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How Affirm Holdings (AFRM) makes money

Affirm Holdings (AFRM) made $1.3B of revenue in the first quarter fiscal 2027 (Q1 FY27), +35% from a year earlier. Other revenues brought in $869M (69%); Merchant network revenue brought in $297M (24%); Card network revenue brought in $96.5M (8%). Of every dollar of revenue, 15¢ was left as operating profit, 13¢ was left as net earnings.

Drawing the Sankey…

Affirm Holdings revenue by segment, Q1 FY27Affirm Holdings revenue by segment, Q1 FY27Other revenues$869MMerchant network revenue$297MCard network revenue$96.5M
Affirm Holdings: revenue by line, Q3 FY25 to Q1 FY27Affirm Holdings: revenue by line, Q3 FY25 to Q1 FY27Other revenuesMerchant network reve…Card network revenueOther revenues: $869M latest$869MMerchant network revenue: $297M latest$297MCard network revenue: $96.5M latest$96.5MQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Merchant network revenue went from 27% of revenue in Q3 FY25 to 24% in Q1 FY27, the largest shift in the mix.
Affirm Holdings revenue by quarterAffirm Holdings revenue by quarter$783MQ3 FY25$876MQ4 FY25$933MQ1 FY26$1.1BQ2 FY26$1.0BQ3 FY26$1.2BQ4 FY26$1.3BQ1 FY27
Affirm Holdings: where each dollar of revenue goesAffirm Holdings: where each dollar of revenue goesOperating profit15¢Income tax3¢Net earnings13¢Operating cash flow16¢Free cash flow11¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
Other revenues$869M68.8%+12%+42%
Merchant network revenue$297M23.5%-2%+18%
Card network revenue$96.5M7.6%+13%+39%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$1.3B100.0%
Operating profit$187M14.8%
Income tax$40.9M3.2%
Net earnings$164M13.0%
Operating cash flow$207M16.4%
Free cash flow$145M11.5%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$1.3B+35%
Q4 FY26$1.2B+33%
Q3 FY26$1.0B+33%
Q2 FY26$1.1B+30%
Q1 FY26$933M+34%
Q4 FY25$876M+33%
Q3 FY25$783M+36%

From Affirm Holdings' 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Affirm Holdings make money?

Affirm Holdings (AFRM) made $1.3B of revenue in the first quarter fiscal 2027 (Q1 FY27), +35% from a year earlier. Other revenues brought in $869M (69%); Merchant network revenue brought in $297M (24%); Card network revenue brought in $96.5M (8%). Of every dollar of revenue, 15¢ was left as operating profit, 13¢ was left as net earnings.

What is Affirm Holdings' biggest business?

Other revenues: $869M in the first quarter fiscal 2027, 69% of revenue, +42% from a year earlier.

What is Affirm Holdings' profit margin?

Net earnings were $164M, 13.0% of revenue, in the first quarter fiscal 2027; the operating margin was 14.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.