How Affirm Holdings makes money

Period

FY2026

How does Affirm Holdings make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Affirm Holdings Inc. · FY2026 · year ended 2026-06-30

Revenue$4.3BGross profit$4.3B · 100%Cost of revenue$0 · 0%Operating income$417M · 10%Operating expenses$3.8B · 90%SG&A$578M · 14%Selling & marketing$343M · 8%Other opex$2.9B · 69%Pre-tax income$1.9B · 45%Other income$1.5B · 36%Net income$1.9B · 45%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.