Affirm Holdings, Inc. · NASDAQ:AFRM
Affirm — Q4 2026 Earnings Presentation
53 slides from Affirm's earnings presentation, Aug 27, 2026
Slide 1: FY Q4 2026 Earnings Supplement
FY Q4 2026 Earnings Supplement August 27, 2026
Slide 2: Safe Harbor Statement/Use of Non-GAAP Financial Measures
Safe Harbor Statement/Use of Non-GAAP Financial Measures Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange A
Slide 3: Our Mission: Deliver Honest Financial Products that Improve Lives
OUR MISSION Deliver Honest Financial Products that Improve Lives
Slide 4: Operating & Financial Highlights
FY Q4 2026 Operating & Financial Highlights
Slide 5: Fourth Quarter FY'26 Highlights
Fourth Quarter FY'26 Highlights GROSS MERCHANDISE ACTIVE TRANS. PER VOLUME ($B) CONSUMERS (M) ACTIVE CONSUMER REVENUE ($M) $14.1 27.8 7.0 $1,166 23.0 5.8 $10.4 $876 43% 36% 24% 21% 19% 20% 33% 33% Growth Growth Growth Growth Growth Growth Growth Growth FY Q4'25 FY Q4'26 FY Q4'25 FY Q4'26 FY Q4'25 FY
Slide 6: Business Highlights
FY Q4 2026 Business Highlights
Slide 7: Gross Merchandise Volume
Gross Merchandise Volume 36% Growth $13.8 $14.1 $11.6 $10.4 $10.8 $10.1 $8.6 $7.2 $7.6 $293 $279 $273 $276 $267 $260 $251 $255 $266 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 GMV ($B) AOV ($) Notes: 1. GMV defined as the total dollar amount of all transactions o
Slide 8: Affirm Direct-to-Consumer Business Highlights
Affirm Direct-to-Consumer Business Highlights 5.2 million Affirm Card Active Consumers +125% Growth 19% Card Attach Rate Direct-to-Consumer GMV (1, 2,3) $2,842 million Affirm Card Active Consumers (4) Affirm Card GMV $6,000M +124% Growth 6.0M 30% $4,000M 4.0M 20% $2,000M 2.0M 10% $—M 0.0M —% FY FY F
Slide 9: Power Transactions Across Diverse Channels
Power Transactions Across Diverse Channels POS vs. Affirm1 Transactions Affirm GMV Composition2,3 FY Q4 2026 FY Q4 2026 41% YoY Growth 15% Pay in X 26% (Short-Term Affirm¹ 27% YoY 0% APR) Growth 13% 0% APR Monthly 72% 74% Interest-Bearing Point of Sale 36% YoY Growth Notes: 1. Based on transactions
Slide 10: Partnerships Across Wide Range of Categories
Partnerships Across Wide Range of Categories FY Q4'26 Industry Gross Merchandise Volume Mix Category Volume Growth Q4 Year over Year % Change General Merchandise 31% +13% Travel / Ticketing 15% +28% Fashion / Beauty 13% +22% Electronics 5% +18% Home / Lifestyle 7% +49% Equipment / Auto 5% +21% Sport
Slide 11: Active Consumers
Active Consumers 21% Active Consumer Growth 20% Transactions per Active Consumer Growth 27.8 26.8 25.8 24.1 23.0 21.9 21.0 19.5 7.0 18.7 6.7 6.1 6.4 5.8 5.6 5.1 5.3 4.9 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Affirm Active Consumers (M) Transactions per Activ
Slide 12: Quarterly Total Transactions
Quarterly Total Transactions 96% 41% Repeat Growth Customers 54.9 2.5 52.9 2.0 45.3 41.4 1.7 38.1 37.5 1.9 2.5 1.8 31.3 27.2 1.8 24.7 1.7 52.5 50.9 1.6 43.7 39.5 35.6 35.7 29.6 23.1 25.5 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Repeat Customer Transactions (M)
Slide 13: Active Merchants
53% Active Merchants Growth in Merchants with > $1k TTM GMV 51% Growth 571 515 478 419 358 377 334 323 337 306 303 285 251 210 222 194 201 180 210 237 168 193 129 136 148 155 123 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 > $1,000 TTM GMV (K) <= $1,000 TTM GMV (
Slide 14: Operating Metrics YoY Growth Trends
Operating Metrics YoY Growth Trends GROSS MERCHANDISE VOLUME GROWTH ACTIVE CONSUMERS GROWTH (2) 43% 42% 31% 35% 35% 36% 36% 35% 36% 19% 21% 23% 23% 24% 24% 23% 22% 21% FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'24 Q1'25 Q2'25 Q3'25
Slide 15: Revenue
Revenue 33% Growth $1,123 $1,166 $1,039 $933 $866 $876 $783 $659 $698 9.1% 9.2% 8.5% 9.2% 8.7% 9.0% 8.5% 8.1% 8.3% FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Revenue ($M) % of GMV Notes: 1. Metrics are unaudited. 15
Slide 16: Merchant Fee Rates
Merchant Fee Rates Illustrative merchant fees, transaction fees, and virtual card network fees divided by product level GMV 15.0% 12.5% 10.0% 7.5% 5.0% 2.5% —% FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Core 0% Long Core 0% Short Core IB Pay in X Notes: 1. Inclu
Slide 17: Interest Income and Loans Held for Investment Composition
Interest Income and Loans Held for Investment Composition Interest Income Composition Composition of Average Loans Held for Investment ("LHFI") $567 $9,067 $532 $87 $8,673 $2,448 $494 $89 $8,004 $2,515 $454 $86 $2,321 $480 $7,130 $409 $419 $71 $6,713 $6,828 $403 $444 $6,554 $1,996 $377 $64 $69 $5,99
Slide 18: Transaction Costs
Transaction Costs Transaction Costs Transaction Costs ex-Provision $581 $577 $541 $366 $344 $354 $478 $315 $447 $451 $294 $295 $431 $283 $413 $254 $350 $232 5.4% 4.8% 5.0% 4.7% 4.4% 4.4% 4.4% 4.2% 4.1% 3.2% 3.3% 3.3% 2.9% 3.0% 2.9% 2.8% 2.7% 2.5% FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26
Slide 19: Revenue Less Transaction Costs
Revenue Less Transaction Costs Revenue Less Transaction Costs Revenue Less Transaction Costs ex-Provision 40% 39% YoY YoY $812 $589 $757 $543 $695 $498 $618 $455 $572 $582 $419 $425 $500 $353 $427 $445 $309 $285 5.9% 5.9% 5.6% 5.8% 5.6% 5.7% 5.5% 6.0% 5.8% 4.3% 3.8% 4.1% 4.1% 4.1% 4.2% 3.9% 4.3% 4.2
Slide 20: Operating Expenses
Operating Expenses Technology & Data Analytics Sales and Marketing General and Administrative $203 $192 $185 $168 $145 $155 $135 $136 $147 $153 $145 $145 $148 $138 $139 $141 $134 $133 $134 21% $123 $124 20% $99 19% 21% 19% 19% $92 17% 18% 18% 18% 16% 16% 17% 17% 15% 16% 19% 16% $80 $78 $74 $73 14% 1
Slide 21: GAAP and Adj. Operating Income / (Loss)
GAAP and Adj. Operating Income / (Loss) GAAP Operating Income / (Loss) Adjusted Operating Income / (Loss) $337 $353 $281 $264 $238 $237 $174 $147 $150 $118 $130 $88 27% 28% 30% 30% $58 $64 27% 27% 23% 22% 10% 13% 19% 7% 7% 9% (11)% $(4) $(8) $(73) (19)% —% (1)% $(133) FY FY FY FY FY FY FY FY FY FY F
Slide 22: Net Income to Adjusted Operating Income Reconciliation
Net Income to Adjusted Operating Income Reconciliation Quarter Ending June 30, 2026 12 Months Ending June 30, 2026 $1,930 $1,617 $(76) $(22) $211 $— $1,235 $305 $302 $53 $— $353 $417 $86 $67 $147 $(1,437) $(1,448) Net Income Other Income Tax Operating Depreciation Stock-Based Enterprise Restructurin
Slide 23: Platform Portfolio and Funding Mix
Platform Portfolio and Funding Mix $20.2 $19.0 $1.2 $18.4 $1.4 $1.0 $16.1 $15.1 $1.0 $14.0 $13.7 $1.3 $9.4 $1.2 $0.9 $8.8 $8.8 $11.8 $11.0 $0.7 $7.9 $0.9 $6.7 $6.0 $6.2 $4.7 $4.4 $5.5 $5.0 $4.1 $5.5 $3.4 $4.2 $4.3 $5.0 $5.0 5% 5% 5% 5% 5% 4% 4% 5% 4% $3.8 $4.1 $2.3 $2.6 $2.4 $2.2 $3.1 $2.2 $2.0 FY Q
Slide 24: Platform Portfolio Loans - Remaining Term Length
Platform Portfolio Loans - Remaining Term Length Weighted average remaining term of Total and On Balance Sheet Platform Portfolio (in months), as of quarter-end date 11 11 11 11 11 11 11 11 11 10 10 10 10 10 10 10 10 10 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26
Slide 25: Funding Capacity
Funding Capacity $30.0 $28.0 $28.2 $26.1 $26.6 $22.6 $23.3 $16.1 $16.8 69% 70% 68% 67% 65% 62% 60% 59% 58% FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Funding Capacity ($B) Total Platform Portfolio % of Funding Capacity Notes: 1. Metrics are unaudited 2. The Comp
Slide 26: Delinquency Performance: Monthly DQ30+
Delinquency Performance: Monthly DQ30+ Delinquencies (DQ) of 30+ days as % of Active Balances Excluding Pay in X Loans 4.0% 3.0% FY 2026 FY 2024 FY 2025 FY 2023 2.0% FY 2022 1.0% —% Jul Sep Dec Mar 2022 2023 2024 2025 2026 Notes: 1. Data as of July 2026 26 2. US loans only, excludes Pay in X (former
Slide 27: Delinquency Performance: Monthly DQ30+ ex-Peloton
Delinquency Performance: Monthly DQ30+ ex-Peloton Delinquencies (DQ) of 30+ days as % of Active Balances Excluding Pay in X and Peloton Loans 4.0% 3.0% FY 2026 FY 2022 FY 2024 FY 2025 2.0% FY 2023 1.0% —% Jul Sep Dec Mar 2022 2023 2024 2025 2026 Notes: 1. Data as of July 2026 27 2. US loans only, ex
Slide 28: Monthly Installment Loan Delinquency Rates
Monthly Installment Loan Delinquency Rates As of the Three Months Ending September 30 December 31 March 31 June 30 30+ Days Delinquent FY 2022 1.5% 1.6% 2.1% 2.1% FY 2023 2.7% 2.4% 2.3% 2.1% FY 2024 2.4% 2.4% 2.3% 2.4% FY 2025 2.8% 2.5% 2.4% 2.3% FY 2026 2.8% 2.7% 2.8% 2.5% 60+ Days Delinquent FY 20
Slide 29: Monthly Installment Loan Delinquency Rates Ex-Peloton
Monthly Installment Loan Delinquency Rates Ex-Peloton As of the Three Months Ending September 30 December 31 March 31 June 30 30+ Days Delinquent FY 2022 2.1% 2.1% 2.7% 2.5% FY 2023 3.2% 2.7% 2.5% 2.3% FY 2024 2.5% 2.5% 2.4% 2.5% FY 2025 2.8% 2.5% 2.5% 2.3% FY 2026 2.8% 2.7% 2.8% 2.5% 60+ Days Delin
Slide 30: 30+ Day Delinquency Performance Against Select Consumer Lenders
30+ Day Delinquency Performance Against Select Consumer Lenders Affirm Delinquencies of 30+ days as % of Monthly Installment Loan Active Balances Ex-Peloton % Non-Prime Receivables 6.0% Issuer B 35% Issuer A 26% 4.0% Issuer C 27% dv01 index N.A. Affirm 44% 2.0% —% 6/30/2024 9/30/2024 12/31/2024 3/31
Slide 31: Q4'26 Loan Balance and Net Charge-offs by Origination Fiscal Year
Q4'26 Loan Balance and Net Charge-offs by Loan Origination Fiscal Year ($ in 000s) As of June 30, 2026 2026 2025 2024 2023 2022 Prior Total Amortized Cost Basis by Fiscal Year of Origination Loans Held for Investment $ 8,972,573 $ 440,680 $ 45,570 $ 7,246 $ 277 $ 37 $ 9,466,383 and Loans Held for Sa
Slide 32: Allowance and Loans Held for Investment
Allowance and Loans Held for Investment $563 $512 $478 $426 $397 $364 $375 $351 $309 5.7% 5.6% 5.9% 6.0% 5.9% 5.5% 5.6% 5.4% 5.4% FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 FY Q2'26 FY Q3'26 FY Q4'26 Allowance for Losses ($M) Allowance % of Loans Held for Investment Notes: 1. Metrics are
Slide 33: Change in Allowance for Credit Losses
Change in Allowance for Credit Losses Quarterly Change in Allowance Last 12 Months Change in Allowance $(170) $778 $(612) $221 $512 $563 $563 $397 Allowance Provision for Charge-offs, Net Allowance Allowance Provision for Charge-offs, Net Allowance March 2026 Losses June 2026 June 2025 Losses June 2
Slide 34: Outlook
Outlook
Slide 35: Key Assumptions And Other Considerations Incorporated in Outlook
Key Assumptions And Other Considerations Incorporated in Outlook Enterprise Partnerships: • A promotional event with a large enterprise merchant partner that occurred in FQ1'26 will not repeat in FQ1'27, creating a slight headwind to year-over-year GMV growth. • A separate enterprise merchant that e
Slide 36: FY Q1 2027 and FY 2027 Outlook
FY Q1 2027 and FY 2027 Outlook The following table summarizes Affirm's financial outlook for the full-year 2027: • GMV of more than $64 billion • Revenue similar to FY'26 as a % of GMV (~8.49%) • RLTC similar to FY'26 as a % of GMV (~4.16%) • Adjusted Operating Margin of more than 30.5% • GAAP Opera
Slide 37: Financials
Financials affirm)
Slide 38: Components of Interest Income
Components of Interest Income Three Months Ended: September 30, December 31, September 30, December 31, ($ in 000s) June 30, 2024 March 31, 2025 June 30, 2025 March 31, 2026 June 30, 2026 2024 2024 2025 2025 Interest income on unpaid principal balance $ 295,197 $ 337,159 $ 364,962 $ 353,841 $ 367,47
Slide 39: Fully Diluted Shares Outstanding (FY Q4'26)
Fully Diluted Shares Outstanding (FY Q4'26) (Shares in millions) Common Shares Outstanding 337 Plus: Balance of Options, Weighted Average Strike Price: $20.27 10 Plus: Vested Warrants, Weighted Average Strike Price: $13.35 4 Plus: CEO Value Creation Award, Weighted Average Strike Price: $49.00 2 Plu
Slide 40: Share-Based Payment Expense
Share-Based Payment Expense Adj. Operating Income: $337M $281M $353M $216 $187 $179 $107 $144 $87 $135 $100 $123 $120 $115 $117 $5 $41 $61 $5 $36 $9 $5 $40 $50 $9 $5 $41 $2 $12 $3 $5 $12 $6 $3 $6 $5 $3 $9 $6 $6 $3 $3 $5 $1 $12 $82 $74 $80 $69 $72 $73 $67 $53 $60 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 F
Slide 41: Reconciliations
Reconciliation affirm)
Slide 42: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Gross Merchandise Volume ($M) $ 7,241 $ 7,598 $ 10,146 $ 8,558 $ 10,
Slide 43: Annual Revenue & Transaction Cost Detail
Annual Revenue & Transaction Cost Detail Twelve Months Ended: ($ in 000s except GMV) June 30, 2024 June 30, 2025 June 30, 2026 Gross Merchandise Volume ($M) $ 26,646 $ 36,659 $ 50,171 Revenue Merchant network revenue $ 674,607 $ 882,658 $ 1,149,932 Card network revenue 151,401 231,308 293,990 Total
Slide 44: Income Statement Reconciliations - Fiscal Quarter
Income Statement Reconciliations - Fiscal Quarter Three Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Income Statement Reconciliations ($K) Total Revenue $ 659,185 $ 698,479 $ 866,381 $ 7
Slide 45: Income Statement Reconciliations - Fiscal Year
Income Statement Reconciliations - Fiscal Year June 30, 2024 June 30, 2025 June 30, 2026 Income Statement Reconciliations ($K) Total Revenue $ 2,322,999 $ 3,224,412 $ 4,261,082 Operating Expenses Loss on loan purchase commitment $ 180,395 $ 242,264 $ 311,864 Provision for credit losses 460,628 616,6
Slide 46: GAAP to Non-GAAP Expense Reconciliations, H2'26
GAAP to Non-GAAP Expense Reconciliations, H2'26 ($ in 000s) Three Months Ended June 30, 2026 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 76,283 $ 0 $ 0 $ 0 $ 0 $ 0 $ 76,283 Provisi
Slide 47: GAAP to Non-GAAP Expense Reconciliations, H1'26
GAAP to Non-GAAP Expense Reconciliations, H1'26 ($ in 000s) Three Months Ended December 31, 2025 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 96,065 $ 0 $ 0 $ 0 $ 0 $ 0 $ 96,065 Pro
Slide 48: GAAP to Non-GAAP Expense Reconciliations, H2'25
GAAP to Non-GAAP Expense Reconciliations, H2'25 ($ in 000s) Three Months Ended June 30, 2025 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 60,459 $ 0 $ 0 $ 0 $ 0 $ 0 $ 60,459 Provisi
Slide 49: GAAP to Non-GAAP Expense Reconciliations, H1'25
GAAP to Non-GAAP Expense Reconciliations, H1'25 ($ in 000s) Three Months Ended December 31, 2024 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 70,278 $ 0 $ 0 $ 0 $ 0 $ 0 $ 70,278 Pro
Slide 50: GAAP to Non-GAAP Expense Reconciliations, H2'24
GAAP to Non-GAAP Expense Reconciliations, H2'24 ($ in 000s) Three Months Ended June 30, 2024 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 47,756 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,756 Provisi
Slide 51: GAAP to Non-GAAP Expense Reconciliations, H1'24
GAAP to Non-GAAP Expense Reconciliations, H1'24 ($ in 000s) Three Months Ended December 31, 2023 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 53,630 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53,630 Pro
Slide 52: GAAP to Non-GAAP Expense Reconciliations (FY'25 & FY'26)
GAAP to Non-GAAP Expense Reconciliations (FY'25 & FY'26) ($ in 000s) Twelve Months Ended June 30, 2026 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 311,864 $ 0 $ 0 $ 0 $ 0 $ 0 $ 311
Slide 53: GAAP to Non-GAAP Expense Reconciliation (FY'24)
GAAP to Non-GAAP Expense Reconciliation (FY'24) ($ in 000s) Twelve Months Ended June 30, 2024 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other Other costs Non-GAAP Loss on loan purchase commitment $ 180,395 $ 0 $ 0 $ 0 $ 0 $ 0 $ 180,395 Prov