Affirm Holdings, Inc. (AFRM) Cash Flow Statement
Where AFRM’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $1.23B +55.1% vs FY2025
- Capital expenditures
- $238.3M 6.0% of revenue
- Free cash flow
- $992.6M 25.1% margin
- Returned to shareholders
- —
- Change in cash
- $676.6M cash at year-end $2.43B
Cash from operations
$1.23B
Capital expenditures
−$238.3M
Investments (net)
+$9.9M
Acquisitions & other
−$2.32B
Net borrowing (repayment)
+$2.24B
Other financing
−$227.5M
Currency & other
−$10.6M
Change in cash
$676.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AFRM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AFRM cash flow trends, FY2019–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$92.5MFY2019 | $1.23BFY2026 | — | |
| Capital expenditures | $21.2MFY2019 | $238.3MFY2026 | +41.2%/yr | |
| Free cash flow | −$113.7MFY2019 | $992.6MFY2026 | — | |
| Free cash flow margin | −43.0%FY2019 | 25.1%FY2026 | +68.2 pts | |
| Operating cash flow / net income | 15.21FY2025 | 0.64FY2026 | −14.58 | |
| Stock-based compensation | $33.7MFY2019 | $304.7MFY2026 | +37.0%/yr | |
| Dividends paid | $309.6MFY2019 | $15.8MFY2023 | −52.5%/yr | |
| Share buybacks (net) | $17.1MFY2019 | $0FY2026 | −100.0% | |
| Capex / revenue | 8.0%FY2019 | 6.0%FY2026 | −2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AFRM cash flow by activity
OperatingInvestingFinancingChange in cash
AFRM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AFRM cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $1.93B | $52.2M | −$517.8M | −$985.3M | −$707.4M | −$430.9M | −$112.6M | −$120.5M |
| Depreciation & amortization | $303.3M | $225.1M | $169.0M | $134.6M | $52.7M | $20.0M | $9.4M | $5.3M |
| Stock-based compensation | $304.7M | $321.4M | $344.5M | $451.7M | $391.0M | $288.0M | $29.6M | $33.7M |
| Change in working capital | $88.1M | −$49.8M | −$62.4M | −$135.0M | −$9.9M | −$53.7M | $31.0M | −$20.7M |
| Other non-cash items | −$1.39B | $245.0M | $516.7M | $546.2M | $111.4M | −$16.5M | −$28.7M | $9.7M |
| Cash from operating activities | $1.23B | $793.9M | $450.1M | $12.2M | −$162.2M | −$193.1M | −$71.3M | −$92.5M |
| Investing activities | ||||||||
| Capital expenditures | −$238.3M | −$192.2M | −$159.3M | −$120.8M | −$111.7M | −$20.3M | −$21.0M | −$21.2M |
| Investments (net) | $9.9M | −$1.08B | −$1.33B | −$1.52B | −$2.03B | −$1.02B | −$253.1M | −$353.7M |
| Acquisitions & other investing | −$2.32B | $192.2M | $159.3M | −$12.3M | $131.3M | $20.3M | $21.0M | $21.2M |
| Cash from investing activities | −$2.55B | −$1.08B | −$1.33B | −$1.65B | −$2.01B | −$1.02B | −$253.1M | −$353.7M |
| Financing activities | ||||||||
| Dividends paid | — | — | — | −$15.8M | — | −$4.82B | −$2.22B | −$309.6M |
| Share repurchases & issuance (net) | $0 | −$250.0M | −$189.2M | −$109,000 | −$86,000 | −$813,000 | −$41.4M | −$17.1M |
| Net borrowing (repayment) | $2.24B | $2.31B | $1.16B | $1.41B | $2.15B | $962.7M | $325.6M | $274.1M |
| Shares issued | $0 | $0 | $0 | $0 | $1.31B | $1.74B | $18.2M | $303.1M |
| Other financing | −$227.5M | −$1.31B | −$57.7M | −$42.3M | −$1.42B | $4.70B | $2.22B | $316.0M |
| Cash from financing activities | $2.01B | $751.4M | $913.1M | $1.35B | $2.04B | $2.58B | $294.7M | $566.5M |
| Summary | ||||||||
| Net change in cash | $676.6M | $461.0M | $35.5M | −$290.9M | −$141.8M | $1.36B | −$29.6M | $357.8M |
| Cash at end of period | $2.43B | $1.76B | $1.30B | $1.26B | $1.55B | $1.69B | $328.1M | $357.8M |
| Free cash flow | $992.6M | $601.7M | $290.8M | −$108.6M | −$273.9M | −$213.4M | −$92.3M | −$113.7M |
| Free cash flow margin | 25.1% | 18.7% | 12.5% | −6.8% | −20.3% | −24.5% | −18.1% | −43.0% |
| Capex / revenue | 6.0% | 6.0% | 6.9% | 7.6% | 8.3% | 2.3% | 4.1% | 8.0% |
| Operating cash flow / net income | 0.64 | 15.21 | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.62B | $102.9M | $129.6M | $80.7M | $69.2M | $2.8M | $80.4M | −$100.2M | −$45.1M | −$133.9M | −$166.9M | −$171.8M |
| Depreciation & amortization | $87.3M | $75.1M | $75.6M | $65.3M | $64.0M | $59.5M | $54.9M | $46.7M | $65.4M | $37.0M | $26.5M | $40.1M |
| Stock-based compensation | $67.2M | $73.8M | $77.8M | $85.9M | $65.5M | $75.6M | $86.1M | $94.2M | $64.9M | $77.1M | $90.2M | $112.4M |
| Change in working capital | −$44.0M | $118.7M | −$111.7M | $124.7M | −$153.9M | −$1.1M | $84.9M | $20.3M | −$62.9M | $74.8M | −$59.5M | −$14.8M |
| Other non-cash items | −$1.43B | $16.3M | $2.4M | $18.0M | $29.8M | $73.6M | $5.8M | $135.8M | $46.5M | $153.2M | $184.1M | $133.0M |
| Cash from operating activities | $296.4M | $386.8M | $173.7M | $374.6M | $74.6M | $210.4M | $312.0M | $196.9M | $68.8M | $208.2M | $74.3M | $98.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$66.9M | −$61.4M | −$55.7M | −$54.4M | −$51.1M | −$53.0M | −$43.9M | −$44.2M | −$38.3M | −$46.5M | −$38.7M | −$35.8M |
| Investments (net) | −$175.4M | −$27.0M | $142.3M | −$139.6M | −$454.5M | $35.5M | −$89.1M | −$575.0M | −$537.6M | −$146.8M | −$624.9M | −$15.9M |
| Acquisitions & other investing | −$956.1M | $237.6M | −$1.45B | $54.4M | $51.1M | $53.0M | $43.9M | $44.2M | $38.3M | $46.5M | $38.7M | $35.8M |
| Cash from investing activities | −$1.20B | $149.2M | −$1.36B | −$139.6M | −$454.5M | $35.5M | −$89.1M | −$575.0M | −$537.6M | −$146.8M | −$624.9M | −$15.9M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$32.9M |
| Share repurchases & issuance (net) | $0 | $0 | $112.3M | −$112.3M | $0 | −$186.8M | — | −$63.2M | −$41.0M | −$72.5M | −$39.2M | −$36.5M |
| Net borrowing (repayment) | $928.0M | −$87.3M | $1.23B | $161.8M | $445.2M | −$153.3M | $1.37B | $649.6M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$62.3M | −$65.3M | −$160.4M | $60.5M | −$57.9M | $94.6M | −$1.22B | −$120.8M | $187.0M | $184.5M | $545.5M | $218.2M |
| Cash from financing activities | $865.6M | −$152.6M | $1.19B | $110.1M | $387.3M | −$245.6M | $144.1M | $465.6M | $146.0M | $112.0M | $506.3M | $148.8M |
| Summary | ||||||||||||
| Net change in cash | −$41.3M | $379.7M | −$3.0M | $341.2M | $20.5M | −$1.2M | $352.5M | $89.2M | −$324.3M | $171.7M | −$40.5M | $228.5M |
| Cash at end of period | $2.43B | $2.47B | $2.09B | $2.10B | $1.76B | $1.74B | $1.74B | $1.38B | $1.30B | $1.62B | $1.45B | $1.49B |
| Free cash flow | $229.5M | $325.4M | $118.0M | $320.2M | $23.5M | $157.4M | $268.1M | $152.7M | $30.5M | $161.7M | $35.6M | $63.1M |
| Free cash flow margin | 21.1% | 31.3% | 10.5% | 34.3% | 2.7% | 20.1% | 30.9% | 21.9% | 4.6% | 28.1% | 6.0% | 12.7% |
| Capex / revenue | 6.1% | 5.9% | 5.0% | 5.8% | 5.8% | 6.8% | 5.1% | 6.3% | 5.8% | 8.1% | 6.6% | 7.2% |
| Operating cash flow / net income | 0.18 | 3.76 | 1.34 | 4.64 | 1.08 | 75.03 | 3.88 | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AFRM cash generation
In fiscal 2026 (ended June 30, 2026), Affirm generated $1.2 billion of cash from operations (up 55.1%) and spent $238.3 million on capital expenditures, leaving free cash flow of $992.6 million, 25.1% of revenue. Cash and equivalents rose by $676.6 million over the year.
Related: AFRM income statement, AFRM balance sheet. See the AFRM stock overview for the latest quote and news.
AFRM cash flow FAQ
What is Affirm's free cash flow?
Affirm's free cash flow was $992.6 million in fiscal 2026: $1.2 billion of operating cash flow minus $238.3 million of capital expenditures It was $601.7 million a year earlier..
How much cash does Affirm generate from operations?
Affirm generated $1.2 billion of cash from operating activities in fiscal 2026, 0.64 times its net income of $1.9 billion.
How much does Affirm spend on capital expenditures?
Affirm spent $238.3 million on capital expenditures in fiscal 2026, 6.0% of revenue, compared with $192.2 million the year before.