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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


☐			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 ☒

As 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.

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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

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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,

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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.

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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.

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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.

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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.

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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

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	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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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

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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.

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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.

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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

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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.

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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

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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.

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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

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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

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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.

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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

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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.

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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:

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

(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.

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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 not 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.

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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.

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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

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	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

Affirm Holdings, Inc. 10-Q