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Loans Held for Investment and Allowance for Credit Losses - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 396,929	$ 309,097
Provision for loan losses	156,404	154,805
Charge-offs	(144,595)	(121,448)
Recoveries of charged-off receivables	17,063	8,152
Balance at end of period	$ 425,801	$ 350,606

Investments

3 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Investments

Cash and Cash Equivalents and Securities Available for Sale

Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):


	September 30, 2025		June 30, 2025
Cash and cash equivalents:
Money market funds	$	140,681	$	70,920
Agency bonds	—		3,493
Commercial paper	—		12,564
Government bonds - US	—		4,995
Securities available for sale:
Certificates of deposit	48,869		39,008
Corporate bonds	261,399		264,199
Commercial paper	121,998		126,761
Agency bonds	4,998		7,854
Municipal bonds	9,054		6,076
Government bonds
Non-US	2,203		5,340
US (1)	300,622		344,434
Securitization notes receivable and certificates (2)	54,263		75,469
Residual interests in structured transactions	4,017		2,284
Other	5,019		—
Total marketable securities:	$	953,123	$	963,397

(1)As of September 30, 2025 and June 30, 2025, these securities include $74.6 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(2)These securities include $23.4 million and $34.5 million as of September 30, 2025 and June 30, 2025, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.

Securities Available for Sale, at Fair Value

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2025 and June 30, 2025 were as follows (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	48,807	$	62	$	—	$	—	$	48,869
Corporate bonds	260,468		934		(3)		—		261,399
Commercial paper	121,914		84		—		—		121,998
Agency bonds	4,999		—		(1)		—		4,998
Municipal bonds	9,023		31		—		—		9,054
Government bonds
Non-US	2,191		12		—		—		2,203
US (2)	300,082		548		(8)		—		300,622
Securitization notes receivable and certificates (3)	54,892		197		(73)		(753)		54,263
Residual interests in structured transactions	3,751		266		—		—		4,017
Other	5,006		13		—		—		5,019
Total securities available for sale	$	811,133	$	2,147	$	(85)	$	(753)	$	812,442


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	38,990	$	18	$	—	$	—	$	39,008
Corporate bonds	263,495		759		(55)		—		264,199
Commercial paper (1)	139,336		7		(18)		—		139,325
Agency bonds (1)	11,358		—		(11)		—		11,347
Municipal bonds	6,057		19		—		—		6,076
Government bonds
Non-US	5,331		9		—		—		5,340
US (2)	349,149		371		(91)		—		349,429
Securitization notes receivable and certificates (3)	76,279		173		(42)		(941)		75,469
Residual interests in structured transactions	2,173		111		—		—		2,284

Total securities available for sale	$	892,168	$	1,467	$	(217)	$	(941)	$	892,477

(1)As of June 30, 2025, Agency bonds, Commercial Paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)As of September 30, 2025 and June 30, 2025, these securities include $74.6 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(3)Approximately $23.4 million and $34.5 million as of September 30, 2025 and June 30, 2025, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.

As of September 30, 2025 and June 30, 2025, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2025 and June 30, 2025, are as follows (in thousands):


	September 30, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate bonds	$	12,069	$	(3)	$	—	$	—	$	12,069	$	(3)

Agency bonds	4,998		(1)		—		—		4,998		(1)
Government bonds

US	7,475		(1)		7,633		(7)		15,108		(8)
Securitization notes receivable and certificates	5,842		(2)		—		—		5,842		(2)
Total securities available for sale (1)	$	30,384	$	(7)	$	7,633	$	(7)	$	38,017	$	(14)


	June 30, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	7,711	$	—	$	—	$	—	$	7,711	$	—
Corporate bonds	42,842		(41)		16,978		(14)		59,820		(55)
Commercial paper	83,701		(18)		—		—		83,701		(18)
Agency bonds	11,347		(11)		—		—		11,347		(11)
Government bonds
Non-US	3,163		—		—		—		3,163		—
US	189,295		(91)		—		—		189,295		(91)
Total securities available for sale (1)	$	338,059	$	(161)	$	16,978	$	(14)	$	355,037	$	(175)

(1)The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 8 and 67 as of September 30, 2025 and June 30, 2025, respectively.

The length of time to contractual maturities of securities available for sale as of September 30, 2025 and June 30, 2025 were as follows (in thousands):


	September 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	48,807	$	48,869	$	—	$	—	$	48,807	$	48,869
Corporate bonds	167,469		167,813		92,999		93,586		260,468		261,399
Commercial paper	121,914		121,998		—		—		121,914		121,998
Agency bonds	4,999		4,998		—		—		4,999		4,998
Municipal bonds	3,908		3,917		5,115		5,137		9,023		9,054
Government bonds
Non-US	—		—		2,191		2,203		2,191		2,203
US	264,844		265,209		35,238		35,413		300,082		300,622
Securitization notes receivable and certificates (2)	—		—		54,892		54,263		54,892		54,263
Residual interests in structured transactions	—		—		3,751		4,017		3,751		4,017
Other					5,006		5,019		5,006		5,019
Total securities available for sale	$	611,941	$	612,804	$	199,192	$	199,638	$	811,133	$	812,442


	June 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	38,990	$	39,008	$	—	$	—	$	38,990	$	39,008
Corporate bonds	149,435		149,675		114,060		114,524		263,495		264,199
Commercial paper (1)	139,336		139,325		—		—		139,336		139,325
Agency bonds (1)	11,358		11,347		—		—		11,358		11,347
Municipal bonds	3,944		3,950		2,113		2,126		6,057		6,076
Government bonds
Non-US	3,162		3,162		2,169		2,178		5,331		5,340
US (1)	326,884		327,076		22,265		22,353		349,149		349,429
Securitization notes receivable and certificates (2)	—		—		76,279		75,469		76,279		75,469
Residual interests in structured transactions	—		—		2,173		2,284		2,173		2,284

Total securities available for sale	$	673,109	$	673,543	$	219,059	$	218,934	$	892,168	$	892,477

(1)As of June 30, 2025, Agency bonds, Commercial paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)Based on weighted average life of expected cash flows as of September 30, 2025 and June 30, 2025.

Gross proceeds from matured or redeemed securities were $230.5 million and $303.4 million for the three months ended September 30, 2025 and 2024, respectively.

For available for sale securities, no gains and losses were realized for the three months ended September 30, 2025 and September 30, 2024.

Equity Securities Held at Cost

Equity security investments without a readily determinable fair value held at cost were $40.4 million and $40.3 million as of September 30, 2025 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets.

We did not record any impairment during the three months ended September 30, 2025. We recognized an impairment of $3.0 million for the three months ended September 30, 2024 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments.

For the three months ended September 30, 2025 and 2024, there were no upward or downward adjustments due to observable changes in orderly transactions.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Cash and cash equivalents	$ 1,428,848	$ 1,354,455
Restricted cash	668,762	401,968
Securities available for sale at fair value	812,442	871,425
Loans held for sale	12	0
Loans held for investment	7,235,177	7,025,534
Allowance for credit losses	(425,801)	(396,929)
Loans held for investment, net	6,809,376	6,628,606
Accounts receivable, net	283,726	426,177
Property, equipment and software, net	613,938	572,637
Goodwill	529,910	534,156
Intangible assets	12,685	12,935
Commercial agreement assets	49,154	57,210
Other assets	269,713	295,360
Total assets	11,478,567	11,154,929
Liabilities and stockholders’ equity
Accounts payable	58,019	82,820
Payable to third-party loan owners	193,790	211,700
Accrued interest payable	25,649	24,465
Accrued expenses and other liabilities	165,830	157,272
Convertible senior notes, net	1,127,668	1,153,000
Funding debt	1,777,906	1,622,808
Total liabilities	8,179,682	8,085,919
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid in capital	6,299,395	6,140,893
Accumulated deficit	(2,976,124)	(3,056,818)
Accumulated other comprehensive loss	(24,389)	(15,069)
Total stockholders’ equity	3,298,885	3,069,009
Total liabilities and stockholders’ equity	11,478,567	11,154,929
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	1,428,848	1,354,455
Restricted cash	668,762	401,968
Securities available for sale at fair value	812,442	871,425
Loans held for sale	12	0
Loans held for investment	7,235,177	7,025,534
Allowance for credit losses	(425,801)	(396,929)
Loans held for investment, net	6,809,376	6,628,606
Accounts receivable, net	283,726	426,177
Property, equipment and software, net	613,938	572,637
Goodwill	529,910	534,156
Intangible assets	12,685	12,935
Commercial agreement assets	49,154	57,210
Other assets	269,713	295,360
Total assets	11,478,567	11,154,929
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	58,019	82,820
Payable to third-party loan owners	193,790	211,700
Accrued interest payable	25,649	24,465
Accrued expenses and other liabilities	165,830	157,272
Convertible senior notes, net	1,127,668	1,153,000
Funding debt	1,777,906	1,622,808
Total liabilities	8,179,682	8,085,919
Consolidated Variable Interest Entities
Restricted cash	318,300	192,638
Loans held for investment	7,000,611	6,828,758
Allowance for credit losses	(377,582)	(365,656)
Loans held for investment, net	6,623,029	6,463,101
Accounts receivable, net	3,096	3,032
Other assets	1,767	2,558
Total assets	6,946,193	6,661,329
Liabilities and stockholders’ equity
Accounts payable	0	2,833
Accrued interest payable	23,446	23,998
Accrued expenses and other liabilities	2,170	2,797
Notes issued by securitization trusts	4,830,819	4,833,855
Funding debt	1,757,016	1,592,139
Total liabilities	6,613,451	6,455,621
Assets of consolidated VIEs, included in total assets above
Restricted cash	318,300	192,638
Loans held for investment	7,000,611	6,828,758
Allowance for credit losses	(377,582)	(365,656)
Loans held for investment, net	6,623,029	6,463,101
Accounts receivable, net	3,096	3,032
Other assets	1,767	2,558
Total assets	6,946,193	6,661,329
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	0	2,833
Accrued interest payable	23,446	23,998
Accrued expenses and other liabilities	2,170	2,797
Notes issued by securitization trusts	4,830,819	4,833,855
Funding debt	1,757,016	1,592,139
Total liabilities	6,613,451	6,455,621
Total net assets of consolidated VIEs	332,742	205,707
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	1	1
Notes Issued By Securitization Trusts
Liabilities and stockholders’ equity
Notes issued by securitization trusts	4,830,819	4,833,855
Liabilities of consolidated VIEs, included in total liabilities above
Notes issued by securitization trusts	$ 4,830,819	$ 4,833,855

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used for Level 3 Fair Value Measurement of Performance Fee Liability (Details)	Sep. 30, 2025	Jun. 30, 2025
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0713	0.0725
Minimum \| Refund Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Minimum \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0084	0.0087
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Maximum \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0465	0.0465
Weighted Average \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0906	0.0923
Weighted Average \| Refund Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Weighted Average \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0311	0.0307

Equity Incentive Plans - Schedule of RSU Activity (Details) - Restricted stock units	3 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Shares
Balance, beginning of period (in shares) \| shares	13,666,035
Granted (in shares) \| shares	5,662,211
Vested (in shares) \| shares	(3,231,575)
Forfeited, expired or cancelled (in shares) \| shares	(433,760)
Balance, ending of period (in shares) \| shares	15,662,911
Weighted Average Grant Date Fair Value
Balance, beginning of period (in USD per share) \| $ / shares	$ 30.98
Granted (in USD per share) \| $ / shares	67.50
Vested (in USD per share) \| $ / shares	36.76
Forfeited, expired or cancelled (in USD per share) \| $ / shares	35.72
Balance, ending of period (in USD per share) \| $ / shares	$ 42.86

Fair Value of Financial Assets and Liabilities - Schedule of Aggregate Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 41	$ 743
Initial transfers of financial liabilities	0	0
Subsequent changes in fair value	(28)	(305)
Fair value at end of period	$ 13	$ 438

- Definition

Fair value of a liability representing servicing arrangements under which the estimated future revenue from contractually specified servicing fees, late charges, and other ancillary revenues are not expected to adequately compensate the servicer.

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Fair Value of Financial Assets and Liabilities - Schedule of Aggregate Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 906	$ 574
Initial transfers of financial assets	0	0
Subsequent changes in fair value	(239)	(139)
Fair value at end of period	$ 667	$ 435

- Definition

Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

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+ Details

Balance Sheet Components - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2025	$ 534,156
Adjustments	(4,245)
Balance as of September 30, 2025	$ 529,910

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2025	Jun. 30, 2025
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	289,324,958	284,378,565
Common stock, outstanding (in shares)	289,324,958	284,378,565
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	40,723,546	40,734,234
Common stock, outstanding (in shares)	40,723,546	40,734,234

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loans held by third party investors or unconsolidated VIEs	$ 8,500.0
Repurchase liability	$ 8.4

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Risk Sharing Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Risk Sharing Arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 90	$ 918
Cash settlements	(90)	0
Subsequent changes in fair value		883
Fair value at end of period	0	1,801
Risk Sharing Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	43,179	33,884
Initial transfers of financial assets	6,508	10,377
Cash settlements	(8,340)	0
Subsequent changes in fair value	218	1,069
Fair value at the end of period	$ 41,565	$ 45,330

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2025	Jun. 30, 2025
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	104,293,850	92,973,623
Available outstanding under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	38,330,379	39,122,013
Available for future grant under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	65,963,471	53,851,610

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of the Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,870	$ 1,503
Purchases of loans	723	523
Cash settlements	(592)	(477)
Subsequent changes in fair value	(26)	(8)
Fair value at end of period	$ 1,975	$ 1,541

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Assets (Details) - Residual interests in structured transactions $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 2,284
Capital contribution	1,579
Subsequent changes in fair value	154
Fair value at the end of period	$ 4,017

Loans Held for Investment and Allowance for Credit Losses (Tables)

3 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Loans Held for Investment

Loans held for investment consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Unpaid principal balance	$	7,257,448	$	7,050,446
Accrued interest receivable	73,870		67,953
Premiums on loans held for investment	10,169		9,818
Less: Discount due to loss on loan purchase commitment	(76,233)		(75,124)
Less: Discount due to loss on directly originated loans	(30,076)		(27,559)

Total loans held for investment	$	7,235,177	$	7,025,534

Schedule of Loans Held for Investment by Delinquency

The following tables present an aging analysis of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination, of loans held for investment by delinquency status as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
Non-delinquent loans	$	3,527,113	$	3,003,940	$	183,548	$	35,701	$	2,732	$	128	$	6,753,162
4 – 29 calendar days past due	71,275		124,137		5,281		958		101		8		201,760
30 – 59 calendar days past due	22,581		59,779		2,220		201		19		2		84,802
60 – 89 calendar days past due	2,202		59,398		1,989		129		16		2		63,736
90 – 119 calendar days past due(1)	—		55,407		2,257		146		27		10		57,847
Total amortized cost basis	$	3,623,171	$	3,302,661	$	195,295	$	37,135	$	2,895	$	150	$	7,161,307

(1)Includes $57.7 million of loan receivables as of September 30, 2025 that are 90 days or more past due, but are not on non-accrual status.


	June 30, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
Non-delinquent loans	$	6,268,050	$	294,778	$	50,958	$	4,170	$	133	$	28	$	6,618,117
4 – 29 calendar days past due	156,941		9,713		1,347		145		10		—		168,156
30 – 59 calendar days past due	62,250		4,367		288		35		4		—		66,944
60 – 89 calendar days past due	51,095		5,251		255		30		2		—		56,633
90 – 119 calendar days past due(1)	41,889		5,571		228		34		2		8		47,732
Total amortized cost basis	$	6,580,225	$	319,680	$	53,076	$	4,414	$	151	$	36	$	6,957,582

(1)Includes $47.6 million of loan receivables as of June 30, 2025 that are 90 days or more past due, but are not on non-accrual status.

Schedule of Net Charge Offs

The following table presents net charge-offs by fiscal year of origination as of September 30, 2025 (in thousands):


	September 30, 2025
	Net Charge-offs by Fiscal Year of Origination
	2026	2025	2024	2023	2022	Prior	Total
Current period charge-offs	(1,925)	(130,212)	(11,715)	(606)	(123)	(14)	(144,595)
Current period recoveries	46	6,621	6,294	2,505	1,268	329	17,063
Current period net charge-offs	(1,879)	(123,591)	(5,421)	1,899	1,145	315	(127,532)

Schedule of Allowance for Credit Loss

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended September 30,
		2025		2024
Balance at beginning of period		$	396,929	$	309,097
Provision for loan losses		156,404		154,805
Charge-offs		(144,595)		(121,448)
Recoveries of charged-off receivables		17,063		8,152
Balance at end of period		$	425,801	$	350,606

Schedule of Amortized Cost Basis of Loans / Delinquency Status

The following tables present the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three months ended September 30, 2025 and 2024, by type of modification (in thousands):


	Three Months Ended September 30,
		2025			2024
Payment deferral		$	8,690		$	10,975
Loan re-amortization		149			165
Total		$	8,839		$	11,140
% of total loan receivables outstanding		0.12		%	0.18		%

The following tables present the delinquency status as of September 30, 2025 and 2024, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands):


	September 30, 2025
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	8,827	$	133	$	8,960
4 – 29 calendar days past due	2,022		64		2,086
30 – 59 calendar days past due	1,146		22		1,168
60 – 89 calendar days past due	934		22		956
90 – 119 calendar days past due	858		15		873
Total amortized cost basis	$	13,787	$	256	$	14,043


	September 30, 2024
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	12,645	$	287	$	12,932
4 – 29 calendar days past due	3,717		93		3,810
30 – 59 calendar days past due	2,689		51		2,740
60 – 89 calendar days past due	3,951		67		4,018
90 – 119 calendar days past due	2,652		63		2,715
Total amortized cost basis	$	25,654	$	561	$	26,215

Equity Incentive Plans - Schedule of PSU Activity (Details) - Performance Shares	3 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Shares
Balance, beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	262,756
Balance, ending of period (in shares) \| shares	262,756
Weighted Average Grant Date Fair Value
Balance, beginning of period (in USD per share) \| $ / shares	$ 0
Granted (in USD per share) \| $ / shares	89.91
Balance, ending of period (in USD per share) \| $ / shares	$ 89.91

Debt - Schedule of Components Secured and Unsecured Debt (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 16, 2024	Sep. 30, 2025	Dec. 20, 2024	Nov. 23, 2021
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 12,324,466
Debt outstanding		7,788,486
Debt Outstanding net of unamortized premiums and discount		7,736,393
Asset Pledged as Collateral
Debt Instrument [Line Items]
Debt outstanding		$ 7,100,000
Notes Payable, Other Payables \| Notes Issued By Securitization Trusts
Debt Instrument [Line Items]
Weighted average interest rate		5.18%
Debt instrument, face amount		$ 4,850,000
Debt outstanding		4,850,000
Debt Outstanding net of unamortized premiums and discount		4,830,819
Secured Debt
Debt Instrument [Line Items]
Total borrowing capacity		11,994,466
Debt outstanding		6,646,177
Debt Outstanding net of unamortized premiums and discount		6,608,725
Convertible Debt \| 2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,725,000
Debt outstanding		222,309
Debt Outstanding net of unamortized premiums and discount		$ 221,707
Convertible Debt \| 2029 Notes
Debt Instrument [Line Items]
Weighted average interest rate		0.75%
Debt instrument, face amount			$ 920,000
Debt outstanding		$ 920,000
Debt Outstanding net of unamortized premiums and discount		905,961
Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		330,000
Debt outstanding		1,142,309
Debt Outstanding net of unamortized premiums and discount		$ 1,127,668
US warehouse facilities \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Weighted average interest rate		5.91%
Line of credit facility, maximum borrowing capacity		$ 5,150,000
Debt outstanding		1,249,622
Debt Outstanding net of unamortized premiums and discount		$ 1,235,609
US warehouse facilities \| Line of Credit \| Funding Debt \| Minimum
Debt Instrument [Line Items]
Unused Commitment Fees		0.20%
US warehouse facilities \| Line of Credit \| Funding Debt \| Maximum
Debt Instrument [Line Items]
Unused Commitment Fees		0.50%
International warehouse facilities \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Weighted average interest rate		4.89%
Line of credit facility, maximum borrowing capacity		$ 644,466
Debt outstanding		460,063
Debt Outstanding net of unamortized premiums and discount		$ 458,965
International warehouse facilities \| Line of Credit \| Funding Debt \| Minimum
Debt Instrument [Line Items]
Unused Commitment Fees		0.30%
International warehouse facilities \| Line of Credit \| Funding Debt \| Maximum
Debt Instrument [Line Items]
Unused Commitment Fees		0.45%
Variable funding notes \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Weighted average interest rate		5.78%
Unused Commitment Fees		0.30%
Line of credit facility, maximum borrowing capacity		$ 1,350,000
Debt outstanding		65,201
Debt Outstanding net of unamortized premiums and discount		$ 62,040
Sales and repurchase agreements \| Funding Debt
Debt Instrument [Line Items]
Weighted average interest rate		6.47%
Debt outstanding		$ 21,292
Debt Outstanding net of unamortized premiums and discount		$ 21,292
Revolving credit facility
Debt Instrument [Line Items]
Unused Commitment Fees	0.20%
Line of credit facility, maximum borrowing capacity	$ 330,000
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Unused Commitment Fees		0.20%
Line of credit facility, maximum borrowing capacity		$ 330,000
Debt outstanding		0
Debt Outstanding net of unamortized premiums and discount		$ 0

Securitizations and Variable Interest Entities - Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Assets	$ 11,478,567	$ 11,154,929
Liabilities	8,179,682	8,085,919
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	6,946,193	6,661,329
Liabilities	6,613,451	6,455,621
Total net assets of consolidated VIEs	332,742	205,707
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	1,862,286	1,668,181
Liabilities	1,708,091	1,504,136
Total net assets of consolidated VIEs	154,195	164,044
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	5,083,907	4,993,148
Liabilities	4,905,360	4,951,485
Total net assets of consolidated VIEs	178,547	$ 41,663
Consolidated Variable Interest Entities \| Notes Issued By Securitization Trusts \| Funding Debt
Debt Instrument [Line Items]
Liabilities	62,000
Consolidated Variable Interest Entities \| Notes Issued By Securitization Trusts \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Liabilities	$ 4,800,000

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

We had shares of common stock reserved for issuance as follows:


	September 30, 2025	June 30, 2025


Available outstanding under equity compensation plans	38,330,379	39,122,013
Available for future grant under equity compensation plans	65,963,471	53,851,610
Total	104,293,850	92,973,623

Schedule of Warrant Activity

The following table summarizes the warrants activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Exercise Price ($)	Weighted Average Remaining Life (years)
Warrants outstanding, June 30, 2025	18,500,000	$81.08	3.90
Granted	—	—	0.00
Exercised	—	—	0.00
Cancelled	—	—	0.00
Warrants outstanding, September 30, 2025	18,500,000	$81.08	3.60
Vested and exercisable, September 30, 2025	11,340,727	$69.14	3.60

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Lessee, Lease, Description [Line Items]
Assets pledged as collateral	$ 4.5	$ 4.5
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	9 months
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	7 years

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2025 USD ($) deferral	Sep. 30, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 8,700.0	$ 6,400.0
Loans originated	$ 1,900.0	$ 1,300.0
Period of suspended accrued interest past due	120 days
Financing receivable, modified, number of deferrals \| deferral	1
Financing receivable, modified, length of deferral term	1 month	1 month
Financing receivable, modified, length of remaining term, maximum	24 months
Financing receivable, excluding accrued interest, modified, subsequent default	$ 5.1	$ 16.0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Financing receivable, modified, length of deferral term	3 months
Financing receivable, modified, weighted average term increase from modification	12 months	12 months
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, modified, weighted average term increase from modification	1 month	1 month

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used for Level 3 Fair Value Measurement of Notes and Residual Trust Certificates (Details) - Senior Notes and Residual Trust Certificates	Sep. 30, 2025	Jun. 30, 2025
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0285	0.0286
Minimum \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0090	0.0094
Minimum \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1619	0.2146
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3297	0.3029
Maximum \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0894	0.0840
Maximum \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2300	0.2485
Weighted Average \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0652	0.0689
Weighted Average \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0847	0.0765
Weighted Average \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2153	0.2314

Stockholders’ Equity - Schedule of Warrant Activity (Details) - $ / shares	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Number of Shares
Beginning balance, warrants outstanding (in shares)	18,500,000
Granted (in shares)	0
Exercised (in shares)	0
Canceled (in shares)	0
Ending balance, warrants outstanding (in shares)	18,500,000
Exercisable, warrants outstanding (in shares)	11,340,727
Weighted Average Exercise Price ($)
Beginning balance, warrants outstanding (in USD per share)	$ 81.08
Granted (in USD per share)	0
Exercised (in USD per share)	0
Canceled (in USD per share)	0
Ending balance, warrants outstanding (in USD per share)	81.08
Warrants exercisable (in USD per share)	$ 69.14
Weighted Average Remaining Life (years)
Weighted average remaining life (years) beginning balance	3 years 7 months 6 days	3 years 10 months 24 days
Weighted average remaining life (years) ending balance	3 years 7 months 6 days	3 years 10 months 24 days
Weighted average remaining life, exercisable	3 years 7 months 6 days

Loans Held for Investment and Allowance for Credit Losses

3 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Loans Held for Investment and Allowance for Credit Losses

Loans held for investment consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Unpaid principal balance	$	7,257,448	$	7,050,446
Accrued interest receivable	73,870		67,953
Premiums on loans held for investment	10,169		9,818
Less: Discount due to loss on loan purchase commitment	(76,233)		(75,124)
Less: Discount due to loss on directly originated loans	(30,076)		(27,559)

Total loans held for investment	$	7,235,177	$	7,025,534

Loans held for investment includes loans originated through our originating bank partners and directly originated loans. Loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $8.7 billion and $6.4 billion during the three months ended September 30, 2025 and 2024, respectively. We directly originated $1.9 billion and $1.3 billion of loans during the three months ended September 30, 2025 and 2024, respectively.

Our portfolio consists of interest bearing and non-interest bearing consumer loans with original term lengths of up to sixty months originated in markets including the U.S., U.K., and Canada, with the majority of loans originated within the U.S. While we view our loan portfolio as a single product segment, unsecured consumer loans, we consider factors such as country of origin, loan product, origination channel, merchant and various borrower characteristics to predict future losses.

We closely monitor the performance of our loan receivables to manage and evaluate our exposure to credit risk. Credit risk management begins with initial underwriting and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models that leverage detailed information from external sources, such as credit bureaus where available, as well as the consumer’s prior repayment history on our platform.

We evaluate the credit quality of our loan receivable based on the aging status of the loan. Loan receivables are considered past due if either principal or interest has not been received within four calendar days of the contractual due date.


	September 30, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
Non-delinquent loans	$	3,527,113	$	3,003,940	$	183,548	$	35,701	$	2,732	$	128	$	6,753,162
4 – 29 calendar days past due	71,275		124,137		5,281		958		101		8		201,760
30 – 59 calendar days past due	22,581		59,779		2,220		201		19		2		84,802
60 – 89 calendar days past due	2,202		59,398		1,989		129		16		2		63,736
90 – 119 calendar days past due(1)	—		55,407		2,257		146		27		10		57,847
Total amortized cost basis	$	3,623,171	$	3,302,661	$	195,295	$	37,135	$	2,895	$	150	$	7,161,307

(1)Includes $57.7 million of loan receivables as of September 30, 2025 that are 90 days or more past due, but are not on non-accrual status.


	June 30, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
Non-delinquent loans	$	6,268,050	$	294,778	$	50,958	$	4,170	$	133	$	28	$	6,618,117
4 – 29 calendar days past due	156,941		9,713		1,347		145		10		—		168,156
30 – 59 calendar days past due	62,250		4,367		288		35		4		—		66,944
60 – 89 calendar days past due	51,095		5,251		255		30		2		—		56,633
90 – 119 calendar days past due(1)	41,889		5,571		228		34		2		8		47,732
Total amortized cost basis	$	6,580,225	$	319,680	$	53,076	$	4,414	$	151	$	36	$	6,957,582

(1)Includes $47.6 million of loan receivables as of June 30, 2025 that are 90 days or more past due, but are not on non-accrual status.

The following table presents net charge-offs by fiscal year of origination as of September 30, 2025 (in thousands):


	September 30, 2025
	Net Charge-offs by Fiscal Year of Origination
	2026	2025	2024	2023	2022	Prior	Total
Current period charge-offs	(1,925)	(130,212)	(11,715)	(606)	(123)	(14)	(144,595)
Current period recoveries	46	6,621	6,294	2,505	1,268	329	17,063
Current period net charge-offs	(1,879)	(123,591)	(5,421)	1,899	1,145	315	(127,532)

We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses reflects our estimate of expected lifetime credit losses, which consider the remaining contractual term, historical credit losses, consumer payment trends, estimated recoveries, and future payment expectations as of each balance sheet date. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented within our interim condensed consolidated statements of operations and comprehensive income (loss). When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended September 30,
		2025		2024
Balance at beginning of period		$	396,929	$	309,097
Provision for loan losses		156,404		154,805
Charge-offs		(144,595)		(121,448)
Recoveries of charged-off receivables		17,063		8,152
Balance at end of period		$	425,801	$	350,606

Loan Modifications for Borrowers Experiencing Financial Difficulty

We have a loan modification program for borrowers experiencing financial difficulty if certain eligibility criteria are met. A loan is evaluated for modification program eligibility when a borrower self-reports financial hardship, either when a borrower contacts us directly or upon making contact with the borrower to determine eligibility when a loan payment is past due. The objectives of the loan modification program are to offer borrowers assistance during times of financial stress, increase collections, and minimize losses.

We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months. A loan re-amortization provides the borrower relief by lowering monthly payments through extending the term length of the loan; however, the total remaining term may not exceed twenty-four months. In addition, the total interest due from the consumer will not exceed the initial total interest due prior to modification, and a loan may not be re-amortized more than once.


	Three Months Ended September 30,
		2025			2024
Payment deferral		$	8,690		$	10,975
Loan re-amortization		149			165
Total		$	8,839		$	11,140
% of total loan receivables outstanding		0.12		%	0.18		%

With respect to borrowers who received payment deferrals during the three months ended September 30, 2025 and 2024, the length of each deferral period was one month.

With respect to borrowers who received a loan re-amortization during the three months ended September 30, 2025 and 2024, the payment amount was reduced by half and the term of the loan was extended between one month and twelve months.

During the modification process, the loans are made current, and payment schedules for these loans are updated according to the modified terms. We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified, the delinquency status of the loan on the date of modification, and the increased likelihood that such loan may become delinquent or charge-off in the future.


	September 30, 2025
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	8,827	$	133	$	8,960
4 – 29 calendar days past due	2,022		64		2,086
30 – 59 calendar days past due	1,146		22		1,168
60 – 89 calendar days past due	934		22		956
90 – 119 calendar days past due	858		15		873
Total amortized cost basis	$	13,787	$	256	$	14,043


	September 30, 2024
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	12,645	$	287	$	12,932
4 – 29 calendar days past due	3,717		93		3,810
30 – 59 calendar days past due	2,689		51		2,740
60 – 89 calendar days past due	3,951		67		4,018
90 – 119 calendar days past due	2,652		63		2,715
Total amortized cost basis	$	25,654	$	561	$	26,215

With respect to modifications during the 12 months preceding September 30, 2025 and 2024, respectively, where the borrower was experiencing financial difficulty at the time of modification, the amortized cost basis of loans which have been charged off was $5.1 million and $16.0 million, respectively.

Investments (Tables)

3 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Schedule of Cash and Cash Equivalents and Securities Available for Sale

Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):


	September 30, 2025		June 30, 2025
Cash and cash equivalents:
Money market funds	$	140,681	$	70,920
Agency bonds	—		3,493
Commercial paper	—		12,564
Government bonds - US	—		4,995
Securities available for sale:
Certificates of deposit	48,869		39,008
Corporate bonds	261,399		264,199
Commercial paper	121,998		126,761
Agency bonds	4,998		7,854
Municipal bonds	9,054		6,076
Government bonds
Non-US	2,203		5,340
US (1)	300,622		344,434
Securitization notes receivable and certificates (2)	54,263		75,469
Residual interests in structured transactions	4,017		2,284
Other	5,019		—
Total marketable securities:	$	953,123	$	963,397

Schedule of Securities Available for Sale at Fair Value


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	48,807	$	62	$	—	$	—	$	48,869
Corporate bonds	260,468		934		(3)		—		261,399
Commercial paper	121,914		84		—		—		121,998
Agency bonds	4,999		—		(1)		—		4,998
Municipal bonds	9,023		31		—		—		9,054
Government bonds
Non-US	2,191		12		—		—		2,203
US (2)	300,082		548		(8)		—		300,622
Securitization notes receivable and certificates (3)	54,892		197		(73)		(753)		54,263
Residual interests in structured transactions	3,751		266		—		—		4,017
Other	5,006		13		—		—		5,019
Total securities available for sale	$	811,133	$	2,147	$	(85)	$	(753)	$	812,442


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	38,990	$	18	$	—	$	—	$	39,008
Corporate bonds	263,495		759		(55)		—		264,199
Commercial paper (1)	139,336		7		(18)		—		139,325
Agency bonds (1)	11,358		—		(11)		—		11,347
Municipal bonds	6,057		19		—		—		6,076
Government bonds
Non-US	5,331		9		—		—		5,340
US (2)	349,149		371		(91)		—		349,429
Securitization notes receivable and certificates (3)	76,279		173		(42)		(941)		75,469
Residual interests in structured transactions	2,173		111		—		—		2,284

Total securities available for sale	$	892,168	$	1,467	$	(217)	$	(941)	$	892,477

Schedule of Securities Available for Sale With Unrealized Losses


	September 30, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate bonds	$	12,069	$	(3)	$	—	$	—	$	12,069	$	(3)

Agency bonds	4,998		(1)		—		—		4,998		(1)
Government bonds

US	7,475		(1)		7,633		(7)		15,108		(8)
Securitization notes receivable and certificates	5,842		(2)		—		—		5,842		(2)
Total securities available for sale (1)	$	30,384	$	(7)	$	7,633	$	(7)	$	38,017	$	(14)


	June 30, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	7,711	$	—	$	—	$	—	$	7,711	$	—
Corporate bonds	42,842		(41)		16,978		(14)		59,820		(55)
Commercial paper	83,701		(18)		—		—		83,701		(18)
Agency bonds	11,347		(11)		—		—		11,347		(11)
Government bonds
Non-US	3,163		—		—		—		3,163		—
US	189,295		(91)		—		—		189,295		(91)
Total securities available for sale (1)	$	338,059	$	(161)	$	16,978	$	(14)	$	355,037	$	(175)

(1)The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 8 and 67 as of September 30, 2025 and June 30, 2025, respectively.

Schedule of Contractual Maturities of Securities Available for Sale

The length of time to contractual maturities of securities available for sale as of September 30, 2025 and June 30, 2025 were as follows (in thousands):


	September 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	48,807	$	48,869	$	—	$	—	$	48,807	$	48,869
Corporate bonds	167,469		167,813		92,999		93,586		260,468		261,399
Commercial paper	121,914		121,998		—		—		121,914		121,998
Agency bonds	4,999		4,998		—		—		4,999		4,998
Municipal bonds	3,908		3,917		5,115		5,137		9,023		9,054
Government bonds
Non-US	—		—		2,191		2,203		2,191		2,203
US	264,844		265,209		35,238		35,413		300,082		300,622
Securitization notes receivable and certificates (2)	—		—		54,892		54,263		54,892		54,263
Residual interests in structured transactions	—		—		3,751		4,017		3,751		4,017
Other					5,006		5,019		5,006		5,019
Total securities available for sale	$	611,941	$	612,804	$	199,192	$	199,638	$	811,133	$	812,442


	June 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	38,990	$	39,008	$	—	$	—	$	38,990	$	39,008
Corporate bonds	149,435		149,675		114,060		114,524		263,495		264,199
Commercial paper (1)	139,336		139,325		—		—		139,336		139,325
Agency bonds (1)	11,358		11,347		—		—		11,358		11,347
Municipal bonds	3,944		3,950		2,113		2,126		6,057		6,076
Government bonds
Non-US	3,162		3,162		2,169		2,178		5,331		5,340
US (1)	326,884		327,076		22,265		22,353		349,149		349,429
Securitization notes receivable and certificates (2)	—		—		76,279		75,469		76,279		75,469
Residual interests in structured transactions	—		—		2,173		2,284		2,173		2,284

Total securities available for sale	$	673,109	$	673,543	$	219,059	$	218,934	$	892,168	$	892,477

(2)Based on weighted average life of expected cash flows as of September 30, 2025 and June 30, 2025.

Stockholders' Equity

3 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

We had shares of common stock reserved for issuance as follows:


	September 30, 2025	June 30, 2025


Available outstanding under equity compensation plans	38,330,379	39,122,013
Available for future grant under equity compensation plans	65,963,471	53,851,610
Total	104,293,850	92,973,623

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets.

In November 2021, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per

share and originally had a term of 3.5 years. A portion of these warrants were fully vested at the grant date and the remainder were fully vested as of December 31, 2024. As of September 30, 2025, 3,500,000 of these warrants have been exercised. In February 2025, the term for the remaining unexercised warrant shares were extended for an additional 4.0 years. The remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model. Refer to Note 5. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions.

During the three months ended September 30, 2025 and 2024, a total of $46.2 million and $112.5 million, respectively, was recognized within sales and marketing expense, which included $5.2 million for both periods in amortization expense of the commercial agreement asset and $41.0 million and $107.3 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested.

The following table summarizes the warrants activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Exercise Price ($)	Weighted Average Remaining Life (years)
Warrants outstanding, June 30, 2025	18,500,000	$81.08	3.90
Granted	—	—	0.00
Exercised	—	—	0.00
Cancelled	—	—	0.00
Warrants outstanding, September 30, 2025	18,500,000	$81.08	3.60
Vested and exercisable, September 30, 2025	11,340,727	$69.14	3.60

On September 30, 2025, the weighted-average grant date fair values for outstanding warrants and exercisable warrants were $86.76 and $93.65, respectively.

Share Repurchases

We record share repurchases on the settlement date. Repurchased shares are subsequently retired and returned to the status of authorized but unissued. Our policy for share retirements is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.

There were no share repurchases during the three month periods ended September 30, 2025 and 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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+ Details

Derivative Financial Instruments

3 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025						June 30, 2025
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	100,000	$	1	$	13	$	100,000	$	86	$	—
Derivatives not designated as hedges
Interest rate contracts	600,000		1,767		—		405,074		2,558		15
Risk sharing assets/liabilities	$	9,289,767	$	41,565	$	—	$	8,561,709	$	43,179	$	90
Total gross derivative assets/liabilities	$	9,989,767	$	43,333	$	13	$	9,066,783	$	45,823	$	105

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):


	Three Months Ended September 30,
		2025		2024
Balance at beginning of period		$	(1,419)	$	1,407
Changes in fair value		24		(1,268)
Amounts reclassified into earnings (1)		(153)		(224)
Balance at end of period (2)		$	(1,548)	$	(85)

(1)The amounts reclassified into earnings are presented in the interim condensed consolidated statements of operations and comprehensive income (loss) within funding costs.

(2)As of September 30, 2025, we estimated that $0.6 million of net derivative losses included in AOCI are expected to be reclassified into earnings within the next 12 months.

The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive income (loss) such impact is reported (in thousands):


	Three Months Ended September 30,
		2025		2024
Location of gains (losses) where the effects of derivatives are recorded
The effects of cash flow hedging
Funding costs		$	153	$	224
The effects of derivatives not designated in hedging relationships
Other income, net		(1,188)		(3,953)

Refer to Note 2. Summary of Significant Accounting Policies of our most recently filed Annual Report on Form 10-K and Note 12. Fair Value of Financial Assets and Liabilities for additional information on our derivative instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 68,416	$ 90,826
Prepaid expenses	46,411	47,027
Risk sharing assets	41,565	43,179
Equity securities held at cost	40,396	40,277
Prepaid payroll taxes for stock-based compensation	31,606	25,188
Operating lease right-of-use assets	16,754	19,124
Foreign deferred tax asset	11,889	13,929
Other assets	12,677	15,810
Total other assets	$ 269,713	$ 295,360

Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 1,132,093	$ 1,027,952
Less: Accumulated depreciation and amortization	(518,155)	(455,315)
Total property, equipment and software, net	613,938	572,637
Internally developed software
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	1,088,527	987,399
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	23,725	21,990
Computer equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	10,353	9,555
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 9,488	$ 9,007

Investments - Schedule of Securities Available for Sale With Unrealized Losses (Details) $ in Thousands	Sep. 30, 2025 USD ($) security	Jun. 30, 2025 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 30,384	$ 338,059
Less than or equal to 1 year, unrealized losses	(7)	(161)
Greater than 1 year, fair value	7,633	16,978
Greater than 1 year, unrealized losses	(7)	(14)
Total, fair value	38,017	355,037
Total, unrealized losses	$ (14)	$ (175)
Number of securities with unrealized losses \| security	8	67
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		$ 7,711
Less than or equal to 1 year, unrealized losses		0
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		7,711
Total, unrealized losses		0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 12,069	42,842
Less than or equal to 1 year, unrealized losses	(3)	(41)
Greater than 1 year, fair value	0	16,978
Greater than 1 year, unrealized losses	0	(14)
Total, fair value	12,069	59,820
Total, unrealized losses	(3)	(55)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		83,701
Less than or equal to 1 year, unrealized losses		(18)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		83,701
Total, unrealized losses		(18)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	4,998	11,347
Less than or equal to 1 year, unrealized losses	(1)	(11)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	4,998	11,347
Total, unrealized losses	(1)	(11)
Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		3,163
Less than or equal to 1 year, unrealized losses		0
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		3,163
Total, unrealized losses		0
US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	7,475	189,295
Less than or equal to 1 year, unrealized losses	(1)	(91)
Greater than 1 year, fair value	7,633	0
Greater than 1 year, unrealized losses	(7)	0
Total, fair value	15,108	189,295
Total, unrealized losses	(8)	$ (91)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	5,842
Less than or equal to 1 year, unrealized losses	(2)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	5,842
Total, unrealized losses	$ (2)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,326	$ 1,902

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used in Risk Sharing Arrangement (Details)	Sep. 30, 2025	Jun. 30, 2025
Minimum \| Discount Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Minimum \| Loss Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0348	0.0347
Minimum \| Risk Sharing Arrangement \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0713	0.2000
Minimum \| Risk Sharing Arrangement \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0333	0.0332
Minimum \| Risk Sharing Arrangement \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.1939	0.1984
Maximum \| Discount Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Maximum \| Loss Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0524	0.0535
Maximum \| Risk Sharing Arrangement \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Maximum \| Risk Sharing Arrangement \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0494	0.0491
Maximum \| Risk Sharing Arrangement \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2146	0.2289
Weighted Average \| Discount Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Weighted Average \| Loss Rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0441	0.0442
Weighted Average \| Risk Sharing Arrangement \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.1808	0.2000
Weighted Average \| Risk Sharing Arrangement \| Loss Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0414	0.0413
Weighted Average \| Risk Sharing Arrangement \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2030	0.2134

Derivative Financial Instruments - Schedule of Impact of the Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Derivatives designated as cash flow hedges \| Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 153	$ 224
Derivatives not designated as hedges \| Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ (1,188)	$ (3,953)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

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-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Net Income (Loss) per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Share

The following table presents basic and diluted net income (loss) per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
Numerator:
Net income (loss) attributable to common stockholders - basic	$	70,741	$	9,953	$	(86,570)	$	(13,652)
Net income (loss) attributable to common stockholders - diluted	$	71,257	$	9,437	$	(86,570)	$	(13,652)
Denominator:
Weighted average shares of common stock - basic	289,507,745		40,730,460		274,886,393		43,348,162
Dilutive effect of stock equivalents:
Restricted stock units	8,022,382		—		—		—
Stock options, including early exercise of options	8,664,133		—		—		—
Value creation award vested shares	1,312,716		—		—		—
Employee stock purchase plan shares	40,967		—		—		—
Weighted average shares of common stock - diluted	307,547,943		40,730,460		274,886,393		43,348,162
Net income (loss) per share:
Basic	$	0.24	$	0.24	$	(0.31)	$	(0.31)
Diluted	$	0.23	$	0.23	$	(0.31)	$	(0.31)

Schedule of Calculation of Diluted Net Income (Loss) Per Share

The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	Three Months Ended September 30,
		2025	2024
Common stock warrants		7,840,727	5,734,551
Restricted stock units		4,962,779	24,352,160
Stock options, including early exercise of options		131,859	17,011,341

Employee stock purchase plan shares		—	210,893
Total		12,935,365	47,308,945

Loans Held for Investment and Allowance for Credit Losses - Schedule of Loans Held for Investment by Delinquency (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Financing Receivable, Past Due [Line Items]
Current fiscal year	$ 3,623,171	$ 6,580,225
Fiscal year before current fiscal year	3,302,661	319,680
Two years before current fiscal year	195,295	53,076
Three years before current fiscal year	37,135	4,414
Four years before current fiscal year	2,895	151
Prior	150	36
Total amortized cost basis	7,161,307	6,957,582
Loan receivable on nonaccrual status	57,700	47,600
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Current fiscal year	3,527,113	6,268,050
Fiscal year before current fiscal year	3,003,940	294,778
Two years before current fiscal year	183,548	50,958
Three years before current fiscal year	35,701	4,170
Four years before current fiscal year	2,732	133
Prior	128	28
Total amortized cost basis	6,753,162	6,618,117
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Current fiscal year	71,275	156,941
Fiscal year before current fiscal year	124,137	9,713
Two years before current fiscal year	5,281	1,347
Three years before current fiscal year	958	145
Four years before current fiscal year	101	10
Prior	8	0
Total amortized cost basis	201,760	168,156
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Current fiscal year	22,581	62,250
Fiscal year before current fiscal year	59,779	4,367
Two years before current fiscal year	2,220	288
Three years before current fiscal year	201	35
Four years before current fiscal year	19	4
Prior	2	0
Total amortized cost basis	84,802	66,944
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Current fiscal year	2,202	51,095
Fiscal year before current fiscal year	59,398	5,251
Two years before current fiscal year	1,989	255
Three years before current fiscal year	129	30
Four years before current fiscal year	16	2
Prior	2	0
Total amortized cost basis	63,736	56,633
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Current fiscal year	0	41,889
Fiscal year before current fiscal year	55,407	5,571
Two years before current fiscal year	2,257	228
Three years before current fiscal year	146	34
Four years before current fiscal year	27	2
Prior	10	8
Total amortized cost basis	$ 57,847	$ 47,732

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used for Level 3 Fair Value Measurement of Residual Interests in Structured Transactions (Details)	Sep. 30, 2025	Jun. 30, 2025
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual interests in structured transactions, measurement input	0.2000	0.2000
Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual interests in structured transactions, measurement input	0.0938	0.0888
Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual interests in structured transactions, measurement input	0.4791	0.4885

Equity Incentive Plans - Schedule of Components and Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 85,853	$ 94,233
Capitalized into property, equipment and software, net	52,885	49,478
Total stock-based compensation	138,738	143,711
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	55,773	62,804
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	24,764	25,972
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,076	5,195
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 240	$ 262

Equity Incentive Plans (Tables)

3 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the three months ended September 30, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,955,978	$	19.12	5.18

Exercised	(1,686,317)	17.65
Forfeited, expired or canceled	(31,617)	35.89
Balance as of September 30, 2025	11,238,044	19.29		5.01
Vested and exercisable, September 30, 2025	9,392,988	$	17.55	4.42	$	522,816
Vested and exercisable, and expected to vest thereafter(1) September 30, 2025	11,236,193	$	19.31	5.01	$	605,384

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

The following table summarizes our Value Creation Award activity for the three months ended September 30, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,500,000	$	49.00	5.29
Exercised	(1,333,332)	49.00
Balance as of September 30, 2025	11,166,668	49.00		5.29
Vested and exercisable, September 30, 2025	2,666,668	$	49.00	5.29	$	64,213

Schedule of Restricted Stock Unit Activity

The following table summarizes our RSU activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2025	13,666,035	$	30.98
Granted	5,662,211	67.50
Vested	(3,231,575)	36.76
Forfeited, expired or canceled	(433,760)	35.72
Non-vested at September 30, 2025	15,662,911	$	42.86

Schedule of PSU Activity

The following table summarizes our PSU activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2025	—	$	—
Granted	262,756	89.91


Non-vested at September 30, 2025	262,756	$	89.91

Schedule of Components and Classification of Stock-Based Compensation

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended September 30,
		2025		2024
General and administrative		$	55,773	$	62,804
Technology and data analytics		24,764		25,972
Sales and marketing		5,076		5,195
Processing and servicing		240		262
Total stock-based compensation in operating expenses		85,853		94,233
Capitalized into property, equipment and software, net		52,885		49,478
Total stock-based compensation		$	138,738	$	143,711

Debt (Tables)

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Components Secured and Unsecured Debt

The following table summarizes the components and terms of our secured and unsecured debt as of September 30, 2025 (in thousands):


	Interest Rate (1)	Unused Commitment Fees	Maturity by Fiscal Year	Borrowing Capacity (2)		Debt Outstanding (3)		Debt Outstanding net of unamortized premiums and discount
Secured debt
Funding debt
US warehouse facilities	5.91%	0.20% - 0.50%	2027 - 2032	5,150,000		1,249,622		1,235,609
International warehouse facilities (4)	4.89%	0.30% - 0.45%	2028 - 2030	644,466		460,063		458,965
Variable funding notes	5.78%	0.30%	2032	1,350,000		65,201		62,040
Sales and repurchase agreements	6.47%	—	2028 - 2029	—		21,292		21,292
Notes issued by securitization trusts	5.18%	—	2029 - 2035	4,850,000		4,850,000		4,830,819
				$	11,994,466	$	6,646,177	$	6,608,725
Unsecured debt
Convertible senior notes:
2026 Notes	—	—	2027	—		222,309		221,707
2029 Notes	0.75%	—	2030	—		920,000		905,961
Revolving credit facility	—	0.20%	2027	330,000		—		—
				$	330,000	$	1,142,309	$	1,127,668
Total				$	12,324,466	$	7,788,486	$	7,736,393

(1)The stated interest rate reflects the fixed or variable interest rate in effect for each of our contractual arrangements as of September 30, 2025, weighted by the outstanding principal balance as of that date. The interest rate resets periodically for our variable rate debt, typically based on a reference rate such as Secured Overnight Financing Rate (“SOFR”) or Canadian Overnight Repo Rate Average (“CORRA”) plus a spread, or an alternative rate based on the cost funds for the lender.

(2)Represents total revolving commitment amount, inclusive of debt outstanding as of September 30, 2025.

(3)Certain loans are pledged as collateral for borrowings in our secured debt facilities, except for our sales and repurchase agreements which are collateralized by securitization notes receivable and certificates retained by the Company and classified as securities available for sale at fair value. The carrying value of these pledged assets was $7.1 billion as of September 30, 2025.

(4)As of September 30, 2025, international facilities finance loan receivables originated in Canada.

Schedule of Aggregate Future Maturities

The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):


	September 30, 2025
2026	$	—
2027	681,664
2028	901,115
2029	1,269,841
2030	1,817,754
Thereafter	3,118,112
Total	$	7,788,486
Deferred debt issuance costs	(52,093)
Total funding debt, net of deferred debt issuance costs	$	7,736,393

Schedule of Interest Expense Recognized Related to the Convertible Senior Notes

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):


	Three Months Ended September 30,
		2025		2024
Amortization of debt issuance costs (1)
2026 Notes		$	137	$	769
2029 Notes		841		—
Total amortization of debt issuance costs		$	977	$	769
Coupon interest expense (1) (2)		1,734		—
Total interest expenses related to the convertible notes		$	2,712	$	769

(1)Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net.

(2)The coupon interest expense is related to the 2029 Notes.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (90,860)	$ (91,059)
Total amortization expense	106
Total intangible assets, gross	103,545	103,994
Total intangible assets	12,685	12,935
Trademarks, licenses and domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	12,229	12,416
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,695	37,845
Accumulated Amortization	(37,695)	(37,845)
Total amortization expense	$ 0	$ 0
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,347	$ 39,443
Accumulated Amortization	(39,288)	(39,369)
Total amortization expense	$ 59	$ 74
Weighted Average Remaining Useful Life (in years)	1 year 1 month 6 days	1 year 3 months 18 days
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(12,490)	(12,490)
Total amortization expense	$ 0	$ 0
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,434	$ 1,450
Accumulated Amortization	(1,387)	(1,355)
Total amortization expense	$ 47	$ 95
Weighted Average Remaining Useful Life (in years)	3 months 18 days	7 months 6 days

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income (loss)	$ 80,694	$ (100,222)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for losses	162,752	159,824
Amortization of premiums and discounts on loans	(65,072)	(52,064)
Gain on sales of loans	(119,049)	(63,613)
Gain on extinguishment of debt	(1,495)	(19,624)
Changes in fair value of assets and liabilities	(110)	1,668
Amortization of commercial agreement assets	8,056	14,256
Amortization of debt issuance costs	6,828	6,083
Accrued interest on securities available for sale	(9,959)	(15,797)
Commercial agreement warrant expense	40,977	107,263
Stock-based compensation	85,853	94,233
Depreciation and amortization	65,329	46,720
Other	(4,930)	(2,209)
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(749,202)	(1,219,022)
Proceeds from the sale of loans held for sale	748,761	1,219,061
Accounts receivable, net	138,862	41,117
Other assets	30,955	(6,833)
Accounts payable	(24,801)	16,543
Payable to third-party loan buyers	(17,910)	(7,608)
Accrued interest payable	1,621	846
Accrued expenses and other liabilities	(3,586)	(23,755)
Net cash provided by operating activities	374,572	196,867
Cash flows from investing activities
Purchases and origination of loans held for investment	(9,797,362)	(6,388,350)
Proceeds from the sale of loans held for investment	4,282,839	1,630,671
Principal repayments and other loan servicing activity	5,359,253	4,132,682
Additions to property, equipment and software	(54,365)	(44,152)
Purchases of securities available for sale	(146,462)	(136,727)
Proceeds from maturities and repayments of securities available for sale	216,425	215,680
Other investing inflows	61	36,197
Other investing outflows	0	(21,000)
Net cash used in investing activities	(139,611)	(574,999)
Cash flows from financing activities
Proceeds from the issuance of funding debt	7,980,435	3,188,998
Proceeds from issuance of notes and certificates by securitization trust	1,100,000	750,000
Principal repayments of funding debt	(7,818,589)	(3,289,384)
Principal repayments of notes issued by securitization trust	(1,100,000)	0
Payment of debt issuance costs	(9,466)	(4,321)
Extinguishment of convertible debt	(24,814)	(120,056)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	94,828	3,596
Taxes paid related to net share settlement of equity awards	(112,307)	(63,208)
Net cash provided by financing activities	110,086	465,625
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,861)	1,730
Net increase in cash, cash equivalents and restricted cash	341,187	89,223
Cash, cash equivalents and restricted cash, beginning of period	1,756,423	1,295,399
Cash, cash equivalents and restricted cash, end of period	2,097,610	1,384,622
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,428,848	1,046,160
Restricted cash	668,762	338,462
Total cash, cash equivalents and restricted cash	2,097,610	1,384,622
Supplemental disclosures of cash flow information
Cash payments for interest expense	103,252	99,506
Cash paid for operating leases	4,253	4,159
Cash paid for income taxes	1,749	454
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	$ 52,885	$ 49,478

Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Denominator:
Weighted average shares of common stock - basic (in shares)	330,238,205	318,234,555
Weighted average shares of common stock - diluted (in shares)	348,278,403	318,234,555
Net income (loss) per share:
Basic (in USD per share)	$ 0.24	$ (0.31)
Diluted (in USD per share)	$ 0.23	$ (0.31)
Class A common stock
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 70,741	$ (86,570)
Net income (loss) attributable to common stockholders - diluted	$ 71,257	$ (86,570)
Denominator:
Weighted average shares of common stock - basic (in shares)	289,507,745	274,886,393
Weighted average shares of common stock - diluted (in shares)	307,547,943	274,886,393
Net income (loss) per share:
Basic (in USD per share)	$ 0.24	$ (0.31)
Diluted (in USD per share)	$ 0.23	$ (0.31)
Class A common stock \| Restricted stock units
Denominator:
Dilutive effect of stock equivalents (in shares)	8,022,382	0
Class A common stock \| Stock options, including early exercise of options
Denominator:
Dilutive effect of stock equivalents (in shares)	8,664,133	0
Class A common stock \| Value creation award vested shares
Denominator:
Dilutive effect of stock equivalents (in shares)	1,312,716	0
Class A common stock \| Employee stock purchase plan shares
Denominator:
Dilutive effect of stock equivalents (in shares)	40,967	0
Class B common stock
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 9,953	$ (13,652)
Net income (loss) attributable to common stockholders - diluted	$ 9,437	$ (13,652)
Denominator:
Weighted average shares of common stock - basic (in shares)	40,730,460	43,348,162
Weighted average shares of common stock - diluted (in shares)	40,730,460	43,348,162
Net income (loss) per share:
Basic (in USD per share)	$ 0.24	$ (0.31)
Diluted (in USD per share)	$ 0.23	$ (0.31)
Class B common stock \| Restricted stock units
Denominator:
Dilutive effect of stock equivalents (in shares)	0	0
Class B common stock \| Stock options, including early exercise of options
Denominator:
Dilutive effect of stock equivalents (in shares)	0	0
Class B common stock \| Value creation award vested shares
Denominator:
Dilutive effect of stock equivalents (in shares)	0	0
Class B common stock \| Employee stock purchase plan shares
Denominator:
Dilutive effect of stock equivalents (in shares)	0	0

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 700	$ 900
Interest rate derivatives	43,333	45,823
Risk sharing asset	41,565	43,179
Servicing liabilities	13	41	$ 438	$ 743
Interest rate derivatives	13	105
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	667	906
Interest rate derivatives	1,768	2,644
Risk sharing asset	41,565	43,179
Total assets	997,123	1,010,126
Servicing liabilities	13	41
Performance fee liability	1,975	1,870
Profit share liability	7,592	9,323
Risk sharing liability		90
Interest rate derivatives	13	15
Total liabilities	9,593	11,339
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	140,681	70,920
Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		3,493
Securities, available for sale:	4,998	7,854
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		12,564
Securities, available for sale:	121,998	126,761
Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		4,995
Securities, available for sale:	300,622	344,434
Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	48,869	39,008
Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	261,399	264,199
Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	9,054	6,076
Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	2,203	5,340
Recurring \| Residual interests in structured transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	4,017	2,284
Recurring \| Securitization notes receivable and residual trust certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	54,263	75,469
Recurring \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	5,019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	0	0
Interest rate derivatives	0	0
Risk sharing asset	0	0
Total assets	140,681	70,920
Servicing liabilities	0	0
Performance fee liability	0	0
Profit share liability	0	0
Risk sharing liability		0
Interest rate derivatives	0	0
Total liabilities	0	0
Level 1 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	140,681	70,920
Level 1 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 1 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 1 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 1 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Residual interests in structured transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Securitization notes receivable and residual trust certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 1 \| Recurring \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	12	0
Total liabilities	1,207,239	1,205,287
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	0	0
Interest rate derivatives	1,768	2,644
Risk sharing asset	0	0
Total assets	750,911	817,368
Servicing liabilities	0	0
Performance fee liability	0	0
Profit share liability	0	0
Risk sharing liability		0
Interest rate derivatives	13	15
Total liabilities	13	15
Level 2 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		3,493
Securities, available for sale:	4,998	7,854
Level 2 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		12,564
Securities, available for sale:	121,998	126,761
Level 2 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		4,995
Securities, available for sale:	300,622	344,434
Level 2 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	48,869	39,008
Level 2 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	261,399	264,199
Level 2 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	9,054	6,076
Level 2 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	2,203	5,340
Level 2 \| Recurring \| Residual interests in structured transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 2 \| Recurring \| Securitization notes receivable and residual trust certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 2 \| Recurring \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,291,039	7,085,840
Total liabilities	6,664,238	6,509,745
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	667	906
Interest rate derivatives	0	0
Risk sharing asset	41,565	43,179
Total assets	105,531	121,838
Servicing liabilities	13	41
Performance fee liability	1,975	1,870
Profit share liability	7,592	9,323
Risk sharing liability		90
Interest rate derivatives	0	0
Total liabilities	9,580	11,324
Level 3 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 3 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 3 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Securities, available for sale:	0	0
Level 3 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 3 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 3 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 3 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	0	0
Level 3 \| Recurring \| Residual interests in structured transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	4,017	2,284
Level 3 \| Recurring \| Securitization notes receivable and residual trust certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	54,263	$ 75,469
Level 3 \| Recurring \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available for sale:	$ 5,019

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2025. The balance sheet as of June 30, 2025 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts and residual interest in structured transactions, the fair value of risk sharing arrangements, and stock-based compensation. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, which was filed with the SEC on August 28, 2025. Recent Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We will apply the guidance beginning with our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reporting Comprehensive Income In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Debt with Conversion and Other Options In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. The new guidance introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. The new guidance primarily changes the software cost capitalization criteria and modifies the website development cost guidance. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on a prospective, modified transition, or retrospective basis approach. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Balance Sheet Components (Tables)

3 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Internally developed software	$	1,088,527	$	987,399
Leasehold improvements	23,725		21,990
Computer equipment	10,353		9,555
Furniture and equipment	9,488		9,007
Total property, equipment and software, at cost	$	1,132,093	$	1,027,952
Less: Accumulated depreciation and amortization	(518,155)		(455,315)
Total property, equipment and software, net	$	613,938	$	572,637

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the three months ended September 30, 2025 were as follows (in thousands):


Balance as of June 30, 2025	$	534,156

Adjustments (1)	(4,245)
Balance as of September 30, 2025	$	529,910

(1)Adjustments to goodwill during the three months ended September 30, 2025 primarily pertained to foreign currency translation adjustments.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	September 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,695	$	(37,695)	$	—	0.0
Developed technology	39,347		(39,288)		59		1.1
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,434		(1,387)		47		0.3
Trademarks, licenses and domains	12,229		—		12,229		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,545	$	(90,860)	$	12,685


	June 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,845	$	(37,845)	$	—	0.0
Developed technology	39,443		(39,369)		74		1.3
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,450		(1,355)		95		0.6
Trademarks, licenses and domains	12,416		—		12,416		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,994	$	(91,059)	$	12,935

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	September 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,695	$	(37,695)	$	—	0.0
Developed technology	39,347		(39,288)		59		1.1
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,434		(1,387)		47		0.3
Trademarks, licenses and domains	12,229		—		12,229		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,545	$	(90,860)	$	12,685


	June 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,845	$	(37,845)	$	—	0.0
Developed technology	39,443		(39,369)		74		1.3
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,450		(1,355)		95		0.6
Trademarks, licenses and domains	12,416		—		12,416		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,994	$	(91,059)	$	12,935

Schedule of Expected Future Amortization Expense

The expected future amortization expense of these intangible assets as of September 30, 2025 is as follows, by fiscal year (in thousands):


2026 (remaining nine months)	$	91
2027	15
2028	—
2029	—
2030 and thereafter	—
Total amortization expense	$	106

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Processing reserves	$	68,416	$	90,826
Prepaid expenses	46,411		47,027
Risk sharing assets	41,565		43,179
Equity securities held at cost	40,396		40,277
Prepaid payroll taxes for stock-based compensation	31,606		25,188
Operating lease right-of-use assets	16,754		19,124
Foreign deferred tax asset	11,889		13,929
Other assets	12,677		15,810
Total other assets	$	269,713	$	295,360

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Accrued expenses	$	75,669	$	72,813
Operating lease liability	28,108		31,943
Other liabilities	62,053		52,516
Total accrued expenses and other liabilities	$	165,830	$	157,272

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025						June 30, 2025
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	100,000	$	1	$	13	$	100,000	$	86	$	—
Derivatives not designated as hedges
Interest rate contracts	600,000		1,767		—		405,074		2,558		15
Risk sharing assets/liabilities	$	9,289,767	$	41,565	$	—	$	8,561,709	$	43,179	$	90
Total gross derivative assets/liabilities	$	9,989,767	$	43,333	$	13	$	9,066,783	$	45,823	$	105

Schedule of Impact of the Cash Flow Hedges on Accumulated Other Comprehensive Income

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):


	Three Months Ended September 30,
		2025		2024
Balance at beginning of period		$	(1,419)	$	1,407
Changes in fair value		24		(1,268)
Amounts reclassified into earnings (1)		(153)		(224)
Balance at end of period (2)		$	(1,548)	$	(85)

(1)The amounts reclassified into earnings are presented in the interim condensed consolidated statements of operations and comprehensive income (loss) within funding costs.

(2)As of September 30, 2025, we estimated that $0.6 million of net derivative losses included in AOCI are expected to be reclassified into earnings within the next 12 months.

Schedule of Impact of the Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)


	Three Months Ended September 30,
		2025		2024
Location of gains (losses) where the effects of derivatives are recorded
The effects of cash flow hedging
Funding costs		$	153	$	224
The effects of derivatives not designated in hedging relationships
Other income, net		(1,188)		(3,953)

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. Our quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three months ended September 30, 2025, we recorded income tax expense (benefit) of $2.3 million which was primarily attributable to various foreign income taxes. For the three months ended September 30, 2024, we recorded income tax expense (benefit) of $1.9 million which was primarily attributable to various U.S state and foreign income taxes. As of September 30, 2025, we continue to recognize a full valuation allowance against our U.S. federal and state and certain foreign net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets.

- Definition

The entire disclosure for income tax.

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+ Details

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 3 months 18 days
Weighted average discount rate	5.90%

Debt - Schedule of Interest Expense Recognized Related to the Convertible Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	$ 6,828	$ 6,083
Total interest expenses related to the convertible notes	110,027	104,145
Convertible Debt
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	977	769
Coupon interest expense	1,734	0
Total interest expenses related to the convertible notes	2,712	769
2026 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	137	769
2029 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	$ 841	$ 0

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
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+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in the Fair Value of Notes Receivable and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (492)	$ (727)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(967)	(1,427)
Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(2,495)	(2,688)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(3,026)	(3,698)
Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, change of 25%	(76)	(130)
Securitization notes and residual trust certificates, change of 50%	$ (152)	$ (259)

Stockholders’ Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2025 USD ($) class vote $ / shares shares	Sep. 30, 2024 USD ($)	Jun. 30, 2025 $ / shares	Feb. 28, 2025	Nov. 30, 2021 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock \| class	2
Exercise price of warrants (in USD per share)	$ 81.08		$ 81.08
Weighted-average grant date fair value (in USD per share)	86.76
Weighted-average grant date fair value, exercisable (in USD per share)	$ 93.65
Commercial Agreement with Amazon, Warrants
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares					22,000,000
Sale of warrants recognized \| $	$ 46.2	$ 112.5
Amortization expense of warrants sold \| $	5.2	5.2
Expenses on sale of warrants \| $	$ 41.0	$ 107.3
Commercial Agreement with Amazon, $0.01 Warrants
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares					7,000,000
Warrants term					3 years 6 months
Warrants exercised (in shares) \| shares	3,500,000
Warrants extension term				4 years
Commercial Agreement with Amazon, $100 Warrants
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares					15,000,000
Warrants term					7 years 6 months
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote	1
Common stock, conversion ratio (in shares)	1
Class A common stock \| Commercial Agreement with Amazon, $0.01 Warrants
Class of Stock [Line Items]
Exercise price of warrants (in USD per share)					$ 0.01
Class A common stock \| Commercial Agreement with Amazon, $100 Warrants
Class of Stock [Line Items]
Exercise price of warrants (in USD per share)					$ 100
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote	15

Securitization and Variable Interest Entities

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Securitization and Variable Interest Entities

Consolidated VIEs

Warehouse Credit Facilities

We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 8. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary.

Securitizations

We finance the origination and purchase of loans though our asset-backed securitization program using a combination of amortizing, revolving and variable funding structures. In connection with our program, we sponsor and establish trusts (deemed to be VIEs) which issue securities collateralized by the loans we sell to the trust. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

We consolidate securitization VIEs when we are deemed to be the primary beneficiary. For these VIEs, it is determined that we have the power to direct the activities that most significantly affect the VIEs’ economic performance and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIEs. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in

the payment waterfall. The servicing fees earned from these arrangements are considered variable interests when we also hold significant retained interests in the VIEs and they would absorb losses or receive benefits that are more than an insignificant amount of the VIEs' expected performance.

For the primary beneficiary evaluation, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. We perform reassessments an ongoing basis to evaluate whether we are the primary beneficiary of the VIEs.

Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the interim condensed consolidated balance sheets.

For each securitization, the residual trust certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. In addition to the retained residual trust certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans.

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):


	September 30, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,862,286	$	1,708,091	$	154,195
Securitizations(1)	5,083,907		4,905,360		178,547
Total consolidated VIEs	$	6,946,193	$	6,613,451	$	332,742


	June 30, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,668,181	$	1,504,136	$	164,044
Securitizations	4,993,148		4,951,485		41,663
Total consolidated VIEs	$	6,661,329	$	6,455,621	$	205,707

(1)As of September 30, 2025, liabilities include a VFN of $62.0 million classified as funding debt and asset-backed securities of $4.8 billion classified as notes issued from securitization trusts.

Unconsolidated VIEs

We are involved with various unconsolidated VIEs, established for the purposes of securitization and forward flow arrangements. We retain economic exposure as variable interests in these unconsolidated VIEs, which consist of securitization notes receivable and certificates in unconsolidated trusts, residual interests in structured transactions, and risk sharing assets and liabilities. While we continue to be involved with the unconsolidated VIEs through our role as the servicer, we determined that we are not the primary beneficiary as of September 30, 2025. Factors we considered for this determination are that we hold an insignificant variable interest or rights held by other variable interest holders convey power in the unconsolidated VIEs.

Securitization notes receivable and certificates in unconsolidated securitization trusts

We have investments in certain unconsolidated securitization trusts in the form of notes and certificates. These notes and certificates are considered variable interests that absorb a portion of the variability of the trusts. The principal and interest payments on these investments are dependent on the performance of the underlying loans held within each trust.

Residual interests in structured transactions

Under certain forward flow arrangements with third-party loan buyers, we hold a beneficial interest representing our right to receive a portion of the residual cash flows from the underlying loans sold in connection with the transaction. The loans are held in an off-balance sheet VIE that has been established by the third-party loan buyers.

Risk sharing assets and liabilities

Under certain other forward flow arrangements with third-party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold.

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	September 30, 2025				June 30, 2025
	Carrying Amount		Maximum Exposure to Losses(4)		Carrying Amount		Maximum Exposure to Losses(4)
Securitization notes receivable and certificates in unconsolidated securitization trusts [1]	$	54,263	$	55,150	$	75,469	$	76,943
Residual interests in structured transactions [1]	4,017		16,199		2,284		15,644
Risk sharing assets [2]	41,565		65,054		43,179		66,590
Risk sharing liabilities [3]	—		20,751		(90)		24,467
Total unconsolidated VIEs	$	99,846	$	157,154	$	120,842	$	183,644

(1)Presented within Securities available for sale at fair value

(2)Presented within Other assets

(3)Presented within Accrued expenses and other liabilities

(4)Maximum exposure to losses represents our exposure through our continuing involvement as servicer, through our retained interests, and legal or contractual obligation.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Katherine Adkins [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2025, Katherine Adkins, our Chief Legal Officer and Chief Compliance Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of the Company's Class A common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). Ms. Adkins’ Rule 10b5-1 Trading Plan provides for the exercise of up to 119,037 employee stock options and the sale of the underlying shares of our Class A common stock pursuant to one or more limit orders on or after December 12, 2025 until June 30, 2026, or earlier if all transactions under the trading arrangement are completed.
Name	Katherine Adkins
Title	Chief Legal Officer and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2025
Expiration Date	June 30, 2026
Arrangement Duration	200 days
Aggregate Available	119,037
Siphelele Jiyane [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 15, 2025, Siphelele Jiyane, our Chief Accounting Officer, adopted a Rule 10b5-1 Trading Plan. Ms. Jiyane’s Rule 10b5-1 Trading Plan provides for the sale of up to 72,086 shares of our Class A common stock pursuant to one or more limit orders on or after December 15, 2025 until June 30, 2026, or earlier if all transactions under the trading arrangement are completed.
Name	Siphelele Jiyane
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2025
Expiration Date	June 30, 2026
Arrangement Duration	197 days
Aggregate Available	72,086

Loans Held for Investment and Allowance for Credit Losses - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Receivables [Abstract]
Unpaid principal balance	$ 7,257,448	$ 7,050,446
Accrued interest receivable	73,870	67,953
Premiums on loans held for investment	10,169	9,818
Less: Discount due to loss on loan purchase commitment	(76,233)	(75,124)
Less: Discount due to loss on directly originated loans	(30,076)	(27,559)
Total loans held for investment	$ 7,235,177	$ 7,025,534

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2025. The balance sheet as of June 30, 2025 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts and residual interest in structured transactions, the fair value of risk sharing arrangements, and stock-based compensation. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, which was filed with the SEC on August 28, 2025.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We will apply the guidance beginning with our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reporting Comprehensive Income In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Debt with Conversion and Other Options In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. The new guidance introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. The new guidance primarily changes the software cost capitalization criteria and modifies the website development cost guidance. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on a prospective, modified transition, or retrospective basis approach. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Securitizations and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Total assets	$ 11,478,567	$ 11,154,929
Total liabilities	(8,179,682)	(8,085,919)
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Total net assets of consolidated VIEs	99,846	120,842
Maximum Exposure to Losses	157,154	183,644
Variable Interest Entity, Not Primary Beneficiary \| Securitization notes receivable and certificates in unconsolidated securitization trusts
Debt Instrument [Line Items]
Total assets	54,263	75,469
Maximum Exposure to Losses	55,150	76,943
Variable Interest Entity, Not Primary Beneficiary \| Residual interests in structured transactions
Debt Instrument [Line Items]
Total assets	4,017	2,284
Maximum Exposure to Losses	16,199	15,644
Variable Interest Entity, Not Primary Beneficiary \| Risk sharing assets
Debt Instrument [Line Items]
Total assets	41,565	43,179
Maximum Exposure to Losses	65,054	66,590
Variable Interest Entity, Not Primary Beneficiary \| Risk sharing liabilities
Debt Instrument [Line Items]
Total liabilities	0	(90)
Maximum Exposure to Losses	$ 20,751	$ 24,467

Loans Held for Investment and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Financing Receivable, Past Due [Line Items]
Total	$ 8,839	$ 11,140
% of total loan receivables outstanding	0.12%	0.18%
Payment deferral
Financing Receivable, Past Due [Line Items]
Total	$ 8,690	$ 10,975
Loan re-amortization
Financing Receivable, Past Due [Line Items]
Total	$ 149	$ 165

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Sep. 30, 2025	Jun. 30, 2025
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Program Profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0100	0.0023
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Program Profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0328	0.0328
Weighted Average \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average \| Program Profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0284	0.0286

Leases (Tables)

3 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease Term and Discount Rate

Operating lease expense is as follows (in thousands):


	Three Months Ended September 30,
		2025	2024
Operating lease expense (1)		$3,108	$2,853

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

Lease term and discount rate information are summarized as follows:


						September 30, 2025
Weighted average remaining lease term (in years)						4.3
Weighted average discount rate						5.9%

Schedule of Future Minimum Lease Payments

As of September 30, 2025, future minimum lease payments are as follows, by fiscal year (in thousands):


2026 (remaining nine months)	$	12,314
2027	4,436
2028	3,563
2029	3,618
2030	3,745
Thereafter	4,436
Total lease payments	32,112
Less imputed interest	(4,004)
Present value of total lease liabilities	$	28,108

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 06, 2025	Nov. 02, 2025	Sep. 30, 2025	Jun. 30, 2025	Nov. 30, 2021
Subsequent Event [Line Items]
Exercise price of warrants (in USD per share)			$ 81.08	$ 81.08
Class A common stock
Subsequent Event [Line Items]
Common stock, par value (in USD per share)			$ 0.00001	$ 0.00001
Commercial Agreement with Amazon, Warrants
Subsequent Event [Line Items]
Shares purchased by warrants (in shares)					22,000,000
Subsequent Event
Subsequent Event [Line Items]
Installment financing service agreement, term	5 years
Installment financing service agreement, extension term	1 year
Subsequent Event \| Minimum \| Forecast
Subsequent Event [Line Items]
Incremental selling and marking expense, warrants		$ 35
Subsequent Event \| Maximum \| Forecast
Subsequent Event [Line Items]
Incremental selling and marking expense, warrants		$ 40
Subsequent Event \| Class A common stock
Subsequent Event [Line Items]
Common stock, par value (in USD per share)		$ 0.00001
Subsequent Event \| Commercial Agreement with Amazon, Warrants
Subsequent Event [Line Items]
Shares purchased by warrants (in shares)		15,000,000
Subsequent Event \| Commercial Agreement with Amazon, New Users Acquired Prior to February 1
Subsequent Event [Line Items]
Exercise price of warrants (in USD per share)		$ 100.00
Subsequent Event \| Commercial Agreement with Amazon, Warrants, On Or After 2/1/2026
Subsequent Event [Line Items]
Exercise price of warrants (in USD per share)		$ 63.06

Net Income (Loss) per Share Attributable to Common Stockholders

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) per Share Attributable to Common Stockholders

The following table presents basic and diluted net income (loss) per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
Numerator:
Net income (loss) attributable to common stockholders - basic	$	70,741	$	9,953	$	(86,570)	$	(13,652)
Net income (loss) attributable to common stockholders - diluted	$	71,257	$	9,437	$	(86,570)	$	(13,652)
Denominator:
Weighted average shares of common stock - basic	289,507,745		40,730,460		274,886,393		43,348,162
Dilutive effect of stock equivalents:
Restricted stock units	8,022,382		—		—		—
Stock options, including early exercise of options	8,664,133		—		—		—
Value creation award vested shares	1,312,716		—		—		—
Employee stock purchase plan shares	40,967		—		—		—
Weighted average shares of common stock - diluted	307,547,943		40,730,460		274,886,393		43,348,162
Net income (loss) per share:
Basic	$	0.24	$	0.24	$	(0.31)	$	(0.31)
Diluted	$	0.23	$	0.23	$	(0.31)	$	(0.31)


	Three Months Ended September 30,
		2025	2024
Common stock warrants		7,840,727	5,734,551
Restricted stock units		4,962,779	24,352,160
Stock options, including early exercise of options		131,859	17,011,341

Employee stock purchase plan shares		—	210,893
Total		12,935,365	47,308,945

Balance Sheet Components - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Balance Sheet Related Disclosures [Abstract]
2026 (remaining nine months)	$ 91
2027	15
2028	0
2029	0
2030 and thereafter	0
Total amortization expense	$ 106

Balance Sheet Components

3 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Accounts Receivable, net

Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $20.2 million and $18.8 million as of September 30, 2025 and June 30, 2025, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Internally developed software	$	1,088,527	$	987,399
Leasehold improvements	23,725		21,990
Computer equipment	10,353		9,555
Furniture and equipment	9,488		9,007
Total property, equipment and software, at cost	$	1,132,093	$	1,027,952
Less: Accumulated depreciation and amortization	(518,155)		(455,315)
Total property, equipment and software, net	$	613,938	$	572,637

Depreciation and amortization expense on property, equipment and software was $65.3 million and $46.1 million for the three months ended September 30, 2025 and 2024, respectively.

No impairment losses related to property, equipment and software were recorded during the three months ended September 30, 2025 and 2024.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the three months ended September 30, 2025 were as follows (in thousands):


Balance as of June 30, 2025	$	534,156

Adjustments (1)	(4,245)
Balance as of September 30, 2025	$	529,910

(1)Adjustments to goodwill during the three months ended September 30, 2025 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three months ended September 30, 2025 and 2024.

Intangible assets consisted of the following (in thousands):


	September 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,695	$	(37,695)	$	—	0.0
Developed technology	39,347		(39,288)		59		1.1
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,434		(1,387)		47		0.3
Trademarks, licenses and domains	12,229		—		12,229		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,545	$	(90,860)	$	12,685


	June 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,845	$	(37,845)	$	—	0.0
Developed technology	39,443		(39,369)		74		1.3
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,450		(1,355)		95		0.6
Trademarks, licenses and domains	12,416		—		12,416		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,994	$	(91,059)	$	12,935

Amortization expense for intangible assets was $0.1 million and $0.6 million for the three months ended September 30, 2025 and 2024, respectively. No impairment losses related to intangible assets were recorded during the three months ended September 30, 2025 and 2024.

The expected future amortization expense of these intangible assets as of September 30, 2025 is as follows, by fiscal year (in thousands):


2026 (remaining nine months)	$	91
2027	15
2028	—
2029	—
2030 and thereafter	—
Total amortization expense	$	106

Commercial Agreement Assets

In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the expected benefit period of four years. For

both the three months ended September 30, 2025 and 2024, we recognized amortization expense of $5.2 million in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of September 30, 2025, the accumulated amortization is $126.6 million and the remaining net asset value is $7.0 million, which will be recognized over the remaining useful life of 0.3 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $270.6 million based on the grant-date fair value of the vested warrants. We amortize the asset over the expected benefit period, which was extended from six to nine years during the fiscal year 2025 upon execution of a commercial agreement that superseded and replaced the previous commercial agreement. The benefit period is reevaluated each reporting period. For the three months ended September 30, 2025 and 2024, we recorded amortization expense related to the commercial agreement asset of $2.8 million and $9.0 million, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of September 30, 2025, the accumulated amortization is $228.3 million and the remaining net asset value is $42.3 million, which will be recognized over the remaining useful life of 3.8 years.

Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Processing reserves	$	68,416	$	90,826
Prepaid expenses	46,411		47,027
Risk sharing assets	41,565		43,179
Equity securities held at cost	40,396		40,277
Prepaid payroll taxes for stock-based compensation	31,606		25,188
Operating lease right-of-use assets	16,754		19,124
Foreign deferred tax asset	11,889		13,929
Other assets	12,677		15,810
Total other assets	$	269,713	$	295,360

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	September 30, 2025		June 30, 2025
Accrued expenses	$	75,669	$	72,813
Operating lease liability	28,108		31,943
Other liabilities	62,053		52,516
Total accrued expenses and other liabilities	$	165,830	$	157,272

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease expense	$ 3,108	$ 2,853

Derivative Financial Instruments - Schedule of Impact of the Cash Flow Hedges on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,069,009	$ 2,731,989
Ending balance	3,298,885	2,835,572
Net derivative losses included within AOCI expected to be reclassified	600
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,419)	1,407
Changes in fair value	24	(1,268)
Amounts reclassified into earnings	(153)	(224)
Ending balance	$ (1,548)	$ (85)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Debt - Schedule of Aggregate Future Maturities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	681,664
2028	901,115
2029	1,269,841
2030	1,817,754
Thereafter	3,118,112
Total	7,788,486
Deferred debt issuance costs	(52,093)
Total funding debt, net of deferred debt issuance costs	$ 7,736,393

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 6, 2025, we entered into a second amended and restated Installment Financing Services Agreement (the “Restated Agreement”) with Amazon.com Services LLC (“Amazon Services”) and Amazon Payments, Inc., which will supersede and replace the existing commercial agreement (the “Existing Agreement”) on February 1, 2026 (the “Effective Date”). The Restated Agreement has an initial term of five years and will automatically extend for subsequent one-year periods unless either party provides notice. The Existing Agreement remains in effect until the Effective Date. In connection with entry into the Restated Agreement, on November 2, 2025, we and Amazon Services entered into a second amendment (the “Second Amendment”) to the amended and restated warrant (as amended) to purchase up to an aggregate of 15,000,000 shares of Class A common stock, $0.00001 par value per share (the “Warrant Shares”), of the Company. The Second Amendment (i) maintains the exercise price of $100.00 per share for Warrant Shares that vest based on the number of new users acquired prior to February 1, 2026 and (ii) sets an exercise price of $63.06 per share for Warrant Shares that vest based on the number of new users acquired on or after February 1, 2026. We expect the Second Amendment to result in incremental sales and marketing expense of $35 to $40 million, which will be recognized as the Warrant Shares vest, based upon satisfaction of the vesting conditions, which we expect to occur during the period from February 2026 through November 2028.

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Contractual interest income on unpaid principal balance	$ 400,114	$ 337,159
Amortization of discount on loans	71,316	56,697
Amortization of premiums on loans	(6,244)	(4,633)
Interest receivable charged-off, net of recoveries	(11,064)	(12,159)
Total interest income	$ 454,122	$ 377,064

- Definition

Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein.

+ References + Details

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in the Fair Value of Residual Interests in Structured Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount Rate increase of 20%	$ (296)	$ (181)
Discount Rate increase of 40%	(562)	(343)
Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Default Rate increase of 20%	(40)	(28)
Default Rate increase of 40%	(82)	(50)
Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Prepayment Rate increase of 20%	(54)	(35)
Prepayment Rate increase of 40%	$ (99)	$ (64)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loan Repurchase Obligations Under the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representations and warranties is identified. Generally, a breach in representations and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. As of September 30, 2025, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $8.5 billion, of which we have recorded a repurchase liability of $8.4 million within accrued expenses and other liabilities in our interim condensed consolidated balance sheets. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). On May 5, 2023, plaintiffs Kusnier and Chris Meinsen filed their first amended complaint alleging that the defendants (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. On December 20, 2023, the Court granted Affirm’s motion to dismiss the first amended complaint with leave to amend. On January 19, 2024, plaintiffs filed their second amended complaint, which contained only the allegations from the first amended complaint relating to false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiffs assert that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, unspecified compensatory and punitive damages, and costs and expenses. Affirm filed its motion to dismiss the second amended complaint on February 2, 2024. On August 26, 2024, the Court granted Affirm’s motion to dismiss with leave to amend. On September 23, 2024, plaintiffs filed a motion for leave to file a motion for reconsideration of the Court's Order granting Affirm's motion to dismiss. On August 14, 2025, the Court resolved plaintiffs' motion in Affirm's favor. On September 30, 2025, the Court dismissed the action with prejudice. On October 29, 2025, plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action at the time of filing. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Jeffries action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions at the time of filing. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Vallieres v. Levchin, et al. On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier, Quiroga, and Jeffries actions at the time of filing. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. On November 30, 2023, the case was stayed by agreement of the parties. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect within our consolidated financial position, results of operations or cash flows. Amounts accrued as of September 30, 2025 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 320,477	$ 231,819
Period of suspended accrued interest past due	120 days
Loan receivable on nonaccrual status	$ 6,700		$ 6,200
Affiliated Entity
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 30,900	$ 24,900

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable	$ 20,200,000		$ 18,800,000
Depreciation	65,300,000	$ 46,100,000
Impairment expense on leasehold improvements	0	0
Goodwill impairment loss	0	0
Amortization of intangible assets	100,000	600,000
Impairment of intangible assets	0	0
Amortization of commercial agreement assets	8,056,000	14,256,000
Commercial Agreement - Amazon
Finite-Lived Intangible Assets [Line Items]
Warrants vested fully upon grant, asset recognized	7,000,000.0			$ 133,500,000
Asset amortization period				4 years
Amortization of sales and marketing expense	5,200,000	5,200,000
Accumulated amortization	$ 126,600,000
Commercial agreement asset, remaining useful life	3 months 18 days
Commercial Agreement - Shopify
Finite-Lived Intangible Assets [Line Items]
Warrants vested fully upon grant, asset recognized	$ 42,300,000				$ 270,600,000
Accumulated amortization	228,300,000
Remaining expected benefit period			9 years		6 years
Amortization of commercial agreement assets	$ 2,800,000	$ 9,000,000.0
Commercial agreement asset, remaining useful life	3 years 9 months 18 days

Investments - Schedule of Securities Available for Sale at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 811,133	$ 892,168
Gross Unrealized Gains	2,147	1,467
Gross Unrealized Losses	(85)	(217)
Allowance for Credit Losses	(753)	(941)
Fair Value	812,442	892,477
Other Receivables \| Asset Pledged as Collateral \| 2021-Z1 and 2021-Z2 \| Repurchase Agreement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,400	34,500
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48,807	38,990
Gross Unrealized Gains	62	18
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	48,869	39,008
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	260,468	263,495
Gross Unrealized Gains	934	759
Gross Unrealized Losses	(3)	(55)
Allowance for Credit Losses	0	0
Fair Value	261,399	264,199
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	121,914	139,336
Gross Unrealized Gains	84	7
Gross Unrealized Losses	0	(18)
Allowance for Credit Losses	0	0
Fair Value	121,998	139,325
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,999	11,358
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(11)
Allowance for Credit Losses	0	0
Fair Value	4,998	11,347
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,023	6,057
Gross Unrealized Gains	31	19
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	9,054	6,076
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,191	5,331
Gross Unrealized Gains	12	9
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	2,203	5,340
US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	300,082	349,149
Gross Unrealized Gains	548	371
Gross Unrealized Losses	(8)	(91)
Allowance for Credit Losses	0	0
Fair Value	300,622	349,429
US \| Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Fair Value	74,600	75,400
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54,892	76,279
Gross Unrealized Gains	197	173
Gross Unrealized Losses	(73)	(42)
Allowance for Credit Losses	(753)	(941)
Fair Value	54,263	75,469
Residual interests in structured transactions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,751	2,173
Gross Unrealized Gains	266	111
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	4,017	2,284
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,006
Gross Unrealized Gains	13
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Fair Value	$ 5,019
Commercial Paper, Agency Bonds & US Government Bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 21,100

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 4,900,000	$ 2,800,000
Unpaid principal balance on serviced sold loans	8,500,000		$ 7,800,000
Servicing income	39,689	25,983
Servicing assets	700		900
Servicing liabilities	$ 10		40
Economic risk retention	5.00%
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 54,263	$ 38,926	$ 75,469	$ 51,670
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Residual interests in structured transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 4,000

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 320,477	$ 231,819
Interest income	454,122	377,064
Gain on sales of loans	119,049	63,613
Servicing income	39,689	25,983
Total revenue, net	933,337	698,479
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	251,147	184,339
Card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 69,330	$ 47,480

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Loans Held for Investment and Allowance for Credit Losses - Schedule of Net Charge Offs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Current period charge-offs
2026	$ (1,925)
2025	(130,212)
2024	(11,715)
2023	(606)
2022	(123)
Prior	(14)
Total	(144,595)	$ (121,448)
Current period recoveries
2026	46
2025	6,621
2024	6,294
2023	2,505
2022	1,268
Prior	329
Total	17,063	$ 8,152
Current period net charge-offs
2026	(1,879)
2025	(123,591)
2024	(5,421)
2023	1,899
2022	1,145
Prior	315
Total	$ (127,532)

Fair Value of Financial Assets and Liabilities - Fair Value of Financial Assets and Liabilities - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Held at Amortized Cost (Details) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance costs, net	$ 52,093
Line of Credit
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance costs, net	18,300	$ 17,700
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0
Loans held for investment, net	0	0
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	12
Loans held for investment, net	0	0
Total assets	12	0
Convertible senior notes, net	1,207,239	1,205,287
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,207,239	1,205,287
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0
Loans held for investment, net	7,291,039	7,085,840
Total assets	7,291,039	7,085,840
Convertible senior notes, net	0	0
Notes issued by securitization trusts	4,867,800	4,868,980
Funding debt	1,796,438	1,640,765
Total liabilities	6,664,238	6,509,745
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	12
Loans held for investment, net	6,809,376	6,628,606
Total assets	6,809,388	6,628,606
Convertible senior notes, net	1,127,668	1,153,000
Notes issued by securitization trusts	4,830,819	4,833,855
Funding debt	1,796,177	1,640,514
Total liabilities	7,754,664	7,627,369
Carrying Amount \| 2026 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	221,700	247,900
Carrying Amount \| 2029 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	906,000	905,100
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	12
Loans held for investment, net	7,291,039	7,085,840
Total assets	7,291,051	7,085,840
Convertible senior notes, net	1,207,239	1,205,287
Notes issued by securitization trusts	4,867,800	4,868,980
Funding debt	1,796,438	1,640,765
Total liabilities	7,871,477	7,715,032
Balance at Fair Value \| 2026 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	210,900	232,700
Balance at Fair Value \| 2029 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	$ 996,300	$ 972,600

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued expenses	$ 75,669	$ 72,813
Operating lease liability	$ 28,108	$ 31,943
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accrued expenses and other liabilities	Total accrued expenses and other liabilities
Other liabilities	$ 62,053	$ 52,516
Total accrued expenses and other liabilities	$ 165,830	$ 157,272

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(1))
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 9,323	$ 1,974
Facilitation of loans	3,147	1,227
Actual performance	(5,096)	(3,028)
Subsequent changes in fair value	218	1,842
Fair value at end of period	$ 7,592	$ 2,015

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Dec. 20, 2024 USD ($) day tradingDay $ / shares	Dec. 16, 2024 USD ($)	Nov. 23, 2021 USD ($) tradingDay consecutiveTradingDay $ / shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	May 18, 2025 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 12,324,466
Borrowings outstanding				1,777,906		$ 1,622,808
Gain on extinguishment of debt				1,495	$ 19,624
Debt outstanding				7,788,486
2029 Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	100.00%
2029 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 920,000
Interest rate, stated percentage	0.75%
Proceeds from debt	$ 903,100
Conversion ratio	0.0098992
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares	$ 101.02
Debt instrument, convertible, trading day observation period \| tradingDay	40
Debt outstanding				920,000
2029 Notes \| Convertible Debt \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Threshold percentage of stock price trigger	130.00%
2029 Notes \| Convertible Debt \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| day	5
Period following threshold consecutive trading days	5 days
Minimum percentage of common stock price trigger	98.00%
2026 Notes
Line of Credit Facility [Line Items]
Conversion ratio			0.0046371
2026 Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage			100.00%
2026 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 1,725,000
Interest rate, stated percentage			0.00%
Proceeds from debt			$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares			$ 215.65
Debt instrument, convertible, trading day observation period \| tradingDay			40
Debt instrument, authorized repurchase amount							$ 200,000
Repayments of convertible debt				24,800
Debt repurchased during the period				26,400
Debt instrument, repurchased carrying amount				26,300
Gain on extinguishment of debt				1,500
Debt outstanding				222,309
2026 Notes \| Convertible Debt \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| tradingDay			20
Threshold consecutive trading days \| consecutiveTradingDay			30
Threshold percentage of stock price trigger			130.00%
Debt instrument, redemption price, percentage			100.00%
2026 Notes \| Convertible Debt \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| tradingDay			5
Period following threshold consecutive trading days			5 years
Minimum percentage of common stock price trigger			98.00%
Revolving Facilities
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 330,000
Basis spread		1.75%
Unused commitment fees		0.20%
Borrowings outstanding				0
Revolving Facilities \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 330,000
Unused commitment fees				0.20%
Debt outstanding				$ 0
Revolving Facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread		0.50%
Revolving Facilities \| One Month Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread		1.00%
Revolving Facilities \| Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.75%

Loans Held for Investment and Allowance for Credit Losses - Schedule of Delinquency Status of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	$ 14,043	$ 26,215
Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	13,787	25,654
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	256	561
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	8,960	12,932
Non-delinquent loans \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	8,827	12,645
Non-delinquent loans \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	133	287
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	2,086	3,810
4 – 29 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	2,022	3,717
4 – 29 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	64	93
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	1,168	2,740
30 – 59 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	1,146	2,689
30 – 59 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	22	51
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	956	4,018
60 – 89 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	934	3,951
60 – 89 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	22	67
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	873	2,715
90 – 119 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	858	2,652
90 – 119 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	$ 15	$ 63

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		59 Months Ended
	Nov. 18, 2020	Nov. 30, 2020	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			104,293,850		104,293,850	92,973,623
Total stock-based compensation in operating expenses			$ 85,853	$ 94,233
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			38,330,379		38,330,379	39,122,013
Vesting period			4 years
Right to purchase shares (in shares)			0
Non-vested stock options, unrecognized compensation cost			$ 34,000		$ 34,000
Weighted-average compensation expense recognition period			2 years
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			12 months
Vesting rights percentage			25.00%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Vesting rights percentage			75.00%
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to purchase shares (in shares)		12,500,000
Non-vested stock options, unrecognized compensation cost			$ 6,300		6,300
Weighted-average compensation expense recognition period			3 months 18 days
Total stock-based compensation in operating expenses			$ 5,500	$ 12,400
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period			1 year 7 months 6 days
Non-vested RSUs, unrecognized compensation cost			$ 633,700		633,700
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Weighted-average compensation expense recognition period			2 years 9 months 18 days
Non-vested RSUs, unrecognized compensation cost			$ 23,300		$ 23,300
Share-based payment arrangement, expense, period for recognition			3 years
Employee stock purchase plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period	6 months
Minimum \| Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			3 months
Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			0.00%
Maximum \| Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Maximum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			200.00%
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)			65,963,471		65,963,471
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			192,859,800		192,859,800
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent	85.00%
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)	19,200,000
Number of common stock issued (in shares)					2,100,000

Equity Incentive Plans

3 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2012 Stock Plan

Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, officers, directors, and consultants. As of September 30, 2025, the maximum number of shares of common stock which may be issued under the Plan is 192,859,800 Class A shares and there were 65,963,471 shares of Class A common stock available for future grants under the Plan.

Stock Options

Stock option awards generally vest over a period of four years, with some awards vesting 25% on the 12 month anniversary of the vesting commencement date and the remaining 75% vesting ratably over the next three years. The contractual term is 10 years from the date of grant, or three months after termination of employment.

The following table summarizes our stock option activity for the three months ended September 30, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,955,978	$	19.12	5.18

Exercised	(1,686,317)	17.65
Forfeited, expired or canceled	(31,617)	35.89
Balance as of September 30, 2025	11,238,044	19.29		5.01
Vested and exercisable, September 30, 2025	9,392,988	$	17.55	4.42	$	522,816
Vested and exercisable, and expected to vest thereafter(1) September 30, 2025	11,236,193	$	19.31	5.01	$	605,384

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

There were no options granted during the three months ended September 30, 2025. As of September 30, 2025, unrecognized compensation expense related to unvested stock options was approximately $34.0 million, which is expected to be recognized over a remaining weighted-average period of 2.0 years.

Value Creation Award

In November 2020, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. We incurred stock-based compensation expense of $5.5 million and $12.4 million during the three months ended September 30, 2025 and 2024, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes our Value Creation Award activity for the three months ended September 30, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	12,500,000	$	49.00	5.29
Exercised	(1,333,332)	49.00
Balance as of September 30, 2025	11,166,668	49.00		5.29
Vested and exercisable, September 30, 2025	2,666,668	$	49.00	5.29	$	64,213

As of September 30, 2025, unrecognized compensation expense related to the Value Creation Award was approximately $6.3 million, which is expected to be recognized over a remaining weighted-average period of 0.3 years.

Restricted Stock Units

RSUs are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to three years.

The following table summarizes our RSU activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2025	13,666,035	$	30.98
Granted	5,662,211	67.50
Vested	(3,231,575)	36.76
Forfeited, expired or canceled	(433,760)	35.72
Non-vested at September 30, 2025	15,662,911	$	42.86

As of September 30, 2025, unrecognized compensation expense related to unvested RSUs was approximately $633.7 million, which is expected to be recognized over a remaining weighted-average period of 1.6 years.

Performance Stock Units

In September 2025, we granted PSUs to select executives and employees. Vesting is contingent upon completion of a continuous three-year service period and the achievement of company financial performance goals, including target growth rates for revenue less transaction costs and adjusted operating income. The number of shares that vest at the end of the performance period will range between 0% and 200% of the target shares based on actual performance against the applicable targets, which will be measured at the end of each fiscal year and averaged at the end of the three-year period. We record stock-based compensation expense for the number of PSUs that are probable of vesting based on the estimated achievement of the performance conditions. If the minimum conditions are not met, any recognized compensation cost will be reversed. The expense is recognized on a straight-line basis over the three-year period.

The following table summarizes our PSU activity during the three months ended September 30, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2025	—	$	—
Granted	262,756	89.91


Non-vested at September 30, 2025	262,756	$	89.91

As of September 30, 2025, unrecognized compensation expense related to unvested PSUs was approximately $23.3 million, which is expected to be recognized over a remaining weighted-average period of 2.8 years.

2020 Employee Stock Purchase Plan

On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 19.2 million shares of Class A common stock are reserved and available for issuance under the ESPP and 2.1 million shares have been issued as of September 30, 2025. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering

period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended September 30,
		2025		2024
General and administrative		$	55,773	$	62,804
Technology and data analytics		24,764		25,972
Sales and marketing		5,076		5,195
Processing and servicing		240		262
Total stock-based compensation in operating expenses		85,853		94,233
Capitalized into property, equipment and software, net		52,885		49,478
Total stock-based compensation		$	138,738	$	143,711

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Beginning balance, common stock (in shares) at Jun. 30, 2024

^[1]

311,053,031

Beginning balance at Jun. 30, 2024

$ 2,731,989

$ 3

$ 5,862,555

$ (3,109,004)

$ (21,565)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

432,277

Issuance of common stock upon exercise of stock options

3,596

Vesting of restricted stock units (in shares)

^[1]

2,492,095

Vesting of warrants for common stock

107,263

Stock-based compensation

143,711

Tax withholding on stock-based compensation

(63,208)

Foreign currency translation adjustments

8,346

Unrealized gain on securities available for sale

5,589

Loss on cash flow hedges

(1,492)

Net income (loss)

(100,222)

Ending balance, common stock (in shares) at Sep. 30, 2024

^[1]

313,977,403

Ending balance at Sep. 30, 2024

2,835,572

$ 3

6,053,917

(3,209,226)

(9,122)

Beginning balance, common stock (in shares) at Jun. 30, 2025

^[1]

325,112,799

Beginning balance at Jun. 30, 2025

$ 3,069,009

$ 3

6,140,893

(3,056,818)

(15,069)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

1,686,317

3,020,789

^[1]

Issuance of common stock upon exercise of stock options

$ 94,828

94,828

Vesting of restricted stock units (in shares)

^[1]

1,914,916

Vesting of warrants for common stock

40,977

Stock-based compensation

138,738

Tax withholding on stock-based compensation

(116,041)

Foreign currency translation adjustments

(10,003)

Unrealized gain on securities available for sale

812

Loss on cash flow hedges

(129)

Net income (loss)

80,694

Ending balance, common stock (in shares) at Sep. 30, 2025

^[1]

330,048,504

Ending balance at Sep. 30, 2025

$ 3,298,885

$ 3

$ 6,299,395

$ (2,976,124)

$ (24,389)

[1]	The share amounts listed above combine Class A and Class B stock.

Securitization and Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):


	September 30, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,862,286	$	1,708,091	$	154,195
Securitizations(1)	5,083,907		4,905,360		178,547
Total consolidated VIEs	$	6,946,193	$	6,613,451	$	332,742


	June 30, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,668,181	$	1,504,136	$	164,044
Securitizations	4,993,148		4,951,485		41,663
Total consolidated VIEs	$	6,661,329	$	6,455,621	$	205,707

(1)As of September 30, 2025, liabilities include a VFN of $62.0 million classified as funding debt and asset-backed securities of $4.8 billion classified as notes issued from securitization trusts.

Schedule of Variable Interest Entities

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	September 30, 2025				June 30, 2025
	Carrying Amount		Maximum Exposure to Losses(4)		Carrying Amount		Maximum Exposure to Losses(4)
Securitization notes receivable and certificates in unconsolidated securitization trusts [1]	$	54,263	$	55,150	$	75,469	$	76,943
Residual interests in structured transactions [1]	4,017		16,199		2,284		15,644
Risk sharing assets [2]	41,565		65,054		43,179		66,590
Risk sharing liabilities [3]	—		20,751		(90)		24,467
Total unconsolidated VIEs	$	99,846	$	157,154	$	120,842	$	183,644

(1)Presented within Securities available for sale at fair value

(2)Presented within Other assets

(3)Presented within Accrued expenses and other liabilities

(4)Maximum exposure to losses represents our exposure through our continuing involvement as servicer, through our retained interests, and legal or contractual obligation.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Business Description	3 Months Ended
Business Description	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert consumers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied consumer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties. On June 26, 2025, the Company filed a certificate of conversion with the Secretary of State of the State of Delaware and filed articles of conversion and articles of incorporation with the Secretary of State of the State of Nevada, which as of July 1, 2025, effected a change in our jurisdiction of incorporation from Delaware to Nevada (the “Reincorporation”).

Fair Value of Financial Assets and Liabilities

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Financial Assets and Liabilities Recorded at Fair Value

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	140,681	$	—	$	—	$	140,681



Securities, available for sale:
Certificates of deposit	—		48,869		—		48,869
Corporate bonds	—		261,399		—		261,399
Commercial paper	—		121,998		—		121,998
Agency bonds	—		4,998		—		4,998
Municipal bonds	—		9,054		—		9,054
Government bonds:
Non-US	—		2,203		—		2,203
US	—		300,622		—		300,622
Securitization notes receivable and residual trust certificates	—		—		54,263		54,263
Residual interests in structured transactions	—		—		4,017		4,017
Other	—		—		5,019		5,019
Servicing assets	—		—		667		667
Interest rate derivatives	—		1,768		—		1,768
Risk sharing asset	—		—		41,565		41,565
Total assets	$	140,681	$	750,911	$	105,531	$	997,123
Liabilities:
Servicing liabilities	$	—	$	—	$	13	$	13
Performance fee liability	—		—		1,975		1,975
Profit share liability	—		—		7,592		7,592

Interest rate derivatives	—		13		—		13
Total liabilities	$	—	$	13	$	9,580	$	9,593


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	70,920	$	—	$	—	$	70,920
Agency Bonds	—		3,493		—		3,493
Commercial paper	—		12,564		—		12,564
Government bonds- US	—		4,995		—		4,995
Securities, available for sale:
Certificates of deposit	—		39,008		—		39,008
Corporate bonds	—		264,199		—		264,199
Commercial paper	—		126,761		—		126,761
Agency bonds	—		7,854		—		7,854
Municipal bonds	—		6,076		—		6,076
Government bonds:
Non-US	—		5,340		—		5,340
US	—		344,434		—		344,434
Securitization notes receivable and residual trust certificates	—		—		75,469		75,469
Residual interests in structured transactions	—		—		2,284		2,284
Servicing assets	—		—		906		906
Interest rate derivatives	—		2,644		—		2,644
Risk sharing asset	—		—		43,179		43,179
Total assets	$	70,920	$	817,368	$	121,838	$	1,010,126
Liabilities:
Servicing liabilities	$	—	$	—	$	41	$	41
Performance fee liability	—		—		1,870		1,870
Profit share liability	—		—		9,323		9,323
Risk sharing liability	—		—		90		90
Interest rate derivatives	—		15		—		15
Total liabilities	$	—	$	15	$	11,324	$	11,339

As of September 30, 2025 and June 30, 2025, there were no transfers between levels.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2)

Cash and Cash Equivalents and Securities Available for Sale

As of September 30, 2025, we held level 2 debt securities classified as cash and cash equivalents and securities available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services.

Derivative Instruments

As of September 30, 2025 and June 30, 2025, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 11. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments.

Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)

We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, residual interests in structured transactions, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made.

The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets and liabilities:

•Adequate Compensation - The compensation rate is expressed as a percentage of the outstanding loan balance that a willing market participant would require for servicing loans with similar characteristics.

•Discount Rate - The rate used to discount estimated future cash flows to present value in determining fair value. It reflects the rate of return market participants would require to compensate for time value of money plus a premium based on relative risk, liquidity and other market based factors.

•Default Rate - The estimated annualized rate of charge-offs affecting the projected unpaid principal balance and expected term of the loan portfolio.

•Loss Rate - The estimated lifetime rate of loan charge-offs as a percentage of the initial settled principal balance.

•Prepayment Rate - The estimated annualized excess loan payment received in a given month as a percentage of the outstanding principal balance at the beginning of the month minus the scheduled principal payment.

•Refund Rate - The rate of refunded transactions as a percentage of the outstanding loan balance over the remaining life of the loan portfolio.

•Program Profitability - The estimated future profit to be shared with enterprise partners as a percentage of total loans outstanding, based on the terms of the respective commercial agreements.

Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

Servicing Assets and Liabilities

We sold loans with an unpaid principal balance of $4.9 billion and $2.8 billion for the three months ended September 30, 2025 and 2024, respectively, for which we retained servicing rights.

As of September 30, 2025 and June 30, 2025, we serviced loans which we sold with a remaining unpaid principal balance of $8.5 billion and $7.8 billion, respectively. We earned $39.7 million and $26.0 million of servicing income for the three months ended September 30, 2025 and 2024, respectively.

We use discounted cash flow models to arrive at an estimate of fair value. As of September 30, 2025 and June 30, 2025, the aggregate fair value of the servicing assets was measured at $0.7 million and $0.9 million and presented within other assets in the interim condensed consolidated balance sheets. As of September 30, 2025 and June 30, 2025, the aggregate fair value of the servicing liabilities was measured at $0.01 million and $0.04 million, respectively, and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	906	$	574
Initial transfers of financial assets		—		—
Subsequent changes in fair value		(239)		(139)
Fair value at end of period		$	667	$	435

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	41	$	743
Initial transfers of financial liabilities		—		—
Subsequent changes in fair value		(28)		(305)
Fair value at end of period		$	13	$	438

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2025 and June 30, 2025:


		September 30, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (1)
Servicing assets	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	13.75	%	16.44	%	14.52	%
Servicing liabilities	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	4.63	%	11.18	%	6.55	%


		June 30, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (1)
Servicing assets	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	10.24	%	15.68	%	12.04	%
Servicing liabilities	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	3.71	%	7.89	%	5.26	%

(1)Unobservable inputs were weighted by relative fair value

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	September 30, 2025		June 30, 2025
Servicing assets
Default Rate assumption:
Default Rate increase of 25%	$	1	$	1
Default Rate increase of 50%	$	1	$	2
Adequate Compensation assumption:
Adequate Compensation increase of 10%	$	(956)	$	(1,439)
Adequate Compensation increase of 20%	$	(1,912)	$	(2,879)
Discount Rate assumption:
Discount Rate increase of 25%	$	(23)	$	(35)
Discount Rate increase of 50%	$	(45)	$	(66)
Servicing liabilities
Default Rate assumption:
Default Rate increase of 25%	$	—	$	—
Default Rate increase of 50%	$	—	$	—
Adequate Compensation assumption:
Adequate Compensation increase of 10%	$	5,405	$	4,593
Adequate Compensation increase of 20%	$	10,811	$	9,186
Discount Rate assumption:
Discount Rate increase of 25%	$	—	$	(1)
Discount Rate increase of 50%	$	—	$	(1)

Performance Fee Liability

In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, in the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	1,870	$	1,503
Purchases of loans		723		523
Settlements paid		(592)		(477)
Subsequent changes in fair value		(26)		(8)
Fair value at end of period		$	1,975	$	1,541

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2025 and June 30, 2025:


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	7.13%	10.00%	9.06%
Refund Rate	1.50%	1.50%	1.50%
Loss Rate(1)	0.84%	4.65%	3.11%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	7.25%	10.00%	9.23%
Refund Rate	1.50%	1.50%	1.50%
Loss Rate(1)	0.87%	4.65%	3.07%

(1)The Loss Rate is net of recoveries

(2)Unobservable inputs were weighted by remaining principal balances

Securitization Notes Receivable and Residual Trust Certificates

As of September 30, 2025, we held notes receivable and residual trust certificates with an aggregate fair value of $54.3 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention we are required to maintain as the securitization sponsor.

These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value in the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income in the interim condensed consolidated statements of operations and comprehensive income (loss). Declines in fair value due to credit are reflected in other income, net in the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	75,469	$	51,670

Cash received (due to payments)		(22,567)		(14,383)
Change in unrealized gain (loss)		(38)		(31)
Accrued interest		1,210		2,045
Reversal of (impairment on) securities available for sale		189		(375)
Fair value at end of period		$	54,263	$	38,926

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of September 30, 2025 and June 30, 2025:


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	2.85%	32.97%	6.52%
Default Rate(1)	0.90%	8.94%	8.47%
Prepayment Rate	16.19%	23.00%	21.53%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	2.86%	30.29%	6.89%
Default Rate	0.94%	8.40%	7.65%
Prepayment Rate	21.46%	24.85%	23.14%

(1)The cumulative loss relative to the outstanding balance as of September 30, 2025

(2) Unobservable inputs were weighted by relative fair value

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the notes receivable and residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands):


	September 30, 2025		June 30, 2025
Discount Rate Assumption:
Discount Rate increase of 25%	$	(492)	$	(727)
Discount Rate increase of 50%	$	(967)	$	(1,427)
Default Rate assumption:
Default Rate increase of 25%	$	(2,495)	$	(2,688)
Default Rate increase of 50%	$	(3,026)	$	(3,698)
Prepayment Rate assumption:
Prepayment Rate change of 25%	$	(76)	$	(130)
Prepayment Rate change of 50%	$	(152)	$	(259)

Residual Interests in Structured Transactions

As of September 30, 2025, we held residual interests in structured transactions with an aggregate fair value of $4.0 million in connection with certain forward flow loan sale transactions.

These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value in the interim condensed consolidated balance sheets. Changes in the fair value, except for credit impairments, are reflected in other comprehensive income in the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes the activity related to the fair value of the assets (in thousands):


	Three Months Ended September 30, 2025
Fair value at beginning of period	$	2,284
Capital contribution	1,579
Subsequent changes in fair value	154
Fair value at the end of period	4,017

Significant unobservable inputs used for our Level 3 fair value measurement of the residual interests are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual interests in structured transactions as of September 30, 2025 and June 30, 2025:


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	20.00%	20.00%	20.00%
Default Rate	9.38%	9.38%	9.38%
Prepayment Rate	47.91%	47.91%	47.91%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	20.00%	20.00%	20.00%
Default Rate	8.88%	8.88%	8.88%
Prepayment Rate	48.85%	48.85%	48.85%

(1)Unobservable inputs were weighted by relative fair value

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the residual interests in structured transactions given hypothetical changes in significant unobservable inputs (in thousands):


	September 30, 2025		June 30, 2025
Discount Rate assumption:
Discount Rate increase of 20%	$	(296)	$	(181)
Discount Rate increase of 40%	$	(562)	$	(343)
Default Rate assumption:
Default Rate increase of 20%	$	(40)	$	(28)
Default Rate increase of 40%	$	(82)	$	(50)
Prepayment Rate assumption:
Prepayment Rate increase of 20%	$	(54)	$	(35)
Prepayment Rate increase of 40%	$	(99)	$	(64)

Profit Share Liability

We have commercial agreements with certain enterprise partners, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under these programs, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated profitability levels of each program. The liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	9,323	$	1,974
Facilitation of loans		3,147		1,227
Actual performance		(5,096)		(3,028)
Subsequent changes in fair value		218		1,842
Fair value at end of period		$	7,592	$	2,015

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2025 and June 30, 2025:


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	30.00%	30.00%	30.00%
Program Profitability	1.00%	3.28%	2.84%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	30.00%	30.00%	30.00%
Program Profitability	0.23%	3.28%	2.86%

(1)Unobservable inputs were weighted by relative fair value

Risk Sharing Arrangements

In connection with certain capital funding arrangements with third-party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold. Loan performance is evaluated at a cohort level based on the month loans were sold.

We account for these arrangements as derivatives measured at fair value with gains and losses recognized in gain on sales of loans in our interim condensed consolidated statements of operations and comprehensive income (loss). For each counterparty, we have recognized a net asset or net liability based on the estimated fair value of future payments we expect to receive from or make to the counterparty. As of September 30, 2025, we estimated the fair value of future settlements using a discounted cash flow model.

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	43,179	$	33,884
Initial transfers of financial assets		6,508		10,377
Cash settlements		(8,340)		—
Subsequent changes in fair value		218		1,069
Fair value at end of period		$	41,565	$	45,330

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	90	$	918
Cash settlements		(90)		—
Subsequent changes in fair value				883
Fair value at end of period		$	—	$	1,801

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of September 30, 2025 and June 30, 2025:


		September 30, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount Rate	7.13%	20.00%	18.08%
	Loss Rate	3.33%	4.94%	4.14%
	Prepayment Rate	19.39%	21.46%	20.30%
Risk sharing liabilities	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.48%	5.24%	4.41%


		June 30, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.32%	4.91%	4.13%
	Prepayment Rate	19.84%	22.89%	21.34%
Risk sharing liabilities	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.47%	5.35%	4.42%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	September 30, 2025		June 30, 2025
Risk sharing assets
Prepayment Rate assumption:
Prepayment Rate decrease of 25%	$	(1,808)	$	(1,896)
Prepayment Rate decrease of 50%	$	(3,736)	$	(3,923)
Loss Rate assumption:
Loss Rate increase of 25%	$	(14,633)	$	(15,150)
Loss Rate increase of 50%	$	(29,971)	$	(30,277)
Discount Rate assumption:
Discount Rate increase of 25%	$	(1,109)	$	(903)
Discount Rate increase of 50%	$	(1,789)	$	(1,745)
Risk sharing liabilities
Loss Rate assumption:
Loss Rate increase of 25%	$	8,170	$	16,946
Loss Rate increase of 50%	$	17,403	$	24,676
Discount Rate assumption:
Discount Rate increase of 25%	$	—	$	—
Discount Rate increase of 50%	$	—	$	—

Financial Assets and Liabilities Not Recorded at Fair Value

The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	12	$	—	$	12	$	—	$	12
Loans held for investment, net	6,809,376		—		—		7,291,039		7,291,039

Total assets	$	6,809,388	$	—	$	12	$	7,291,039	$	7,291,051
Liabilities:
Convertible senior notes, net (1)	$	1,127,668	$	—	$	1,207,239	$	—	$	1,207,239
Notes issued by securitization trusts	4,830,819		—		—		4,867,800		4,867,800
Funding debt (2)	1,796,177		—		—		1,796,438		1,796,438
Total liabilities	$	7,754,664	$	—	$	1,207,239	$	6,664,238	$	7,871,477


	June 30, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:

Loans held for investment, net	6,628,606		—		—		7,085,840		7,085,840

Total assets	$	6,628,606	$	—	$	—	$	7,085,840	$	7,085,840
Liabilities:
Convertible senior notes, net (1)	$	1,153,000	$	—	$	1,205,287	$	—	$	1,205,287
Notes issued by securitization trusts	4,833,855		—		—		4,868,980		4,868,980
Funding debt (2)	1,640,514		—		—		1,640,765		1,640,765
Total liabilities	$	7,627,369	$	—	$	1,205,287	$	6,509,745	$	7,715,032

(1)As of September 30, 2025, includes convertible senior notes due 2026 with a carrying amount and fair value of $221.7 million and $210.9 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $906.0 million and $996.3 million, respectively. As of June 30, 2025, includes convertible senior notes due 2026 with a carrying amount and fair value of $247.9 million and $232.7 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $905.1 million and $972.6 million, respectively. The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

(2)As of September 30, 2025 and June 30, 2025, debt issuance costs in the amount of $18.3 million and $17.7 million, respectively, was included within funding debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 9,989,767	$ 9,066,783
Derivative Assets	43,333	45,823
Derivative Liabilities	13	$ 105
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets
Interest rate contracts - cash flow hedges \| Derivatives designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	100,000	$ 100,000
Derivative Assets	1	86
Derivative Liabilities	13	0
Interest rate contracts \| Derivatives not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	600,000	405,074
Derivative Assets	1,767	2,558
Derivative Liabilities	0	15
Risk sharing assets/liabilities \| Derivatives not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	9,289,767	8,561,709
Derivative Assets	41,565	43,179
Derivative Liabilities	$ 0	$ 90

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in the Fair Value of Servicing Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 1	$ 1
Servicing asset, effect of 50% increase in measurement input	1	2
Servicing liability, effect of 25% increase in measurement input	0	0
Servicing liability, effect of 50% increase in measurement input	0	0
Adequate Compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 10% increase in measurement input	(956)	(1,439)
Servicing asset, effect of 20% increase in measurement input	(1,912)	(2,879)
Servicing liability, effect of 10% increase in measurement input	5,405	4,593
Servicing liability, effect of 20% increase in measurement input	10,811	9,186
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(23)	(35)
Servicing asset, effect of 50% increase in measurement input	(45)	(66)
Servicing liability, effect of 25% increase in measurement input	0	(1)
Servicing liability, effect of 50% increase in measurement input	$ 0	$ (1)

Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 230,500,000	$ 303,400,000
Available-for-sale securities, realized gain (loss)	0	0
Equity securities held at cost	40,396,000		$ 40,277,000
Impairment loss	0	3,000,000.0
Equity securities, upward adjustment	0	0
Equity securities, downward adjustment	$ 0	$ 0

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Leases [Abstract]
2026 (remaining nine months)	$ 12,314
2027	4,436
2028	3,563
2029	3,618
2030	3,745
Thereafter	4,436
Total lease payments	32,112
Less imputed interest	(4,004)
Present value of total lease liabilities	$ 28,108	$ 31,943

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Notes and Residual Trust Certificates (Details) - Senior Notes and Residual Trust Certificates - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 75,469	$ 51,670
Cash received (due to payments)	(22,567)	(14,383)
Change in unrealized gain (loss)	(38)	(31)
Accrued interest	1,210	2,045
Reversal of (impairment on) securities available for sale	189	(375)
Fair value at end of period	$ 54,263	$ 38,926

Revenue

3 Months Ended

Sep. 30, 2025

Banking and Thrift, Interest [Abstract]

Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended September 30,
		2025		2024
Merchant network revenue		$	251,147	$	184,339
Card network revenue		69,330		47,480
Interest income		454,122		377,064
Gain on sales of loans		119,049		63,613
Servicing income		39,689		25,983
Total revenue, net		$	933,337	$	698,479

Merchant Network Revenue — Revenue from Contracts with Customers

Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled.

Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts are recorded as a reduction to merchant network revenue.

We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total merchant network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense.

A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs. For the three months ended September 30, 2025 and 2024, affiliate network revenue was $30.9 million and $24.9 million, respectively.

We reviewed merchant network revenue by merchant as a percentage of total revenue for the three months ended September 30, 2025 and 2024, and no individual merchant accounted for 10% or more of total revenue.

Card Network Revenue — Revenue from Contracts with Customers

We have agreements with card-issuing partners to facilitate the issuance of physical and one-time-use virtual cards to be used by consumers at checkout. Prior to purchase, consumers can apply at Affirm.com or via the Affirm App and, upon approval, use a physical or virtual card to complete their purchase online or in-store. Eligible consumers can also use the Affirm Card, a card issued by a card-issuing partner to pay in full or pay later, by using a unique post-purchase feature that allows them to instantly apply for an installment loan for any eligible debit transaction. Where applicable, our originating bank partner, or wholly-owned subsidiaries, then originates a loan to the consumer after the transaction is confirmed by the merchant. The merchant is charged interchange fees for each successful card transaction, and a portion of this revenue is shared with us by our card-issuing partners.

Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue.

Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers.

A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by our card-issuing partners. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable

percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully.

Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended September 30,
		2025		2024
Contractual interest income on unpaid principal balance		$	400,114	$	337,159
Amortization of discount on loans		71,316		56,697
Amortization of premiums on loans		(6,244)		(4,633)
Interest receivable charged-off, net of recoveries		(11,064)		(12,159)
Total interest income		$	454,122	$	377,064

We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of September 30, 2025 and June 30, 2025, the balance of loans held for investment on non-accrual status was $6.7 million and $6.2 million, respectively.

The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is charged-off.

Gain on Sales of Loans

We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations by calculating the difference between the proceeds received and the carrying value of the loan. This amount is adjusted for the initial recognition of any assets or liabilities incurred upon sale. These generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a liability in connection with our loan repurchase obligation for loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Additionally, we recognize a risk sharing asset or liability in certain arrangements where payments are made or received based on the actual versus expected loan performance, as contractually agreed upon with the third party.

Refer to Note 9. Securitization and Variable Interest Entities for further discussion on transfers of loan receivables and Note 12. Fair Value of Financial Assets and Liabilities for further discussion of risk sharing arrangements.

Servicing Income

Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Investments - Schedule of Cash and Cash Equivalents and Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Marketable Securities [Line Items]
Marketable securities	$ 953,123	$ 963,397
Money market funds \| Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	140,681	70,920
Agency bonds
Marketable Securities [Line Items]
Marketable securities	4,998	7,854
Agency bonds \| Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	0	3,493
Commercial paper
Marketable Securities [Line Items]
Marketable securities	121,998	126,761
Commercial paper \| Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	0	12,564
Government bonds - US
Marketable Securities [Line Items]
Marketable securities	300,622	344,434
Government bonds - US \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	74,600	75,400
Government bonds - US \| Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	0	4,995
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	48,869	39,008
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	261,399	264,199
Municipal bonds
Marketable Securities [Line Items]
Marketable securities	9,054	6,076
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable securities	2,203	5,340
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	54,263	75,469
Securitization notes receivable and certificates \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	23,400	34,500
Residual interests in structured transactions
Marketable Securities [Line Items]
Marketable securities	4,017	2,284
Other
Marketable Securities [Line Items]
Marketable securities	$ 5,019	$ 0

Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and June 30, 2025 (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	140,681	$	—	$	—	$	140,681



Securities, available for sale:
Certificates of deposit	—		48,869		—		48,869
Corporate bonds	—		261,399		—		261,399
Commercial paper	—		121,998		—		121,998
Agency bonds	—		4,998		—		4,998
Municipal bonds	—		9,054		—		9,054
Government bonds:
Non-US	—		2,203		—		2,203
US	—		300,622		—		300,622
Securitization notes receivable and residual trust certificates	—		—		54,263		54,263
Residual interests in structured transactions	—		—		4,017		4,017
Other	—		—		5,019		5,019
Servicing assets	—		—		667		667
Interest rate derivatives	—		1,768		—		1,768
Risk sharing asset	—		—		41,565		41,565
Total assets	$	140,681	$	750,911	$	105,531	$	997,123
Liabilities:
Servicing liabilities	$	—	$	—	$	13	$	13
Performance fee liability	—		—		1,975		1,975
Profit share liability	—		—		7,592		7,592

Interest rate derivatives	—		13		—		13
Total liabilities	$	—	$	13	$	9,580	$	9,593


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	70,920	$	—	$	—	$	70,920
Agency Bonds	—		3,493		—		3,493
Commercial paper	—		12,564		—		12,564
Government bonds- US	—		4,995		—		4,995
Securities, available for sale:
Certificates of deposit	—		39,008		—		39,008
Corporate bonds	—		264,199		—		264,199
Commercial paper	—		126,761		—		126,761
Agency bonds	—		7,854		—		7,854
Municipal bonds	—		6,076		—		6,076
Government bonds:
Non-US	—		5,340		—		5,340
US	—		344,434		—		344,434
Securitization notes receivable and residual trust certificates	—		—		75,469		75,469
Residual interests in structured transactions	—		—		2,284		2,284
Servicing assets	—		—		906		906
Interest rate derivatives	—		2,644		—		2,644
Risk sharing asset	—		—		43,179		43,179
Total assets	$	70,920	$	817,368	$	121,838	$	1,010,126
Liabilities:
Servicing liabilities	$	—	$	—	$	41	$	41
Performance fee liability	—		—		1,870		1,870
Profit share liability	—		—		9,323		9,323
Risk sharing liability	—		—		90		90
Interest rate derivatives	—		15		—		15
Total liabilities	$	—	$	15	$	11,324	$	11,339

Schedule of Aggregate Fair Value of Servicing Assets

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	906	$	574
Initial transfers of financial assets		—		—
Subsequent changes in fair value		(239)		(139)
Fair value at end of period		$	667	$	435

Schedule of Aggregate Fair Value of Servicing Liabilities

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	41	$	743
Initial transfers of financial liabilities		—		—
Subsequent changes in fair value		(28)		(305)
Fair value at end of period		$	13	$	438

Schedule of Significant Unobservable Inputs Used for Level 3 Fair Value Measurement


		September 30, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (1)
Servicing assets	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	13.75	%	16.44	%	14.52	%
Servicing liabilities	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	4.63	%	11.18	%	6.55	%


		June 30, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (1)
Servicing assets	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	10.24	%	15.68	%	12.04	%
Servicing liabilities	Discount Rate	30.00	%	30.00	%	30.00	%
	Adequate Compensation	2.00	%	2.00	%	2.00	%
	Default Rate	3.71	%	7.89	%	5.26	%

(1)Unobservable inputs were weighted by relative fair value


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	7.13%	10.00%	9.06%
Refund Rate	1.50%	1.50%	1.50%
Loss Rate(1)	0.84%	4.65%	3.11%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	7.25%	10.00%	9.23%
Refund Rate	1.50%	1.50%	1.50%
Loss Rate(1)	0.87%	4.65%	3.07%

(1)The Loss Rate is net of recoveries

(2)Unobservable inputs were weighted by remaining principal balances


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	2.85%	32.97%	6.52%
Default Rate(1)	0.90%	8.94%	8.47%
Prepayment Rate	16.19%	23.00%	21.53%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (2)
Discount Rate	2.86%	30.29%	6.89%
Default Rate	0.94%	8.40%	7.65%
Prepayment Rate	21.46%	24.85%	23.14%

(1)The cumulative loss relative to the outstanding balance as of September 30, 2025

(2) Unobservable inputs were weighted by relative fair value


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	20.00%	20.00%	20.00%
Default Rate	9.38%	9.38%	9.38%
Prepayment Rate	47.91%	47.91%	47.91%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	20.00%	20.00%	20.00%
Default Rate	8.88%	8.88%	8.88%
Prepayment Rate	48.85%	48.85%	48.85%

(1)Unobservable inputs were weighted by relative fair value


	September 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	30.00%	30.00%	30.00%
Program Profitability	1.00%	3.28%	2.84%


	June 30, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount Rate	30.00%	30.00%	30.00%
Program Profitability	0.23%	3.28%	2.86%

(1)Unobservable inputs were weighted by relative fair value


		September 30, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount Rate	7.13%	20.00%	18.08%
	Loss Rate	3.33%	4.94%	4.14%
	Prepayment Rate	19.39%	21.46%	20.30%
Risk sharing liabilities	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.48%	5.24%	4.41%


		June 30, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.32%	4.91%	4.13%
	Prepayment Rate	19.84%	22.89%	21.34%
Risk sharing liabilities	Discount Rate	20.00%	20.00%	20.00%
	Loss Rate	3.47%	5.35%	4.42%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort


	September 30, 2025		June 30, 2025
Risk sharing assets
Prepayment Rate assumption:
Prepayment Rate decrease of 25%	$	(1,808)	$	(1,896)
Prepayment Rate decrease of 50%	$	(3,736)	$	(3,923)
Loss Rate assumption:
Loss Rate increase of 25%	$	(14,633)	$	(15,150)
Loss Rate increase of 50%	$	(29,971)	$	(30,277)
Discount Rate assumption:
Discount Rate increase of 25%	$	(1,109)	$	(903)
Discount Rate increase of 50%	$	(1,789)	$	(1,745)
Risk sharing liabilities
Loss Rate assumption:
Loss Rate increase of 25%	$	8,170	$	16,946
Loss Rate increase of 50%	$	17,403	$	24,676
Discount Rate assumption:
Discount Rate increase of 25%	$	—	$	—
Discount Rate increase of 50%	$	—	$	—

Schedule of Adverse Changes in the Fair Value of Servicing Assets and Liabilities


	September 30, 2025		June 30, 2025
Servicing assets
Default Rate assumption:
Default Rate increase of 25%	$	1	$	1
Default Rate increase of 50%	$	1	$	2
Adequate Compensation assumption:
Adequate Compensation increase of 10%	$	(956)	$	(1,439)
Adequate Compensation increase of 20%	$	(1,912)	$	(2,879)
Discount Rate assumption:
Discount Rate increase of 25%	$	(23)	$	(35)
Discount Rate increase of 50%	$	(45)	$	(66)
Servicing liabilities
Default Rate assumption:
Default Rate increase of 25%	$	—	$	—
Default Rate increase of 50%	$	—	$	—
Adequate Compensation assumption:
Adequate Compensation increase of 10%	$	5,405	$	4,593
Adequate Compensation increase of 20%	$	10,811	$	9,186
Discount Rate assumption:
Discount Rate increase of 25%	$	—	$	(1)
Discount Rate increase of 50%	$	—	$	(1)

Schedule of Fair Value of Liabilities

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	1,870	$	1,503
Purchases of loans		723		523
Settlements paid		(592)		(477)
Subsequent changes in fair value		(26)		(8)
Fair value at end of period		$	1,975	$	1,541

The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	75,469	$	51,670

Cash received (due to payments)		(22,567)		(14,383)
Change in unrealized gain (loss)		(38)		(31)
Accrued interest		1,210		2,045
Reversal of (impairment on) securities available for sale		189		(375)
Fair value at end of period		$	54,263	$	38,926

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	9,323	$	1,974
Facilitation of loans		3,147		1,227
Actual performance		(5,096)		(3,028)
Subsequent changes in fair value		218		1,842
Fair value at end of period		$	7,592	$	2,015

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	90	$	918
Cash settlements		(90)		—
Subsequent changes in fair value				883
Fair value at end of period		$	—	$	1,801

Schedule of Adverse Changes in the Fair Value of Notes Receivable and Residual Trust Certificates


	September 30, 2025		June 30, 2025
Discount Rate Assumption:
Discount Rate increase of 25%	$	(492)	$	(727)
Discount Rate increase of 50%	$	(967)	$	(1,427)
Default Rate assumption:
Default Rate increase of 25%	$	(2,495)	$	(2,688)
Default Rate increase of 50%	$	(3,026)	$	(3,698)
Prepayment Rate assumption:
Prepayment Rate change of 25%	$	(76)	$	(130)
Prepayment Rate change of 50%	$	(152)	$	(259)

Schedule of Fair Value of Assets

The following table summarizes the activity related to the fair value of the assets (in thousands):


	Three Months Ended September 30, 2025
Fair value at beginning of period	$	2,284
Capital contribution	1,579
Subsequent changes in fair value	154
Fair value at the end of period	4,017

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended September 30,
		2025		2024
Fair value at beginning of period		$	43,179	$	33,884
Initial transfers of financial assets		6,508		10,377
Cash settlements		(8,340)		—
Subsequent changes in fair value		218		1,069
Fair value at end of period		$	41,565	$	45,330

Schedule of Adverse Changes in the Fair Value of Residual Interests in Structured Transactions


	September 30, 2025		June 30, 2025
Discount Rate assumption:
Discount Rate increase of 20%	$	(296)	$	(181)
Discount Rate increase of 40%	$	(562)	$	(343)
Default Rate assumption:
Default Rate increase of 20%	$	(40)	$	(28)
Default Rate increase of 40%	$	(82)	$	(50)
Prepayment Rate assumption:
Prepayment Rate increase of 20%	$	(54)	$	(35)
Prepayment Rate increase of 40%	$	(99)	$	(64)

Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Held at Amortized Cost


	September 30, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	12	$	—	$	12	$	—	$	12
Loans held for investment, net	6,809,376		—		—		7,291,039		7,291,039

Total assets	$	6,809,388	$	—	$	12	$	7,291,039	$	7,291,051
Liabilities:
Convertible senior notes, net (1)	$	1,127,668	$	—	$	1,207,239	$	—	$	1,207,239
Notes issued by securitization trusts	4,830,819		—		—		4,867,800		4,867,800
Funding debt (2)	1,796,177		—		—		1,796,438		1,796,438
Total liabilities	$	7,754,664	$	—	$	1,207,239	$	6,664,238	$	7,871,477


	June 30, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:

Loans held for investment, net	6,628,606		—		—		7,085,840		7,085,840

Total assets	$	6,628,606	$	—	$	—	$	7,085,840	$	7,085,840
Liabilities:
Convertible senior notes, net (1)	$	1,153,000	$	—	$	1,205,287	$	—	$	1,205,287
Notes issued by securitization trusts	4,833,855		—		—		4,868,980		4,868,980
Funding debt (2)	1,640,514		—		—		1,640,765		1,640,765
Total liabilities	$	7,627,369	$	—	$	1,205,287	$	6,509,745	$	7,715,032

(2)As of September 30, 2025 and June 30, 2025, debt issuance costs in the amount of $18.3 million and $17.7 million, respectively, was included within funding debt.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Revenue
Revenue	$ 320,477	$ 231,819
Interest income	454,122	377,064
Gain on sales of loans	119,049	63,613
Servicing income	39,689	25,983
Total revenue, net	933,337	698,479
Operating expenses
Loss on loan purchase commitment	71,552	54,237
Provision for credit losses	162,752	159,824
Funding costs	110,027	104,145
Processing and servicing	133,807	95,146
Technology and data analytics	168,106	134,290
Sales and marketing	78,491	145,233
General and administrative	144,941	138,482
Restructuring and other	0	(255)
Total operating expenses	869,676	831,102
Operating income (loss)	63,661	(132,623)
Other income, net	19,358	34,303
Income (loss) before income taxes	83,019	(98,320)
Income tax expense	2,326	1,902
Net income (loss)	80,694	(100,222)
Other comprehensive income (loss)
Foreign currency translation adjustments	(10,003)	8,346
Unrealized gain on securities available for sale, net	812	5,589
Loss on cash flow hedges	(129)	(1,492)
Net other comprehensive income (loss)	(9,320)	12,443
Comprehensive income (loss)	$ 71,373	$ (87,779)
Net income (loss) per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ 0.24	$ (0.31)
Diluted (in USD per share)	$ 0.23	$ (0.31)
Weighted average common shares outstanding
Basic (in shares)	330,238,205	318,234,555
Diluted (in shares)	348,278,403	318,234,555
Merchant network revenue
Revenue
Revenue	$ 251,147	$ 184,339
Card network revenue
Revenue
Revenue	$ 69,330	$ 47,480

Segment Information	3 Months Ended
Segment Information	Sep. 30, 2025
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is managed on a consolidated basis as a single operating and reportable segment. This reflects the way in which our Chief Operating Decision Maker (“CODM”), the Chief Executive Officer of Affirm Holdings, Inc., regularly reviews internally reported financial information. Net income is the primary measure of segment profit and loss reviewed by the CODM. Net income is used in the budget and forecast process, to assess business performance, and to make decisions on strategy and resource allocation. The CODM is regularly provided with the consolidated expenses presented within the interim condensed consolidated statement of operations and comprehensive income (loss). Refer to the interim condensed consolidated statement of operations and comprehensive income (loss) for further information related to our revenues, expenses, and net income. Refer to the interim condensed consolidated statement of cash flows for further information related to significant noncash items including depreciation and amortization expense. The CODM does not review segment assets at a different level than the amounts presented within the interim condensed consolidated balance sheets. Refer to Note 3. Revenue for further information on the types of products and services the Company derives its revenues from.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Topic 280
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	960-1518
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		289,362,771
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,710,867

Leases

3 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

We lease office space under operating leases with various expiration dates through 2032. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of September 30, 2025, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to seven years.

Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of both September 30, 2025 and June 30, 2025, the collateral totaled $4.5 million, which was in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets.

Operating lease expense is as follows (in thousands):


	Three Months Ended September 30,
		2025	2024
Operating lease expense (1)		$3,108	$2,853

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

Lease term and discount rate information are summarized as follows:


						September 30, 2025
Weighted average remaining lease term (in years)						4.3
Weighted average discount rate						5.9%

As of September 30, 2025, future minimum lease payments are as follows, by fiscal year (in thousands):


2026 (remaining nine months)	$	12,314
2027	4,436
2028	3,563
2029	3,618
2030	3,745
Thereafter	4,436
Total lease payments	32,112
Less imputed interest	(4,004)
Present value of total lease liabilities	$	28,108

Investments - Schedule of Contractual Maturities of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 611,941	$ 673,109
Within 1 year, fair value	612,804	673,543
Greater than 1 year, less than or equal to 5 years, amortized cost	199,192	219,059
Greater than 1 year, less than or equal to 5 years, fair value	199,638	218,934
Amortized Cost	811,133	892,168
Fair Value	812,442	892,477
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	48,807	38,990
Within 1 year, fair value	48,869	39,008
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	48,807	38,990
Fair Value	48,869	39,008
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	167,469	149,435
Within 1 year, fair value	167,813	149,675
Greater than 1 year, less than or equal to 5 years, amortized cost	92,999	114,060
Greater than 1 year, less than or equal to 5 years, fair value	93,586	114,524
Amortized Cost	260,468	263,495
Fair Value	261,399	264,199
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	121,914	139,336
Within 1 year, fair value	121,998	139,325
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	121,914	139,336
Fair Value	121,998	139,325
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	4,999	11,358
Within 1 year, fair value	4,998	11,347
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	4,999	11,358
Fair Value	4,998	11,347
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	3,908	3,944
Within 1 year, fair value	3,917	3,950
Greater than 1 year, less than or equal to 5 years, amortized cost	5,115	2,113
Greater than 1 year, less than or equal to 5 years, fair value	5,137	2,126
Amortized Cost	9,023	6,057
Fair Value	9,054	6,076
Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	3,162
Within 1 year, fair value	0	3,162
Greater than 1 year, less than or equal to 5 years, amortized cost	2,191	2,169
Greater than 1 year, less than or equal to 5 years, fair value	2,203	2,178
Amortized Cost	2,191	5,331
Fair Value	2,203	5,340
US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	264,844	326,884
Within 1 year, fair value	265,209	327,076
Greater than 1 year, less than or equal to 5 years, amortized cost	35,238	22,265
Greater than 1 year, less than or equal to 5 years, fair value	35,413	22,353
Amortized Cost	300,082	349,149
Fair Value	300,622	349,429
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	54,892	76,279
Greater than 1 year, less than or equal to 5 years, fair value	54,263	75,469
Amortized Cost	54,892	76,279
Fair Value	54,263	75,469
Residual interests in structured transactions
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	3,751	2,173
Greater than 1 year, less than or equal to 5 years, fair value	4,017	2,284
Amortized Cost	3,751	2,173
Fair Value	4,017	2,284
Commercial Paper, Agency Bonds & US Government Bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 21,100
Other
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost
Within 1 year, fair value
Greater than 1 year, less than or equal to 5 years, amortized cost	5,006
Greater than 1 year, less than or equal to 5 years, fair value	5,019
Amortized Cost	5,006
Fair Value	5,019
Total, Net Carrying Value	$ 5,006

Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net income (loss) per share (in shares)	12,935,365	47,308,945
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net income (loss) per share (in shares)	7,840,727	5,734,551
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net income (loss) per share (in shares)	4,962,779	24,352,160
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net income (loss) per share (in shares)	131,859	17,011,341
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net income (loss) per share (in shares)	0	210,893

Equity Incentive Plans - Schedule of Stock Option Activity And Value Creation Award activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025
Number of Options
Beginning balance (in shares)	12,955,978
Exercised (in shares)	(1,686,317)
Forfeited, expired or cancelled (in shares)	(31,617)
Ending balance (in shares)	11,238,044	12,955,978
Vested and exercisable (in shares)	9,392,988
Vested and exercisable, and expected to vest thereafter (in shares)	11,236,193
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 19.12
Exercised (in USD per share)	17.65
Forfeited, expired or cancelled (in USD per share)	35.89
Ending balance (in USD per share)	19.29	$ 19.12
Vested and exercisable (in USD per share)	17.55
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 19.31
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	5 years 3 days	5 years 2 months 4 days
Vested and exercisable	4 years 5 months 1 day
Vested and exercisable, and expected to vest thereafter	5 years 3 days
Aggregate Intrinsic Value (in thousands)
Vested and exercisable	$ 522,816
Vested and exercisable, and expected to vest thereafter	$ 605,384
Performance-based stock options
Number of Options
Beginning balance (in shares)	12,500,000
Exercised (in shares)	(1,333,332)
Ending balance (in shares)	11,166,668	12,500,000
Vested and exercisable (in shares)	2,666,668
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 49.00
Exercised (in USD per share)	49.00
Ending balance (in USD per share)	49.00	$ 49.00
Vested and exercisable (in USD per share)	$ 49.00
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	5 years 3 months 14 days	5 years 3 months 14 days
Vested and exercisable	5 years 3 months 14 days
Aggregate Intrinsic Value (in thousands)
Vested and exercisable	$ 64,213

Revenue (Tables)

3 Months Ended

Sep. 30, 2025

Banking and Thrift, Interest [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended September 30,
		2025		2024
Merchant network revenue		$	251,147	$	184,339
Card network revenue		69,330		47,480
Interest income		454,122		377,064
Gain on sales of loans		119,049		63,613
Servicing income		39,689		25,983
Total revenue, net		$	933,337	$	698,479

Schedule of Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended September 30,
		2025		2024
Contractual interest income on unpaid principal balance		$	400,114	$	337,159
Amortization of discount on loans		71,316		56,697
Amortization of premiums on loans		(6,244)		(4,633)
Interest receivable charged-off, net of recoveries		(11,064)		(12,159)
Total interest income		$	454,122	$	377,064

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used for Level 3 Fair Value Measurement of Servicing Assets and Liabilities (Details)	Sep. 30, 2025	Jun. 30, 2025
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.3000	0.3000
Servicing liabilities	0.3000	0.3000
Minimum \| Adequate Compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.0200	0.0200
Servicing liabilities	0.0200	0.0200
Minimum \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.1375	0.1024
Servicing liabilities	0.0463	0.0371
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.3000	0.3000
Servicing liabilities	0.3000	0.3000
Maximum \| Adequate Compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.0200	0.0200
Servicing liabilities	0.0200	0.0200
Maximum \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.1644	0.1568
Servicing liabilities	0.1118	0.0789
Weighted Average \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.3000	0.3000
Servicing liabilities	0.3000	0.3000
Weighted Average \| Adequate Compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.0200	0.0200
Servicing liabilities	0.0200	0.0200
Weighted Average \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing assets	0.1452	0.1204
Servicing liabilities	0.0655	0.0526

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in the Fair Value of Risk Sharing Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss rate increase of 25%	$ 8,170	$ 16,946
Loss rate increase of 50%	17,403	24,676
Discount rate increase of 25%	0	0
Discount rate increase of 50%	0	0
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate decrease of 25%	(1,808)	(1,896)
Prepayment rate decrease of 50%	(3,736)	(3,923)
Loss rate increase of 25%	(14,633)	(15,150)
Loss rate increase of 50%	(29,971)	(30,277)
Discount rate increase of 25%	(1,109)	(903)
Discount rate increase of 50%	$ (1,789)	$ (1,745)

Debt

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt outstanding as of September 30, 2025 includes amounts classified within our interim condensed consolidated balance sheets as funding debt, notes issued by securitization trusts, and convertible senior notes. Secured debt includes borrowings from our warehouse facilities, variable funding notes, notes issued by securitization trusts and sale and repurchase agreements. Unsecured debt includes outstanding convertible senior notes and any borrowings on our unsecured revolving credit facility.

The following table summarizes the components and terms of our secured and unsecured debt as of September 30, 2025 (in thousands):


	Interest Rate (1)	Unused Commitment Fees	Maturity by Fiscal Year	Borrowing Capacity (2)		Debt Outstanding (3)		Debt Outstanding net of unamortized premiums and discount
Secured debt
Funding debt
US warehouse facilities	5.91%	0.20% - 0.50%	2027 - 2032	5,150,000		1,249,622		1,235,609
International warehouse facilities (4)	4.89%	0.30% - 0.45%	2028 - 2030	644,466		460,063		458,965
Variable funding notes	5.78%	0.30%	2032	1,350,000		65,201		62,040
Sales and repurchase agreements	6.47%	—	2028 - 2029	—		21,292		21,292
Notes issued by securitization trusts	5.18%	—	2029 - 2035	4,850,000		4,850,000		4,830,819
				$	11,994,466	$	6,646,177	$	6,608,725
Unsecured debt
Convertible senior notes:
2026 Notes	—	—	2027	—		222,309		221,707
2029 Notes	0.75%	—	2030	—		920,000		905,961
Revolving credit facility	—	0.20%	2027	330,000		—		—
				$	330,000	$	1,142,309	$	1,127,668
Total				$	12,324,466	$	7,788,486	$	7,736,393

(2)Represents total revolving commitment amount, inclusive of debt outstanding as of September 30, 2025.

(4)As of September 30, 2025, international facilities finance loan receivables originated in Canada.

Maturity by Fiscal Year

The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):


	September 30, 2025
2026	$	—
2027	681,664
2028	901,115
2029	1,269,841
2030	1,817,754
Thereafter	3,118,112
Total	$	7,788,486
Deferred debt issuance costs	(52,093)
Total funding debt, net of deferred debt issuance costs	$	7,736,393

Funding Debt

Warehouse Credit Facilities

Through certain consolidated subsidiaries, which are typically trusts, we enter into secured borrowing arrangements with banks and other financial institutions. Through each of these subsidiaries we enter into a loan or credit and security agreement where we borrow against loans pledged as collateral. Financing terms, including the advance rate and financing spread, vary across these revolving facilities and generally depend on the types of collateral that may be pledged and respective concentration limits. We may continue to pledge new receivables to allow us to borrow up to the commitment amount throughout the revolving period for each facility. The length of the revolving period, the maximum amount we may borrow against pledged collateral balance during the revolving period, and the length of the amortization period prior to the maturity date varies across borrowing facilities depending negotiated terms.

Borrowings under these agreements are classified as funding debt within our interim condensed consolidated balance sheets and proceeds from the borrowings can only be used for the purposes of funding loans. These borrowing facilities are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm.

Our funding debt agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of September 30, 2025, we were in compliance with all applicable covenants in the agreements.

Variable Funding Note

We entered into a syndicated revolving loan agreement through a securitization master trust which funds loans. In connection with the loan agreement, the master trust issued a variable funding note (“VFN”), where borrowings are secured by loan collateral sold to the master trust. Throughout the reinvestment period of the VFN, the master trust periodically issues asset-backed securities, where securitization note proceeds affects the level of utilization of the VFN. Outstanding borrowings under the VFN are classified as funding debt within our interim condensed consolidated balance sheets.

Sale and Repurchase Agreements

We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. These repurchase agreements have a term equaling the contractual life of the securitization

notes pledged. We record the debt outstanding under our sale and repurchase agreements within our funding debt in the interim condensed consolidated balance sheets.

Notes Issued by Securitization Trusts

We issue asset-backed securities through securitization trusts using a combination of term, amortizing and revolving structures. Each trust may issue one or more classes of notes, which will be repaid through collections on the loans in accordance with the trust priority of payments. For consolidated securitization trusts, asset-backed notes held by third-party investors are classified as notes issued by securitization trusts within our interim condensed consolidated balance sheets. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. Refer to Note 9 Securitization and Variable Interest Entities for additional information.

Revolving Credit Facility

We have a Revolving Credit Agreement with a syndicate of banks for a $330.0 million unsecured revolving credit facility. Proceeds of the borrowings under this facility will be used for general corporate purposes in the ordinary course of business. This facility bears interest at a rate equal to, either (a) for SOFR borrowing, a SOFR rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.75% per annum or (b) for alternative base rate borrowings, a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00% per annum, in each case, plus an applicable margin of 0.75% per annum. The facility contains certain financial covenants which may result in an acceleration of the maturity if not maintained, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available.

As of September 30, 2025, we were in compliance with all applicable covenants in the agreement. There were no borrowings outstanding under the facility as of September 30, 2025.

Convertible Senior Notes

2029 Notes

On December 20, 2024, we issued approximately $920.0 million in aggregate principal amount of 0.75% convertible senior notes due 2029 (the “2029 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $903.1 million. The 2029 Notes represent senior unsecured obligations of the Company. The 2029 Notes will bear interest at a fixed rate of 0.75% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2025. The 2029 Notes mature on December 15, 2029, unless such Notes are earlier converted, redeemed or repurchased in accordance with their terms.

Each $1,000 of principal of the 2029 Notes will initially be convertible into 9.8992 shares of our common stock, which is equivalent to an initial conversion price of approximately $101.02 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2029 Notes (the “2029 Indenture”). Holders of the 2029 Notes may convert their 2029 Notes at their option at any time on or after September 15, 2029 until close of business on the second scheduled trading day immediately preceding the maturity date of December 15, 2029. Further, holders of the 2029 Notes may convert all or any portion of their 2029 Notes at their option prior to the close of business on the business day immediately preceding September 15, 2029, only under the following circumstances:

1) during any calendar quarter commencing after the calendar quarter ending March 31, 2025 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and

including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2029 Notes) per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2029 Notes, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the notes being converted. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the “2029 Indenture”) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2029 Notes. We may redeem for cash all or part of the 2029 Notes on or after December 20, 2027 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any.

If a fundamental change (as defined in the 2029 Indenture) occurs prior to the maturity date, holders of the 2029 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2029 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2029 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2029 Notes in connection with such corporate events.

2026 Notes

On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026.

Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “2026 Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at

their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances:

1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2026 Notes, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the notes being converted. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the “2026 Indenture”) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any.

If a fundamental change (as defined in the 2026 Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events.

Repurchase of a Portion of the 2026 Notes

On May 18, 2025, the Board of Directors authorized the repurchase of up to $200 million in aggregate principal amount of the 2026 Notes. Note repurchases under the May 2025 authorization may be made from time to time during the period commencing July 1, 2025 through December 31, 2025 through open market purchases, privately negotiated purchases, purchase plans under Rule 10b5-1, or through a combination thereof. Repurchases are subject to available liquidity, general market and economic conditions, alternate uses for the capital, and other factors, and there is no minimum principal amount of 2026 Notes that the Company is obligated to repurchase.

During the three months ended September 30, 2025, we paid $24.8 million in cash for the repurchase of $26.4 million aggregate principal amount of our 2026 Notes under the May 2025 authorization. The carrying amount of the extinguished 2026 Notes was approximately $26.3 million resulting in a $1.5 million gain on early extinguishment of debt. The repurchased 2026 Notes were received and canceled. As of September 30, 2025, $222.3 million in aggregate principal amount of the 2026 Notes remains outstanding.

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):


	Three Months Ended September 30,
		2025		2024
Amortization of debt issuance costs (1)
2026 Notes		$	137	$	769
2029 Notes		841		—
Total amortization of debt issuance costs		$	977	$	769
Coupon interest expense (1) (2)		1,734		—
Total interest expenses related to the convertible notes		$	2,712	$	769

(1)Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net.

(2)The coupon interest expense is related to the 2029 Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details