Affirm Holdings, Inc. · NASDAQ:AFRM
Affirm — Q1 2026 Earnings Presentation
54 slides from Affirm's earnings presentation, Nov 6, 2025
Slide 1: FY Q1 2026 Earnings Supplement
FY Q1 2026 Earnings Supplement November 6, 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 Q1 2026 Operating & Financial Highlights
Slide 5: First Quarter FY'26 Highlights
First Quarter FY'26 Highlights GROSS MERCHANDISE ACTIVE TRANS. PER VOLUME ($B) CONSUMERS (M) ACTIVE CONSUMER REVENUE ($M) 24.1 $933 $10.8 6.1 19.5 24% 5.1 Growth $698 34% 42% 20% Growth $7.6 Growth Growth 21% Growth 21% Growth 41% Growth 35% Growth FY Q1'25 FY Q1'26 FY Q1'25 FY Q1'26 FY Q1'25 FY Q1'
Slide 6: Business Highlights
FY Q1 2026 Business Highlights
Slide 7: Gross Merchandise Volume
Gross Merchandise Volume 42% Growth $10.8 $10.1 $10.4 $8.6 $7.5 $7.6 $7.2 $6.3 $5.6 $299 $287 $293 $293 $279 $276 $267 $273 $260 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 GMV ($B) AOV ($) Notes: 1. GMV defined as the total dollar amount of all transactions on t
Slide 8: Affirm Direct-to-Consumer Business Highlights
Affirm Direct-to-Consumer Business Highlights 2.8 million Affirm Card Active Consumers Direct-to-Consumer GMV (1, 2) $1,427 million Affirm Card Active Consumers (3) +101% Growth 12% Card Attach Rate Affirm Card GMV $4,000M +135% Growth 3.0M 40% 2.5M $3,000M 30% 2.0M $2,000M 1.5M 20% 1.0M $1,000M 10%
Slide 9: Power Transactions Across Diverse Channels
Power Transactions Across Diverse Channels POS vs. Affirm1 Transactions Affirm Product Composition2,3 FY Q1 2026 FY Q1 2026 55% YoY Growth 15% Pay in X 23% (Short-Term Affirm¹ 74% YoY 0% APR) Growth 13% 0% APR Monthly 72% 77% 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 Q1'26 Industry Gross Merchandise Volume Mix Category Volume Growth Q1 Year over Year % Change General Merchandise 33% +24% Travel / Ticketing 14% +38% Fashion / Beauty 14% +30% Electronics 7% +34% Home / Lifestyle 7% +22% Equipment / Auto 5% +26% Sport
Slide 11: Active Consumers
Active Consumers 24% Active Consumer Growth 20% Transactions per Active Consumer Growth 24.1 23.0 21.0 21.9 24.1 18.7 19.5 23.0 17.6 18.1 21.0 21.9 16.9 6.1 19.5 5.8 17.8 18.6 17.1 5.6 16.1 5.3 5.1 4.9 4.6 4.4 4.1 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 Affir
Slide 12: Quarterly Transactions
Quarterly Transactions 52% 96% Repeat Customers Growth 41.4 38.1 37.5 1.9 2.5 1.8 31.3 26.2 27.2 1.8 24.7 1.7 2.2 21.5 1.6 18.8 1.5 39.5 1.7 35.6 35.7 29.6 24.0 23.1 25.5 20.0 17.1 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 Repeat Customer Transactions (M) First
Slide 13: Active Merchants
Active Merchants 30% Growth in Merchants with > 30% $1k TTM GMV Growth 419 377 358 323 337 292 303 266 279 251 222 210 194 201 176 180 163 170 148 155 168 117 123 129 136 103 109 FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 > $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% 32% 36% 31% 35% 35% 36% 28% 23% 23% 24% 24% 16% 16% 18% 19% 21% FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24
Slide 15: Revenue
Revenue 34% Growth $933 $866 $876 $783 $698 $659 $591 $576 $497 8.8% 9.2% 9.1% 9.2% 8.5% 9.2% 8.7% 7.9% 8.5% FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 Revenue ($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 Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 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") $7,130 $454 $6,713 $6,828 $6,554 $1,996 $419 $1,813 $1,844 $409 $403 $71 $5,990 $1,638 $377 $69 $5,566 $64 $66 $5,350 $1,378 $338 $57 $383 $4,894 $1,447 $31
Slide 18: Transaction Costs
Transaction Costs Transaction Costs Transaction Costs ex-Provision $478 $447 $451 $315 $431 $294 $295 $413 $283 $349 $350 $254 $345 $228 $232 $223 $284 $184 5.5% 5.4% 5.1% 4.8% 5.0% 4.7% 4.4% 4.4% 4.4% 3.3% 3.5% 3.2% 3.3% 3.3% 3.0% 2.9% 2.8% 2.9% FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25
Slide 19: Revenue Less Transaction Costs
Revenue Less Transaction Costs Revenue Less Transaction Costs Revenue Less Transaction Costs ex-Provision 39% 60% YoY YoY $618 $572 $582 $455 $419 $425 $500 $445 $353 $427 $309 $363 $353 $285 $312 $242 $231 $212 5.6% 4.8% 5.6% 5.9% 5.9% 5.6% 5.8% 5.6% 5.7% 3.8% 3.7% 4.3% 3.8% 4.1% 4.1% 4.1% 4.2% 3.2
Slide 20: Operating Expenses
Operating Expenses Technology & Data Analytics Sales and Marketing General and Administrative $168 $161 $153 $155 $145 $148 $147 27% $145 $140 $138 $139 $134 $136 28% $133 $129 $133 $133 $134 30% $133 $135 $123 $125 $124 22% 22% 27% $120 23% 22% 20% 20% 21% 21% 19% 19% 19% 19% 17% 18% 18% 16% 15% 16
Slide 21: GAAP and Adj. Operating Income / (Loss)
GAAP and Adj. Operating Income / (Loss) GAAP Operating Income / (Loss) Adjusted Operating Income / (Loss) $64 $264 $58 $238 $237 7% 7% —% (1)% $174 (11)% $150 (19)% $130 27% 27% 28% $(4) $(8) (29)% (28)% $93 23% 22% $79 19% $60 16% 14% (42)% 12% $(73) $(133) $(172) $(161) $(209) FY FY FY FY FY FY FY
Slide 22: Net Income to Adjusted Operating Income Reconciliation
Net Income to Adjusted Operating Income Reconciliation Quarter Ending September 30, 2025 12 Months Ending September 30, 2025 $246 $— $912 $49 $— $264 $86 $313 $65 $244 $81 $233 $2 $64 $10 $109 $(19) $(134) Net Income Other Income Tax Operating Depreciation Stock-Based Enterprise Restructuring Adjust
Slide 23: Platform Portfolio and Funding Mix
Platform Portfolio and Funding Mix $16.1 $15.1 $1.0 $14.0 $13.7 $1.3 $1.2 $0.9 $11.8 $11.0 $10.6 $10.4 $0.7 $7.9 $0.6 $0.9 $6.7 $9.0 $0.4 $6.0 $6.2 $0.3 $4.7 $4.8 $4.4 $4.4 $4.2 $4.2 $4.3 $5.0 $5.0 $3.4 $4.1 $2.9 $3.4 $2.5 6% 6% 5% 5% 5% 5% 5% 4% 4% $2.1 $2.4 $2.1 $2.3 $2.2 $2.6 $2.4 $2.0 $2.2 FY Q1
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 Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26
Slide 25: Funding Capacity
Funding Capacity $26.1 $26.6 $22.6 $23.3 $16.1 $16.8 $15.5 $15.6 $13.1 69% 69% 69% 70% 66% 62% 60% 59% 58% FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 Funding Capacity ($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 2024 FY 2025 FY 2026 FY 2023 2.0% FY 2022 FY 2020 1.0% FY 2021 —% Jul Sep Dec Mar 2020 2021 2022 2023 2024 2025 2026 Notes: 1. Data as of October 2025 26 2. US loans on
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 2022 FY 2025 FY 2026 FY 2024 2.0% FY 2023 FY 2020 FY 2021 1.0% —% Jul Sep Dec Mar 2020 2021 2022 2023 2024 2025 2026 Notes: 1. Data as of October
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 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% 2.4% FY 2025 2.8% 2.5% 2.4% 2.
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 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% 2.5% 2.4% 2.5% FY 2025 2.8% 2
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 C 42% Issuer A 27% Issuer D 27% 4.0% dv01 index N.A.. Affirm 42% 2.0% —% 9/30/2023 12/31/2023 3/31/2024 6/3
Slide 31: Q1'26 Loan Balance and Net Charge-offs by Loan Origination Fiscal Year
Q1'26 Loan Balance and Net Charge-offs by Loan Origination Fiscal Year ($ in 000s) as of September 30, 2025 2026 2025 2024 2023 2022 Prior Total Amortized Cost Basis by Fiscal Year of Origination Loans Held for Investment $ 3,623,171 $ 3,302,661 $ 195,295 $ 37,135 $ 2,895 $ 150 $ 7,161,307 and Loans
Slide 32: Allowance and Loans Held for Investment
Allowance and Loans Held for Investment $426 $397 $364 $375 $351 $309 $289 $262 $232 5.6% 5.7% 5.6% 5.9% 5.1% 5.3% 5.5% 5.4% 5.0% FY Q1'24 FY Q2'24 FY Q3'24 FY Q4'24 FY Q1'25 FY Q2'25 FY Q3'25 FY Q4'25 FY Q1'26 Allowance for Losses ($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 $156 $(128) $590 $(515) $397 $426 $351 $426 Allowance Provision for Charge-offs, Net Allowance Allowance Provision for Charge-offs, Net Allowance (June 2025) Losses September 2025 (September 2024)
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 as a percentage of GMV than equivalent interest-bearing products. Enterprise Partnerships: • An
Slide 36: FY Q2 2026 and FY 2026 Outlook
FY Q2 2026 and FY 2026 Outlook The following summarizes Affirm's financial outlook for the full-year 2026: • GMV of more than $47.5 billion • Revenue as a % of GMV of ~8.4% • RLTC as a % of GMV of ~4.0% • Adjusted Operating Margin of more than 27.1% • GAAP Operating Margin of more than 7.5% • Weight
Slide 37: Financials
Financials affirm)
Slide 38: Components of Interest Income
Components of Interest Income Three Months Ended: September 30, December 31, September 30, December 31, September 30, ($ in 000s) March 31, 2024 June 30, 2024 March 31, 2025 June 30, 2025 2023 2023 2024 2024 2025 Interest income on unpaid principal balance $ 226,158 $ 248,083 $ 273,581 $ 295,197 $ 3
Slide 39: Fully Diluted Shares Outstanding (FY Q1'26)
Fully Diluted Shares Outstanding (FY Q1'26) (Shares in millions) Common Shares Outstanding 330 Plus: Balance of Options, Weighted Average Strike Price: $19.12 11 Plus: Vested Warrants, Weighted Average Strike Price: $0.01 4 Plus: CEO Value Creation Award, Weighted Average Strike Price: $49.00 11 Plu
Slide 40: Share-Based Payment Expense
Share-Based Payment Expense Adj. Operating Income: $174M $237M $264M $228 $224 $216 $189 $187 $179 $96 $115 $107 $96 $87 $135 $100 $123 $10 $115 $9 $41 $20 $10 $5 $36 $9 $9 $5 $7 $9 $41 $5 $12 $5 $3 $20 $9 $12 $6 $5 $6 $13 $9 $6 $5 $3 $5 $12 $93 $82 $74 $80 $71 $64 $69 $53 $60 FY Q1'24 FY Q2'24 FY Q
Slide 41: Reconciliations
Reconciliations affirm)
Slide 42: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Gross Merchandise Value ($M) $ 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 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Income Statement Reconciliations ($K) Total Revenue $ 496,547 $ 591,110 $ 576,15
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, H1'26
GAAP to Non-GAAP Expense Reconciliations, H1'26 ($ in 000s) Three Months Ended September 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 $ 71,552 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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,