How does Affirm Holdings (AFRM) make money?

Affirm Holdings (AFRM) primarily makes money through Merchant Network, which accounts for 79.8% of total revenue. For TTM through Q1 2026, Affirm Holdings generated $3.97B in total revenue with a net profit margin of 9.6%.

What is Affirm Holdings (AFRM) gross profit margin?

Affirm Holdings (AFRM) reported a gross profit margin of 67.7% for TTM through Q1 2026, equivalent to $2.69B in gross profit. This means Affirm Holdings retains 67.7% of each revenue unit after direct costs of production.

What is Affirm Holdings (AFRM) operating profit margin?

Affirm Holdings (AFRM) reported an operating profit margin of 11.1% for TTM through Q1 2026, equivalent to $441.54M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Affirm Holdings (AFRM) net profit margin?

Affirm Holdings (AFRM) reported a net profit margin of 9.6% for TTM through Q1 2026, equivalent to $382.42M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Affirm Holdings (AFRM) spend on capital expenditures?

Affirm Holdings (AFRM) spent $222.59M on capital expenditures in TTM through Q1 2026 (5.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Affirm Holdings (AFRM) free cash flow?

Affirm Holdings (AFRM) generated $787.11M in free cash flow for TTM through Q1 2026 (19.8% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Affirm Holdings (AFRM) effective tax rate?

Affirm Holdings (AFRM) had an effective tax rate of 3.2% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

What are Affirm Holdings (AFRM) main revenue segments?

Affirm Holdings (AFRM) reports revenue across 2 reportable product segments, led by Merchant Network at 79.8% of total revenue in TTM through Q1 2026. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.

Where does Affirm Holdings (AFRM) generate most of its revenue?

Geographically, 96.3% of Affirm Holdings (AFRM) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

How Affirm Holdings (AFRM) Makes Money: A Visual Guide

Affirm Holdings (AFRM) generated $3.97B in revenue, earning $382.42M in net profit (9.6% margin). Its largest revenue source is Merchant Network (79.8% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

In TTM through Q1 2026, Affirm Holdings (AFRM) generated revenue across 2 reportable product segments; the largest contributor was Merchant Network at 79.8%, followed by Virtual Card Network (20.2%). Geographically, UNITED STATES accounted for 96.3% of revenue, followed by CANADA (3.7%) and Other Geographical (0%).

Affirm Holdings (AFRM) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported February 5, 2026).

Affirm Holdings (AFRM) Revenue by Product Segment — TTM through Q1 2026

Merchant Network
Revenue
$3.17B
% of total
79.8%
Virtual Card Network
Revenue
$804.09M
% of total
20.2%
Total
Revenue
$3.97B
% of total
100%

Segment	Revenue	% of total
Merchant Network	$3.17B	79.8%
Virtual Card Network	$804.09M	20.2%
Total	$3.97B	100%

View Affirm Holdings (AFRM) revenue history

Affirm Holdings (AFRM) Revenue by Geography — FY 2025 (period end June 30, 2025)

Quarterly geographic data is unavailable for this period, so the table reflects the company's last annual disclosure (FY 2025 (period end June 30, 2025)). The income statement above uses TTM through Q1 2026, so regional dollars and percentages will not match line-for-line.

UNITED STATES
Revenue
$3.11B
% of total
96.3%
CANADA
Revenue
$119.01M
% of total
3.7%
Other Geographical
Revenue
$282.00K
% of total
0%
Total
Revenue
$3.22B
% of total
100%

Region	Revenue	% of total
UNITED STATES	$3.11B	96.3%
CANADA	$119.01M	3.7%
Other Geographical	$282.00K	0%
Total	$3.22B	100%

View Affirm Holdings (AFRM) revenue history

Frequently asked questions

How does Affirm Holdings (AFRM) make money?: Affirm Holdings (AFRM) primarily makes money through Merchant Network, which accounts for 79.8% of total revenue. For TTM through Q1 2026, Affirm Holdings generated $3.97B in total revenue with a net profit margin of 9.6%.
What is Affirm Holdings (AFRM) gross profit margin?: Affirm Holdings (AFRM) reported a gross profit margin of 67.7% for TTM through Q1 2026, equivalent to $2.69B in gross profit. This means Affirm Holdings retains 67.7% of each revenue unit after direct costs of production.
What is Affirm Holdings (AFRM) operating profit margin?: Affirm Holdings (AFRM) reported an operating profit margin of 11.1% for TTM through Q1 2026, equivalent to $441.54M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Affirm Holdings (AFRM) net profit margin?: Affirm Holdings (AFRM) reported a net profit margin of 9.6% for TTM through Q1 2026, equivalent to $382.42M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Affirm Holdings (AFRM) spend on capital expenditures?: Affirm Holdings (AFRM) spent $222.59M on capital expenditures in TTM through Q1 2026 (5.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Affirm Holdings (AFRM) free cash flow?: Affirm Holdings (AFRM) generated $787.11M in free cash flow for TTM through Q1 2026 (19.8% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Affirm Holdings (AFRM) effective tax rate?: Affirm Holdings (AFRM) had an effective tax rate of 3.2% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.
What are Affirm Holdings (AFRM) main revenue segments?: Affirm Holdings (AFRM) reports revenue across 2 reportable product segments, led by Merchant Network at 79.8% of total revenue in TTM through Q1 2026. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.
Where does Affirm Holdings (AFRM) generate most of its revenue?: Geographically, 96.3% of Affirm Holdings (AFRM) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
Where do segment and geographic numbers come from?: Product-segment shares come from the same TTM income statement that powers the Sankey chart. Geographic splits are first rebuilt from the four most recent quarterly geographic-segmentation filings so they align with the same TTM window; if quarterly geo data is missing, we fall back to the latest annual disclosure (the table heading shows which one is in use).
When was this data last updated?: Based on company filings through TTM through Q1 2026.