Affirm Holdings, Inc. is a financial technology company headquartered in San Francisco, California, that operates a buy now pay later platform enabling consumers to pay for purchases in installments at point of sale through merchant integrations. The company originates loans through bank partners and retains a portion on its balance sheet, funding them through asset-backed securitization programs and warehouse credit facilities. As of December 31, 2025, Affirm held $8.77 billion in gross loans held for investment and reported total assets of $12.96 billion [Source: 10-Q, filed 2026-02-05, Condensed Consolidated Balance Sheets].

What is AFRM's DredgeCap risk score?

DredgeCap's AI analysis rates AFRM at 5.8/10 on the risk scale — Moderate risk. This score reflects dilution exposure, debt toxicity, liquidity position, and going-concern posture as disclosed in SEC filings.

Does AFRM have a going concern warning?

No current auditor going-concern warning is flagged in AFRM's SEC filings. Risk assessment is based on other filing-disclosed factors.

When did AFRM last file with the SEC?

AFRM's most recent SEC filing was a 10-Q filed 2026-02-05. All filings are available on SEC EDGAR.

← AFRM Overview

10-QMay 7, 2026· Quarter Ended March 31, 2026

AFRM — 10-Q Filing

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AFRM 10-Q Summary

For the quarter ended March 31, 2026, Affirm Holdings, Inc. reported revenue of $1.04B, up 32.6% year-over-year and down 7.5% from $1.12B in the prior quarter. Operating result swung to a profit of $88.4M from a loss of $8.4M a year earlier; net income was $102.9M, up 3569.8% year-over-year.

AFRM Financial Highlights

Metric

Q-End 03/26

Q-End 12/25

Q-End 03/25

Revenue

$1.04B

▼-7.5% QoQ

$1.12B

$783.1M

▲+32.6% YoY

Operating Income

$88.4M

▼-24.8% QoQ

$117.6M

-$8.4M

▲+1153.6% YoY

Net Income

$102.9M

▼-20.6% QoQ

$129.6M

$2.8M

▲+3569.8% YoY

AFRMWhat's Driving the Change

Depreciation & amortization

up 34.1% from $161.1M a year earlier

$216.0M

▲

Debt extinguishment

down 98.1% from -$82.4M a year earlier

-$1.5M

▼

Current DredgeCap Risk Profile

Risk Score

5.8/10

ELEVATED

Dilution

5.5

Debt Toxicity

5.0

Going Concern

✓ Not flagged

The risk profile above reflects the latest cached DredgeCap analysis for AFRM. For the full filing-by-filing analyst report (red flags, primary risk driver, what moves the stock), open AFRM's company page.

What is a 10-Q?

A quarterly report covering the three months just ended. Includes unaudited condensed financial statements (balance sheet, income statement, cash flow), Management Discussion and Analysis (MD&A), and disclosure of material changes since the last annual report. Required for the first three fiscal quarters; the fourth quarter is rolled into the 10-K.

More on AFRM

Financial highlights are sourced directly from the 10-Q income statement (three months ended). YoY % compares to the same quarter one year earlier as reported by the issuer; QoQ % compares to the immediately prior quarter (ended December 31, 2025) from DredgeCap's filing cache. The plain-language summary above is composed mechanically from the filing's reported numbers — no analysis or opinion. Form-type explainers and 8-K item descriptions are derived from SEC documentation. This page does not constitute investment advice. Always consult the original filing on SEC EDGAR for authoritative content, and consult a licensed financial advisor for investment decisions.