VFN”), where borrowings are secured by loan collateral sold to the master trust. Throughout the reinvestment period of the VFN, the master trust periodically issues asset-backed securities, where securitization note proceeds affects the level of utilization of the VFN. Outstanding borrowings under the VFN are classified as funding debt within our interim condensed consolidated balance sheets.
Sale and Repurchase Agreements

We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. These repurchase agreements have a term equaling the contractual life of the securitization
27

Table of Contents

notes pledged. We record the debt outstanding under our sale and repurchase agreements within our funding debt in the interim condensed consolidated balance sheets.
Notes Issued by Securitization Trusts

We issue asset-backed securities through securitization trusts using a combination of term, amortizing, revolving and variable funding structures. Each trust may issue one or more classes of notes, which will be repaid through collections on the loans in accordance with the trust priority of payments. For consolidated securitization trusts, asset-backed notes held by third-party investors are classified as notes issued by securitization trusts within our interim condensed consolidated balance sheets. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. Refer to Note 9 Securitization and Variable Interest Entities for additional information.

Revolving Credit Facility

We have a Revolving Credit Agreement with a syndicate of banks for a $ 330.0 million unsecured revolving credit facility. Proceeds of the borrowings under this facility will be used for general corporate purposes in the ordinary course of business. This facility bears interest at a rate equal to, either (a) for SOFR borrowing, a SOFR rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.75 % per annum or (b) for alternative base rate borrowings, a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50 % per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00 % per annum, in each case, plus an applicable margin of 0.75 % per annum. The facility contains certain financial covenants which may result in an acceleration of the maturity if not maintained, and requires payment of a monthly unused commitment fee of 0.20 % per annum on the undrawn balance available.

As of March 31, 2026, we were in compliance with all applicable covenants in the agreement. There were no borrowings outstanding under the facility as of March 31, 2026.

Convertible Senior Notes

As of March 31, 2026, we had outstanding: (i) $ 221.3 million aggregate principal amount of 0.00 % convertible senior notes due November 15, 2026 (the “2026 Notes”) and (ii) $ 920.0 million principal amount of 0.75 % convertible senior notes due December 15, 2029 (the “2029 Notes”), in each case unless earlier converted, redeemed or repurchased in accordance with their terms. No sinking fund is provided for either series.

The notes are convertible into shares of our Class A common stock under specified conditions. In each case, the conversion rate is subject to adjustment upon the occurrence of certain events, and, upon conversion, we may settle the conversion obligation in cash, shares of our Class A common stock, or a combination of cash and shares, as discussed below.

Upon conversion, we will pay cash up to the aggregate principal amount of the notes and may settle the remainder, if any, in cash, shares of our common stock, or a combination of both, at our election. The amount due upon conversion is based on a daily conversion value over a 40 trading day observation period.

28

Table of Contents

2029 Notes

The 2029 Notes bear interest at a fixed rate of 0.75 % per year, payable semiannually in arrears on June 15 and December 15 of each year. Each $1,000 of principal of the 2029 Notes is initially convertible into 9.8992 shares of our common stock, which is equivalent to an initial conversion price of approximately $ 101.02 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2029 Notes (the “2029 Indenture”).

Holders may convert their 2029 Notes, at their option:

• At any time on or after September 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date.
• Before that date, only if specified conditions are met, as follows:
1) if the last reported sale price of the Class A common stock is at least 130 % of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter;

2) during the five business day period following any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2029 Indenture) per $1,000 principal amount of the 2029 Notes is less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate for each trading day in the measurement period;

3) if we call any or all of the notes for redemption, at any time before the close of business on the trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

We may redeem all or part of the 2029 Notes for cash on or after December 20, 2027 if the last reported sale price of our Class A common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date we provide notice of redemption. The redemption price equals 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any.

If a fundamental change (as defined in the 2029 Indenture) occurs prior to the maturity date, holders of the 2029 Notes may require us to repurchase all or a portion of their notes for cash equal to 100 % of the principal amount of the 2029 Notes, plus any accrued and unpaid interest. In addition, certain corporate events may require us to increase the conversion rate for holders who elect to convert their 2029 Notes in connection with such events.

2026 Notes

The 2026 Notes do not bear interest. Each $1,000 of principal of the 2026 Notes is initially convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $ 215.65 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “2026 Indenture”).

Holders may convert their 2026 Notes, at their option:

• At any time on or after August 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date.
• Before that date, only if specified conditions are met, as follows:
29

Table of Contents

1) if the last reported sale price of the Class A common stock is at least 130 % of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter;

2) during the five business day period following any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2026 Indenture) per $1,000 principal amount of the 2026 Notes is less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate for each trading day in the measurement period;

3) if we call any or all of the notes for redemption, at any time before the close of business on the trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

We may redeem all or part of the 2026 Notes for cash if the last reported sale price of our Class A common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date we provide notice of redemption. The redemption price equals 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid special interest, if any.

If a fundamental change (as defined in the 2026 Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash equal to 100 % of the principal amount of the 2026 Notes, plus any accrued and unpaid interest. In addition, certain corporate events may require us to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such events.

Repurchase of a Portion of the 2026 Notes

During the nine months ended March 31, 2026, we paid $ 25.8 million in cash for the repurchase of $ 27.4 million aggregate principal amount of the 2026 Notes. The carrying amount of the extinguished 2026 Notes was approximately $ 27.3 million during the nine months ended March 31, 2026, resulting in a $ 1.5 million gain on early extinguishment of debt. The repurchased 2026 Notes were received and canceled. There were no repurchases of our 2026 Notes during the three months ended March 31, 2026.

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Amortization of debt issuance costs (1)

2026 Notes $ 131   $ 148   $ 403   $ 1,575  
2029 Notes 822   823   2,504   932  
Total amortization of debt issuance costs $ 954   $ 970   $ 2,907   $ 2,507  
Coupon interest expense (1) (2)
1,706   1,706   5,177   1,933  
Total interest expenses related to the convertible notes $ 2,660   $ 2,676   $ 8,083   $ 4,440  

(1) Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net.
(2) The coupon interest expense is related to the 2029 Notes.

30

Table of Contents

9.   Securitization and Variable Interest Entities

Consolidated VIEs

We consolidate VIEs when we are deemed to be the primary beneficiary. For the primary beneficiary evaluation, we consider whether we have both the power to direct the activities that most significantly affect the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. We consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. We reevaluate whether we are the primary beneficiary of the VIEs on an ongoing basis.

Warehouse Credit Facilities

We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 8. Debt for additional information. We retain the residual interest in each warehouse credit facility which absorbs the variability of the VIEs. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. In addition to the retained residual interest, our continued involvement in the VIEs includes loan servicing responsibilities over the life of the underlying loans.

Securitizations

We finance the origination and purchase of loans through our asset-backed securitization program using a combination of term, amortizing, revolving and variable funding structures. In connection with our program, we sponsor and establish trusts (deemed to be VIEs) which issue securities collateralized by the loans we sell to the trust. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. For each securitization, the residual trust certificates represent the right to receive excess cash from the loan repayments each collection period after all fees and required distributions have been made to the note holders. In addition to the retained residual trust certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans.

In assessing the primary beneficiary for both Warehouse Credit Facilities and Securitizations VIEs, through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In addition, through the retained residual interests, we have economic exposure to the pledged loans that could potentially be significant to the VIEs. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. Servicing fees are considered variable interests when we also hold significant retained interests in the VIEs that would absorb losses or receive benefits that are more than insignificant. Therefore, we are the primary beneficiary.

Where we consolidate the VIEs, the loans held in the VIEs are included in loans held for investment within our interim condensed consolidated balance sheets. Outstanding borrowings from the Warehouse Credit Facilities VIEs and Variable Funding Note under the Securitizations VIE are recorded in funding debt within our interim condensed consolidated balance sheets. The notes sold to third-party investors by the Securitizations VIEs are recorded in notes issued by securitization trusts within the interim condensed consolidated balance sheets.

31

Table of Contents

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):

March 31, 2026
Assets Liabilities Net Assets
Warehouse credit facilities $ 2,494,143   $ 2,237,978   $ 256,165  
Securitizations (1)
5,767,023   5,531,412   235,611  
Total consolidated VIEs $ 8,261,166   $ 7,769,390   $ 491,776  

June 30, 2025
Assets Liabilities Net Assets
Warehouse credit facilities $ 1,668,181   $ 1,504,136   $ 164,044  
Securitizations (1)
4,993,148   4,951,485   41,663  
Total consolidated VIEs $ 6,661,329   $ 6,455,621   $ 205,707  

(1) Liabilities include an outstanding balance of $ 189.9 million and $ 103.9 million on a VFN classified as funding debt as of March 31, 2026 and June 30, 2025, respectively, and asset-backed securities of $ 5.3 billion and $ 4.8 billion, respectively, classified as notes issued from securitization trusts.

Unconsolidated VIEs

We are involved with various unconsolidated VIEs, established for the purposes of securitization and forward flow arrangements. We retain economic exposure as variable interests in these unconsolidated VIEs, which consist of securitization notes receivable and certificates in unconsolidated trusts, residual interests in structured transactions, and risk sharing assets and liabilities. While we continue to be involved with the unconsolidated VIEs through our role as the servicer, we determined that we are not the primary beneficiary as of March 31, 2026. Factors we considered for this determination are that we hold an insignificant variable interest or rights held by other variable interest holders convey power in the unconsolidated VIEs.

Securitization notes receivable and certificates in unconsolidated securitization trusts

We have investments in certain unconsolidated securitization trusts in the form of notes and certificates. These notes and certificates are considered variable interests that absorb a portion of the variability of the trusts. The principal and interest payments on these investments are dependent on the performance of the underlying loans held within each trust.

Residual interests in structured transactions

Under certain forward flow arrangements with third-party loan buyers, we hold a beneficial interest representing our right to receive a portion of the residual cash flows from the underlying loans sold in connection with the transaction. The loans are held in an unconsolidated VIE that has been established by the third-party loan buyers.

Risk sharing assets and liabilities

Under certain other forward flow arrangements with third-party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold.

32

Table of Contents

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):

March 31, 2026 June 30, 2025
Carrying Amount Maximum Exposure to Losses (4)
Carrying Amount Maximum Exposure to Losses (4)

Securitization notes receivable and certificates in unconsolidated securitization trusts [1]
$ 56,482   $ 57,432   $ 75,469   $ 76,943  
Residual interests in structured transactions [1]
5,837   16,981   2,284   15,644  
Risk sharing assets [2]
32,286   55,502   43,179   66,590  
Risk sharing liabilities [3]
—   10,085   ( 90 ) 24,467  
Total unconsolidated VIEs $ 94,605   $ 140,000   $ 120,842   $ 183,644  

(1) Presented within Securities available for sale at fair value
(2) Presented within Other assets
(3) Presented within Accrued expenses and other liabilities
(4) Maximum exposure to losses represents our exposure through our continuing involvement as servicer, through our retained interests, and legal or contractual obligation.

33

Table of Contents

10.    Investments

Cash and Cash Equivalents and Securities Available for Sale

Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):

March 31, 2026 June 30, 2025
Cash and cash equivalents:
Money market funds $ 97,312   $ 70,920  
Agency bonds —   3,493  
 Corporate bonds 1,454   —  
Commercial paper 18,839   12,564  
Government bonds - US —   4,995  
Securities available for sale:
Certificates of deposit 45,586   39,008  
Corporate bonds 257,461   264,199  
Commercial paper 86,824   126,761  
Agency bonds —   7,854  
Municipal bonds 8,615   6,076  
Government bonds
Non-US 2,196   5,340  
US (1)
289,118   344,434  
Securitization notes receivable and certificates (2)
56,482   75,469  
Residual interests in structured transactions 5,837   2,284  
Other 5,478   —  
Total marketable securities: $ 875,202   $ 963,397  

(1) As of March 31, 2026 and June 30, 2025, these securities include $ 100.5  million and $ 75.4  million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.
(2) These securities include $ 9.3  million and $ 34.5  million as of March 31, 2026 and June 30, 2025, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.

34

Table of Contents

Securities Available for Sale, at Fair Value

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of March 31, 2026 and June 30, 2025 were as follows (in thousands):

March 31, 2026
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
Certificates of deposit $ 45,593   $ 14   $ ( 21 ) $ —   $ 45,586  
Corporate bonds (1)
259,150   234   ( 469 ) —   258,915  
Commercial paper (1)
105,761   16   ( 114 ) —   105,663  

Municipal bonds 8,608   10   ( 3 ) —   8,615  
Government bonds
  Non-US 2,191   5   —   —   2,196  
     US (2)
289,265   148   ( 295 ) —   289,118  
Securitization notes receivable and certificates (3)
56,496   393   ( 149 ) ( 258 ) 56,482  
Residual interests in structured transactions 4,715   1,122   —   —   5,837  
Other 5,000   478   —   —   5,478  
Total securities available for sale $ 776,779   $ 2,420   $ ( 1,051 ) $ ( 258 ) $ 777,890  

June 30, 2025
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
Certificates of deposit $ 38,990   $ 18   $ —   $ —   $ 39,008  
Corporate bonds 263,495   759   ( 55 ) —   264,199  
Commercial paper (1)
139,336   7   ( 18 ) —   139,325  
Agency bonds (1)
11,358   —   ( 11 ) —   11,347  
Municipal bonds 6,057   19   —   —   6,076  
Government bonds
Non-US 5,331   9   —   —   5,340  
     US (2)
349,149   371   ( 91 ) —   349,429  
Securitization notes receivable and certificates (3)
76,279   173   ( 42 ) ( 941 ) 75,469  
Residual interests in structured transactions 2,173   111   —   —   2,284  

Total securities available for sale $ 892,168   $ 1,467   $ ( 217 ) $ ( 941 ) $ 892,477  

(1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.
(2) As of March 31, 2026 and June 30, 2025, these securities include $ 100.5 million and $ 75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.
(3) Approximately $ 9.3 million and $ 34.5 million as of March 31, 2026 and June 30, 2025, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.

35

Table of Contents

As of March 31, 2026 and June 30, 2025, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of March 31, 2026 and June 30, 2025, are as follows (in thousands):

March 31, 2026
Less than or equal to 1 year Greater than 1 year Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Certificates of deposit $ 16,872   $ ( 21 ) $ —   $ —   $ 16,872   $ ( 21 )
Corporate bonds $ 102,721   $ ( 469 ) $ —   $ —   $ 102,721   $ ( 469 )
Commercial paper 65,458   ( 114 ) —   —   65,458   ( 114 )

Municipal bonds 2,997   ( 3 ) 2,997   ( 3 )
Government bonds

US 179,290   ( 295 ) —   —   179,290   ( 295 )

Total securities available for sale (1)
$ 367,338   $ ( 902 ) $ —   $ —   $ 367,338   $ ( 902 )

June 30, 2025
Less than or equal to 1 year Greater than 1 year Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Certificates of deposit $ 7,711   $ —   $ —   $ —   $ 7,711   $ —  
Corporate bonds 42,842   ( 41 ) 16,978   ( 14 ) 59,820   ( 55 )
Commercial paper 83,701   ( 18 ) —   —   83,701   ( 18 )
Agency bonds 11,347   ( 11 ) —   —   11,347   ( 11 )
Government bonds
Non-US 3,163   —   —   —   3,163   —  
US 189,295   ( 91 ) —   —   189,295   ( 91 )
Total securities available for sale (1)
$ 338,059   $ ( 161 ) $ 16,978   $ ( 14 ) $ 355,037   $ ( 175 )

(1) The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 91 and 67 as of March 31, 2026 and June 30, 2025, respectively.
36

Table of Contents

The length of time to contractual maturities of securities available for sale as of March 31, 2026 and June 30, 2025 were as follows (in thousands):

March 31, 2026
Within 1 year Greater than 1 year, less than or equal to 5 years Total
Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value
Certificates of deposit $ 45,593   $ 45,586   $ —   $ —   $ 45,593   $ 45,586  
Corporate bonds 132,830   132,896   126,320   126,019   259,150   258,915  
Commercial paper 105,761   105,663   —   —   105,761   105,663  

Municipal bonds 5,608   5,618   3,000   2,997   8,608   8,615  
Government bonds
Non-US —   —   2,191   2,196   2,191   2,196  
US 224,193   224,302   65,072   64,816   289,265   289,118  
Securitization notes receivable and certificates (2)
—   —   56,496   56,482   56,496   56,482  
Residual interests in structured transactions —   —   4,715   5,837   4,715   5,837  
Other —   —   5,000   5,478   5,000   5,478  
Total securities available for sale $ 513,985   $ 514,065   $ 262,794   $ 263,825   $ 776,779   $ 777,890  

June 30, 2025
Within 1 year Greater than 1 year, less than or equal to 5 years Total
Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value
Certificates of deposit $ 38,990   $ 39,008   $ —   $ —   $ 38,990   $ 39,008  
Corporate bonds 149,435   149,675   114,060   114,524   263,495   264,199  
Commercial paper (1)
139,336   139,325   —   —   139,336   139,325  
Agency bonds (1)
11,358   11,347   —   —   11,358   11,347  
Municipal bonds 3,944   3,950   2,113   2,126   6,057   6,076  
Government bonds
Non-US 3,162   3,162   2,169   2,178   5,331   5,340  
US (1)
326,884   327,076   22,265   22,353   349,149   349,429  
Securitization notes receivable and certificates (2)
—   —   76,279   75,469   76,279   75,469  
Residual interests in structured transactions —   —   2,173   2,284   2,173   2,284  

Total securities available for sale $ 673,109   $ 673,543   $ 219,059   $ 218,934   $ 892,168   $ 892,477  

(1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.
(2) Based on weighted average life of expected cash flows as of March 31, 2026 and June 30, 2025 .

Gross proceeds from matured or redeemed securities were $ 257.8 million and $ 672.7 million for the three and nine months ended March 31, 2026, respectively, and $ 283.9 million and $ 990.4 million for the three and nine months ended March 31, 2025, respectively.

37

Table of Contents

For available for sale securities, no gains and losses were realized for the three and nine months ended March 31, 2026 and were immaterial for the three and nine months ended March 31, 2025.

Equity Securities Held at Cost

Equity security investments without a readily determinable fair value held at cost were $ 40.4 million and $ 40.3 million as of March 31, 2026 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets.

We did no t record any impairment during the three and nine months ended March 31, 2026 or for the three months ended March 31, 2025. We recognized an impairment of $ 3.0 million for the nine months ended March 31, 2025 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments.

For the three and nine months ended March 31, 2026, there were no upward or downward adjustments due to observable changes in orderly transactions. For the three and nine months ended March 31, 2025, we recognized an upward adjustment of $ 0.1 million and $ 2.6 million, respectively.

11.    Derivative Financial Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of March 31, 2026 and June 30, 2025 (in thousands):

March 31, 2026 June 30, 2025
Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts $ —   $ —   $ —   $ 100,000   $ 86   $ —  
Derivatives not designated as hedges
Interest rate contracts 621,321   2,446   43   405,074   2,558   15  
Risk sharing assets/liabilities 11,151,916   32,286   —   8,561,709   43,179   90  
Total gross derivative assets/liabilities $ 11,773,237   $ 34,732   $ 43   $ 9,066,783   $ 45,823   $ 105  

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (Loss) (“AOCI”) (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Balance at beginning of period $ ( 1,853 ) $ ( 174 ) $ ( 1,419 ) $ 1,407  
Changes in fair value 4,529   ( 1,205 ) 4,213   ( 2,478 )
Amounts reclassified into earnings (1)
571   ( 74 ) 453   ( 382 )
Balance at end of period (2)
$ 3,247   $ ( 1,453 ) $ 3,247   $ ( 1,453 )

(1) The amounts reclassified into earnings are presented in the interim condensed consolidated statements of operations and comprehensive income (loss) within funding costs.
(2) As of March 31, 2026, we estimated that $ 0.7 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months.

38

Table of Contents

The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive income (loss) such impact is reported (in thousands):

Location of gains (losses) where the effects of derivatives are recorded Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
The effects of cash flow hedging
Interest rate contracts Funding costs $ ( 571 ) $ 74   $ ( 453 ) $ 382  
The effects of derivatives not designated in hedging relationships
Interest rate contracts Other income, net 1,181   ( 2,154 ) ( 386 ) ( 3,403 )
Risk sharing assets/liabilities Gain on sales of loans 6,936   6,611   20,215   22,494  

Refer to Note 12. Fair Value of Financial Assets and Liabilities for additional information on our derivative instruments.
39

Table of Contents

12.    Fair Value of Financial Assets and Liabilities

Financial Assets and Liabilities Recorded at Fair Value

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and June 30, 2025 (in thousands):

March 31, 2026
Level 1 Level 2 Level 3 Total
Assets:
Cash and cash equivalents:
Money market funds $ 97,312   $ —   $ —   $ 97,312  

Corporate bonds —   1,454   —   1,454  
Commercial paper —   18,839   —   18,839  

Securities, available for sale:
Certificates of deposit —   45,586   —   45,586  
Corporate bonds —   257,461   —   257,461  
Commercial paper —   86,824   —   86,824  

Municipal bonds —   8,615   —   8,615  
Government bonds:
Non-US —   2,196   —   2,196  
US —   289,118   —   289,118  
Securitization notes receivable and residual trust certificates —   —   56,482   56,482  
Residual interests in structured transactions —   —   5,837   5,837  
Other 317   —   5,478   5,795  
Servicing assets —   —   684   684  
Interest rate derivatives —   2,446   —   2,446  
Risk sharing asset —   —   32,286   32,286  
Total assets $ 97,629   $ 712,539   $ 100,767   $ 910,935  
Liabilities:

Performance fee liability —   —   2,349   2,349  
Profit share liability —   —   2,639   2,639  

Interest rate derivatives —   43   —   43  
Total liabilities $ —   $ 43   $ 4,988   $ 5,031  

40

Table of Contents

June 30, 2025
Level 1 Level 2 Level 3 Total
Assets:
Cash and cash equivalents:
Money market funds $ 70,920   $ —   $ —   $ 70,920  
Agency Bonds —   3,493   —   3,493  
Commercial paper —   12,564   —   12,564  
Government bonds- US —   4,995   —   4,995  
Securities, available for sale:
Certificates of deposit —   39,008   —   39,008  
Corporate bonds —   264,199   —   264,199  
Commercial paper —   126,761   —   126,761  
Agency bonds —   7,854   —   7,854  
Municipal bonds —   6,076   —   6,076  
Government bonds:
Non-US —   5,340   —   5,340  
US —   344,434   —   344,434  
Securitization notes receivable and residual trust certificates —   —   75,469   75,469  
Residual interests in structured transactions —   —   2,284   2,284  
Servicing assets —   —   906   906  
Interest rate derivatives —   2,644   —   2,644  
Risk sharing asset —   —   43,179   43,179  
Total assets $ 70,920   $ 817,368   $ 121,838   $ 1,010,126  
Liabilities:
Servicing liabilities $ —   $ —   $ 41   $ 41  
Performance fee liability —   —   1,870   1,870  
Profit share liability —   —   9,323   9,323  
Risk sharing liability —   —   90   90  
Interest rate derivatives —   15   —   15  
Total liabilities $ —   $ 15   $ 11,324   $ 11,339  

As of March 31, 2026 and June 30, 2025, there were no transfers between levels.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2)

Cash and Cash Equivalents and Securities Available for Sale

As of March 31, 2026, we held level 2 debt securities classified as cash and cash equivalents and securities available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services.

41

Table of Contents

Interest Rate Derivatives

As of March 31, 2026 and June 30, 2025, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 11. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments.

Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)

We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, residual interests in structured transactions, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made.

The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets and liabilities:

• Adequate Compensation - The compensation rate is expressed as a percentage of the outstanding loan balance that a willing market participant would require for servicing loans with similar characteristics.
• Discount Rate - The rate used to discount estimated future cash flows to present value in determining fair value. It reflects the rate of return market participants would require to compensate for time value of money plus a premium based on relative risk, liquidity and other market based factors.
• Default Rate - The estimated annualized rate of charge-offs affecting the projected unpaid principal balance and expected term of the loan portfolio.
• Loss Rate - The estimated lifetime rate of loan charge-offs as a percentage of the initial settled principal balance.
• Prepayment Rate - The estimated annualized excess loan payment received in a given month as a percentage of the outstanding principal balance at the beginning of the month minus the scheduled principal payment.
• Refund Rate - The rate of refunded transactions as a percentage of the outstanding loan balance over the remaining life of the loan portfolio.
• Program Profitability - The estimated future profit to be shared with enterprise partners as a percentage of total loans outstanding, based on the terms of the respective commercial agreements.
Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

Servicing Assets and Liabilities

We sold loans with an unpaid principal balance of $ 5.0 billion and $ 15.9 billion for the three and nine months ended March 31, 2026, respectively, and $ 3.6 billion and $ 11.0 billion for the three and nine months ended March 31, 2025, respectively, for which we retained servicing rights.

As of March 31, 2026 and June 30, 2025, we serviced loans which we sold with a remaining unpaid principal balance of $ 9.4 billion and $ 7.8 billion, respectively. We earned $ 44.6 million and $ 127.1 million of
42

Table of Contents

servicing income for the three and nine months ended March 31, 2026, respectively, and $ 32.1 million and $ 86.7 million for the three and nine months ended March 31, 2025, respectively.

We use discounted cash flow models to arrive at an estimate of fair value. As of March 31, 2026 and June 30, 2025, the aggregate fair value of the servicing assets was measured at $ 0.7 million and $ 0.9 million, respectively, and presented within other assets in the interim condensed consolidated balance sheets. The aggregate fair value of the servicing liabilities was immaterial as of March 31, 2026 and June 30, 2025.

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):
Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Fair value at beginning of period $ 965   $ 806   $ 906   $ 574  
Initial transfers of financial assets —   —   254   230  
Subsequent changes in fair value ( 281 ) ( 211 ) ( 476 ) ( 209 )
Fair value at end of period $ 684   $ 595   $ 684   $ 595  

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):
Three Months Ended March 31, Nine Months Ended March 31,
2026 2025 2026 2025
Fair value at beginning of period $ 2   $ 237   $ 41   $ 743  
Initial transfers of financial liabilities —   —   —   —  
Subsequent changes in fair value ( 2 ) ( 134 ) ( 41 ) ( 640 )
Fair value at end of period $ —   $ 103   $ —   $ 103  

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of March 31, 2026 and June 30, 2025:

March 31, 2026
Unobservable Input Minimum Maximum Weighted Average (1)

Servicing assets Discount Rate 30.00   % 30.00   % 30.00   %
Adequate Compensation 2.00   % 2.00   % 2.00   %
Default Rate 13.79   % 17.01   % 14.97   %
Servicing liabilities (2)
Discount Rate 30.00   % 30.00   % 30.00   %
Adequate Compensation 2.00   % 2.00   % 2.00   %
Default Rate —   % —   % —   %

43

Table of Contents

June 30, 2025
Unobservable Input Minimum Maximum Weighted Average (1)

Servicing assets Discount Rate 30.00   % 30.00   % 30.00   %
Adequate Compensation 2.00   % 2.00   % 2.00   %
Default Rate 10.24   % 15.68   % 12.04   %
Servicing liabilities (2)
Discount Rate 30.00   % 30.00   % 30.00   %
Adequate Compensation 2.00   % 2.00   % 2.00   %
Default Rate 3.71   % 7.89   % 5.26   %

(1) Unobservable inputs were weighted by relative fair value
(2) Includes certain servicing agreements with a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the discount rate and adequate compensation rate. Default rate is not a significant unobservable input for agreements with a fair value of zero.

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):

March 31, 2026 June 30, 2025
Servicing assets
Default Rate assumption:
Default Rate increase of 25% $ 1   $ 1  
Default Rate increase of 50% $ 1   $ 2  
Adequate Compensation assumption:
Adequate Compensation increase of 10% $ ( 974 ) $ ( 1,439 )
Adequate Compensation increase of 20% $ ( 1,947 ) $ ( 2,879 )
Discount Rate assumption:
Discount Rate increase of 25% $ ( 24 ) $ ( 35 )
Discount Rate increase of 50% $ ( 46 ) $ ( 66 )
Servicing liabilities (1)

Default Rate assumption:
Default Rate increase of 25% $ —   $ —  
Default Rate increase of 50% $ —   $ —  
Adequate Compensation assumption:
Adequate Compensation increase of 10% $ 6,083   $ 4,593  
Adequate Compensation increase of 20% $ 12,166   $ 9,186  
Discount Rate assumption:
Discount Rate increase of 25% $ —   $ ( 1 )
Discount Rate increase of 50% $ —   $ ( 1 )

(1) Includes certain servicing agreements with a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the discount rate and adequate compensation rate. Default rate is not a significant unobservable input for agreements with a fair value of zero.

Performance Fee Liability

In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using
44

Table of Contents

a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, in the interim condensed consolidated statements of operations and comprehensive income (loss). 

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):