$KLAR
Business
Klarna operates a payments and consumer-finance network with bank funding. It earns merchant and consumer service fees, interest and receivable-sale income, while incurring processing, credit and funding costs. Deposits, retained receivables and senior support for offloading arrangements determine cash and capital needs.
Three drivers
- GMV, service monetization and financing-product mix
- Credit, processing and funding costs after presentation changes
- Deposits, retained loans and forward-flow senior funding
Thesis
Our view
Transaction margin is more informative than the reported revenue take rate during the H2 accounting change. Improved adjusted earnings still need to support credit risk, deposit liabilities, retained financing assets and shareholder compensation.
What changes it
Compare like-for-like transaction margin and actual loan/deposit cash with IFRS profit; do not treat litigation awards, risk transfers or facility capacity as realized shareholder cash.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 706.01 | 781.01 | 701.01 | 823.01 | 903.01 | 1,082.01 | 1,012.01 | 1,042.01 |
| Gross profit ($M) | — | — | — | — | — | — | — | — |
| Operating income ($M) | 13.02 | -101.02 | -90.02 | -46.02 | -83.02 | -11.02 | 17.02 | 27.02 |
| Net income ($M) | 12.03 | 40.03 | -99.03 | -53.03 | -95.03 | -26.03 | 1.03 | 9.03 |
| EPS, diluted ($) | — | — | — | — | — | — | — | — |
| Diluted shares (M) | — | — | — | — | — | — | — | — |
| Cash ($M) | — | 3,243.04 | 4,105.04 | 5,504.04 | 6,795.04 | 3,803.04 | 2,806.04 | 2,672.04 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | — | — | — | — | — | — | — | — |
| Capex ($M) | — | — | — | — | — | — | — | — |
| Free cash flow ($M) | — | — | — | — | — | — | — | — |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 960.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 1,106.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 1,120.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 1,180.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Transaction margin, accounting presentation and bank funding cash
Drive transaction/service revenue from GMV and a mixed realization factor, with interest income and receivable-sale gains separately. Deduct processing, credit and funding costs. Apply the H2 fair-value presentation reduction equally to revenue and transaction costs, while identifying its separate recognition-timing benefit. Base Q3 and FY2026 revenue/adjusted operating income match updated guidance; annual TMD grows about 30%. Bridge to IFRS operating profit and model loan deployment, senior funding to forward-flow counterparties, deposits and treasury investment inside bank operating cash. Loan sales and deposits are not owner income.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| q2 gmv | June 2026 / FY2025 | 36,648.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| Q3 revenue midpoint | 2026Q3 | 960.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 revenue midpoint | FY2026 | 4,120.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 adjusted operating income midpoint | 2026Q3 | 10.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 adjusted operating income midpoint | FY2026 | 290.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| H1 tmd | H1 2026 | 835.00 | reported. USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Source · 2026-08-18 |
| H1 rounded-table reconciliation difference | H1 2026 | 1.00 | derived. Explicit $1M residual from rounded statement/reconciliation amounts. |
| H1 cfo | H1 2026 | -1,213.00 | reported. USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Source · 2026-08-18 |
| H1 selected bank balance cash flows | H1 2026 | -2,244.00 | derived. Isolates named cash-flow lines only. |
| H1 CFO excluding selected balance-sheet flows | H1 2026 | 1,031.00 | derived. Analytical comparison; includes all other cash/accrual/settlement effects, not normalized earnings. |
| H1 bank CFO after capex and lease principal | H1 2026 | -1,238.00 | derived. Not bank regulatory dividend capacity. |
| cash | June 2026 / FY2025 | 2,672.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| consumer deposits | June 2026 / FY2025 | 11,673.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| amortized receivables | June 2026 / FY2025 | 8,831.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| fvoci receivables | June 2026 / FY2025 | 718.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| fvtpl receivables | June 2026 / FY2025 | 204.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| senior funding assets | June 2026 / FY2025 | 526.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
| notes and borrowings | June 2026 / FY2025 | 1,687.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-18 |
Downside scenario
| Period | Bank operating cash flow proxy ($M) | Transaction margin dollars ($M) | Cash intangible and fixed assets ($M) | IFRS total revenue ($M) | Consumer deposit cash inflow ($M) | Adjusted operating income ($M) | Lease principal cash ($M) | Net consumer-loan cash deployment ($M) | Bank CFO less capex and leases ($M) | IFRS operating profit proxy ($M) | Net forward-flow senior funding ($M) | Treasury asset cash deployment ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -652.00 | 270.00 | 10.00 | 900.00 | -400.00 | -80.00 | 5.00 | 200.00 | -667.00 | -203.00 | 150.00 | 0.00 |
| 2026Q4 | -435.00 | 360.00 | 11.00 | 1,020.00 | -200.00 | 30.00 | 5.00 | 300.00 | -451.00 | -48.00 | 180.00 | 0.00 |
| 2027Q1 | -379.00 | 320.00 | 12.00 | 980.00 | -100.00 | -35.00 | 5.00 | 200.00 | -396.00 | -118.00 | 180.00 | 50.00 |
| 2027Q2 | -446.00 | 330.00 | 13.00 | 1,020.00 | -100.00 | -35.00 | 5.00 | 250.00 | -464.00 | -123.00 | 200.00 | 50.00 |
| FY2026 | -2,300.00 | 1,465.00 | 37.00 | 3,974.00 | -1,204.00 | 109.00 | 19.00 | 574.00 | -2,356.00 | -207.00 | 895.00 | 1,042.00 |
| FY2027 | -1,659.00 | 1,395.00 | 54.00 | 4,240.00 | -300.00 | -105.00 | 20.00 | 1,000.00 | -1,733.00 | -467.00 | 840.00 | 200.00 |
Base scenario
| Period | Bank operating cash flow proxy ($M) | Transaction margin dollars ($M) | Cash intangible and fixed assets ($M) | IFRS total revenue ($M) | Consumer deposit cash inflow ($M) | Adjusted operating income ($M) | Lease principal cash ($M) | Net consumer-loan cash deployment ($M) | Bank CFO less capex and leases ($M) | IFRS operating profit proxy ($M) | Net forward-flow senior funding ($M) | Treasury asset cash deployment ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -315.25 | 350.00 | 10.00 | 960.00 | -100.00 | 10.00 | 5.00 | 150.00 | -330.25 | -113.00 | 120.00 | 100.00 |
| 2026Q4 | -46.95 | 424.40 | 11.00 | 1,106.00 | 150.00 | 121.00 | 5.00 | 250.00 | -62.95 | 43.00 | 150.00 | 100.00 |
| 2027Q1 | -154.00 | 450.00 | 12.00 | 1,120.00 | 100.00 | 80.00 | 5.00 | 250.00 | -171.00 | -3.00 | 150.00 | 100.00 |
| 2027Q2 | -165.00 | 480.00 | 13.00 | 1,180.00 | 150.00 | 90.00 | 5.00 | 300.00 | -183.00 | 2.00 | 175.00 | 100.00 |
| FY2026 | -1,575.20 | 1,609.40 | 37.00 | 4,120.00 | -554.00 | 290.00 | 19.00 | 474.00 | -1,631.20 | -26.00 | 835.00 | 1,242.00 |
| FY2027 | -574.75 | 2,090.00 | 54.00 | 4,980.00 | 600.00 | 495.00 | 20.00 | 1,250.00 | -648.75 | 133.00 | 750.00 | 400.00 |
Upside scenario
| Period | Bank operating cash flow proxy ($M) | Transaction margin dollars ($M) | Cash intangible and fixed assets ($M) | IFRS total revenue ($M) | Consumer deposit cash inflow ($M) | Adjusted operating income ($M) | Lease principal cash ($M) | Net consumer-loan cash deployment ($M) | Bank CFO less capex and leases ($M) | IFRS operating profit proxy ($M) | Net forward-flow senior funding ($M) | Treasury asset cash deployment ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -225.35 | 390.00 | 10.00 | 1,040.00 | 100.00 | 40.00 | 5.00 | 200.00 | -240.35 | -83.00 | 140.00 | 150.00 |
| 2026Q4 | -61.00 | 490.00 | 11.00 | 1,240.00 | 300.00 | 160.00 | 5.00 | 350.00 | -77.00 | 82.00 | 180.00 | 150.00 |
| 2027Q1 | -186.50 | 550.00 | 12.00 | 1,300.00 | 250.00 | 160.00 | 5.00 | 400.00 | -203.50 | 77.00 | 200.00 | 150.00 |
| 2027Q2 | -203.00 | 620.00 | 13.00 | 1,450.00 | 300.00 | 190.00 | 5.00 | 450.00 | -221.00 | 102.00 | 240.00 | 175.00 |
| FY2026 | -1,499.35 | 1,715.00 | 37.00 | 4,334.00 | -204.00 | 359.00 | 19.00 | 624.00 | -1,555.35 | 43.00 | 885.00 | 1,342.00 |
| FY2027 | -787.00 | 2,760.00 | 54.00 | 6,200.00 | 1,350.00 | 935.00 | 20.00 | 2,000.00 | -861.00 | 573.00 | 1,080.00 | 750.00 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 2,054.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 tmd h1_tmd | H1 2026 / shared | 835.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 adj operating h1_adj_operating | H1 2026 / shared | 159.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 operating income h1_operating_income | H1 2026 / shared | 44.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 cfo h1_cfo | H1 2026 / shared | -1,213.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 loan deployment h1_loan_deployment | H1 2026 / shared | 74.00 USD_millions | reported: USD millions; figures rounded. H1 loan deployment = 315 FVOCI use less 194 FVTPL inflow and 47 amortized-cost inflow. Primary source · 2026-08-18 |
| H1 senior deployment h1_senior_deployment | H1 2026 / shared | 565.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 deposit flow h1_deposit_flow | H1 2026 / shared | -604.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 treasury deployment h1_treasury_deployment | H1 2026 / shared | 1,042.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 capex h1_capex | H1 2026 / shared | 16.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 lease principal h1_lease_principal | H1 2026 / shared | 9.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 sbc h1_sbc | H1 2026 / shared | 67.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 adjusted da h1_adjusted_da | H1 2026 / shared | 47.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 cashflow da h1_cashflow_da | H1 2026 / shared | 44.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 restructuring h1_restructuring | H1 2026 / shared | 2.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 operating notes flow h1_operating_notes_flow | H1 2026 / shared | 41.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 credit expense h1_credit_expense | H1 2026 / shared | 378.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 cashflow credit provision h1_cashflow_credit_provision | H1 2026 / shared | 492.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 loan sale gain h1_loan_sale_gain | H1 2026 / shared | 126.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 funding fv h1_funding_fv | H1 2026 / shared | 96.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 gmv h1_gmv | H1 2026 / shared | 70,339.00 USD_millions | reported: USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly. Primary source · 2026-08-18 |
| H1 capex and lease cash h1_capital_cash | H1 2026 / shared | 25.00 USD_millions | derived: Lease principal is financing cash under IFRS. Formula: sum(h1_capex, h1_lease_principal). |
| H1 bank CFO after capex and lease principal h1_cash_after_capex | H1 2026 / shared | -1,238.00 USD_millions | derived: Not bank regulatory dividend capacity. Formula: subtract(h1_cfo, h1_capital_cash). |
| Deposits and operating notes flow h1_selected_funding | H1 2026 / shared | -563.00 USD_millions | derived: Deposits are liabilities, not revenue. Formula: sum(h1_deposit_flow, h1_operating_notes_flow). |
| Loan senior and treasury cash deployment h1_selected_deployment | H1 2026 / shared | 1,681.00 USD_millions | derived: Operating cash classification in furnished bank statements. Formula: sum(h1_loan_deployment, h1_senior_deployment, h1_treasury_deployment). |
| H1 selected bank balance cash flows h1_selected_balance_flows | H1 2026 / shared | -2,244.00 USD_millions | derived: Isolates named cash-flow lines only. Formula: subtract(h1_selected_funding, h1_selected_deployment). |
| H1 CFO excluding selected balance-sheet flows h1_cash_before_balances | H1 2026 / shared | 1,031.00 USD_millions | derived: Analytical comparison; includes all other cash/accrual/settlement effects, not normalized earnings. Formula: subtract(h1_cfo, h1_selected_balance_flows). |
| H1 adjusted-income exclusions h1_adjustments | H1 2026 / shared | 116.00 USD_millions | derived: Uses adjusted reconciliation D&A, not cash-flow D&A. Formula: sum(h1_sbc, h1_adjusted_da, h1_restructuring). |
| H1 IFRS bridge before rounding residual h1_gaap_before_rounding | H1 2026 / shared | 43.00 USD_millions | derived: Reported tables are rounded to USD millions. Formula: subtract(h1_adj_operating, h1_adjustments). |
| H1 rounded-table reconciliation difference h1_rounding_residual | H1 2026 / shared | 1.00 USD_millions | derived: Explicit $1M residual from rounded statement/reconciliation amounts. Formula: subtract(h1_operating_income, h1_gaap_before_rounding). |
| q2 gmv q2_gmv | June 2026 / FY2025 / shared | 36,648.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| q2 service q2_service | June 2026 / FY2025 / shared | 707.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| q2 interest q2_interest | June 2026 / FY2025 / shared | 266.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| q2 gain q2_gain | June 2026 / FY2025 / shared | 69.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| cash cash | June 2026 / FY2025 / shared | 2,672.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| securities securities | June 2026 / FY2025 / shared | 2,593.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| amortized receivables amortized_receivables | June 2026 / FY2025 / shared | 8,831.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| fvoci receivables fvoci_receivables | June 2026 / FY2025 / shared | 718.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| fvtpl receivables fvtpl_receivables | June 2026 / FY2025 / shared | 204.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| senior funding assets senior_funding_assets | June 2026 / FY2025 / shared | 526.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| consumer deposits consumer_deposits | June 2026 / FY2025 / shared | 11,673.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| merchant payables merchant_payables | June 2026 / FY2025 / shared | 934.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| notes and borrowings notes_and_borrowings | June 2026 / FY2025 / shared | 1,687.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| fy25 tmd fy25_tmd | June 2026 / FY2025 / shared | 1,238.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-18 |
| Q3 revenue low q3_revenue_low | 2026Q3 / shared | 940.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| Q3 revenue high q3_revenue_high | 2026Q3 / shared | 980.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 revenue endpoint sum q3_revenue_sum | 2026Q3 / shared | 1,920.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high). |
| Q3 revenue midpoint q3_revenue | 2026Q3 / shared | 960.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_sum, two). |
| FY2026 revenue low fy26_revenue_low | FY2026 / shared | 4,080.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| FY2026 revenue high fy26_revenue_high | FY2026 / shared | 4,160.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| FY2026 revenue endpoint sum fy26_revenue_sum | FY2026 / shared | 8,240.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_revenue_low, fy26_revenue_high). |
| FY2026 revenue midpoint fy26_revenue | FY2026 / shared | 4,120.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_sum, two). |
| Q3 adjusted operating income low q3_adj_op_low | 2026Q3 / shared | 5.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| Q3 adjusted operating income high q3_adj_op_high | 2026Q3 / shared | 15.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| Q3 adjusted operating income endpoint sum q3_adj_op_sum | 2026Q3 / shared | 20.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_adj_op_low, q3_adj_op_high). |
| Q3 adjusted operating income midpoint q3_adj_op | 2026Q3 / shared | 10.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_adj_op_sum, two). |
| FY2026 adjusted operating income low fy26_adj_op_low | FY2026 / shared | 280.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| FY2026 adjusted operating income high fy26_adj_op_high | FY2026 / shared | 300.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-18 |
| FY2026 adjusted operating income endpoint sum fy26_adj_op_sum | FY2026 / shared | 580.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_adj_op_low, fy26_adj_op_high). |
| FY2026 adjusted operating income midpoint fy26_adj_op | FY2026 / shared | 290.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_adj_op_sum, two). |
| Gross merchandise volume downside_2026q3_gmv | 2026Q3 / downside | 33,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2026q3_presentation_ratio | 2026Q3 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2026q3_presentation_reduction | 2026Q3 / downside | 33.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2026q3_gmv, downside_2026q3_presentation_ratio). |
| Interest income on financing receivables downside_2026q3_interest_income | 2026Q3 / downside | 245.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2026q3_loan_sale_gain | 2026Q3 / downside | 85.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2026q3_service_yield | 2026Q3 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2026q3_service_revenue | 2026Q3 / downside | 603.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2026q3_gmv, downside_2026q3_service_yield). |
| Revenue before presentation adjustment downside_2026q3_pre_presentation_revenue | 2026Q3 / downside | 933.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2026q3_service_revenue, downside_2026q3_interest_income, downside_2026q3_loan_sale_gain). |
| Reported IFRS revenue downside_2026q3_revenue | 2026Q3 / downside | 900.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2026q3_pre_presentation_revenue, downside_2026q3_presentation_reduction). |
| Processing/servicing per GMV downside_2026q3_processing_ratio | 2026Q3 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2026q3_processing_cost | 2026Q3 / downside | 244.20 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2026q3_gmv, downside_2026q3_processing_ratio). |
| Credit expense / GMV downside_2026q3_credit_ratio | 2026Q3 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2026q3_credit_expense | 2026Q3 / downside | 264.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2026q3_gmv, downside_2026q3_credit_ratio). |
| Incremental recognition-timing benefit downside_2026q3_recognition_timing | 2026Q3 / downside | 10.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2026q3_funding_fv | 2026Q3 / downside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2026q3_cash_funding_expense | 2026Q3 / downside | 119.80 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2026q3_funding_cost | 2026Q3 / downside | 164.80 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2026q3_cash_funding_expense, downside_2026q3_funding_fv). |
| Processing credit and funding cost downside_2026q3_raw_transaction_cost | 2026Q3 / downside | 673.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2026q3_processing_cost, downside_2026q3_credit_expense, downside_2026q3_funding_cost). |
| Presentation and timing cost reductions downside_2026q3_accounting_reductions | 2026Q3 / downside | 43.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2026q3_presentation_reduction, downside_2026q3_recognition_timing). |
| Reported transaction costs downside_2026q3_transaction_cost | 2026Q3 / downside | 630.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2026q3_raw_transaction_cost, downside_2026q3_accounting_reductions). |
| Transaction margin dollars downside_2026q3_tmd | 2026Q3 / downside | 270.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2026q3_revenue, downside_2026q3_transaction_cost). |
| Adjusted operating expenses downside_2026q3_adjusted_opex | 2026Q3 / downside | 350.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2026q3_adj_operating | 2026Q3 / downside | -80.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2026q3_tmd, downside_2026q3_adjusted_opex). |
| Share-based payments downside_2026q3_sbc | 2026Q3 / downside | 95.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2026q3_da | 2026Q3 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2026q3_restructuring | 2026Q3 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2026q3_ifrs_adjustments | 2026Q3 / downside | 123.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_restructuring). |
| IFRS operating profit proxy downside_2026q3_operating_income | 2026Q3 / downside | -203.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2026q3_adj_operating, downside_2026q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2026q3_noncash_credit_bridge | 2026Q3 / downside | 229.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2026q3_adj_operating, downside_2026q3_credit_expense, downside_2026q3_funding_fv). |
| Cash income taxes downside_2026q3_cash_tax | 2026Q3 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2026q3_other_settlement_use | 2026Q3 / downside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2026q3_cash_earnings_adjustment | 2026Q3 / downside | 131.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2026q3_loan_sale_gain, downside_2026q3_recognition_timing, downside_2026q3_restructuring, downside_2026q3_cash_tax, downside_2026q3_other_settlement_use). |
| Operating cash before bank balance deployment downside_2026q3_cash_before_bank_balances | 2026Q3 / downside | 98.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2026q3_noncash_credit_bridge, downside_2026q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2026q3_loan_deployment | 2026Q3 / downside | 200.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2026q3_senior_deployment | 2026Q3 / downside | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2026q3_deposit_flow | 2026Q3 / downside | -400.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2026q3_treasury_deployment | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2026q3_operating_notes_flow | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2026q3_bank_funding_inflow | 2026Q3 / downside | -302.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2026q3_cash_before_bank_balances, downside_2026q3_deposit_flow, downside_2026q3_operating_notes_flow). |
| Loan senior and treasury investment downside_2026q3_bank_asset_deployment | 2026Q3 / downside | 350.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2026q3_loan_deployment, downside_2026q3_senior_deployment, downside_2026q3_treasury_deployment). |
| Bank operating cash flow proxy downside_2026q3_cfo | 2026Q3 / downside | -652.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2026q3_bank_funding_inflow, downside_2026q3_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2026q3_capex | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2026q3_lease_principal | 2026Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2026q3_capital_cash | 2026Q3 / downside | 15.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2026q3_capex, downside_2026q3_lease_principal). |
| Bank CFO after capex and leases downside_2026q3_cash_after_capex | 2026Q3 / downside | -667.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capital_cash). |
| Gross merchandise volume downside_2026q4_gmv | 2026Q4 / downside | 40,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2026q4_presentation_ratio | 2026Q4 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2026q4_presentation_reduction | 2026Q4 / downside | 40.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2026q4_gmv, downside_2026q4_presentation_ratio). |
| Interest income on financing receivables downside_2026q4_interest_income | 2026Q4 / downside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2026q4_loan_sale_gain | 2026Q4 / downside | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2026q4_service_yield | 2026Q4 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2026q4_service_revenue | 2026Q4 / downside | 705.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2026q4_gmv, downside_2026q4_service_yield). |
| Revenue before presentation adjustment downside_2026q4_pre_presentation_revenue | 2026Q4 / downside | 1,060.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2026q4_service_revenue, downside_2026q4_interest_income, downside_2026q4_loan_sale_gain). |
| Reported IFRS revenue downside_2026q4_revenue | 2026Q4 / downside | 1,020.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2026q4_pre_presentation_revenue, downside_2026q4_presentation_reduction). |
| Processing/servicing per GMV downside_2026q4_processing_ratio | 2026Q4 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2026q4_processing_cost | 2026Q4 / downside | 296.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2026q4_gmv, downside_2026q4_processing_ratio). |
| Credit expense / GMV downside_2026q4_credit_ratio | 2026Q4 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2026q4_credit_expense | 2026Q4 / downside | 320.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2026q4_gmv, downside_2026q4_credit_ratio). |
| Incremental recognition-timing benefit downside_2026q4_recognition_timing | 2026Q4 / downside | 20.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2026q4_funding_fv | 2026Q4 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2026q4_cash_funding_expense | 2026Q4 / downside | 54.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2026q4_funding_cost | 2026Q4 / downside | 104.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2026q4_cash_funding_expense, downside_2026q4_funding_fv). |
| Processing credit and funding cost downside_2026q4_raw_transaction_cost | 2026Q4 / downside | 720.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2026q4_processing_cost, downside_2026q4_credit_expense, downside_2026q4_funding_cost). |
| Presentation and timing cost reductions downside_2026q4_accounting_reductions | 2026Q4 / downside | 60.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2026q4_presentation_reduction, downside_2026q4_recognition_timing). |
| Reported transaction costs downside_2026q4_transaction_cost | 2026Q4 / downside | 660.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2026q4_raw_transaction_cost, downside_2026q4_accounting_reductions). |
| Transaction margin dollars downside_2026q4_tmd | 2026Q4 / downside | 360.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2026q4_revenue, downside_2026q4_transaction_cost). |
| Adjusted operating expenses downside_2026q4_adjusted_opex | 2026Q4 / downside | 330.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2026q4_adj_operating | 2026Q4 / downside | 30.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2026q4_tmd, downside_2026q4_adjusted_opex). |
| Share-based payments downside_2026q4_sbc | 2026Q4 / downside | 49.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2026q4_da | 2026Q4 / downside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2026q4_restructuring | 2026Q4 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2026q4_ifrs_adjustments | 2026Q4 / downside | 78.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_restructuring). |
| IFRS operating profit proxy downside_2026q4_operating_income | 2026Q4 / downside | -48.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2026q4_adj_operating, downside_2026q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2026q4_noncash_credit_bridge | 2026Q4 / downside | 400.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2026q4_adj_operating, downside_2026q4_credit_expense, downside_2026q4_funding_fv). |
| Cash income taxes downside_2026q4_cash_tax | 2026Q4 / downside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2026q4_other_settlement_use | 2026Q4 / downside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2026q4_cash_earnings_adjustment | 2026Q4 / downside | 155.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2026q4_loan_sale_gain, downside_2026q4_recognition_timing, downside_2026q4_restructuring, downside_2026q4_cash_tax, downside_2026q4_other_settlement_use). |
| Operating cash before bank balance deployment downside_2026q4_cash_before_bank_balances | 2026Q4 / downside | 245.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2026q4_noncash_credit_bridge, downside_2026q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2026q4_loan_deployment | 2026Q4 / downside | 300.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2026q4_senior_deployment | 2026Q4 / downside | 180.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2026q4_deposit_flow | 2026Q4 / downside | -200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2026q4_treasury_deployment | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2026q4_operating_notes_flow | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2026q4_bank_funding_inflow | 2026Q4 / downside | 45.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2026q4_cash_before_bank_balances, downside_2026q4_deposit_flow, downside_2026q4_operating_notes_flow). |
| Loan senior and treasury investment downside_2026q4_bank_asset_deployment | 2026Q4 / downside | 480.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2026q4_loan_deployment, downside_2026q4_senior_deployment, downside_2026q4_treasury_deployment). |
| Bank operating cash flow proxy downside_2026q4_cfo | 2026Q4 / downside | -435.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2026q4_bank_funding_inflow, downside_2026q4_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2026q4_capex | 2026Q4 / downside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2026q4_lease_principal | 2026Q4 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2026q4_capital_cash | 2026Q4 / downside | 16.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2026q4_capex, downside_2026q4_lease_principal). |
| Bank CFO after capex and leases downside_2026q4_cash_after_capex | 2026Q4 / downside | -451.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capital_cash). |
| Gross merchandise volume downside_2027q1_gmv | 2027Q1 / downside | 35,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2027q1_presentation_ratio | 2027Q1 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2027q1_presentation_reduction | 2027Q1 / downside | 35.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2027q1_gmv, downside_2027q1_presentation_ratio). |
| Interest income on financing receivables downside_2027q1_interest_income | 2027Q1 / downside | 275.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2027q1_loan_sale_gain | 2027Q1 / downside | 105.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2027q1_service_yield | 2027Q1 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2027q1_service_revenue | 2027Q1 / downside | 635.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2027q1_gmv, downside_2027q1_service_yield). |
| Revenue before presentation adjustment downside_2027q1_pre_presentation_revenue | 2027Q1 / downside | 1,015.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2027q1_service_revenue, downside_2027q1_interest_income, downside_2027q1_loan_sale_gain). |
| Reported IFRS revenue downside_2027q1_revenue | 2027Q1 / downside | 980.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2027q1_pre_presentation_revenue, downside_2027q1_presentation_reduction). |
| Processing/servicing per GMV downside_2027q1_processing_ratio | 2027Q1 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2027q1_processing_cost | 2027Q1 / downside | 259.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2027q1_gmv, downside_2027q1_processing_ratio). |
| Credit expense / GMV downside_2027q1_credit_ratio | 2027Q1 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2027q1_credit_expense | 2027Q1 / downside | 280.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2027q1_gmv, downside_2027q1_credit_ratio). |
| Incremental recognition-timing benefit downside_2027q1_recognition_timing | 2027Q1 / downside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2027q1_funding_fv | 2027Q1 / downside | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2027q1_cash_funding_expense | 2027Q1 / downside | 101.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2027q1_funding_cost | 2027Q1 / downside | 156.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2027q1_cash_funding_expense, downside_2027q1_funding_fv). |
| Processing credit and funding cost downside_2027q1_raw_transaction_cost | 2027Q1 / downside | 695.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2027q1_processing_cost, downside_2027q1_credit_expense, downside_2027q1_funding_cost). |
| Presentation and timing cost reductions downside_2027q1_accounting_reductions | 2027Q1 / downside | 35.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2027q1_presentation_reduction, downside_2027q1_recognition_timing). |
| Reported transaction costs downside_2027q1_transaction_cost | 2027Q1 / downside | 660.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2027q1_raw_transaction_cost, downside_2027q1_accounting_reductions). |
| Transaction margin dollars downside_2027q1_tmd | 2027Q1 / downside | 320.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2027q1_revenue, downside_2027q1_transaction_cost). |
| Adjusted operating expenses downside_2027q1_adjusted_opex | 2027Q1 / downside | 355.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2027q1_adj_operating | 2027Q1 / downside | -35.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2027q1_tmd, downside_2027q1_adjusted_opex). |
| Share-based payments downside_2027q1_sbc | 2027Q1 / downside | 53.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2027q1_da | 2027Q1 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2027q1_restructuring | 2027Q1 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2027q1_ifrs_adjustments | 2027Q1 / downside | 83.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_restructuring). |
| IFRS operating profit proxy downside_2027q1_operating_income | 2027Q1 / downside | -118.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2027q1_adj_operating, downside_2027q1_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2027q1_noncash_credit_bridge | 2027Q1 / downside | 300.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2027q1_adj_operating, downside_2027q1_credit_expense, downside_2027q1_funding_fv). |
| Cash income taxes downside_2027q1_cash_tax | 2027Q1 / downside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2027q1_other_settlement_use | 2027Q1 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2027q1_cash_earnings_adjustment | 2027Q1 / downside | 149.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2027q1_loan_sale_gain, downside_2027q1_recognition_timing, downside_2027q1_restructuring, downside_2027q1_cash_tax, downside_2027q1_other_settlement_use). |
| Operating cash before bank balance deployment downside_2027q1_cash_before_bank_balances | 2027Q1 / downside | 151.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2027q1_noncash_credit_bridge, downside_2027q1_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2027q1_loan_deployment | 2027Q1 / downside | 200.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2027q1_senior_deployment | 2027Q1 / downside | 180.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2027q1_deposit_flow | 2027Q1 / downside | -100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2027q1_treasury_deployment | 2027Q1 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2027q1_operating_notes_flow | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2027q1_bank_funding_inflow | 2027Q1 / downside | 51.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2027q1_cash_before_bank_balances, downside_2027q1_deposit_flow, downside_2027q1_operating_notes_flow). |
| Loan senior and treasury investment downside_2027q1_bank_asset_deployment | 2027Q1 / downside | 430.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2027q1_loan_deployment, downside_2027q1_senior_deployment, downside_2027q1_treasury_deployment). |
| Bank operating cash flow proxy downside_2027q1_cfo | 2027Q1 / downside | -379.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2027q1_bank_funding_inflow, downside_2027q1_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2027q1_capex | 2027Q1 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2027q1_lease_principal | 2027Q1 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2027q1_capital_cash | 2027Q1 / downside | 17.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2027q1_capex, downside_2027q1_lease_principal). |
| Bank CFO after capex and leases downside_2027q1_cash_after_capex | 2027Q1 / downside | -396.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capital_cash). |
| Gross merchandise volume downside_2027q2_gmv | 2027Q2 / downside | 36,500.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2027q2_presentation_ratio | 2027Q2 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2027q2_presentation_reduction | 2027Q2 / downside | 36.50 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2027q2_gmv, downside_2027q2_presentation_ratio). |
| Interest income on financing receivables downside_2027q2_interest_income | 2027Q2 / downside | 290.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2027q2_loan_sale_gain | 2027Q2 / downside | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2027q2_service_yield | 2027Q2 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2027q2_service_revenue | 2027Q2 / downside | 651.50 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2027q2_gmv, downside_2027q2_service_yield). |
| Revenue before presentation adjustment downside_2027q2_pre_presentation_revenue | 2027Q2 / downside | 1,056.50 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2027q2_service_revenue, downside_2027q2_interest_income, downside_2027q2_loan_sale_gain). |
| Reported IFRS revenue downside_2027q2_revenue | 2027Q2 / downside | 1,020.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2027q2_pre_presentation_revenue, downside_2027q2_presentation_reduction). |
| Processing/servicing per GMV downside_2027q2_processing_ratio | 2027Q2 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2027q2_processing_cost | 2027Q2 / downside | 270.10 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2027q2_gmv, downside_2027q2_processing_ratio). |
| Credit expense / GMV downside_2027q2_credit_ratio | 2027Q2 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2027q2_credit_expense | 2027Q2 / downside | 292.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2027q2_gmv, downside_2027q2_credit_ratio). |
| Incremental recognition-timing benefit downside_2027q2_recognition_timing | 2027Q2 / downside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2027q2_funding_fv | 2027Q2 / downside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2027q2_cash_funding_expense | 2027Q2 / downside | 104.40 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2027q2_funding_cost | 2027Q2 / downside | 164.40 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2027q2_cash_funding_expense, downside_2027q2_funding_fv). |
| Processing credit and funding cost downside_2027q2_raw_transaction_cost | 2027Q2 / downside | 726.50 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2027q2_processing_cost, downside_2027q2_credit_expense, downside_2027q2_funding_cost). |
| Presentation and timing cost reductions downside_2027q2_accounting_reductions | 2027Q2 / downside | 36.50 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2027q2_presentation_reduction, downside_2027q2_recognition_timing). |
| Reported transaction costs downside_2027q2_transaction_cost | 2027Q2 / downside | 690.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2027q2_raw_transaction_cost, downside_2027q2_accounting_reductions). |
| Transaction margin dollars downside_2027q2_tmd | 2027Q2 / downside | 330.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2027q2_revenue, downside_2027q2_transaction_cost). |
| Adjusted operating expenses downside_2027q2_adjusted_opex | 2027Q2 / downside | 365.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2027q2_adj_operating | 2027Q2 / downside | -35.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2027q2_tmd, downside_2027q2_adjusted_opex). |
| Share-based payments downside_2027q2_sbc | 2027Q2 / downside | 57.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2027q2_da | 2027Q2 / downside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2027q2_restructuring | 2027Q2 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2027q2_ifrs_adjustments | 2027Q2 / downside | 88.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_restructuring). |
| IFRS operating profit proxy downside_2027q2_operating_income | 2027Q2 / downside | -123.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2027q2_adj_operating, downside_2027q2_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2027q2_noncash_credit_bridge | 2027Q2 / downside | 317.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2027q2_adj_operating, downside_2027q2_credit_expense, downside_2027q2_funding_fv). |
| Cash income taxes downside_2027q2_cash_tax | 2027Q2 / downside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2027q2_other_settlement_use | 2027Q2 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2027q2_cash_earnings_adjustment | 2027Q2 / downside | 163.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2027q2_loan_sale_gain, downside_2027q2_recognition_timing, downside_2027q2_restructuring, downside_2027q2_cash_tax, downside_2027q2_other_settlement_use). |
| Operating cash before bank balance deployment downside_2027q2_cash_before_bank_balances | 2027Q2 / downside | 154.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2027q2_noncash_credit_bridge, downside_2027q2_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2027q2_loan_deployment | 2027Q2 / downside | 250.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2027q2_senior_deployment | 2027Q2 / downside | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2027q2_deposit_flow | 2027Q2 / downside | -100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2027q2_treasury_deployment | 2027Q2 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2027q2_operating_notes_flow | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2027q2_bank_funding_inflow | 2027Q2 / downside | 54.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2027q2_cash_before_bank_balances, downside_2027q2_deposit_flow, downside_2027q2_operating_notes_flow). |
| Loan senior and treasury investment downside_2027q2_bank_asset_deployment | 2027Q2 / downside | 500.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2027q2_loan_deployment, downside_2027q2_senior_deployment, downside_2027q2_treasury_deployment). |
| Bank operating cash flow proxy downside_2027q2_cfo | 2027Q2 / downside | -446.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2027q2_bank_funding_inflow, downside_2027q2_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2027q2_capex | 2027Q2 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2027q2_lease_principal | 2027Q2 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2027q2_capital_cash | 2027Q2 / downside | 18.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2027q2_capex, downside_2027q2_lease_principal). |
| Bank CFO after capex and leases downside_2027q2_cash_after_capex | 2027Q2 / downside | -464.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capital_cash). |
| Gross merchandise volume downside_2027q3_gmv | 2027Q3 / downside | 37,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2027q3_presentation_ratio | 2027Q3 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2027q3_presentation_reduction | 2027Q3 / downside | 37.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2027q3_gmv, downside_2027q3_presentation_ratio). |
| Interest income on financing receivables downside_2027q3_interest_income | 2027Q3 / downside | 305.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2027q3_loan_sale_gain | 2027Q3 / downside | 125.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2027q3_service_yield | 2027Q3 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2027q3_service_revenue | 2027Q3 / downside | 657.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2027q3_gmv, downside_2027q3_service_yield). |
| Revenue before presentation adjustment downside_2027q3_pre_presentation_revenue | 2027Q3 / downside | 1,087.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2027q3_service_revenue, downside_2027q3_interest_income, downside_2027q3_loan_sale_gain). |
| Reported IFRS revenue downside_2027q3_revenue | 2027Q3 / downside | 1,050.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2027q3_pre_presentation_revenue, downside_2027q3_presentation_reduction). |
| Processing/servicing per GMV downside_2027q3_processing_ratio | 2027Q3 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2027q3_processing_cost | 2027Q3 / downside | 273.80 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2027q3_gmv, downside_2027q3_processing_ratio). |
| Credit expense / GMV downside_2027q3_credit_ratio | 2027Q3 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2027q3_credit_expense | 2027Q3 / downside | 296.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2027q3_gmv, downside_2027q3_credit_ratio). |
| Incremental recognition-timing benefit downside_2027q3_recognition_timing | 2027Q3 / downside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2027q3_funding_fv | 2027Q3 / downside | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2027q3_cash_funding_expense | 2027Q3 / downside | 112.20 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2027q3_funding_cost | 2027Q3 / downside | 177.20 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2027q3_cash_funding_expense, downside_2027q3_funding_fv). |
| Processing credit and funding cost downside_2027q3_raw_transaction_cost | 2027Q3 / downside | 747.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2027q3_processing_cost, downside_2027q3_credit_expense, downside_2027q3_funding_cost). |
| Presentation and timing cost reductions downside_2027q3_accounting_reductions | 2027Q3 / downside | 37.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2027q3_presentation_reduction, downside_2027q3_recognition_timing). |
| Reported transaction costs downside_2027q3_transaction_cost | 2027Q3 / downside | 710.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2027q3_raw_transaction_cost, downside_2027q3_accounting_reductions). |
| Transaction margin dollars downside_2027q3_tmd | 2027Q3 / downside | 340.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2027q3_revenue, downside_2027q3_transaction_cost). |
| Adjusted operating expenses downside_2027q3_adjusted_opex | 2027Q3 / downside | 375.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2027q3_adj_operating | 2027Q3 / downside | -35.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2027q3_tmd, downside_2027q3_adjusted_opex). |
| Share-based payments downside_2027q3_sbc | 2027Q3 / downside | 61.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2027q3_da | 2027Q3 / downside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2027q3_restructuring | 2027Q3 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2027q3_ifrs_adjustments | 2027Q3 / downside | 93.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_restructuring). |
| IFRS operating profit proxy downside_2027q3_operating_income | 2027Q3 / downside | -128.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2027q3_adj_operating, downside_2027q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2027q3_noncash_credit_bridge | 2027Q3 / downside | 326.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2027q3_adj_operating, downside_2027q3_credit_expense, downside_2027q3_funding_fv). |
| Cash income taxes downside_2027q3_cash_tax | 2027Q3 / downside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2027q3_other_settlement_use | 2027Q3 / downside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2027q3_cash_earnings_adjustment | 2027Q3 / downside | 177.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2027q3_loan_sale_gain, downside_2027q3_recognition_timing, downside_2027q3_restructuring, downside_2027q3_cash_tax, downside_2027q3_other_settlement_use). |
| Operating cash before bank balance deployment downside_2027q3_cash_before_bank_balances | 2027Q3 / downside | 149.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2027q3_noncash_credit_bridge, downside_2027q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2027q3_loan_deployment | 2027Q3 / downside | 250.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2027q3_senior_deployment | 2027Q3 / downside | 220.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2027q3_deposit_flow | 2027Q3 / downside | -100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2027q3_treasury_deployment | 2027Q3 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2027q3_operating_notes_flow | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2027q3_bank_funding_inflow | 2027Q3 / downside | 49.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2027q3_cash_before_bank_balances, downside_2027q3_deposit_flow, downside_2027q3_operating_notes_flow). |
| Loan senior and treasury investment downside_2027q3_bank_asset_deployment | 2027Q3 / downside | 520.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2027q3_loan_deployment, downside_2027q3_senior_deployment, downside_2027q3_treasury_deployment). |
| Bank operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | -471.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2027q3_bank_funding_inflow, downside_2027q3_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2027q3_capex | 2027Q3 / downside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2027q3_lease_principal | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2027q3_capital_cash | 2027Q3 / downside | 19.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2027q3_capex, downside_2027q3_lease_principal). |
| Bank CFO after capex and leases downside_2027q3_cash_after_capex | 2027Q3 / downside | -490.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capital_cash). |
| Gross merchandise volume downside_2027q4_gmv | 2027Q4 / downside | 43,500.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV downside_2027q4_presentation_ratio | 2027Q4 / downside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction downside_2027q4_presentation_reduction | 2027Q4 / downside | 43.50 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(downside_2027q4_gmv, downside_2027q4_presentation_ratio). |
| Interest income on financing receivables downside_2027q4_interest_income | 2027Q4 / downside | 320.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income downside_2027q4_loan_sale_gain | 2027Q4 / downside | 135.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization downside_2027q4_service_yield | 2027Q4 / downside | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue downside_2027q4_service_revenue | 2027Q4 / downside | 778.50 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(downside_2027q4_gmv, downside_2027q4_service_yield). |
| Revenue before presentation adjustment downside_2027q4_pre_presentation_revenue | 2027Q4 / downside | 1,233.50 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(downside_2027q4_service_revenue, downside_2027q4_interest_income, downside_2027q4_loan_sale_gain). |
| Reported IFRS revenue downside_2027q4_revenue | 2027Q4 / downside | 1,190.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(downside_2027q4_pre_presentation_revenue, downside_2027q4_presentation_reduction). |
| Processing/servicing per GMV downside_2027q4_processing_ratio | 2027Q4 / downside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense downside_2027q4_processing_cost | 2027Q4 / downside | 321.90 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(downside_2027q4_gmv, downside_2027q4_processing_ratio). |
| Credit expense / GMV downside_2027q4_credit_ratio | 2027Q4 / downside | 0.8% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity downside_2027q4_credit_expense | 2027Q4 / downside | 348.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(downside_2027q4_gmv, downside_2027q4_credit_ratio). |
| Incremental recognition-timing benefit downside_2027q4_recognition_timing | 2027Q4 / downside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense downside_2027q4_funding_fv | 2027Q4 / downside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost downside_2027q4_cash_funding_expense | 2027Q4 / downside | 88.60 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense downside_2027q4_funding_cost | 2027Q4 / downside | 158.60 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(downside_2027q4_cash_funding_expense, downside_2027q4_funding_fv). |
| Processing credit and funding cost downside_2027q4_raw_transaction_cost | 2027Q4 / downside | 828.50 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(downside_2027q4_processing_cost, downside_2027q4_credit_expense, downside_2027q4_funding_cost). |
| Presentation and timing cost reductions downside_2027q4_accounting_reductions | 2027Q4 / downside | 43.50 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(downside_2027q4_presentation_reduction, downside_2027q4_recognition_timing). |
| Reported transaction costs downside_2027q4_transaction_cost | 2027Q4 / downside | 785.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(downside_2027q4_raw_transaction_cost, downside_2027q4_accounting_reductions). |
| Transaction margin dollars downside_2027q4_tmd | 2027Q4 / downside | 405.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(downside_2027q4_revenue, downside_2027q4_transaction_cost). |
| Adjusted operating expenses downside_2027q4_adjusted_opex | 2027Q4 / downside | 405.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income downside_2027q4_adj_operating | 2027Q4 / downside | -0.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(downside_2027q4_tmd, downside_2027q4_adjusted_opex). |
| Share-based payments downside_2027q4_sbc | 2027Q4 / downside | 65.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A downside_2027q4_da | 2027Q4 / downside | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment downside_2027q4_restructuring | 2027Q4 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring downside_2027q4_ifrs_adjustments | 2027Q4 / downside | 98.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_restructuring). |
| IFRS operating profit proxy downside_2027q4_operating_income | 2027Q4 / downside | -98.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(downside_2027q4_adj_operating, downside_2027q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense downside_2027q4_noncash_credit_bridge | 2027Q4 / downside | 418.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(downside_2027q4_adj_operating, downside_2027q4_credit_expense, downside_2027q4_funding_fv). |
| Cash income taxes downside_2027q4_cash_tax | 2027Q4 / downside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use downside_2027q4_other_settlement_use | 2027Q4 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses downside_2027q4_cash_earnings_adjustment | 2027Q4 / downside | 191.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(downside_2027q4_loan_sale_gain, downside_2027q4_recognition_timing, downside_2027q4_restructuring, downside_2027q4_cash_tax, downside_2027q4_other_settlement_use). |
| Operating cash before bank balance deployment downside_2027q4_cash_before_bank_balances | 2027Q4 / downside | 227.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(downside_2027q4_noncash_credit_bridge, downside_2027q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections downside_2027q4_loan_deployment | 2027Q4 / downside | 300.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties downside_2027q4_senior_deployment | 2027Q4 / downside | 240.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow downside_2027q4_deposit_flow | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash downside_2027q4_treasury_deployment | 2027Q4 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash downside_2027q4_operating_notes_flow | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding downside_2027q4_bank_funding_inflow | 2027Q4 / downside | 227.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(downside_2027q4_cash_before_bank_balances, downside_2027q4_deposit_flow, downside_2027q4_operating_notes_flow). |
| Loan senior and treasury investment downside_2027q4_bank_asset_deployment | 2027Q4 / downside | 590.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(downside_2027q4_loan_deployment, downside_2027q4_senior_deployment, downside_2027q4_treasury_deployment). |
| Bank operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | -363.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(downside_2027q4_bank_funding_inflow, downside_2027q4_bank_asset_deployment). |
| Cash intangibles and fixed assets downside_2027q4_capex | 2027Q4 / downside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments downside_2027q4_lease_principal | 2027Q4 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal downside_2027q4_capital_cash | 2027Q4 / downside | 20.00 USD_millions | derived: Other financing cash excluded. Formula: sum(downside_2027q4_capex, downside_2027q4_lease_principal). |
| Bank CFO after capex and leases downside_2027q4_cash_after_capex | 2027Q4 / downside | -383.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capital_cash). |
| IFRS total revenue ($M) downside_fy2026_revenue | FY2026 / downside | 3,974.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| Transaction margin dollars ($M) downside_fy2026_tmd | FY2026 / downside | 1,465.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_tmd, downside_2026q3_tmd, downside_2026q4_tmd). |
| Adjusted operating income ($M) downside_fy2026_adj_operating | FY2026 / downside | 109.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating, downside_2026q3_adj_operating, downside_2026q4_adj_operating). |
| IFRS operating profit proxy ($M) downside_fy2026_operating_income | FY2026 / downside | -207.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Bank operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | -2,300.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Net consumer-loan cash deployment ($M) downside_fy2026_loan_deployment | FY2026 / downside | 574.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_deployment, downside_2026q3_loan_deployment, downside_2026q4_loan_deployment). |
| Net forward-flow senior funding ($M) downside_fy2026_senior_deployment | FY2026 / downside | 895.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_senior_deployment, downside_2026q3_senior_deployment, downside_2026q4_senior_deployment). |
| Consumer deposit cash inflow ($M) downside_fy2026_deposit_flow | FY2026 / downside | -1,204.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_deposit_flow, downside_2026q3_deposit_flow, downside_2026q4_deposit_flow). |
| Treasury asset cash deployment ($M) downside_fy2026_treasury_deployment | FY2026 / downside | 1,042.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_treasury_deployment, downside_2026q3_treasury_deployment, downside_2026q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) downside_fy2026_capex | FY2026 / downside | 37.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| Lease principal cash ($M) downside_fy2026_lease_principal | FY2026 / downside | 19.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, downside_2026q3_lease_principal, downside_2026q4_lease_principal). |
| Bank CFO less capex and leases ($M) downside_fy2026_cash_after_capex | FY2026 / downside | -2,356.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, downside_2026q3_cash_after_capex, downside_2026q4_cash_after_capex). |
| IFRS total revenue ($M) downside_fy2027_revenue | FY2027 / downside | 4,240.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Transaction margin dollars ($M) downside_fy2027_tmd | FY2027 / downside | 1,395.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_tmd, downside_2027q2_tmd, downside_2027q3_tmd, downside_2027q4_tmd). |
| Adjusted operating income ($M) downside_fy2027_adj_operating | FY2027 / downside | -105.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_operating, downside_2027q2_adj_operating, downside_2027q3_adj_operating, downside_2027q4_adj_operating). |
| IFRS operating profit proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -467.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Bank operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | -1,659.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Net consumer-loan cash deployment ($M) downside_fy2027_loan_deployment | FY2027 / downside | 1,000.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_loan_deployment, downside_2027q2_loan_deployment, downside_2027q3_loan_deployment, downside_2027q4_loan_deployment). |
| Net forward-flow senior funding ($M) downside_fy2027_senior_deployment | FY2027 / downside | 840.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_senior_deployment, downside_2027q2_senior_deployment, downside_2027q3_senior_deployment, downside_2027q4_senior_deployment). |
| Consumer deposit cash inflow ($M) downside_fy2027_deposit_flow | FY2027 / downside | -300.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_deposit_flow, downside_2027q2_deposit_flow, downside_2027q3_deposit_flow, downside_2027q4_deposit_flow). |
| Treasury asset cash deployment ($M) downside_fy2027_treasury_deployment | FY2027 / downside | 200.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_treasury_deployment, downside_2027q2_treasury_deployment, downside_2027q3_treasury_deployment, downside_2027q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) downside_fy2027_capex | FY2027 / downside | 54.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Lease principal cash ($M) downside_fy2027_lease_principal | FY2027 / downside | 20.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_lease_principal, downside_2027q2_lease_principal, downside_2027q3_lease_principal, downside_2027q4_lease_principal). |
| Bank CFO less capex and leases ($M) downside_fy2027_cash_after_capex | FY2027 / downside | -1,733.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex). |
| Gross merchandise volume base_2026q3_gmv | 2026Q3 / base | 35,500.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2026q3_presentation_ratio | 2026Q3 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2026q3_presentation_reduction | 2026Q3 / base | 35.50 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2026q3_gmv, base_2026q3_presentation_ratio). |
| Interest income on financing receivables base_2026q3_interest_income | 2026Q3 / base | 245.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2026q3_loan_sale_gain | 2026Q3 / base | 85.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2026q3_service_yield | 2026Q3 / base | 1.9% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2026q3_service_revenue | 2026Q3 / base | 665.50 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2026q3_gmv, base_2026q3_service_yield). |
| Revenue before presentation adjustment base_2026q3_pre_presentation_revenue | 2026Q3 / base | 995.50 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2026q3_service_revenue, base_2026q3_interest_income, base_2026q3_loan_sale_gain). |
| Reported IFRS revenue base_2026q3_revenue | 2026Q3 / base | 960.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2026q3_pre_presentation_revenue, base_2026q3_presentation_reduction). |
| Processing/servicing per GMV base_2026q3_processing_ratio | 2026Q3 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2026q3_processing_cost | 2026Q3 / base | 248.50 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2026q3_gmv, base_2026q3_processing_ratio). |
| Credit expense / GMV base_2026q3_credit_ratio | 2026Q3 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2026q3_credit_expense | 2026Q3 / base | 230.75 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2026q3_gmv, base_2026q3_credit_ratio). |
| Incremental recognition-timing benefit base_2026q3_recognition_timing | 2026Q3 / base | 10.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2026q3_funding_fv | 2026Q3 / base | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2026q3_cash_funding_expense | 2026Q3 / base | 131.25 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2026q3_funding_cost | 2026Q3 / base | 176.25 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2026q3_cash_funding_expense, base_2026q3_funding_fv). |
| Processing credit and funding cost base_2026q3_raw_transaction_cost | 2026Q3 / base | 655.50 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2026q3_processing_cost, base_2026q3_credit_expense, base_2026q3_funding_cost). |
| Presentation and timing cost reductions base_2026q3_accounting_reductions | 2026Q3 / base | 45.50 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2026q3_presentation_reduction, base_2026q3_recognition_timing). |
| Reported transaction costs base_2026q3_transaction_cost | 2026Q3 / base | 610.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2026q3_raw_transaction_cost, base_2026q3_accounting_reductions). |
| Transaction margin dollars base_2026q3_tmd | 2026Q3 / base | 350.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2026q3_revenue, base_2026q3_transaction_cost). |
| Adjusted operating expenses base_2026q3_adjusted_opex | 2026Q3 / base | 340.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2026q3_adj_operating | 2026Q3 / base | 10.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2026q3_tmd, base_2026q3_adjusted_opex). |
| Share-based payments base_2026q3_sbc | 2026Q3 / base | 95.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2026q3_da | 2026Q3 / base | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2026q3_restructuring | 2026Q3 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2026q3_ifrs_adjustments | 2026Q3 / base | 123.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2026q3_sbc, base_2026q3_da, base_2026q3_restructuring). |
| IFRS operating profit proxy base_2026q3_operating_income | 2026Q3 / base | -113.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2026q3_adj_operating, base_2026q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2026q3_noncash_credit_bridge | 2026Q3 / base | 285.75 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2026q3_adj_operating, base_2026q3_credit_expense, base_2026q3_funding_fv). |
| Cash income taxes base_2026q3_cash_tax | 2026Q3 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2026q3_other_settlement_use | 2026Q3 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2026q3_cash_earnings_adjustment | 2026Q3 / base | 131.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2026q3_loan_sale_gain, base_2026q3_recognition_timing, base_2026q3_restructuring, base_2026q3_cash_tax, base_2026q3_other_settlement_use). |
| Operating cash before bank balance deployment base_2026q3_cash_before_bank_balances | 2026Q3 / base | 154.75 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2026q3_noncash_credit_bridge, base_2026q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2026q3_loan_deployment | 2026Q3 / base | 150.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2026q3_senior_deployment | 2026Q3 / base | 120.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2026q3_deposit_flow | 2026Q3 / base | -100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2026q3_treasury_deployment | 2026Q3 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2026q3_operating_notes_flow | 2026Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2026q3_bank_funding_inflow | 2026Q3 / base | 54.75 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2026q3_cash_before_bank_balances, base_2026q3_deposit_flow, base_2026q3_operating_notes_flow). |
| Loan senior and treasury investment base_2026q3_bank_asset_deployment | 2026Q3 / base | 370.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2026q3_loan_deployment, base_2026q3_senior_deployment, base_2026q3_treasury_deployment). |
| Bank operating cash flow proxy base_2026q3_cfo | 2026Q3 / base | -315.25 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2026q3_bank_funding_inflow, base_2026q3_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2026q3_capex | 2026Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2026q3_lease_principal | 2026Q3 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2026q3_capital_cash | 2026Q3 / base | 15.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2026q3_capex, base_2026q3_lease_principal). |
| Bank CFO after capex and leases base_2026q3_cash_after_capex | 2026Q3 / base | -330.25 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2026q3_cfo, base_2026q3_capital_cash). |
| Gross merchandise volume base_2026q4_gmv | 2026Q4 / base | 44,161.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2026q4_presentation_ratio | 2026Q4 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2026q4_presentation_reduction | 2026Q4 / base | 44.16 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2026q4_gmv, base_2026q4_presentation_ratio). |
| Interest income on financing receivables base_2026q4_interest_income | 2026Q4 / base | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2026q4_loan_sale_gain | 2026Q4 / base | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2026q4_service_yield | 2026Q4 / base | 1.8% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2026q4_service_revenue | 2026Q4 / base | 795.16 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2026q4_gmv, base_2026q4_service_yield). |
| Revenue before presentation adjustment base_2026q4_pre_presentation_revenue | 2026Q4 / base | 1,150.16 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2026q4_service_revenue, base_2026q4_interest_income, base_2026q4_loan_sale_gain). |
| Reported IFRS revenue base_2026q4_revenue | 2026Q4 / base | 1,106.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2026q4_pre_presentation_revenue, base_2026q4_presentation_reduction). |
| Processing/servicing per GMV base_2026q4_processing_ratio | 2026Q4 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2026q4_processing_cost | 2026Q4 / base | 309.13 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2026q4_gmv, base_2026q4_processing_ratio). |
| Credit expense / GMV base_2026q4_credit_ratio | 2026Q4 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2026q4_credit_expense | 2026Q4 / base | 287.05 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2026q4_gmv, base_2026q4_credit_ratio). |
| Incremental recognition-timing benefit base_2026q4_recognition_timing | 2026Q4 / base | 20.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2026q4_funding_fv | 2026Q4 / base | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2026q4_cash_funding_expense | 2026Q4 / base | 99.59 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2026q4_funding_cost | 2026Q4 / base | 149.59 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2026q4_cash_funding_expense, base_2026q4_funding_fv). |
| Processing credit and funding cost base_2026q4_raw_transaction_cost | 2026Q4 / base | 745.76 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2026q4_processing_cost, base_2026q4_credit_expense, base_2026q4_funding_cost). |
| Presentation and timing cost reductions base_2026q4_accounting_reductions | 2026Q4 / base | 64.16 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2026q4_presentation_reduction, base_2026q4_recognition_timing). |
| Reported transaction costs base_2026q4_transaction_cost | 2026Q4 / base | 681.60 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2026q4_raw_transaction_cost, base_2026q4_accounting_reductions). |
| Transaction margin dollars base_2026q4_tmd | 2026Q4 / base | 424.40 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2026q4_revenue, base_2026q4_transaction_cost). |
| Adjusted operating expenses base_2026q4_adjusted_opex | 2026Q4 / base | 303.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2026q4_adj_operating | 2026Q4 / base | 121.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2026q4_tmd, base_2026q4_adjusted_opex). |
| Share-based payments base_2026q4_sbc | 2026Q4 / base | 49.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2026q4_da | 2026Q4 / base | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2026q4_restructuring | 2026Q4 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2026q4_ifrs_adjustments | 2026Q4 / base | 78.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2026q4_sbc, base_2026q4_da, base_2026q4_restructuring). |
| IFRS operating profit proxy base_2026q4_operating_income | 2026Q4 / base | 43.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2026q4_adj_operating, base_2026q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2026q4_noncash_credit_bridge | 2026Q4 / base | 458.05 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2026q4_adj_operating, base_2026q4_credit_expense, base_2026q4_funding_fv). |
| Cash income taxes base_2026q4_cash_tax | 2026Q4 / base | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2026q4_other_settlement_use | 2026Q4 / base | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2026q4_cash_earnings_adjustment | 2026Q4 / base | 155.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2026q4_loan_sale_gain, base_2026q4_recognition_timing, base_2026q4_restructuring, base_2026q4_cash_tax, base_2026q4_other_settlement_use). |
| Operating cash before bank balance deployment base_2026q4_cash_before_bank_balances | 2026Q4 / base | 303.05 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2026q4_noncash_credit_bridge, base_2026q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2026q4_loan_deployment | 2026Q4 / base | 250.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2026q4_senior_deployment | 2026Q4 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2026q4_deposit_flow | 2026Q4 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2026q4_treasury_deployment | 2026Q4 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2026q4_operating_notes_flow | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2026q4_bank_funding_inflow | 2026Q4 / base | 453.05 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2026q4_cash_before_bank_balances, base_2026q4_deposit_flow, base_2026q4_operating_notes_flow). |
| Loan senior and treasury investment base_2026q4_bank_asset_deployment | 2026Q4 / base | 500.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2026q4_loan_deployment, base_2026q4_senior_deployment, base_2026q4_treasury_deployment). |
| Bank operating cash flow proxy base_2026q4_cfo | 2026Q4 / base | -46.95 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2026q4_bank_funding_inflow, base_2026q4_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2026q4_capex | 2026Q4 / base | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2026q4_lease_principal | 2026Q4 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2026q4_capital_cash | 2026Q4 / base | 16.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2026q4_capex, base_2026q4_lease_principal). |
| Bank CFO after capex and leases base_2026q4_cash_after_capex | 2026Q4 / base | -62.95 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2026q4_cfo, base_2026q4_capital_cash). |
| Gross merchandise volume base_2027q1_gmv | 2027Q1 / base | 40,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2027q1_presentation_ratio | 2027Q1 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2027q1_presentation_reduction | 2027Q1 / base | 40.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2027q1_gmv, base_2027q1_presentation_ratio). |
| Interest income on financing receivables base_2027q1_interest_income | 2027Q1 / base | 275.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2027q1_loan_sale_gain | 2027Q1 / base | 105.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2027q1_service_yield | 2027Q1 / base | 1.9% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2027q1_service_revenue | 2027Q1 / base | 780.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2027q1_gmv, base_2027q1_service_yield). |
| Revenue before presentation adjustment base_2027q1_pre_presentation_revenue | 2027Q1 / base | 1,160.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2027q1_service_revenue, base_2027q1_interest_income, base_2027q1_loan_sale_gain). |
| Reported IFRS revenue base_2027q1_revenue | 2027Q1 / base | 1,120.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2027q1_pre_presentation_revenue, base_2027q1_presentation_reduction). |
| Processing/servicing per GMV base_2027q1_processing_ratio | 2027Q1 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2027q1_processing_cost | 2027Q1 / base | 280.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2027q1_gmv, base_2027q1_processing_ratio). |
| Credit expense / GMV base_2027q1_credit_ratio | 2027Q1 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2027q1_credit_expense | 2027Q1 / base | 260.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2027q1_gmv, base_2027q1_credit_ratio). |
| Incremental recognition-timing benefit base_2027q1_recognition_timing | 2027Q1 / base | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2027q1_funding_fv | 2027Q1 / base | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2027q1_cash_funding_expense | 2027Q1 / base | 115.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2027q1_funding_cost | 2027Q1 / base | 170.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2027q1_cash_funding_expense, base_2027q1_funding_fv). |
| Processing credit and funding cost base_2027q1_raw_transaction_cost | 2027Q1 / base | 710.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2027q1_processing_cost, base_2027q1_credit_expense, base_2027q1_funding_cost). |
| Presentation and timing cost reductions base_2027q1_accounting_reductions | 2027Q1 / base | 40.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2027q1_presentation_reduction, base_2027q1_recognition_timing). |
| Reported transaction costs base_2027q1_transaction_cost | 2027Q1 / base | 670.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2027q1_raw_transaction_cost, base_2027q1_accounting_reductions). |
| Transaction margin dollars base_2027q1_tmd | 2027Q1 / base | 450.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2027q1_revenue, base_2027q1_transaction_cost). |
| Adjusted operating expenses base_2027q1_adjusted_opex | 2027Q1 / base | 370.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2027q1_adj_operating | 2027Q1 / base | 80.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2027q1_tmd, base_2027q1_adjusted_opex). |
| Share-based payments base_2027q1_sbc | 2027Q1 / base | 53.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2027q1_da | 2027Q1 / base | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2027q1_restructuring | 2027Q1 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2027q1_ifrs_adjustments | 2027Q1 / base | 83.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2027q1_sbc, base_2027q1_da, base_2027q1_restructuring). |
| IFRS operating profit proxy base_2027q1_operating_income | 2027Q1 / base | -3.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2027q1_adj_operating, base_2027q1_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2027q1_noncash_credit_bridge | 2027Q1 / base | 395.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2027q1_adj_operating, base_2027q1_credit_expense, base_2027q1_funding_fv). |
| Cash income taxes base_2027q1_cash_tax | 2027Q1 / base | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2027q1_other_settlement_use | 2027Q1 / base | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2027q1_cash_earnings_adjustment | 2027Q1 / base | 149.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2027q1_loan_sale_gain, base_2027q1_recognition_timing, base_2027q1_restructuring, base_2027q1_cash_tax, base_2027q1_other_settlement_use). |
| Operating cash before bank balance deployment base_2027q1_cash_before_bank_balances | 2027Q1 / base | 246.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2027q1_noncash_credit_bridge, base_2027q1_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2027q1_loan_deployment | 2027Q1 / base | 250.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2027q1_senior_deployment | 2027Q1 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2027q1_deposit_flow | 2027Q1 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2027q1_treasury_deployment | 2027Q1 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2027q1_operating_notes_flow | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2027q1_bank_funding_inflow | 2027Q1 / base | 346.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2027q1_cash_before_bank_balances, base_2027q1_deposit_flow, base_2027q1_operating_notes_flow). |
| Loan senior and treasury investment base_2027q1_bank_asset_deployment | 2027Q1 / base | 500.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2027q1_loan_deployment, base_2027q1_senior_deployment, base_2027q1_treasury_deployment). |
| Bank operating cash flow proxy base_2027q1_cfo | 2027Q1 / base | -154.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2027q1_bank_funding_inflow, base_2027q1_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2027q1_capex | 2027Q1 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2027q1_lease_principal | 2027Q1 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2027q1_capital_cash | 2027Q1 / base | 17.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2027q1_capex, base_2027q1_lease_principal). |
| Bank CFO after capex and leases base_2027q1_cash_after_capex | 2027Q1 / base | -171.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2027q1_cfo, base_2027q1_capital_cash). |
| Gross merchandise volume base_2027q2_gmv | 2027Q2 / base | 42,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2027q2_presentation_ratio | 2027Q2 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2027q2_presentation_reduction | 2027Q2 / base | 42.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2027q2_gmv, base_2027q2_presentation_ratio). |
| Interest income on financing receivables base_2027q2_interest_income | 2027Q2 / base | 290.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2027q2_loan_sale_gain | 2027Q2 / base | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2027q2_service_yield | 2027Q2 / base | 1.9% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2027q2_service_revenue | 2027Q2 / base | 817.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2027q2_gmv, base_2027q2_service_yield). |
| Revenue before presentation adjustment base_2027q2_pre_presentation_revenue | 2027Q2 / base | 1,222.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2027q2_service_revenue, base_2027q2_interest_income, base_2027q2_loan_sale_gain). |
| Reported IFRS revenue base_2027q2_revenue | 2027Q2 / base | 1,180.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2027q2_pre_presentation_revenue, base_2027q2_presentation_reduction). |
| Processing/servicing per GMV base_2027q2_processing_ratio | 2027Q2 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2027q2_processing_cost | 2027Q2 / base | 294.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2027q2_gmv, base_2027q2_processing_ratio). |
| Credit expense / GMV base_2027q2_credit_ratio | 2027Q2 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2027q2_credit_expense | 2027Q2 / base | 273.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2027q2_gmv, base_2027q2_credit_ratio). |
| Incremental recognition-timing benefit base_2027q2_recognition_timing | 2027Q2 / base | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2027q2_funding_fv | 2027Q2 / base | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2027q2_cash_funding_expense | 2027Q2 / base | 115.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2027q2_funding_cost | 2027Q2 / base | 175.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2027q2_cash_funding_expense, base_2027q2_funding_fv). |
| Processing credit and funding cost base_2027q2_raw_transaction_cost | 2027Q2 / base | 742.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2027q2_processing_cost, base_2027q2_credit_expense, base_2027q2_funding_cost). |
| Presentation and timing cost reductions base_2027q2_accounting_reductions | 2027Q2 / base | 42.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2027q2_presentation_reduction, base_2027q2_recognition_timing). |
| Reported transaction costs base_2027q2_transaction_cost | 2027Q2 / base | 700.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2027q2_raw_transaction_cost, base_2027q2_accounting_reductions). |
| Transaction margin dollars base_2027q2_tmd | 2027Q2 / base | 480.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2027q2_revenue, base_2027q2_transaction_cost). |
| Adjusted operating expenses base_2027q2_adjusted_opex | 2027Q2 / base | 390.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2027q2_adj_operating | 2027Q2 / base | 90.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2027q2_tmd, base_2027q2_adjusted_opex). |
| Share-based payments base_2027q2_sbc | 2027Q2 / base | 57.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2027q2_da | 2027Q2 / base | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2027q2_restructuring | 2027Q2 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2027q2_ifrs_adjustments | 2027Q2 / base | 88.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2027q2_sbc, base_2027q2_da, base_2027q2_restructuring). |
| IFRS operating profit proxy base_2027q2_operating_income | 2027Q2 / base | 2.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2027q2_adj_operating, base_2027q2_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2027q2_noncash_credit_bridge | 2027Q2 / base | 423.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2027q2_adj_operating, base_2027q2_credit_expense, base_2027q2_funding_fv). |
| Cash income taxes base_2027q2_cash_tax | 2027Q2 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2027q2_other_settlement_use | 2027Q2 / base | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2027q2_cash_earnings_adjustment | 2027Q2 / base | 163.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2027q2_loan_sale_gain, base_2027q2_recognition_timing, base_2027q2_restructuring, base_2027q2_cash_tax, base_2027q2_other_settlement_use). |
| Operating cash before bank balance deployment base_2027q2_cash_before_bank_balances | 2027Q2 / base | 260.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2027q2_noncash_credit_bridge, base_2027q2_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2027q2_loan_deployment | 2027Q2 / base | 300.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2027q2_senior_deployment | 2027Q2 / base | 175.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2027q2_deposit_flow | 2027Q2 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2027q2_treasury_deployment | 2027Q2 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2027q2_operating_notes_flow | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2027q2_bank_funding_inflow | 2027Q2 / base | 410.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2027q2_cash_before_bank_balances, base_2027q2_deposit_flow, base_2027q2_operating_notes_flow). |
| Loan senior and treasury investment base_2027q2_bank_asset_deployment | 2027Q2 / base | 575.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2027q2_loan_deployment, base_2027q2_senior_deployment, base_2027q2_treasury_deployment). |
| Bank operating cash flow proxy base_2027q2_cfo | 2027Q2 / base | -165.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2027q2_bank_funding_inflow, base_2027q2_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2027q2_capex | 2027Q2 / base | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2027q2_lease_principal | 2027Q2 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2027q2_capital_cash | 2027Q2 / base | 18.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2027q2_capex, base_2027q2_lease_principal). |
| Bank CFO after capex and leases base_2027q2_cash_after_capex | 2027Q2 / base | -183.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2027q2_cfo, base_2027q2_capital_cash). |
| Gross merchandise volume base_2027q3_gmv | 2027Q3 / base | 43,500.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2027q3_presentation_ratio | 2027Q3 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2027q3_presentation_reduction | 2027Q3 / base | 43.50 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2027q3_gmv, base_2027q3_presentation_ratio). |
| Interest income on financing receivables base_2027q3_interest_income | 2027Q3 / base | 305.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2027q3_loan_sale_gain | 2027Q3 / base | 125.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2027q3_service_yield | 2027Q3 / base | 1.9% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2027q3_service_revenue | 2027Q3 / base | 813.50 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2027q3_gmv, base_2027q3_service_yield). |
| Revenue before presentation adjustment base_2027q3_pre_presentation_revenue | 2027Q3 / base | 1,243.50 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2027q3_service_revenue, base_2027q3_interest_income, base_2027q3_loan_sale_gain). |
| Reported IFRS revenue base_2027q3_revenue | 2027Q3 / base | 1,200.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2027q3_pre_presentation_revenue, base_2027q3_presentation_reduction). |
| Processing/servicing per GMV base_2027q3_processing_ratio | 2027Q3 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2027q3_processing_cost | 2027Q3 / base | 304.50 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2027q3_gmv, base_2027q3_processing_ratio). |
| Credit expense / GMV base_2027q3_credit_ratio | 2027Q3 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2027q3_credit_expense | 2027Q3 / base | 282.75 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2027q3_gmv, base_2027q3_credit_ratio). |
| Incremental recognition-timing benefit base_2027q3_recognition_timing | 2027Q3 / base | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2027q3_funding_fv | 2027Q3 / base | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2027q3_cash_funding_expense | 2027Q3 / base | 91.25 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2027q3_funding_cost | 2027Q3 / base | 156.25 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2027q3_cash_funding_expense, base_2027q3_funding_fv). |
| Processing credit and funding cost base_2027q3_raw_transaction_cost | 2027Q3 / base | 743.50 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2027q3_processing_cost, base_2027q3_credit_expense, base_2027q3_funding_cost). |
| Presentation and timing cost reductions base_2027q3_accounting_reductions | 2027Q3 / base | 43.50 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2027q3_presentation_reduction, base_2027q3_recognition_timing). |
| Reported transaction costs base_2027q3_transaction_cost | 2027Q3 / base | 700.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2027q3_raw_transaction_cost, base_2027q3_accounting_reductions). |
| Transaction margin dollars base_2027q3_tmd | 2027Q3 / base | 500.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2027q3_revenue, base_2027q3_transaction_cost). |
| Adjusted operating expenses base_2027q3_adjusted_opex | 2027Q3 / base | 395.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2027q3_adj_operating | 2027Q3 / base | 105.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2027q3_tmd, base_2027q3_adjusted_opex). |
| Share-based payments base_2027q3_sbc | 2027Q3 / base | 61.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2027q3_da | 2027Q3 / base | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2027q3_restructuring | 2027Q3 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2027q3_ifrs_adjustments | 2027Q3 / base | 93.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2027q3_sbc, base_2027q3_da, base_2027q3_restructuring). |
| IFRS operating profit proxy base_2027q3_operating_income | 2027Q3 / base | 12.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2027q3_adj_operating, base_2027q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2027q3_noncash_credit_bridge | 2027Q3 / base | 452.75 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2027q3_adj_operating, base_2027q3_credit_expense, base_2027q3_funding_fv). |
| Cash income taxes base_2027q3_cash_tax | 2027Q3 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2027q3_other_settlement_use | 2027Q3 / base | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2027q3_cash_earnings_adjustment | 2027Q3 / base | 177.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2027q3_loan_sale_gain, base_2027q3_recognition_timing, base_2027q3_restructuring, base_2027q3_cash_tax, base_2027q3_other_settlement_use). |
| Operating cash before bank balance deployment base_2027q3_cash_before_bank_balances | 2027Q3 / base | 275.75 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2027q3_noncash_credit_bridge, base_2027q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2027q3_loan_deployment | 2027Q3 / base | 300.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2027q3_senior_deployment | 2027Q3 / base | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2027q3_deposit_flow | 2027Q3 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2027q3_treasury_deployment | 2027Q3 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2027q3_operating_notes_flow | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2027q3_bank_funding_inflow | 2027Q3 / base | 425.75 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2027q3_cash_before_bank_balances, base_2027q3_deposit_flow, base_2027q3_operating_notes_flow). |
| Loan senior and treasury investment base_2027q3_bank_asset_deployment | 2027Q3 / base | 600.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2027q3_loan_deployment, base_2027q3_senior_deployment, base_2027q3_treasury_deployment). |
| Bank operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | -174.25 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2027q3_bank_funding_inflow, base_2027q3_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2027q3_capex | 2027Q3 / base | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2027q3_lease_principal | 2027Q3 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2027q3_capital_cash | 2027Q3 / base | 19.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2027q3_capex, base_2027q3_lease_principal). |
| Bank CFO after capex and leases base_2027q3_cash_after_capex | 2027Q3 / base | -193.25 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2027q3_cfo, base_2027q3_capital_cash). |
| Gross merchandise volume base_2027q4_gmv | 2027Q4 / base | 53,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV base_2027q4_presentation_ratio | 2027Q4 / base | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction base_2027q4_presentation_reduction | 2027Q4 / base | 53.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(base_2027q4_gmv, base_2027q4_presentation_ratio). |
| Interest income on financing receivables base_2027q4_interest_income | 2027Q4 / base | 320.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income base_2027q4_loan_sale_gain | 2027Q4 / base | 135.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization base_2027q4_service_yield | 2027Q4 / base | 2.0% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue base_2027q4_service_revenue | 2027Q4 / base | 1,078.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(base_2027q4_gmv, base_2027q4_service_yield). |
| Revenue before presentation adjustment base_2027q4_pre_presentation_revenue | 2027Q4 / base | 1,533.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(base_2027q4_service_revenue, base_2027q4_interest_income, base_2027q4_loan_sale_gain). |
| Reported IFRS revenue base_2027q4_revenue | 2027Q4 / base | 1,480.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(base_2027q4_pre_presentation_revenue, base_2027q4_presentation_reduction). |
| Processing/servicing per GMV base_2027q4_processing_ratio | 2027Q4 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense base_2027q4_processing_cost | 2027Q4 / base | 371.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(base_2027q4_gmv, base_2027q4_processing_ratio). |
| Credit expense / GMV base_2027q4_credit_ratio | 2027Q4 / base | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity base_2027q4_credit_expense | 2027Q4 / base | 344.50 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(base_2027q4_gmv, base_2027q4_credit_ratio). |
| Incremental recognition-timing benefit base_2027q4_recognition_timing | 2027Q4 / base | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense base_2027q4_funding_fv | 2027Q4 / base | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost base_2027q4_cash_funding_expense | 2027Q4 / base | 87.50 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense base_2027q4_funding_cost | 2027Q4 / base | 157.50 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(base_2027q4_cash_funding_expense, base_2027q4_funding_fv). |
| Processing credit and funding cost base_2027q4_raw_transaction_cost | 2027Q4 / base | 873.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(base_2027q4_processing_cost, base_2027q4_credit_expense, base_2027q4_funding_cost). |
| Presentation and timing cost reductions base_2027q4_accounting_reductions | 2027Q4 / base | 53.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(base_2027q4_presentation_reduction, base_2027q4_recognition_timing). |
| Reported transaction costs base_2027q4_transaction_cost | 2027Q4 / base | 820.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(base_2027q4_raw_transaction_cost, base_2027q4_accounting_reductions). |
| Transaction margin dollars base_2027q4_tmd | 2027Q4 / base | 660.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(base_2027q4_revenue, base_2027q4_transaction_cost). |
| Adjusted operating expenses base_2027q4_adjusted_opex | 2027Q4 / base | 440.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income base_2027q4_adj_operating | 2027Q4 / base | 220.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(base_2027q4_tmd, base_2027q4_adjusted_opex). |
| Share-based payments base_2027q4_sbc | 2027Q4 / base | 65.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A base_2027q4_da | 2027Q4 / base | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment base_2027q4_restructuring | 2027Q4 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring base_2027q4_ifrs_adjustments | 2027Q4 / base | 98.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(base_2027q4_sbc, base_2027q4_da, base_2027q4_restructuring). |
| IFRS operating profit proxy base_2027q4_operating_income | 2027Q4 / base | 122.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(base_2027q4_adj_operating, base_2027q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense base_2027q4_noncash_credit_bridge | 2027Q4 / base | 634.50 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(base_2027q4_adj_operating, base_2027q4_credit_expense, base_2027q4_funding_fv). |
| Cash income taxes base_2027q4_cash_tax | 2027Q4 / base | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use base_2027q4_other_settlement_use | 2027Q4 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses base_2027q4_cash_earnings_adjustment | 2027Q4 / base | 191.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(base_2027q4_loan_sale_gain, base_2027q4_recognition_timing, base_2027q4_restructuring, base_2027q4_cash_tax, base_2027q4_other_settlement_use). |
| Operating cash before bank balance deployment base_2027q4_cash_before_bank_balances | 2027Q4 / base | 443.50 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(base_2027q4_noncash_credit_bridge, base_2027q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections base_2027q4_loan_deployment | 2027Q4 / base | 400.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties base_2027q4_senior_deployment | 2027Q4 / base | 225.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow base_2027q4_deposit_flow | 2027Q4 / base | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash base_2027q4_treasury_deployment | 2027Q4 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash base_2027q4_operating_notes_flow | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding base_2027q4_bank_funding_inflow | 2027Q4 / base | 643.50 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(base_2027q4_cash_before_bank_balances, base_2027q4_deposit_flow, base_2027q4_operating_notes_flow). |
| Loan senior and treasury investment base_2027q4_bank_asset_deployment | 2027Q4 / base | 725.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(base_2027q4_loan_deployment, base_2027q4_senior_deployment, base_2027q4_treasury_deployment). |
| Bank operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | -81.50 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(base_2027q4_bank_funding_inflow, base_2027q4_bank_asset_deployment). |
| Cash intangibles and fixed assets base_2027q4_capex | 2027Q4 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments base_2027q4_lease_principal | 2027Q4 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal base_2027q4_capital_cash | 2027Q4 / base | 20.00 USD_millions | derived: Other financing cash excluded. Formula: sum(base_2027q4_capex, base_2027q4_lease_principal). |
| Bank CFO after capex and leases base_2027q4_cash_after_capex | 2027Q4 / base | -101.50 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(base_2027q4_cfo, base_2027q4_capital_cash). |
| IFRS total revenue ($M) base_fy2026_revenue | FY2026 / base | 4,120.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| Transaction margin dollars ($M) base_fy2026_tmd | FY2026 / base | 1,609.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_tmd, base_2026q3_tmd, base_2026q4_tmd). |
| Adjusted operating income ($M) base_fy2026_adj_operating | FY2026 / base | 290.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating, base_2026q3_adj_operating, base_2026q4_adj_operating). |
| IFRS operating profit proxy ($M) base_fy2026_operating_income | FY2026 / base | -26.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Bank operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | -1,575.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Net consumer-loan cash deployment ($M) base_fy2026_loan_deployment | FY2026 / base | 474.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_deployment, base_2026q3_loan_deployment, base_2026q4_loan_deployment). |
| Net forward-flow senior funding ($M) base_fy2026_senior_deployment | FY2026 / base | 835.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_senior_deployment, base_2026q3_senior_deployment, base_2026q4_senior_deployment). |
| Consumer deposit cash inflow ($M) base_fy2026_deposit_flow | FY2026 / base | -554.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_deposit_flow, base_2026q3_deposit_flow, base_2026q4_deposit_flow). |
| Treasury asset cash deployment ($M) base_fy2026_treasury_deployment | FY2026 / base | 1,242.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_treasury_deployment, base_2026q3_treasury_deployment, base_2026q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) base_fy2026_capex | FY2026 / base | 37.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| Lease principal cash ($M) base_fy2026_lease_principal | FY2026 / base | 19.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, base_2026q3_lease_principal, base_2026q4_lease_principal). |
| Bank CFO less capex and leases ($M) base_fy2026_cash_after_capex | FY2026 / base | -1,631.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, base_2026q3_cash_after_capex, base_2026q4_cash_after_capex). |
| IFRS total revenue ($M) base_fy2027_revenue | FY2027 / base | 4,980.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Transaction margin dollars ($M) base_fy2027_tmd | FY2027 / base | 2,090.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_tmd, base_2027q2_tmd, base_2027q3_tmd, base_2027q4_tmd). |
| Adjusted operating income ($M) base_fy2027_adj_operating | FY2027 / base | 495.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_operating, base_2027q2_adj_operating, base_2027q3_adj_operating, base_2027q4_adj_operating). |
| IFRS operating profit proxy ($M) base_fy2027_operating_income | FY2027 / base | 133.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Bank operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | -574.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Net consumer-loan cash deployment ($M) base_fy2027_loan_deployment | FY2027 / base | 1,250.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_loan_deployment, base_2027q2_loan_deployment, base_2027q3_loan_deployment, base_2027q4_loan_deployment). |
| Net forward-flow senior funding ($M) base_fy2027_senior_deployment | FY2027 / base | 750.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_senior_deployment, base_2027q2_senior_deployment, base_2027q3_senior_deployment, base_2027q4_senior_deployment). |
| Consumer deposit cash inflow ($M) base_fy2027_deposit_flow | FY2027 / base | 600.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_deposit_flow, base_2027q2_deposit_flow, base_2027q3_deposit_flow, base_2027q4_deposit_flow). |
| Treasury asset cash deployment ($M) base_fy2027_treasury_deployment | FY2027 / base | 400.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_treasury_deployment, base_2027q2_treasury_deployment, base_2027q3_treasury_deployment, base_2027q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) base_fy2027_capex | FY2027 / base | 54.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Lease principal cash ($M) base_fy2027_lease_principal | FY2027 / base | 20.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_lease_principal, base_2027q2_lease_principal, base_2027q3_lease_principal, base_2027q4_lease_principal). |
| Bank CFO less capex and leases ($M) base_fy2027_cash_after_capex | FY2027 / base | -648.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex). |
| Gross merchandise volume upside_2026q3_gmv | 2026Q3 / upside | 38,300.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2026q3_presentation_ratio | 2026Q3 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2026q3_presentation_reduction | 2026Q3 / upside | 38.30 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2026q3_gmv, upside_2026q3_presentation_ratio). |
| Interest income on financing receivables upside_2026q3_interest_income | 2026Q3 / upside | 245.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2026q3_loan_sale_gain | 2026Q3 / upside | 85.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2026q3_service_yield | 2026Q3 / upside | 2.0% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2026q3_service_revenue | 2026Q3 / upside | 748.30 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2026q3_gmv, upside_2026q3_service_yield). |
| Revenue before presentation adjustment upside_2026q3_pre_presentation_revenue | 2026Q3 / upside | 1,078.30 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2026q3_service_revenue, upside_2026q3_interest_income, upside_2026q3_loan_sale_gain). |
| Reported IFRS revenue upside_2026q3_revenue | 2026Q3 / upside | 1,040.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2026q3_pre_presentation_revenue, upside_2026q3_presentation_reduction). |
| Processing/servicing per GMV upside_2026q3_processing_ratio | 2026Q3 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2026q3_processing_cost | 2026Q3 / upside | 248.95 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2026q3_gmv, upside_2026q3_processing_ratio). |
| Credit expense / GMV upside_2026q3_credit_ratio | 2026Q3 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2026q3_credit_expense | 2026Q3 / upside | 210.65 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2026q3_gmv, upside_2026q3_credit_ratio). |
| Incremental recognition-timing benefit upside_2026q3_recognition_timing | 2026Q3 / upside | 10.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2026q3_funding_fv | 2026Q3 / upside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2026q3_cash_funding_expense | 2026Q3 / upside | 193.70 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2026q3_funding_cost | 2026Q3 / upside | 238.70 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2026q3_cash_funding_expense, upside_2026q3_funding_fv). |
| Processing credit and funding cost upside_2026q3_raw_transaction_cost | 2026Q3 / upside | 698.30 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2026q3_processing_cost, upside_2026q3_credit_expense, upside_2026q3_funding_cost). |
| Presentation and timing cost reductions upside_2026q3_accounting_reductions | 2026Q3 / upside | 48.30 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2026q3_presentation_reduction, upside_2026q3_recognition_timing). |
| Reported transaction costs upside_2026q3_transaction_cost | 2026Q3 / upside | 650.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2026q3_raw_transaction_cost, upside_2026q3_accounting_reductions). |
| Transaction margin dollars upside_2026q3_tmd | 2026Q3 / upside | 390.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2026q3_revenue, upside_2026q3_transaction_cost). |
| Adjusted operating expenses upside_2026q3_adjusted_opex | 2026Q3 / upside | 350.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2026q3_adj_operating | 2026Q3 / upside | 40.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2026q3_tmd, upside_2026q3_adjusted_opex). |
| Share-based payments upside_2026q3_sbc | 2026Q3 / upside | 95.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2026q3_da | 2026Q3 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2026q3_restructuring | 2026Q3 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2026q3_ifrs_adjustments | 2026Q3 / upside | 123.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_restructuring). |
| IFRS operating profit proxy upside_2026q3_operating_income | 2026Q3 / upside | -83.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2026q3_adj_operating, upside_2026q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2026q3_noncash_credit_bridge | 2026Q3 / upside | 295.65 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2026q3_adj_operating, upside_2026q3_credit_expense, upside_2026q3_funding_fv). |
| Cash income taxes upside_2026q3_cash_tax | 2026Q3 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2026q3_other_settlement_use | 2026Q3 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2026q3_cash_earnings_adjustment | 2026Q3 / upside | 131.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2026q3_loan_sale_gain, upside_2026q3_recognition_timing, upside_2026q3_restructuring, upside_2026q3_cash_tax, upside_2026q3_other_settlement_use). |
| Operating cash before bank balance deployment upside_2026q3_cash_before_bank_balances | 2026Q3 / upside | 164.65 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2026q3_noncash_credit_bridge, upside_2026q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2026q3_loan_deployment | 2026Q3 / upside | 200.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2026q3_senior_deployment | 2026Q3 / upside | 140.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2026q3_deposit_flow | 2026Q3 / upside | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2026q3_treasury_deployment | 2026Q3 / upside | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2026q3_operating_notes_flow | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2026q3_bank_funding_inflow | 2026Q3 / upside | 264.65 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2026q3_cash_before_bank_balances, upside_2026q3_deposit_flow, upside_2026q3_operating_notes_flow). |
| Loan senior and treasury investment upside_2026q3_bank_asset_deployment | 2026Q3 / upside | 490.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2026q3_loan_deployment, upside_2026q3_senior_deployment, upside_2026q3_treasury_deployment). |
| Bank operating cash flow proxy upside_2026q3_cfo | 2026Q3 / upside | -225.35 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2026q3_bank_funding_inflow, upside_2026q3_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2026q3_capex | 2026Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2026q3_lease_principal | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2026q3_capital_cash | 2026Q3 / upside | 15.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2026q3_capex, upside_2026q3_lease_principal). |
| Bank CFO after capex and leases upside_2026q3_cash_after_capex | 2026Q3 / upside | -240.35 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capital_cash). |
| Gross merchandise volume upside_2026q4_gmv | 2026Q4 / upside | 48,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2026q4_presentation_ratio | 2026Q4 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2026q4_presentation_reduction | 2026Q4 / upside | 48.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2026q4_gmv, upside_2026q4_presentation_ratio). |
| Interest income on financing receivables upside_2026q4_interest_income | 2026Q4 / upside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2026q4_loan_sale_gain | 2026Q4 / upside | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2026q4_service_yield | 2026Q4 / upside | 1.9% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2026q4_service_revenue | 2026Q4 / upside | 933.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2026q4_gmv, upside_2026q4_service_yield). |
| Revenue before presentation adjustment upside_2026q4_pre_presentation_revenue | 2026Q4 / upside | 1,288.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2026q4_service_revenue, upside_2026q4_interest_income, upside_2026q4_loan_sale_gain). |
| Reported IFRS revenue upside_2026q4_revenue | 2026Q4 / upside | 1,240.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2026q4_pre_presentation_revenue, upside_2026q4_presentation_reduction). |
| Processing/servicing per GMV upside_2026q4_processing_ratio | 2026Q4 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2026q4_processing_cost | 2026Q4 / upside | 312.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2026q4_gmv, upside_2026q4_processing_ratio). |
| Credit expense / GMV upside_2026q4_credit_ratio | 2026Q4 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2026q4_credit_expense | 2026Q4 / upside | 264.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2026q4_gmv, upside_2026q4_credit_ratio). |
| Incremental recognition-timing benefit upside_2026q4_recognition_timing | 2026Q4 / upside | 20.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2026q4_funding_fv | 2026Q4 / upside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2026q4_cash_funding_expense | 2026Q4 / upside | 192.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2026q4_funding_cost | 2026Q4 / upside | 242.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2026q4_cash_funding_expense, upside_2026q4_funding_fv). |
| Processing credit and funding cost upside_2026q4_raw_transaction_cost | 2026Q4 / upside | 818.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2026q4_processing_cost, upside_2026q4_credit_expense, upside_2026q4_funding_cost). |
| Presentation and timing cost reductions upside_2026q4_accounting_reductions | 2026Q4 / upside | 68.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2026q4_presentation_reduction, upside_2026q4_recognition_timing). |
| Reported transaction costs upside_2026q4_transaction_cost | 2026Q4 / upside | 750.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2026q4_raw_transaction_cost, upside_2026q4_accounting_reductions). |
| Transaction margin dollars upside_2026q4_tmd | 2026Q4 / upside | 490.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2026q4_revenue, upside_2026q4_transaction_cost). |
| Adjusted operating expenses upside_2026q4_adjusted_opex | 2026Q4 / upside | 330.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2026q4_adj_operating | 2026Q4 / upside | 160.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2026q4_tmd, upside_2026q4_adjusted_opex). |
| Share-based payments upside_2026q4_sbc | 2026Q4 / upside | 49.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2026q4_da | 2026Q4 / upside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2026q4_restructuring | 2026Q4 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2026q4_ifrs_adjustments | 2026Q4 / upside | 78.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_restructuring). |
| IFRS operating profit proxy upside_2026q4_operating_income | 2026Q4 / upside | 82.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2026q4_adj_operating, upside_2026q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2026q4_noncash_credit_bridge | 2026Q4 / upside | 474.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2026q4_adj_operating, upside_2026q4_credit_expense, upside_2026q4_funding_fv). |
| Cash income taxes upside_2026q4_cash_tax | 2026Q4 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2026q4_other_settlement_use | 2026Q4 / upside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2026q4_cash_earnings_adjustment | 2026Q4 / upside | 155.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2026q4_loan_sale_gain, upside_2026q4_recognition_timing, upside_2026q4_restructuring, upside_2026q4_cash_tax, upside_2026q4_other_settlement_use). |
| Operating cash before bank balance deployment upside_2026q4_cash_before_bank_balances | 2026Q4 / upside | 319.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2026q4_noncash_credit_bridge, upside_2026q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2026q4_loan_deployment | 2026Q4 / upside | 350.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2026q4_senior_deployment | 2026Q4 / upside | 180.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2026q4_deposit_flow | 2026Q4 / upside | 300.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2026q4_treasury_deployment | 2026Q4 / upside | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2026q4_operating_notes_flow | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2026q4_bank_funding_inflow | 2026Q4 / upside | 619.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2026q4_cash_before_bank_balances, upside_2026q4_deposit_flow, upside_2026q4_operating_notes_flow). |
| Loan senior and treasury investment upside_2026q4_bank_asset_deployment | 2026Q4 / upside | 680.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2026q4_loan_deployment, upside_2026q4_senior_deployment, upside_2026q4_treasury_deployment). |
| Bank operating cash flow proxy upside_2026q4_cfo | 2026Q4 / upside | -61.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2026q4_bank_funding_inflow, upside_2026q4_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2026q4_capex | 2026Q4 / upside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2026q4_lease_principal | 2026Q4 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2026q4_capital_cash | 2026Q4 / upside | 16.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2026q4_capex, upside_2026q4_lease_principal). |
| Bank CFO after capex and leases upside_2026q4_cash_after_capex | 2026Q4 / upside | -77.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capital_cash). |
| Gross merchandise volume upside_2027q1_gmv | 2027Q1 / upside | 45,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2027q1_presentation_ratio | 2027Q1 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2027q1_presentation_reduction | 2027Q1 / upside | 45.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2027q1_gmv, upside_2027q1_presentation_ratio). |
| Interest income on financing receivables upside_2027q1_interest_income | 2027Q1 / upside | 275.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2027q1_loan_sale_gain | 2027Q1 / upside | 105.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2027q1_service_yield | 2027Q1 / upside | 2.1% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2027q1_service_revenue | 2027Q1 / upside | 965.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2027q1_gmv, upside_2027q1_service_yield). |
| Revenue before presentation adjustment upside_2027q1_pre_presentation_revenue | 2027Q1 / upside | 1,345.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2027q1_service_revenue, upside_2027q1_interest_income, upside_2027q1_loan_sale_gain). |
| Reported IFRS revenue upside_2027q1_revenue | 2027Q1 / upside | 1,300.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2027q1_pre_presentation_revenue, upside_2027q1_presentation_reduction). |
| Processing/servicing per GMV upside_2027q1_processing_ratio | 2027Q1 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2027q1_processing_cost | 2027Q1 / upside | 292.50 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2027q1_gmv, upside_2027q1_processing_ratio). |
| Credit expense / GMV upside_2027q1_credit_ratio | 2027Q1 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2027q1_credit_expense | 2027Q1 / upside | 247.50 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2027q1_gmv, upside_2027q1_credit_ratio). |
| Incremental recognition-timing benefit upside_2027q1_recognition_timing | 2027Q1 / upside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2027q1_funding_fv | 2027Q1 / upside | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2027q1_cash_funding_expense | 2027Q1 / upside | 200.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2027q1_funding_cost | 2027Q1 / upside | 255.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2027q1_cash_funding_expense, upside_2027q1_funding_fv). |
| Processing credit and funding cost upside_2027q1_raw_transaction_cost | 2027Q1 / upside | 795.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2027q1_processing_cost, upside_2027q1_credit_expense, upside_2027q1_funding_cost). |
| Presentation and timing cost reductions upside_2027q1_accounting_reductions | 2027Q1 / upside | 45.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2027q1_presentation_reduction, upside_2027q1_recognition_timing). |
| Reported transaction costs upside_2027q1_transaction_cost | 2027Q1 / upside | 750.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2027q1_raw_transaction_cost, upside_2027q1_accounting_reductions). |
| Transaction margin dollars upside_2027q1_tmd | 2027Q1 / upside | 550.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2027q1_revenue, upside_2027q1_transaction_cost). |
| Adjusted operating expenses upside_2027q1_adjusted_opex | 2027Q1 / upside | 390.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2027q1_adj_operating | 2027Q1 / upside | 160.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2027q1_tmd, upside_2027q1_adjusted_opex). |
| Share-based payments upside_2027q1_sbc | 2027Q1 / upside | 53.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2027q1_da | 2027Q1 / upside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2027q1_restructuring | 2027Q1 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2027q1_ifrs_adjustments | 2027Q1 / upside | 83.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_restructuring). |
| IFRS operating profit proxy upside_2027q1_operating_income | 2027Q1 / upside | 77.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2027q1_adj_operating, upside_2027q1_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2027q1_noncash_credit_bridge | 2027Q1 / upside | 462.50 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2027q1_adj_operating, upside_2027q1_credit_expense, upside_2027q1_funding_fv). |
| Cash income taxes upside_2027q1_cash_tax | 2027Q1 / upside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2027q1_other_settlement_use | 2027Q1 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2027q1_cash_earnings_adjustment | 2027Q1 / upside | 149.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2027q1_loan_sale_gain, upside_2027q1_recognition_timing, upside_2027q1_restructuring, upside_2027q1_cash_tax, upside_2027q1_other_settlement_use). |
| Operating cash before bank balance deployment upside_2027q1_cash_before_bank_balances | 2027Q1 / upside | 313.50 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2027q1_noncash_credit_bridge, upside_2027q1_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2027q1_loan_deployment | 2027Q1 / upside | 400.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2027q1_senior_deployment | 2027Q1 / upside | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2027q1_deposit_flow | 2027Q1 / upside | 250.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2027q1_treasury_deployment | 2027Q1 / upside | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2027q1_operating_notes_flow | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2027q1_bank_funding_inflow | 2027Q1 / upside | 563.50 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2027q1_cash_before_bank_balances, upside_2027q1_deposit_flow, upside_2027q1_operating_notes_flow). |
| Loan senior and treasury investment upside_2027q1_bank_asset_deployment | 2027Q1 / upside | 750.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2027q1_loan_deployment, upside_2027q1_senior_deployment, upside_2027q1_treasury_deployment). |
| Bank operating cash flow proxy upside_2027q1_cfo | 2027Q1 / upside | -186.50 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2027q1_bank_funding_inflow, upside_2027q1_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2027q1_capex | 2027Q1 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2027q1_lease_principal | 2027Q1 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2027q1_capital_cash | 2027Q1 / upside | 17.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2027q1_capex, upside_2027q1_lease_principal). |
| Bank CFO after capex and leases upside_2027q1_cash_after_capex | 2027Q1 / upside | -203.50 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capital_cash). |
| Gross merchandise volume upside_2027q2_gmv | 2027Q2 / upside | 50,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2027q2_presentation_ratio | 2027Q2 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2027q2_presentation_reduction | 2027Q2 / upside | 50.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2027q2_gmv, upside_2027q2_presentation_ratio). |
| Interest income on financing receivables upside_2027q2_interest_income | 2027Q2 / upside | 290.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2027q2_loan_sale_gain | 2027Q2 / upside | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2027q2_service_yield | 2027Q2 / upside | 2.2% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2027q2_service_revenue | 2027Q2 / upside | 1,095.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2027q2_gmv, upside_2027q2_service_yield). |
| Revenue before presentation adjustment upside_2027q2_pre_presentation_revenue | 2027Q2 / upside | 1,500.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2027q2_service_revenue, upside_2027q2_interest_income, upside_2027q2_loan_sale_gain). |
| Reported IFRS revenue upside_2027q2_revenue | 2027Q2 / upside | 1,450.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2027q2_pre_presentation_revenue, upside_2027q2_presentation_reduction). |
| Processing/servicing per GMV upside_2027q2_processing_ratio | 2027Q2 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2027q2_processing_cost | 2027Q2 / upside | 325.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2027q2_gmv, upside_2027q2_processing_ratio). |
| Credit expense / GMV upside_2027q2_credit_ratio | 2027Q2 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2027q2_credit_expense | 2027Q2 / upside | 275.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2027q2_gmv, upside_2027q2_credit_ratio). |
| Incremental recognition-timing benefit upside_2027q2_recognition_timing | 2027Q2 / upside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2027q2_funding_fv | 2027Q2 / upside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2027q2_cash_funding_expense | 2027Q2 / upside | 220.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2027q2_funding_cost | 2027Q2 / upside | 280.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2027q2_cash_funding_expense, upside_2027q2_funding_fv). |
| Processing credit and funding cost upside_2027q2_raw_transaction_cost | 2027Q2 / upside | 880.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2027q2_processing_cost, upside_2027q2_credit_expense, upside_2027q2_funding_cost). |
| Presentation and timing cost reductions upside_2027q2_accounting_reductions | 2027Q2 / upside | 50.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2027q2_presentation_reduction, upside_2027q2_recognition_timing). |
| Reported transaction costs upside_2027q2_transaction_cost | 2027Q2 / upside | 830.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2027q2_raw_transaction_cost, upside_2027q2_accounting_reductions). |
| Transaction margin dollars upside_2027q2_tmd | 2027Q2 / upside | 620.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2027q2_revenue, upside_2027q2_transaction_cost). |
| Adjusted operating expenses upside_2027q2_adjusted_opex | 2027Q2 / upside | 430.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2027q2_adj_operating | 2027Q2 / upside | 190.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2027q2_tmd, upside_2027q2_adjusted_opex). |
| Share-based payments upside_2027q2_sbc | 2027Q2 / upside | 57.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2027q2_da | 2027Q2 / upside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2027q2_restructuring | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2027q2_ifrs_adjustments | 2027Q2 / upside | 88.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_restructuring). |
| IFRS operating profit proxy upside_2027q2_operating_income | 2027Q2 / upside | 102.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2027q2_adj_operating, upside_2027q2_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2027q2_noncash_credit_bridge | 2027Q2 / upside | 525.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2027q2_adj_operating, upside_2027q2_credit_expense, upside_2027q2_funding_fv). |
| Cash income taxes upside_2027q2_cash_tax | 2027Q2 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2027q2_other_settlement_use | 2027Q2 / upside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2027q2_cash_earnings_adjustment | 2027Q2 / upside | 163.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2027q2_loan_sale_gain, upside_2027q2_recognition_timing, upside_2027q2_restructuring, upside_2027q2_cash_tax, upside_2027q2_other_settlement_use). |
| Operating cash before bank balance deployment upside_2027q2_cash_before_bank_balances | 2027Q2 / upside | 362.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2027q2_noncash_credit_bridge, upside_2027q2_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2027q2_loan_deployment | 2027Q2 / upside | 450.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2027q2_senior_deployment | 2027Q2 / upside | 240.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2027q2_deposit_flow | 2027Q2 / upside | 300.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2027q2_treasury_deployment | 2027Q2 / upside | 175.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2027q2_operating_notes_flow | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2027q2_bank_funding_inflow | 2027Q2 / upside | 662.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2027q2_cash_before_bank_balances, upside_2027q2_deposit_flow, upside_2027q2_operating_notes_flow). |
| Loan senior and treasury investment upside_2027q2_bank_asset_deployment | 2027Q2 / upside | 865.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2027q2_loan_deployment, upside_2027q2_senior_deployment, upside_2027q2_treasury_deployment). |
| Bank operating cash flow proxy upside_2027q2_cfo | 2027Q2 / upside | -203.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2027q2_bank_funding_inflow, upside_2027q2_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2027q2_capex | 2027Q2 / upside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2027q2_lease_principal | 2027Q2 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2027q2_capital_cash | 2027Q2 / upside | 18.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2027q2_capex, upside_2027q2_lease_principal). |
| Bank CFO after capex and leases upside_2027q2_cash_after_capex | 2027Q2 / upside | -221.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capital_cash). |
| Gross merchandise volume upside_2027q3_gmv | 2027Q3 / upside | 54,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2027q3_presentation_ratio | 2027Q3 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2027q3_presentation_reduction | 2027Q3 / upside | 54.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2027q3_gmv, upside_2027q3_presentation_ratio). |
| Interest income on financing receivables upside_2027q3_interest_income | 2027Q3 / upside | 305.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2027q3_loan_sale_gain | 2027Q3 / upside | 125.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2027q3_service_yield | 2027Q3 / upside | 2.2% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2027q3_service_revenue | 2027Q3 / upside | 1,174.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2027q3_gmv, upside_2027q3_service_yield). |
| Revenue before presentation adjustment upside_2027q3_pre_presentation_revenue | 2027Q3 / upside | 1,604.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2027q3_service_revenue, upside_2027q3_interest_income, upside_2027q3_loan_sale_gain). |
| Reported IFRS revenue upside_2027q3_revenue | 2027Q3 / upside | 1,550.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2027q3_pre_presentation_revenue, upside_2027q3_presentation_reduction). |
| Processing/servicing per GMV upside_2027q3_processing_ratio | 2027Q3 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2027q3_processing_cost | 2027Q3 / upside | 351.00 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2027q3_gmv, upside_2027q3_processing_ratio). |
| Credit expense / GMV upside_2027q3_credit_ratio | 2027Q3 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2027q3_credit_expense | 2027Q3 / upside | 297.00 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2027q3_gmv, upside_2027q3_credit_ratio). |
| Incremental recognition-timing benefit upside_2027q3_recognition_timing | 2027Q3 / upside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2027q3_funding_fv | 2027Q3 / upside | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2027q3_cash_funding_expense | 2027Q3 / upside | 191.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2027q3_funding_cost | 2027Q3 / upside | 256.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2027q3_cash_funding_expense, upside_2027q3_funding_fv). |
| Processing credit and funding cost upside_2027q3_raw_transaction_cost | 2027Q3 / upside | 904.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2027q3_processing_cost, upside_2027q3_credit_expense, upside_2027q3_funding_cost). |
| Presentation and timing cost reductions upside_2027q3_accounting_reductions | 2027Q3 / upside | 54.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2027q3_presentation_reduction, upside_2027q3_recognition_timing). |
| Reported transaction costs upside_2027q3_transaction_cost | 2027Q3 / upside | 850.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2027q3_raw_transaction_cost, upside_2027q3_accounting_reductions). |
| Transaction margin dollars upside_2027q3_tmd | 2027Q3 / upside | 700.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2027q3_revenue, upside_2027q3_transaction_cost). |
| Adjusted operating expenses upside_2027q3_adjusted_opex | 2027Q3 / upside | 465.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2027q3_adj_operating | 2027Q3 / upside | 235.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2027q3_tmd, upside_2027q3_adjusted_opex). |
| Share-based payments upside_2027q3_sbc | 2027Q3 / upside | 61.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2027q3_da | 2027Q3 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2027q3_restructuring | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2027q3_ifrs_adjustments | 2027Q3 / upside | 93.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_restructuring). |
| IFRS operating profit proxy upside_2027q3_operating_income | 2027Q3 / upside | 142.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2027q3_adj_operating, upside_2027q3_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2027q3_noncash_credit_bridge | 2027Q3 / upside | 597.00 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2027q3_adj_operating, upside_2027q3_credit_expense, upside_2027q3_funding_fv). |
| Cash income taxes upside_2027q3_cash_tax | 2027Q3 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2027q3_other_settlement_use | 2027Q3 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2027q3_cash_earnings_adjustment | 2027Q3 / upside | 177.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2027q3_loan_sale_gain, upside_2027q3_recognition_timing, upside_2027q3_restructuring, upside_2027q3_cash_tax, upside_2027q3_other_settlement_use). |
| Operating cash before bank balance deployment upside_2027q3_cash_before_bank_balances | 2027Q3 / upside | 420.00 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2027q3_noncash_credit_bridge, upside_2027q3_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2027q3_loan_deployment | 2027Q3 / upside | 500.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2027q3_senior_deployment | 2027Q3 / upside | 290.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2027q3_deposit_flow | 2027Q3 / upside | 350.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2027q3_treasury_deployment | 2027Q3 / upside | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2027q3_operating_notes_flow | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2027q3_bank_funding_inflow | 2027Q3 / upside | 770.00 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2027q3_cash_before_bank_balances, upside_2027q3_deposit_flow, upside_2027q3_operating_notes_flow). |
| Loan senior and treasury investment upside_2027q3_bank_asset_deployment | 2027Q3 / upside | 990.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2027q3_loan_deployment, upside_2027q3_senior_deployment, upside_2027q3_treasury_deployment). |
| Bank operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | -220.00 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2027q3_bank_funding_inflow, upside_2027q3_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2027q3_capex | 2027Q3 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2027q3_lease_principal | 2027Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2027q3_capital_cash | 2027Q3 / upside | 19.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2027q3_capex, upside_2027q3_lease_principal). |
| Bank CFO after capex and leases upside_2027q3_cash_after_capex | 2027Q3 / upside | -239.00 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capital_cash). |
| Gross merchandise volume upside_2027q4_gmv | 2027Q4 / upside | 67,000.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Presentation reduction / GMV upside_2027q4_presentation_ratio | 2027Q4 / upside | 0.1% ratio | assumption: Desk allocation of described approximate 10bp presentation effect; prospective H2 change, not an economic cost saving. |
| Matched revenue/cost presentation reduction upside_2027q4_presentation_reduction | 2027Q4 / upside | 67.00 USD_millions | derived: Equal reduction on both sides of transaction margin. Formula: multiply(upside_2027q4_gmv, upside_2027q4_presentation_ratio). |
| Interest income on financing receivables upside_2027q4_interest_income | 2027Q4 / upside | 320.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Gain on sale and fair-value origination income upside_2027q4_loan_sale_gain | 2027Q4 / upside | 135.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Mixed transaction/service realization upside_2027q4_service_yield | 2027Q4 / upside | 2.3% ratio | assumption: Desk assumption; not company guidance. |
| Transaction and service revenue upside_2027q4_service_revenue | 2027Q4 / upside | 1,512.00 USD_millions | derived: Subscriptions and fee mix included once; not a pure merchant contractual take rate. Formula: multiply(upside_2027q4_gmv, upside_2027q4_service_yield). |
| Revenue before presentation adjustment upside_2027q4_pre_presentation_revenue | 2027Q4 / upside | 1,967.00 USD_millions | derived: Gain on sale is income, not principal proceeds. Formula: sum(upside_2027q4_service_revenue, upside_2027q4_interest_income, upside_2027q4_loan_sale_gain). |
| Reported IFRS revenue upside_2027q4_revenue | 2027Q4 / upside | 1,900.00 USD_millions | derived: Base recognized revenue calibrates to updated company guide. Formula: subtract(upside_2027q4_pre_presentation_revenue, upside_2027q4_presentation_reduction). |
| Processing/servicing per GMV upside_2027q4_processing_ratio | 2027Q4 / upside | 0.7% ratio | assumption: Desk assumption; not company guidance. |
| Processing and servicing expense upside_2027q4_processing_cost | 2027Q4 / upside | 435.50 USD_millions | derived: Transaction processing and servicing economics. Formula: multiply(upside_2027q4_gmv, upside_2027q4_processing_ratio). |
| Credit expense / GMV upside_2027q4_credit_ratio | 2027Q4 / upside | 0.5% ratio | assumption: Desk assumption; not company guidance. |
| Pre-presentation credit expense sensitivity upside_2027q4_credit_expense | 2027Q4 / upside | 368.50 USD_millions | derived: Portfolio/mix sensitivity, not a cumulative vintage loss rate. Formula: multiply(upside_2027q4_gmv, upside_2027q4_credit_ratio). |
| Incremental recognition-timing benefit upside_2027q4_recognition_timing | 2027Q4 / upside | 0.00 USD_millions | assumption: Base H2 totals $30M, about two basis points of $150B annual GMV; distinct from matched presentation shift. Not perpetual economic improvement. |
| Funding fair-value expense upside_2027q4_funding_fv | 2027Q4 / upside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accrued deposit and other interest/funding cost upside_2027q4_cash_funding_expense | 2027Q4 / upside | 203.00 USD_millions | assumption: Calibrated blended funding budget; not the rate or draw on an individual bank facility. |
| Interest and fair-value funding expense upside_2027q4_funding_cost | 2027Q4 / upside | 273.00 USD_millions | derived: Interest already included in transaction costs and is not deducted again from cash earnings. Formula: sum(upside_2027q4_cash_funding_expense, upside_2027q4_funding_fv). |
| Processing credit and funding cost upside_2027q4_raw_transaction_cost | 2027Q4 / upside | 1,077.00 USD_millions | derived: Cost perimeter matches transaction margin. Formula: sum(upside_2027q4_processing_cost, upside_2027q4_credit_expense, upside_2027q4_funding_cost). |
| Presentation and timing cost reductions upside_2027q4_accounting_reductions | 2027Q4 / upside | 67.00 USD_millions | derived: Matched presentation does not itself change TMD; timing can. Formula: sum(upside_2027q4_presentation_reduction, upside_2027q4_recognition_timing). |
| Reported transaction costs upside_2027q4_transaction_cost | 2027Q4 / upside | 1,010.00 USD_millions | derived: All lending accounting effects are explicit desk sensitivities. Formula: subtract(upside_2027q4_raw_transaction_cost, upside_2027q4_accounting_reductions). |
| Transaction margin dollars upside_2027q4_tmd | 2027Q4 / upside | 890.00 USD_millions | derived: Stable under equal revenue/cost presentation changes. Formula: subtract(upside_2027q4_revenue, upside_2027q4_transaction_cost). |
| Adjusted operating expenses upside_2027q4_adjusted_opex | 2027Q4 / upside | 540.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Adjusted operating income upside_2027q4_adj_operating | 2027Q4 / upside | 350.00 USD_millions | derived: Q3 investment expense precedes holiday-quarter volume. Formula: subtract(upside_2027q4_tmd, upside_2027q4_adjusted_opex). |
| Share-based payments upside_2027q4_sbc | 2027Q4 / upside | 65.00 USD_millions | assumption: Desk equity cost allocation; company expects Q3 to carry the highest 2026 level. No future stock-price valuation assumed. |
| Adjusted reconciliation D&A upside_2027q4_da | 2027Q4 / upside | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash restructuring/other adjustment upside_2027q4_restructuring | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC D&A and restructuring upside_2027q4_ifrs_adjustments | 2027Q4 / upside | 98.00 USD_millions | derived: Not GAAP; no future litigation award or recurring rounding residual. Formula: sum(upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_restructuring). |
| IFRS operating profit proxy upside_2027q4_operating_income | 2027Q4 / upside | 252.00 USD_millions | derived: Retains compensation and capitalized technology amortization. Formula: subtract(upside_2027q4_adj_operating, upside_2027q4_ifrs_adjustments). |
| Adjusted profit plus credit/fair-value expense upside_2027q4_noncash_credit_bridge | 2027Q4 / upside | 788.50 USD_millions | derived: Cash credit losses are reflected in net loan sales/collections/deployment below. Formula: sum(upside_2027q4_adj_operating, upside_2027q4_credit_expense, upside_2027q4_funding_fv). |
| Cash income taxes upside_2027q4_cash_tax | 2027Q4 / upside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest/accrual/operating settlement use upside_2027q4_other_settlement_use | 2027Q4 / upside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Loan gains timing and cash uses upside_2027q4_cash_earnings_adjustment | 2027Q4 / upside | 191.00 USD_millions | derived: Reverse noncash gain/timing benefit; no second deduction of funding interest already in TMD. Formula: sum(upside_2027q4_loan_sale_gain, upside_2027q4_recognition_timing, upside_2027q4_restructuring, upside_2027q4_cash_tax, upside_2027q4_other_settlement_use). |
| Operating cash before bank balance deployment upside_2027q4_cash_before_bank_balances | 2027Q4 / upside | 597.50 USD_millions | derived: Analytical component, not normalized bank FCF. Formula: subtract(upside_2027q4_noncash_credit_bridge, upside_2027q4_cash_earnings_adjustment). |
| Net loan cash deployment after sales/collections upside_2027q4_loan_deployment | 2027Q4 / upside | 650.00 USD_millions | assumption: Cash originations less actual sale and collection cash, including sale proceeds. No unlimited forward-flow assumption. |
| Senior funding to forward-flow counterparties upside_2027q4_senior_deployment | 2027Q4 / upside | 350.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Consumer deposit net cash inflow upside_2027q4_deposit_flow | 2027Q4 / upside | 450.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net treasury investment cash upside_2027q4_treasury_deployment | 2027Q4 / upside | 225.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating-classified borrowing cash upside_2027q4_operating_notes_flow | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before deployment plus bank funding upside_2027q4_bank_funding_inflow | 2027Q4 / upside | 1,047.50 USD_millions | derived: Deposits fund assets and are repayable liabilities. Formula: sum(upside_2027q4_cash_before_bank_balances, upside_2027q4_deposit_flow, upside_2027q4_operating_notes_flow). |
| Loan senior and treasury investment upside_2027q4_bank_asset_deployment | 2027Q4 / upside | 1,225.00 USD_millions | derived: All are within the issuer operating cash classification. Formula: sum(upside_2027q4_loan_deployment, upside_2027q4_senior_deployment, upside_2027q4_treasury_deployment). |
| Bank operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | -177.50 USD_millions | derived: No industrial CFO interpretation. Formula: subtract(upside_2027q4_bank_funding_inflow, upside_2027q4_bank_asset_deployment). |
| Cash intangibles and fixed assets upside_2027q4_capex | 2027Q4 / upside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Lease principal payments upside_2027q4_lease_principal | 2027Q4 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capex and lease principal upside_2027q4_capital_cash | 2027Q4 / upside | 20.00 USD_millions | derived: Other financing cash excluded. Formula: sum(upside_2027q4_capex, upside_2027q4_lease_principal). |
| Bank CFO after capex and leases upside_2027q4_cash_after_capex | 2027Q4 / upside | -197.50 USD_millions | derived: Not distributable bank capital or a forecast of parent liquidity. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capital_cash). |
| IFRS total revenue ($M) upside_fy2026_revenue | FY2026 / upside | 4,334.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| Transaction margin dollars ($M) upside_fy2026_tmd | FY2026 / upside | 1,715.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_tmd, upside_2026q3_tmd, upside_2026q4_tmd). |
| Adjusted operating income ($M) upside_fy2026_adj_operating | FY2026 / upside | 359.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating, upside_2026q3_adj_operating, upside_2026q4_adj_operating). |
| IFRS operating profit proxy ($M) upside_fy2026_operating_income | FY2026 / upside | 43.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Bank operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | -1,499.35 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Net consumer-loan cash deployment ($M) upside_fy2026_loan_deployment | FY2026 / upside | 624.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_deployment, upside_2026q3_loan_deployment, upside_2026q4_loan_deployment). |
| Net forward-flow senior funding ($M) upside_fy2026_senior_deployment | FY2026 / upside | 885.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_senior_deployment, upside_2026q3_senior_deployment, upside_2026q4_senior_deployment). |
| Consumer deposit cash inflow ($M) upside_fy2026_deposit_flow | FY2026 / upside | -204.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_deposit_flow, upside_2026q3_deposit_flow, upside_2026q4_deposit_flow). |
| Treasury asset cash deployment ($M) upside_fy2026_treasury_deployment | FY2026 / upside | 1,342.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_treasury_deployment, upside_2026q3_treasury_deployment, upside_2026q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) upside_fy2026_capex | FY2026 / upside | 37.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| Lease principal cash ($M) upside_fy2026_lease_principal | FY2026 / upside | 19.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, upside_2026q3_lease_principal, upside_2026q4_lease_principal). |
| Bank CFO less capex and leases ($M) upside_fy2026_cash_after_capex | FY2026 / upside | -1,555.35 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, upside_2026q3_cash_after_capex, upside_2026q4_cash_after_capex). |
| IFRS total revenue ($M) upside_fy2027_revenue | FY2027 / upside | 6,200.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Transaction margin dollars ($M) upside_fy2027_tmd | FY2027 / upside | 2,760.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_tmd, upside_2027q2_tmd, upside_2027q3_tmd, upside_2027q4_tmd). |
| Adjusted operating income ($M) upside_fy2027_adj_operating | FY2027 / upside | 935.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_operating, upside_2027q2_adj_operating, upside_2027q3_adj_operating, upside_2027q4_adj_operating). |
| IFRS operating profit proxy ($M) upside_fy2027_operating_income | FY2027 / upside | 573.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Bank operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | -787.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Net consumer-loan cash deployment ($M) upside_fy2027_loan_deployment | FY2027 / upside | 2,000.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_loan_deployment, upside_2027q2_loan_deployment, upside_2027q3_loan_deployment, upside_2027q4_loan_deployment). |
| Net forward-flow senior funding ($M) upside_fy2027_senior_deployment | FY2027 / upside | 1,080.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_senior_deployment, upside_2027q2_senior_deployment, upside_2027q3_senior_deployment, upside_2027q4_senior_deployment). |
| Consumer deposit cash inflow ($M) upside_fy2027_deposit_flow | FY2027 / upside | 1,350.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_deposit_flow, upside_2027q2_deposit_flow, upside_2027q3_deposit_flow, upside_2027q4_deposit_flow). |
| Treasury asset cash deployment ($M) upside_fy2027_treasury_deployment | FY2027 / upside | 750.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_treasury_deployment, upside_2027q2_treasury_deployment, upside_2027q3_treasury_deployment, upside_2027q4_treasury_deployment). |
| Cash intangible and fixed assets ($M) upside_fy2027_capex | FY2027 / upside | 54.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Lease principal cash ($M) upside_fy2027_lease_principal | FY2027 / upside | 20.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_lease_principal, upside_2027q2_lease_principal, upside_2027q3_lease_principal, upside_2027q4_lease_principal). |
| Bank CFO less capex and leases ($M) upside_fy2027_cash_after_capex | FY2027 / upside | -861.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex). |
Model boundaries
- Klarna reports IFRS, and its bank cash-flow classification differs from an industrial company. Deposits, some borrowings, lending and treasury investment are inside operating cash. CFO less capex/lease cash is not industrial FCF or distributable bank capital.
- The Q2 supplementary financial tables furnish eight historical income-statement quarters even though the SEC companyfacts feed has none. Missing quarter cash-flow, EPS and ownership facts remain unavailable; seven quarter-end cash balances are sourced without fabricating the eighth.
- H2 US/German Fair Financing presentation reduces both revenue and transaction costs, while recognition timing can improve TMD. The model tests these separately. A lower reported take rate is not automatically weaker unit economics.
- Mixed transaction/service yield includes subscription and other merchant/consumer services. ARPAC is trailing annual revenue per active consumer, not a quarterly fee; subscriptions are not added again as an invented segment.
- Base annual TMD targets approximately 30% growth and Q3 guidance $340-360M; the remaining-quarter cost budget is calibrated, not independently guided. Quarter allocation, credit curves, FX, cash settlement and all FY2027 figures are desk assumptions.
- Gain on sale and fair-value marks are accounting income/expense. Their cash effects must pass through actual loan sales and net loan funding; no assumption of unlimited receivable offloading or zero retained exposure.
- The July $518M significant risk transfer reduces risk/capital requirements on a reference portfolio while receivables remain on balance sheet. It is not $518M revenue or a sale removing the whole reference portfolio.
- PriceRunner litigation was appealed by both parties. No recovery is recognized or forecast; any eventual proceeds would face funding, insurance, former-owner sharing and tax claims. A gross award is not cash available to Klarna shareholders.
- Apple Upgrade creates financing receivables and servicing obligations. A U.S. bank application is not approval; no incremental U.S. deposit-funding benefit is assumed. Rounded statement figures can differ by $1M; reconciliation identifies the residual.
- No full deposit maturity, regulatory capital, diluted ownership or parent liquidity model. Other financing proceeds, debt principal, dividends and external capital are outside forecast cash after capex/leases.
Transaction margin through an accounting and funding transition
Can stronger payments economics translate into durable earnings while bank funding and offloading remain disciplined?
Q2 GMV was $36.648B, revenue $1.042B, TMD $446M and adjusted operating income $91M; IFRS operating profit was $27M. Updated FY2026 outlook calls for $149-151B GMV, $4.08-4.16B revenue and $280-300M adjusted operating income. The H2 presentation change reduces both revenue and costs, with a separately described timing benefit. Base TMD grows 30% to $1.609B. H1 bank CFO was negative $1.213B, including $604M deposit outflow, $74M net consumer-receivable deployment, $565M other senior funding and $1.042B treasury investment, offset by $41M operating borrowing. Removing only those named balance flows gives $1.031B, not normalized owner cash. June deposits were $11.673B, cash $2.672B and retained consumer receivables $9.753B across accounting categories. The July risk transfer leaves receivables on balance sheet; Apple financing adds receivable exposure. PriceRunner recovery remains contingent and subject to appeals and sharing claims.
The competing explanation
Earlier recognition and gain-on-sale income can improve reported margin while cash remains tied to credit assets. Deposit withdrawals, funding rates, credit losses and offloading terms can offset network growth.
Risks to track
- Consumer credit and product mix can change faster than reported loss curves.
- Accounting presentation and recognition timing complicate quarter comparisons.
- Deposits and forward-flow facilities require ongoing funding discipline.
- Merchant/PSP launches and subscriptions may monetize below expectations.
- Litigation proceeds and regulatory approvals remain uncertain.
Next checkpoints
- H2 presentation · Q3 results; date unconfirmed (estimated). Reconcile matched revenue/cost reclassification separately from timing benefits.
- Bank and offloading cash · Each furnished financial statement (estimated). Track deposits, loan accounting categories, senior funding and actual sale proceeds.
- Apple and risk-transfer economics · Next business update (estimated). Check receivable exposure, retained risk and capital impact without counting notional amounts as revenue.
Data coverage and open work
- Klarna reports IFRS, and its bank cash-flow classification differs from an industrial company. Deposits, some borrowings, lending and treasury investment are inside operating cash. CFO less capex/lease cash is not industrial FCF or distributable bank capital.
- The Q2 supplementary financial tables furnish eight historical income-statement quarters even though the SEC companyfacts feed has none. Missing quarter cash-flow, EPS and ownership facts remain unavailable; seven quarter-end cash balances are sourced without fabricating the eighth.
- H2 US/German Fair Financing presentation reduces both revenue and transaction costs, while recognition timing can improve TMD. The model tests these separately. A lower reported take rate is not automatically weaker unit economics.
- Mixed transaction/service yield includes subscription and other merchant/consumer services. ARPAC is trailing annual revenue per active consumer, not a quarterly fee; subscriptions are not added again as an invented segment.
- Base annual TMD targets approximately 30% growth and Q3 guidance $340-360M; the remaining-quarter cost budget is calibrated, not independently guided. Quarter allocation, credit curves, FX, cash settlement and all FY2027 figures are desk assumptions.
- Gain on sale and fair-value marks are accounting income/expense. Their cash effects must pass through actual loan sales and net loan funding; no assumption of unlimited receivable offloading or zero retained exposure.
- The July $518M significant risk transfer reduces risk/capital requirements on a reference portfolio while receivables remain on balance sheet. It is not $518M revenue or a sale removing the whole reference portfolio.
- PriceRunner litigation was appealed by both parties. No recovery is recognized or forecast; any eventual proceeds would face funding, insurance, former-owner sharing and tax claims. A gross award is not cash available to Klarna shareholders.
- Apple Upgrade creates financing receivables and servicing obligations. A U.S. bank application is not approval; no incremental U.S. deposit-funding benefit is assumed. Rounded statement figures can differ by $1M; reconciliation identifies the residual.
- No full deposit maturity, regulatory capital, diluted ownership or parent liquidity model. Other financing proceeds, debt principal, dividends and external capital are outside forecast cash after capex/leases.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, quiet volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.1 | +0.0 | +2.3 | 51% |
| 5 sessions | -5.1 | +0.2 | +6.1 | 52% |
| 10 sessions | -6.9 | -0.4 | +8.4 | 46% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.