Affirm Holdings, Inc.
For the period ended Jun 30, 2026. Filed Oct 23, 2026.
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Jun 30, 2026 · Filed Oct 23, 2026
Contents
APPENDIX A
Key Operating Metric
Our management and Board measure GMV to assess the volume of transactions that take place on our platform. We define GMV as the total dollar amount of all transactions on the Affirm platform during the applicable period, net of refunds. GMV does not represent revenue earned by us; however, it is an indicator of the success of our merchants and the strength of our platform.
Non-GAAP Financial Measures
Our management and Board use total revenue less transaction costs and adjusted operating income (loss), which are non-GAAP financial measures, to evaluate our operating performance and make strategic decisions. We believe that total revenue less transaction costs is a useful financial measure to both us and investors of the economic value generated by transactions processed on the Affirm platform. We also believe that adjusted operating income (loss) is a useful financial measure to both us and investors for evaluating our operating performance and that it facilitates period to period comparisons of our results of operations as the items excluded generally are not a function of our operating performance.
The following tables present a reconciliation of revenue less transaction costs and adjusted operating income (loss) to their most directly comparable financial measures prepared in accordance with GAAP for each of the periods indicated.
| Year ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (in thousands)(unaudited) | ||
| Total Revenue, net | $4,261,082 | $3,224,412 |
| Less: Loss on loan purchase commitment | 311,864 | 242,264 |
| Less: Provision for credit losses | 796,650 | 616,683 |
| Less: Funding costs | 454,016 | 425,451 |
| Less: Processing and servicing | 613,587 | 457,849 |
| Revenue Less Transaction Costs (Non-GAAP) | $2,084,965 | $1,482,165 |
| Operating (Loss) Income | $416,977 | $(87,273) |
| Add: Depreciation and amortization | 302,173 | 225,153 |
| Add: Stock-based compensation included in operating expenses | 304,671 | 321,433 |
| Add: Enterprise warrant and share-based expense | 211,162 | 318,954 |
| Add: Restructuring charges, net | — | (184) |
| Adjusted Operating Income (Loss) (Non-GAAP) | $1,234,983 | $778,083 |
| AFFIRM HOLDINGS, INC. 2026 PROXY STATEMENT | 59 |
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