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# Affirm CEO Max Levchin's Pay Hits $25.9 Million After His Pre-IPO Award Runs Out
- URL: https://www.bullished.co/affirm-ceo-max-levchins-pay-hits-25-9-million-after-his-pre-ipo-award-runs-out-463c66fb/
- Published: 2026-10-25T12:41:14.000Z
- Updated: 2026-11-05T20:17:45.000Z
- Description: Levchin's fiscal 2026 pay was $25.9 million, up from $538,307, as the board put him on all-performance-stock annual grants.
- Author: Matteo Parrino
- Tags: SEC Filings, AFRM, Industry: Financials, Topic: Leadership & Governance

Affirm founder and CEO Max Levchin's total pay for fiscal 2026 was [$25,900,827](https://www.sec.gov/Archives/edgar/data/0001820953/000162828026067042/afrm-20261021.htm?ref=bullished.co), against $538,307 a year earlier, according to the company's annual proxy filing on Friday. Almost all of it, $25,348,682, is a new grant of performance stock units that replaced a pre-IPO award that expired in January 2026.

## Five flat years, then a reset

Levchin's pay barely moved for years because it rested on a single Value Creation Award granted before the 2021 IPO. Its price hurdles were set from the [$49.00 IPO price](https://www.sec.gov/Archives/edgar/data/0001820953/000162828026067042/afrm-20261021.htm?ref=bullished.co), and the board meant it to be his only equity award through its fifth anniversary.

When the five-year period ended in January 2026, only the first four of ten tranches had been earned. The other six were forfeited. During fiscal 2026 he exercised 1,999,998 options for $68,558,631 in realized value.

The board then returned him to annual grants, made entirely of performance stock units. They pay out on growth in revenue less transaction costs and in adjusted operating income over three years. The proxy puts the maximum possible value of the grant at $50,697,364, double the $25.3 million target-based figure in the pay table.

## The pay ratio and perks

The proxy puts Levchin's pay at about 102 times that of the median employee, whose total compensation was $254,078\. His other compensation included $504,750 in personal security services, which the company calls a business expense rather than a personal benefit.

Affirm builds payment and lending products for consumers and merchants. Its fiscal 2026 revenue was $4.3 billion, up 32%, and net income was $1.9 billion. The company's market value was $23.6 billion as of the original report.

The board also rebuilt its executive pay peer group for fiscal 2027\. It added PayPal, Coinbase and Robinhood, among others.

## Board changes and a related-party bank

Directors Brian D. Hughes and Jeremy Liew were not re-nominated, which shrinks the board to nine. The nominees are Levchin, Ryan Schneider and James Bray. Levchin's own recommendation first identified Bray and Schneider as candidates.

Director Jacqueline Reses is CEO of Lead Bank, which originated $10.9 billion of loans on Affirm's platform in fiscal 2026\. Affirm paid it about $4.8 million in fees and interest.

Shareholders vote on December 14 on the advisory pay proposal, which drew 93.8% of votes cast last year, and on Levchin's re-election.

Learn

- [A Checklist For Reading A Proxy Statement's Executive Pay Table →](https://www.bullished.co/learn/how-to-read-proxy-statement-executive-compensation/)  
Read a proxy statement's executive pay in six steps: summary table, pay ratio, perks, related-party deals, activist settlements and votes, with real examples.
- [What Is A Proxy Fight? How Nominations, Board Letters And The Vote Work →](https://www.bullished.co/learn/what-is-a-proxy-fight/)  
A proxy fight is a contested shareholder vote, usually over board seats. See how nominations, board letters and the ballot work, with a live Vail Resorts example.

### Sources

- [Affirm Holdings — DEF 14A (2026-10-23)](https://www.sec.gov/Archives/edgar/data/0001820953/000162828026067042/afrm-20261021.htm?ref=bullished.co) — SEC EDGAR
- [What Does Affirm Holdings (AFRM) Gain From Its Exclusive Pay Over Time Deal?](https://finance.yahoo.com/markets/stocks/articles/does-affirm-holdings-afrm-gain-021441856.html?ref=bullished.co) — Yahoo Finance
- [Truist Securities Maintains Buy on Affirm Hol...](https://www.benzinga.com/news/26/10/62569439/truist-securities-maintains-buy-affirm-holdings-raises-price-target-88?ref=bullished.co) — benzinga.com
- [Watch Affirm CEO Levchin: Demand Strong Ahead of Sam’s Club Partnership - Bloomberg](https://www.bloomberg.com/news/videos/2026-10-22/affirm-ceo-sees-strong-demand-ahead-of-sam-s-club-pact-video?ref=bullished.co) — Bloomberg
- [Wall Street Analysts See Affirm Holdings (AFRM) as a Buy: Should You Invest?](https://finance.yahoo.com/markets/stocks/articles/wall-street-analysts-see-affirm-123004254.html?ref=bullished.co) — Yahoo Finance
- [Affirm Holdings (AFRM): Has BNPL’s Profitability Turn Earned It an Index Seat?](https://finance.yahoo.com/markets/stocks/articles/affirm-holdings-afrm-bnpl-profitability-172730339.html?ref=bullished.co) — Yahoo Finance