Affirm

Liquidity is solid: as of March 31, 2026, cash and equivalents plus investments totaled about 2.48 billion, with total cash, cash equivalents, and restricted cash near 2.47 billion. Operating cash flow for the nine months ended March 31, 2026 was 934.8 million.

Funding capacity expanded to about 28.2 billion with utilization in the mid‑60s%, and the company reported covenant compliance. Convertible notes (including 2026 and 2029 maturities) and reliance on securitization/warehouse markets are important watch‑items, but scale and diversified funding channels reduce tail risk compared with 2022–2023.