Company: AFRM
Filing Date: 2025-08-28
Form Type: 10-K
Source: 0001820953-25-000080
Chunk: 4

Company: Affirm Holdings, Inc.
Filing Date: 2025-08-28
Form: 10-K
Item: Item 8
Chunk 4
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24,220 Accrued expenses and other liabilities2,797 11,115 Notes issued by securitization trusts4,833,855 3,236,873 Funding debt1,592,139 1,794,984 Total liabilities of consolidated VIEs6,455,621 5,070,022 Total net assets of consolidated VIEs$205,707 $308,113 

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

85

Table of Contents

AFFIRM HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except share and per share amounts)

June 30, 2025June 30, 2024June 30, 2023RevenueMerchant network revenue$882,658 $674,607 $507,600 Card network revenue231,308 151,401 119,338 Total network revenue1,113,966 826,008 626,938 Interest income1,608,221 1,204,355 685,217 Gain on sales of loans381,622 197,153 188,341 Servicing income120,602 95,483 87,489 Total revenue, net$3,224,412 $2,322,999 $1,587,985 Operating expensesLoss on loan purchase commitment$242,264 $180,395 $140,265 Provision for credit losses616,683 460,628 331,860 Funding costs425,451 344,253 183,013 Processing and servicing457,849 343,249 257,343 Technology and data analytics589,723 501,857 615,818 Sales and marketing434,847 576,405 638,280 General and administrative545,053 525,291 586,398 Restructuring and other(184)6,768 35,870 Total operating expenses3,311,685 2,938,846 2,788,847 Operating loss$(87,273)$(615,847)$(1,200,862)Other income, net148,737 100,320 211,617 Income (loss) before income taxes$61,464 $(515,527)$(989,245)Income tax expense (benefit)9,