A
AFRM
AFRM2 segments tracked|5 years of data|Annual (10-K)
Total Revenue
$1.1B34.9%
FY2025
Operating Segments
2Active segments
Blended Margin
0.0%Operating margin
Highest Margin
0.0%Merchant Network
Segment Shift
Merchant Network has grown from 88.4% to 79.2% of total revenue since FY2021, with 0.0% operating margins. Meanwhile, Virtual Card Network is the fastest growing at +52.8% YoY.
Segment Revenue Over Time
Revenue Mix
Segment Breakdown — FY2025
| Segment | Revenue | Op. Income | Margin | % of Total | YoY |
|---|---|---|---|---|---|
| Merchant Network | $883M | $0 | 0.0% | 79.2% | +30.8% |
| Virtual Card Network | $231M | $0 | 0.0% | 20.8% | +52.8% |
Want more? Unlock the full analysis.
Sign up free to access quarterly data, financial statements, trend analysis, geographic segments, Excel exports, and cross-company comparisons.
Get Started Free