Company: AFRM
Filing Date: 2025-08-28
Form Type: 10-K
Source: 0001820953-25-000080
Chunk: 124

Company: Affirm Holdings, Inc.
Filing Date: 2025-08-28
Form: 10-K
Item: Item 7
Chunk 124
---
 one transaction on our platform during the 12 months prior to the measurement date. 

As of June 30, 2025, we had approximately 23.0 million active consumers, which represented an increase of 23% compared to approximately 18.7 million as of June 30, 2024, and 40% compared to approximately 16.5 million as of June 30, 2023. The increase was primarily due to a high retention rate of existing consumers, as well as continued adoption of the Affirm Card, and the acquisition of new consumers through an expansion in active merchants and platform partnerships. 

Transactions per Active Consumer

We believe the value of our network is amplified with greater consumer engagement and repeat usage, highlighted by increased transactions per active consumer. Transactions per active consumer is defined as the average number of transactions that an active consumer has conducted on our platform during the 12 months prior to the measurement date. 

As of June 30, 2025, we had approximately 5.8 transactions per active consumer, an increase of 20% compared to June 30, 2024 and an increase of 52% compared to June 30, 2023. The increase was primarily due to platform growth, a higher frequency of repeat users driven by consumer engagement, and growth of Affirm Card active consumers. As of June 30, 2025, Affirm Card represented approximately 10% of the total number of transactions compared to approximately 8% and 2% as of June 30, 2024 and 2023, respectively.

66

Table of Contents

Results of Operations

The following tables set forth selected consolidated statements of operations and comprehensive income (loss) data for each of the periods presented:

 Year ended June 30,2025 vs 20242024 vs 2023202520242023$ Change% Change$ Change% Change(in thousands)RevenueMerchant network revenue$882,658 $674,607 $507,600 $208,051 31 %$167,007 33 %Card network revenue231,308 151,401 119,338 79,907 53 %32,063 27 %Total network revenue1,113,966 826,008 626,938 287,958 35 %199,070 32 %Interest income (1)1,608,221 1,204,355 685,217 403,866