On this page of StockholderLetter.com we present the latest annual shareholder letter from Affirm Holdings, Inc. — ticker symbol AFRM. Reading current and past AFRM letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
O UR MIS S IO N Deliver honest financial products that improve lives
A F F IRM H O LD I NG S, I NC . Fiscal 2025 Performance Highlights Gross Merchandise Volume CAGR 35% Total Revenue CAGR 41% FY 23 $20.2B FY 23 $1.6B FY 24 $26.6B FY 24 $2.3B FY 25 $36.7B FY 25 $3.2B Transactions Per Active Consumer Operating Loss - $0 + FY 23 3.9 FY 23 $1,201M FY 24 4.9 FY 24 $616M FY 25 5.8 FY 25 $87M Active consumers Represents consumers who engaged in at least one transaction on Affirm s platform during the defined 12 month period. CAGR Represents the two-year compound annual growth rate calculated as of June 30, 2025.
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 • shareholder letter icon 10/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 10/20/2023 AFRM Stockholder Letter
 • stockholder letter icon 10/25/2024 AFRM Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon AFRM Benford's Law Stock Score = 79


AFRM Shareholder/Stockholder Letter Transcript:

Annual Report
2025

O UR MIS S IO N
Deliver honest
financial products that
improve lives

A F F IRM H O LD I NG S, I NC .
Fiscal 2025
Performance Highlights
Gross Merchandise Volume
CAGR 35%
Total Revenue
CAGR 41%
FY   23
$20.2B
FY   23
$1.6B
FY   24
$26.6B
FY   24
$2.3B
FY   25
$36.7B
FY   25
$3.2B
Transactions Per Active Consumer
Operating Loss
- $0 +
FY   23
3.9
FY   23
$1,201M
FY   24
4.9
FY   24
$616M
FY   25
5.8
FY   25
$87M
Active consumers   Represents consumers who engaged in at least one transaction on Affirm   s platform during the defined 12 month period.
CAGR   Represents the two-year compound annual growth rate calculated as of June 30, 2025.

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shareholder letter icon 10/24/2025 Letter Continued (Full PDF)
 

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