Affirm Holdings, Inc. · NASDAQ:AFRM
Affirm — Q4 2025 Earnings Presentation
53 slides from Affirm's earnings presentation, Aug 28, 2025
Slide 1: FY Q4 2025 Earnings Supplement
FY Q4 2025 Earnings Supplement August 28, 2025
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 2025 Operating & Financial Highlights
Slide 5: Fourth Quarter FY'25 Highlights
Fourth Quarter FY'25 Highlights GROSS MERCHANDISE ACTIVE TRANS. PER VOLUME ($B) CONSUMERS (M) (2) ACTIVE CONSUMER (2) REVENUE ($M) 23.0 $876 $10.4 5.8 18.6 24% Growth 4.9 33% 43% 19% $659 Growth Growth Growth $7.2 19% Growth 22% Growth 48% Growth 31% Growth FY Q4'24 FY Q4'25 FY Q4'24 FY Q4'25 FY Q4'
Slide 6: Business Highlights
FY Q4 2025 Business Highlights
Slide 7: Gross Merchandise Volume
Gross Merchandise Volume 43% Growth $10.1 $10.4 $8.6 $7.5 $7.6 $7.2 $6.3 $5.5 $5.6 $317 $299 $287 $293 $293 $279 $273 $276 $267 FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 GMV ($B) AOV ($) Notes: 1. GMV defined as the total dollar amount of all transactions on th
Slide 8: Affirm Direct-to-Consumer Business Highlights
Affirm Direct-to-Consumer Business Highlights 2.3 million Affirm Card Active Consumers Direct-to-Consumer GMV (1, 2) $1,176 million Affirm Card Active Consumers (3) +97% Growth 10% Card Attach Rate Affirm Card GMV $4,000M +132% Growth 2.5M 40% 2.0M $3,000M 30% 1.5M $2,000M 20% 1.0M $1,000M 10% 0.5M
Slide 9: Power Transactions Across Diverse Channels
Power Transactions Across Diverse Channels POS vs. Affirm1 Transactions Affirm Product Composition2,3 FY Q4 2025 FY Q4 2025 50% YoY Growth 15% Pay in X 24% (Short-Term Affirm¹ 93% YoY 0% APR) Growth 14% 0% APR Monthly 71% 76% Interest-Bearing Point of Sale 35% YoY Growth Notes: 1. Based on transacti
Slide 10: Partnerships Across Wide Range of Categories
Partnerships Across Wide Range of Categories FY Q4'25 Industry Gross Merchandise Volume Mix Category Volume Growth Q4 Year over Year % Change General Merchandise 36% +45% Travel / Ticketing 15% +30% Fashion / Beauty 14% +25% Electronics 6% +35% Home / Lifestyle 6% +19% Equipment / Auto 6% +27% Sport
Slide 11: Active Consumers
Active Consumers 20% Transactions per 23% Active Consumer Growth, Growth 24% ex- Returnly 23.0 21.0 21.9 18.7 19.5 23.0 17.6 18.1 21.0 21.9 16.5 16.9 19.5 5.8 17.8 18.6 17.1 5.6 15.6 16.1 5.3 5.1 4.9 4.6 4.4 4.1 3.9 FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Aff
Slide 12: Quarterly Transactions
Quarterly Transactions 52% 95% Repeat Customers Growth 38.1 37.5 2.5 1.8 31.3 27.2 1.8 26.2 24.7 1.7 2.2 21.5 1.6 18.8 1.5 17.4 1.7 35.6 35.7 1.7 29.6 24.0 25.5 23.1 20.0 15.7 17.1 FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Repeat Customer Transactions (M) First
Slide 13: Active Merchants
26% Active Merchants Growth in Merchants with > 24% $1k TTM GMV Growth 377 358 337 323 292 303 279 266 254 222 210 201 194 176 180 163 170 158 136 148 155 109 117 123 129 96 103 FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 > $1,000 TTM GMV (K) <= $1,000 TTM GMV (K
Slide 14: Revenue
Revenue 33% Growth $866 $876 $783 $698 $659 $591 $576 $497 $446 8.8% 9.2% 9.1% 9.2% 8.5% 9.2% 8.1% 7.9% 8.5% FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Revenue ($M) % of GMV Notes: 1. Metrics are unaudited 14
Slide 15: 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 Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Core 0% Long Core 0% Short Core IB Pay in 4 Notes: 1. Inclu
Slide 16: 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") $6,713 $6,828 $6,554 $1,813 $1,844 $5,990 $1,638 $419 $409 $403 $5,566 $5,350 $1,378 $377 $69 $64 $66 $1,447 $4,894 $338 $1,445 $57 $4,476 $316 $1,321 $4,91
Slide 17: Transaction Costs
Transaction Costs Transaction Costs Transaction Costs ex-Provision $447 $451 $431 $294 $295 $413 $283 $349 $350 $254 $345 $228 $232 $223 $284 $264 $184 $169 5.5% 5.4% 4.8% 5.1% 4.8% 5.0% 4.7% 4.4% 4.4% 3.3% 3.5% 3.2% 3.3% 3.3% 3.1% 3.0% 2.9% 2.8% FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25
Slide 18: Revenue Less Transaction Costs
Revenue Less Transaction Costs Revenue Less Transaction Costs Revenue Less Transaction Costs ex-Provision 37% 36% YoY YoY $572 $582 $419 $425 $500 $445 $353 $427 $309 $363 $285 $353 $312 $242 $231 $277 $212 $182 5.6% 5.6% 5.9% 5.9% 5.6% 5.8% 5.6% 5.0% 4.8% 4.3% 4.1% 4.1% 4.1% 3.8% 3.7% 3.8% 3.3% 3.2
Slide 19: Operating Expenses
Operating Expenses Technology & Data Analytics Sales and Marketing General and Administrative 34% 33% $161 $152 $153 $155 30% $148 $145 $147 $145 29% 28% 27% 27% $140 $139 $133 $134 $133 $135 $136 $133 $138 $134 $133 $125 $128 $129 $120 $124 23% 22% 22% $123 22% 21% 21% 20% 19% 19% 20% 19% 19% 17% 1
Slide 20: GAAP and Adj. Operating Income / (Loss)
GAAP and Adj. Operating Income / (Loss) GAAP Operating Income / (Loss) Adjusted Operating Income / (Loss) $238 $237 $58 7% $174 —% (1)% $150 (11)% $130 (19)% $(4) $93 27% 27% $(8) $79 23% (29)% (28)% $60 22% 16% 19% $15 12% 14% (42)% $(73) (55)% 3% $(133) $(172) $(161) $(209) $(244) FY FY FY FY FY F
Slide 21: Net Income to Adjusted Operating Income Reconciliation
Net Income to Adjusted Operating Income Reconciliation Quarter Ending June 30, 2025 12 Months Ending June 30, 2025 $319 $778 $49 $— $237 $65 $321 $— $64 $69 $2 $58 $225 $52 $9 $(14) $(149) $(87) Net Income Other Income Tax Operating Depreciation Stock-Based Enterprise Restructuring Adjusted Net Inco
Slide 22: Platform Portfolio and Funding Mix
Platform Portfolio and Funding Mix $15.1 $14.0 $13.7 $1.3 $1.2 $0.9 $11.8 $11.0 $10.6 $10.4 $0.7 $0.6 $0.9 $6.7 $9.0 $0.4 $6.0 $8.7 $6.2 $0.3 $4.7 $0.4 $4.8 $4.4 $4.4 $4.2 $3.9 $4.2 $4.3 $5.0 $3.4 $4.1 $2.9 $3.4 $2.3 5% $2.5 6% 6% 5% 5% 5% 5% 5% 4% $2.2 $2.1 $2.4 $2.1 $2.3 $2.2 $2.6 $2.4 $2.0 FY Q4'
Slide 23: 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 12 11 11 11 11 11 11 11 11 10 10 10 10 10 10 10 10 10 FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25
Slide 24: Funding Capacity
Funding Capacity Partnership signed in December 2024 resulting in $4 billion in unutilized capacity beginning 12/31/2024. $26.1 $22.6 $23.3 $16.1 $16.8 $15.5 $15.6 75% $13.1 $11.7 69% 69% 69% 70% 66% 62% 59% 58% FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Funding
Slide 25: 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 2024 FY 2025 FY 2023 2.0% FY 2022 FY 2019 FY 2020 1.0% FY 2021 —% Jul Sep Dec Mar 2019 2020 2021 2022 2023 2024 2025 Notes: 1. Data as of April 2025 25 2. US loans only
Slide 26: 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% FY 2019 3.0% FY 2022 FY 2025 FY 2024 2.0% FY 2023 FY 2020 FY 2021 1.0% —% Jul Sep Dec Mar 2019 2020 2021 2022 2023 2024 2025 Notes: 1. Data as of April 2
Slide 27: 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 2019 2.9% 2.5% 2.0% 1.9% FY 2020 2.5% 2.1% 1.9% 1.1% FY 2021 0.8% 0.8% 0.7% 0.9% 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.
Slide 28: 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 2019 3.3% 3.2% 2.7% 2.6% FY 2020 3.2% 2.9% 2.8% 1.8% FY 2021 1.4% 1.3% 1.2% 1.3% 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
Slide 29: 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 C 42% Issuer A 26% Issuer D 27% 4.0% dv01 index N.A.. Issuer B N.A. Affirm 43% 2.0% —% 6/30/2023 9/30/2023
Slide 30: Loans Held for Investment by ITACS Score
Loans Held for Investment by ITACS Score ($ in 000s) Three Months Ending June 30 September 30 December 31 March 31 June 30 September 30 December 31 March 31 June 30 2023 2023 2023 2024 2024 2024 2024 2025 2025 Amortized Cost Basis of Loans Held for Investment by ITACS Score 96+ $ 2,689,847 $ 2,724,4
Slide 31: Q4'25 Loan Balance and Net Charge-offs by Origination Fiscal Year
Q4'25 Loan Balance and Net Charge-offs by Loan Origination Fiscal Year ($ in 000s) as of June 30, 2025 2025 2024 2023 2022 2021 Prior Total Amortized Cost Basis by Fiscal Year of Origination Loans Held for Investment $ 6,580,225 $ 319,680 $ 53,076 $ 4,414 $ 151 $ 36 $ 6,957,582 and Loans Held for Sa
Slide 32: Allowance and Loans Held for Investment
Allowance and Loans Held for Investment $397 $364 $375 $351 $309 $289 $262 $232 $205 5.3% 5.5% 5.6% 5.4% 5.7% 5.6% 5.1% 5.0% 4.6% FY Q4'23 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 Allowance for Losses ($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 $146 $(124) $589 $(501) $375 $397 $309 $397 Allowance Provision for Charge-offs, Net Allowance Allowance Provision for Charge-offs, Net Allowance (March 2025) Losses June 2025 (June 2024) Losses Ju
Slide 34: Outlook
Outlook affirm)
Slide 35: Key Assumptions Incorporated in Outlook
Key Assumptions Incorporated in Outlook Product Mix: • On a year-over-year basis, the mix of 0% APR GMV inclusive of Pay-in-X products is expected to increase. 0% APR products generally have a lower RLTC on both a dollar and percent basis than equivalent interest-bearing products. Enterprise Partner
Slide 36: FY Q1 2026 and FY 2026 Outlook
FY Q1 2026 and FY 2026 Outlook The following table summarizes Affirm's financial outlook for the full-year 2026: • GMV of more than $46 billion • Revenue as a % of GMV of ~8.4% • RLTC as a % of GMV of ~4.0% • Adjusted Operating Margin of more than 26.1% • GAAP Operating Margin of more than 6.0% • We
Slide 37: Financials
Financials affirm)
Slide 38: Components of Interest Income
Components of Interest Income Three Months Ended: September 30, December 31, September 30, December 31, ($ in 000s) June 30, 2023 March 31, 2024 June 30, 2024 March 31, 2025 June 30, 2025 2023 2023 2024 2024 Interest income on unpaid principal balance $ 181,437 $ 226,158 $ 248,083 $ 273,581 $ 295,19
Slide 39: Fully Diluted Shares Outstanding (FY Q4'25)
Fully Diluted Shares Outstanding (FY Q4'25) (Shares in millions) Common Shares Outstanding 325 Plus: Balance of Options, Weighted Average Strike Price: $19.12 13 Plus: Vested Warrants, Weighted Average Strike Price: $0.01 4 Plus: CEO Value Creation Award, Weighted Average Strike Price: $49.00 13 Plu
Slide 40: Share-Based Payment Expense
Share-Based Payment Expense Adj. Operating Income: $238M $174M $237M $228 $224 $214 $216 $189 $187 $179 $96 $91 $115 $107 $96 $87 $100 $123 $10 $115 $10 $9 $9 $10 $5 $36 $20 $9 $5 $20 $9 $9 $41 $7 $12 $20 $9 $12 $5 $5 $6 $13 $9 $6 $5 $3 $5 $12 $84 $93 $82 $74 $71 $64 $69 $53 $60 FY Q4'23 FY Q1'24 FY
Slide 41: Reconciliations
Reconciliations affirm)
Slide 42: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Gross Merchandise Value ($M) $ 5,515 $ 5,617 $ 7,494 $ 6,294 $ 7,241
Slide 43: Annual Revenue & Transaction Cost Detail
Annual Revenue & Transaction Cost Detail Twelve Months Ended: ($ in 000s except GMV) June 30, 2023 June 30, 2024 June 30, 2025 Gross Merchandise Value ($M) $ 20,201 $ 26,646 $ 36,659 Revenue Merchant network revenue $ 507,600 $ 674,607 $ 882,658 Card network revenue 119,338 151,401 231,308 Total net
Slide 44: Income Statement Reconciliations - Fiscal Quarter
Income Statement Reconciliations - Fiscal Quarter Three Months Ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Income Statement Reconciliations ($K) Total Revenue $ 445,825 $ 496,547 $ 591,110 $ 5
Slide 45: Income Statement Reconciliations - Fiscal Year
Income Statement Reconciliations - Fiscal Year June 30, 2023 June 30, 2024 June 30, 2025 Income Statement Reconciliations ($K) Total Revenue $ 1,587,985 $ 2,322,999 $ 3,224,412 Operating Expenses Loss on loan purchase commitment $ 140,265 $ 180,395 $ 242,264 Provision for credit losses 331,860 460,6
Slide 46: 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 (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 60,459 $ 0 $ 0 $ 0 $ 0 $ 0 $ 60,459
Slide 47: 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 (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 70,278 $ 0 $ 0 $ 0 $ 0 $ 0 $ 70
Slide 48: 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 (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 47,756 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,756
Slide 49: 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 (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 53,630 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53
Slide 50: GAAP to Non-GAAP Expense Reconciliations, H2'23
GAAP to Non-GAAP Expense Reconciliations, H2'23 ($ in 000s) Three Months Ended June 30, 2023 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 35,009 $ 0 $ 0 $ 0 $ 0 $ 0 $ 35,009
Slide 51: GAAP to Non-GAAP Expense Reconciliations, H1'23
GAAP to Non-GAAP Expense Reconciliations, H1'23 ($ in 000s) Three Months Ended December 31, 2022 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 38,422 $ 0 $ 0 $ 0 $ 0 $ 0 $ 38
Slide 52: GAAP to Non-GAAP Expense Reconciliations (FY'24 & FY'25)
GAAP to Non-GAAP Expense Reconciliations (FY'24 & FY'25) ($ in 000s) Twelve Months Ended June 30, 2025 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 242,264 $ 0 $ 0 $ 0 $ 0 $
Slide 53: GAAP to Non-GAAP Expense Reconciliation (FY'23)
GAAP to Non-GAAP Expense Reconciliation (FY'23) ($ in 000s) Twelve Months Ended June 30, 2023 Stock-Based Enterprise Warrant Compensation & Share Based Restructuring and GAAP D&A Expense Expenses other (1) Other costs (2) Non-GAAP Loss on loan purchase commitment $ 140,265 $ 0 $ 0 $ 0 $ 0 $ 0 $ 140,