AFC Gamma, Inc. (AFCG) Income Statement
AFCG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAFCG revenue and net income
Where AFCG's revenue goes
2025Each bar shows an amount and its share of revenue. AFCG kept −66.0% of revenue as net income.
AFCG profit margins
AFCG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −39.6% | −24.1% | +22.2% | — |
| Gross profit | −31.6% | −22.2% | +19.8% | — |
| Operating income | −198.5% | — | — | — |
| Net income | −223.2% | — | — | — |
| EPS (diluted) | −221.5% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AFCG quarterly EPS vs estimates
AFC Gamma beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 11, 2026 (estimate $0.17).
AFCG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $31.3M | $51.9M | $51.8M | $71.5M | $38.1M | $11.5M |
| Cost of revenue | $2.9M | $10.4M | $14.1M | $11.2M | $2.6M | $364,194 |
| Gross profit | $28.4M | $41.5M | $51.8M | $60.4M | $35.4M | $11.5M |
| Research & development | — | — | $0 | $0 | $1 | $1 |
| Sales, general & admin | $4.7M | $5.5M | $20.9M | $6.0M | $5.0M | $5.7M |
| Total operating expenses | $42.0M | $17.3M | $20.9M | $6.3M | −$17.0M | $5.7M |
| Operating income | −$13.7M | $13.9M | $30.9M | $43.8M | $21.0M | $5.8M |
| Interest income | $31.3M | $52.0M | $70.5M | $81.5M | $38.1M | — |
| Interest expense | $6.8M | $6.3M | $6.4M | $6.8M | $1.1M | $0 |
| Income before taxes | −$21.3M | $14.3M | $22.4M | $37.0M | $21.0M | $10.4M |
| Income taxes | −$613,379 | $447,587 | $1.7M | $1.0M | $35,167 | $4.8M |
| Net income | −$20.7M | $16.8M | $21.0M | $35.9M | $21.0M | $10.4M |
| EBITDA | −$14.5M | $21.7M | $27.0M | $43.8M | $21.0M | $4.8M |
| EPS (diluted) | −$0.96 | $0.79 | $1.96 | $2.28 | $1.52 | $0.93 |
| Gross margin | 90.7% | 80.0% | 100.0% | 84.4% | 93.0% | 100.0% |
| Operating margin | −43.6% | 26.7% | 59.7% | 61.2% | 55.2% | 50.3% |
| Net margin | −66.0% | 32.3% | 40.4% | 50.2% | 55.1% | 90.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.7M | $9.8M | $6.6M | $0 | $6.3M | $7.0M | $2.3M | $8.7M | $22.7M | $7.8M | $3.8M | $14.8M |
| Cost of revenue | $1.6M | $1.8M | $716,181 | $841,830 | $17.7M | $1.1M | $1.9M | $181,370 | $4.0M | $3.5M | $3.5M | $1.1M |
| Gross profit | $7.1M | $8.1M | $5.9M | −$841,830 | −$11.4M | $5.8M | $2.3M | $8.5M | $22.7M | $7.8M | $3.8M | $13.8M |
| Sales, general & admin | $1.4M | $1.3M | $6.3M | $2.2M | $1.8M | $1.3M | $3.5M | $2.3M | $5.8M | $5.5M | $5.1M | $1.3M |
| Total operating expenses | −$687,302 | −$5.7M | $3.2M | $2.2M | $1.9M | $1.7M | $3.5M | $1.3M | $5.8M | $5.5M | $5.1M | $1.3M |
| Operating income | $7.7M | $13.8M | $2.7M | −$3.1M | −$13.3M | $4.2M | −$1.2M | $6.2M | $16.9M | $2.3M | −$1.3M | −$2.3M |
| Interest income | $8.7M | $8.0M | $6.6M | $8.2M | $8.1M | $8.5M | $9.2M | $10.5M | $20.0M | $16.4M | $17.6M | $16.8M |
| Interest expense | $1.9M | $1.7M | $1.5M | $1.6M | $1.9M | $1.8M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.5M |
| Income before taxes | $5.8M | $12.1M | $1.2M | −$13.4M | −$13.3M | $4.2M | −$1.4M | $1.6M | $15.5M | −$1.4M | −$8.8M | $8.6M |
| Income taxes | $456,353 | $626,595 | $286,921 | −$874,662 | −$138,044 | $112,406 | −$383,004 | $386,256 | $285,975 | $158,360 | $653,378 | $663,220 |
| Net income | $5.4M | $11.4M | $914,046 | −$12.5M | −$13.2M | $4.1M | −$991,534 | $1.4M | $16.4M | −$54,116 | −$9.2M | $8.0M |
| EBITDA | $7.9M | $13.8M | $2.8M | −$11.5M | −$13.3M | $4.2M | $355,614 | $3.2M | $18.3M | $6.6M | $5.0M | $25.0M |
| EPS (diluted) | $0.23 | $0.21 | $0.03 | −$0.57 | −$0.60 | $0.18 | −$0.05 | $0.05 | $0.80 | −$0.01 | $0.49 | $0.39 |
| Gross margin | 81.1% | 82.0% | 89.2% | — | −180.0% | 84.0% | 100.0% | 97.9% | 100.0% | 100.0% | 100.0% | 92.9% |
| Operating margin | 89.0% | 140.4% | 41.0% | — | −210.3% | 60.1% | −52.6% | 71.6% | 74.6% | 29.4% | −34.7% | −15.7% |
| Net margin | 61.7% | 116.4% | 13.8% | — | −208.1% | 58.5% | −42.6% | 15.9% | 72.6% | −0.7% | −244.9% | 53.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AFCG's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AFCG financial results
In fiscal year 2025 (ended December 31, 2025), AFC Gamma reported revenue of $31.3 million, down 39.6% from the year before. It had a net loss of $20.7 million, a net profit margin of −66.0%. Diluted earnings per share came to −$0.96. Over five years revenue grew at an average rate of 22.2% a year.
See the AFCG stock overview for the latest quote and news, or the AFCG chart for price history and technical indicators.
AFCG income statement FAQ
What is AFC Gamma's annual revenue?
AFC Gamma reported total revenue of $31.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 39.6% from $51.9 million the previous year.
Is AFC Gamma profitable?
No. AFC Gamma reported a net loss of $20.7 million in fiscal 2025, a net profit margin of −66.0%; its operating margin was −43.6%.
What is AFC Gamma's gross margin?
AFC Gamma's gross margin was 90.7% in fiscal 2025: for every $100 of revenue, AFC Gamma kept $91 after the direct cost of its products and services.
How fast is AFC Gamma growing?
Revenue grew 22.2% a year on average over the last five fiscal years, from $11.5 million to $31.3 million.
What are AFC Gamma's earnings per share?
AFC Gamma earned $-0.96 per diluted share in fiscal 2025, compared with $0.79 a year earlier.
When will AFC Gamma report its next earnings?
AFC Gamma is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 before the market opens.
When does AFC Gamma's fiscal year end?
AFC Gamma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.