Affirm Holdings, Inc.
affirm.comWhat Do They Do?
Offers consumers installment loans and pay-over-time options, and gives merchants checkout, promotion, and sales tools.
10-K for FY2026, filed Aug 27, 2026We have three main loan product offerings: Pay-in-X, 0% annual percentage rate (“APR”) monthly installment loans and interest-bearing…View ↗
Our business transforms the way consumers and merchants transact by creating a powerful platform built upon honest financial products. We…View ↗
Affirm at Checkout. Merchants can integrate Affirm into their checkout experience through our direct Application Programming Interface…View ↗
How Do They Make Money?
Merchants pay transaction-based fees when a sale is confirmed; consumers’ loan interest accrues over the loan term. Affirm also earns a share of card transaction fees when purchases complete, plus income from loan sales and servicing loans held by others.
10-K for FY2026, filed Aug 27, 2026Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based…View ↗
We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan…View ↗
Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided.…View ↗
June 30, 2026 June 30, 2025 June 30, 2024 Merchant network revenue $ 1,149,932 882,658 674,607 Card network revenue 293,990 231,308 151,401…View ↗
We act as the servicer on all loans that we originate directly or purchase from our originating bank partners and earn a servicing fee on…View ↗
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10-K for FY2026, filed Aug 27, 2026
FY2026 revenue by product or service ↗
$4.3B
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10-K for FY2026, filed Aug 27, 2026
$4.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Merchant network revenue
Sold outright
10-K for FY2026, filed Aug 27, 2026 |
80%
FY2023: 81%
|
Merchant network revenue, FY2026
$1.1B Sources
|
Sold outright |
|
Card network revenue
Sold outright
10-K for FY2026, filed Aug 27, 2026 |
20%
FY2023: 19%
|
Card network revenue, FY2026
$294M Sources
|
Sold outright |
Who Are Their Customers?
Consumers choose Affirm at checkout or through its app; merchants and commerce platforms integrate it directly or through platform partners to offer pay-over-time financing.
10-K for FY2026, filed Aug 27, 2026Consumer featuresView ↗
debit transaction. Consumers can transact either via a physical debit card or a virtual debit card. In addition, consumers can access…View ↗
Affirm at Checkout. Merchants can integrate Affirm into their checkout experience through our direct Application Programming Interface…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 45 cents of every revenue dollar as net income in FY2026 and turned 23 cents into free cash flow.
10-K for FY2026, filed Aug 27, 2026
$417MView ↗
10-K for FY2026, filed Aug 27, 2026
$1.9BView ↗
10-K for FY2026, filed Aug 27, 2026
$992.6MView ↗
How Are They Changing?
Growing. Revenue grew 3.2x in 4 years, from $1.3B in FY2022 to $4.3B in FY2026, about 33% a year.
Who Do They Compete With?
Competes with Synchrony, J.P. Morgan Chase, Citibank, Bank of America, Capital One, Bread Financial, American Express, PayPal, Block, and Klarna
10-K for FY2026, filed Aug 27, 2026Our primary competition consists of: legacy payment methods, such as credit and debit cards, including those provided by card issuing banks…View ↗
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