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Specialty Finance

Affirm Holdings Executive Compensation (FY25)

AFRM · San Francisco, CA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Max Levchin
Latest say-on-pay support
=
December 15, 2025
Chief executive pay ratio
◇
To the median employee
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Data as of October 9, 2026Latest filing (8-K): December 18, 2025
7 filings cited on this page
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263 figures on this page: 258 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Max Levchin: $519,920 → $538,307 (3.5% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Affirm Holdings' chief executive and what were they paid?
Max Levchin, Founder, CEO and Chairman of the Board of Directors, received $538,307 in total compensation for fiscal 2025. Levchin's total moved 3.5% higher from the $519,920 reported for fiscal 2024.
What was Affirm Holdings' say-on-pay result?
The say-on-pay proposal drew 96.8% support at the meeting held December 15, 2025 for fiscal 2025.
Which companies are in Affirm Holdings' peer group?
The disclosed peer group names Bill.com Holdings, Block, Box, Dropbox and HubSpot, among others.
What is Affirm Holdings' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 1.7:1, against median employee compensation of $308,800.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Katherine Adkins
Chief Legal Officer and Chief Compliance Officer
◇—◇◇◇——◇
Libor Michalek
President
◇——◇◇——◇
Michael Linford
Chief Operating Officer and Chief Financial Officer
◇——◇◇——◇
Max Levchin
CEO
◇—————◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Linford
Chief Financial Officer
◇—◇◇———◇
Libor Michalek
President
◇—◇◇———◇
Katherine Adkins
Chief Legal Officer
◇—◇◇———◇
Max Levchin
Founder, CEO and Chairman of the Board of Directors
◇—————◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Linford
Chief Operating Officer and Chief Financial Officer
◇——◇◇——◇
Libor Michalek
President
◇——◇◇——◇
Katherine Adkins
Chief Legal Officer and Chief Compliance Officer
◇—◇◇◇——◇
Max Levchin
CEO
◇—————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Linford
Chief Operating Officer
◇—◇◇◇—◇◇
Libor Michalek
President and Director
◇—◇◇◇—◇◇
Rob O'Hare
Chief Financial Officer
◇—◇◇◇—◇◇
Katherine Adkins
Chief Legal Officer and Chief Compliance Officer
◇—◇◇◇—◇◇
Max Levchin
Founder, CEO and Chairman of the Board of Directors
◇—————◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Katherine AdkinsOPTION◇——◇—◇◇
Katherine AdkinsRSU◇——◇——◇
Libor MichalekOPTION◇——◇—◇◇
Libor MichalekRSU◇——◇——◇
Michael LinfordOPTION◇——◇—◇◇
Michael LinfordRSU◇——◇——◇
Rob O’HareRSU◇——◇——◇
Rob O’HareRSU◇——◇——◇
Rob O’HareOPTION◇——◇—◇◇
Rob O’HareOPTION◇——◇—◇◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Rob O'HareRSU◇◇——
Option◇—◇11/12/34
RSU◇◇——
Option◇—◇1/13/31
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇9/13/33
RSU◇◇——
RSU◇◇——
Option◇—◇3/2/32
Option◇—◇7/1/32
Option◇—◇9/16/32
Option◇—◇9/16/34
Katherine AdkinsOption◇—◇1/4/32
Option◇—◇9/16/32
RSU◇◇——
Option◇—◇9/16/34
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇4/22/32
Option◇—◇9/13/33
Michael LinfordRSU◇◇——
Option◇—◇9/16/34
RSU◇◇——
RSU◇◇——
Option◇—◇1/13/31
Option◇—◇9/16/32
Option◇—◇9/13/33
Libor MichalekOption◇—◇9/13/33
Option◇—◇9/16/32
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇1/13/31
Option◇—◇9/16/34
Max LevchinRSU◇=——
RSU◇=——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Katherine Adkins
Chief Legal Officer and Chief Compliance Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Libor Michalek
President and Director · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Clawback◇
Max Levchin
Founder, CEO and Chairman of the Board of Directors · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Michael Linford
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Clawback◇
Rob O'Hare
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian D. Hughes
◇◇————◇
Christa S. Quarles
Lead independent director
◇◇————◇
Noel Watson
◇◇————◇
Jeremy Liew
◇◇————◇
Manolo Sánchez
◇◇————◇
Jacqueline D. Reses
◇◇————◇
Keith Rabois, Max Levchin, Libor Michalek and Richard Galanti served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Bill.com Holdings BILL
  • Block XYZ
  • Box BOX
  • Dropbox DBX
  • HubSpot HUBS
  • MarketAxess Holdings MKTX
  • MongoDB MDB
  • Okta OKTA
  • Opendoor OPND
  • Paycom Software PAYC
  • Paylocity Holding PCTY
  • Shopify SHOP
  • SoFi Technologies SOFI
  • Tradeweb Markets TW
  • Twilio TWLO
  • Upstart Holdings UPST
  • WEX WEX
  • Zscaler ZS

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025December 15, 2025=◇◇◇
2024December 9, 2024=◇◇◇
2023December 4, 2023=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Max Levchin (Founder, CEO and Chairman of the Board of Directors), FY2025 total compensation $538,307 (base salary $38,834) [exec_comp, SEC accession 0001628280-25-046264, filed 2025-10-24]
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What this page does not include

Everything above is a fact Affirm Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Affirm Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
263 figures on this page: 258 cited to the filing that reported them, 5 calculated from figures it prints.
258 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001628280-25-057930
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-25-046264
    CEO Pay Ratio · Compensation Discussion and Analysis · Grants of Plan-Based Awards · Non-Employee Director Compensation · and 1 more section
  3. 0001820953-24-000063
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001820953-24-000049
    EXECUTIVE COMPENSATION TABLES
  5. 0001820953-23-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001628280-23-034817
    Executive Compensation Tables
  7. 0001820953-22-000037
    Fiscal 2022 Summary Compensation Table
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Affirm Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/AFRM (accessed 2026).
Short form: data: Velarion

The Affirm Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
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7 filings cited on this page
Method: intel.velarion.ai/methodology
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Specialty Finance rankings

Chief executive pay — Specialty FinanceCEO pay ratio — Specialty FinanceSay-on-pay support — Specialty Finance

Peers Affirm Holdings discloses

The companies named in AFRM's own disclosed peer group.

Bill.com HoldingsBlockBoxDropboxHubSpotMarketAxess HoldingsMongoDBOktaPaycom SoftwarePaylocity HoldingShopifySoFi TechnologiesTradeweb MarketsTwilioUpstart HoldingsWEXZscaler

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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