Affirm Holdings Revenue, Net Income & 10-K Summary

Company overview

Founded in 2012, Affirm is a digital payments and financing platform focused on offering transparent, consumer-first financial products.
Mission: deliver honest financial products and reinvent payments and commerce using modern technology, proprietary risk modeling, and transparent terms.
Business model:
- Merchant-facing: earns revenue primarily from merchant fees for facilitating pay-over-time transactions and for helping merchants convert sales and increase average order value (AOV).
- Consumer-facing: earns interest income on interest-bearing installment loans; also offers 0% APR installments and Pay-in-X options.
- Card and wallet options: issues the Affirm Card (debit) and virtual cards; earns revenue from card transactions through partner issuing banks and shared interchange revenue.
Core value proposition: a transaction-level risk model that prices risk and underwrites each transaction, with transparent consumer terms (no late fees, no deferred or compounding interest).

Affirm at Checkout: pay over time with personalized terms (weeks to years).
Consumer-first borrowing: individual underwriting for Pay-in-X, 0% APR installments, or interest-bearing loans; no late fees.
Affirm Card and Affirm Marketplace: card usable online and in-store; pre-purchase installments via the app; virtual card and in-app purchases; access to merchant offers through the Affirm Marketplace.
Affirm Money Account: FDIC-insured high-yield savings account offered via Cross River Bank.

Simple integration via direct API or platform partners to add Affirm at checkout.
Flexible offerings including 0% APR and/or interest-bearing installments.
Prequalification to improve conversion and personalize offers.
Brand-sponsored promotions funded by suppliers and merchant dashboards with analytics.
Participation in the Affirm Marketplace for targeted advertising and offers.

Deep data and in-house technology: a cloud-first, data-rich platform with machine learning to underwrite, price risk, and detect fraud; scalable to thousands of checkouts per minute.
Data advantages: uses a broad set of signals (over 1,000 data points per transaction) and a large loan history to refine risk models.
Network effects: more consumers attract more merchants and vice versa; repeat consumers drive higher efficiency and lower loss rates.

Active merchants: approximately 571 thousand.
Employees: approximately 2,358.
GMV (gross merchandise volume) facilitated in the fiscal year ended June 30, 2026: $50.2 billion.
Product mix of GMV in FY2026:
- Pay-in-X: 16% of GMV.
- 0% APR installment loans: 14% of GMV.
- Interest-bearing monthly installment loans: 70% of GMV.
- (FY2025 comparison: Pay-in-X 14%, 0% APR 13%, interest-bearing 72%.)
Financing and use metrics:
- Transactions initiated via mobile app, website, or Affirm Card: about 25% of total transactions in FY2026.
- Repeat consumer transactions: 96% of transactions in FY2026 (vs. 94% in FY2025).
- Average transactions per active consumer: about 7.0, up ~20% from 6/30/2025 and ~44% over the two-year period since 6/30/2024.
Data and loan history:
- Over 1,000 data points used per underwriting decision.
- Data set backing risk models: approximately 553 million loans to date.

Operates across the U.S., Canada, U.K., and Australia under evolving lending, money transmission, consumer protection, and privacy regimes (including GLBA, GDPR, CCPA/CPRA) and subject to oversight by agencies such as the CFPB and other authorities.
Relies on originating bank partners for underwriting (examples include Celtic Bank and Lead Bank) and must comply with state and provincial lending and licensing requirements; some markets are evaluating BNPL-specific legislation.
Maintains AML, sanctions, and anti-corruption policies, including an enterprise AML program and FCPA compliance.