{
  "metric": "Protocol net revenue after ordinary supplier share and separately reported sGHO outlay; before operating, rescue and other costs",
  "formula": "Protocol Earnings + GHO Earnings - GHO/sGHO expense",
  "source_url": "https://aave.tokenlogic.xyz/financials/statements",
  "source_sha256": "ba668ee2f71e18c525f1c45c12b15fe7f2cb082fbf2ee6a7bb915321f37a8181",
  "source_snapshot": "Report original frozen financial snapshot retained",
  "checked_date": "2026-10-10",
  "currency": "USD",
  "ordinary_supplier_interest": "Protocol Earnings already records the protocol share; do not subtract supplier interest twice.",
  "gho_savings": "Deduct the separately identified GHO / sGHO expense row; do not assume mixed GHO Liquidity or incentive lines are all savings interest.",
  "limits": [
    "Statement categorisation is used, not a full independent transaction audit.",
    "Treasury gains/losses and Other Income excluded from the operating-revenue chart in every period, irrespective of sign.",
    "This is a revenue measure, not bottom-line profit or the denominator of PE.",
    "No guarantee is made that this metric is nonnegative in all future periods."
  ],
  "annual": [
    {
      "label": "2020",
      "start": "2020-01-01",
      "end_exclusive": "2021-01-01",
      "protocol_earnings": "550951.7586141414266",
      "gho_earnings": "0",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "550951.7586141414266",
      "treasury_and_other_income": "84378.457741043598897",
      "dao_reported_revenue": "635330.216355185025497",
      "other_expenses_ex_aave_rewards": "0E-10",
      "adjusted_profit": "635330.21635518516"
    },
    {
      "label": "2021",
      "start": "2021-01-01",
      "end_exclusive": "2022-01-01",
      "protocol_earnings": "14422996.321036081247877",
      "gho_earnings": "0",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "14422996.321036081247877",
      "treasury_and_other_income": "21725239.6339863485246",
      "dao_reported_revenue": "36148235.955022429772477",
      "other_expenses_ex_aave_rewards": "3353372.420000000",
      "adjusted_profit": "32794863.535022431"
    },
    {
      "label": "2022",
      "start": "2022-01-01",
      "end_exclusive": "2023-01-01",
      "protocol_earnings": "21684651.58943172129828238093",
      "gho_earnings": "0",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "21684651.58943172129828238093",
      "treasury_and_other_income": "-13760575.19252929439",
      "dao_reported_revenue": "7924076.39690242690828238093",
      "other_expenses_ex_aave_rewards": "29865060.2059145493525",
      "adjusted_profit": "-21940983.8090121252"
    },
    {
      "label": "2023",
      "start": "2023-01-01",
      "end_exclusive": "2024-01-01",
      "protocol_earnings": "21797957.97254226821051914362",
      "gho_earnings": "90686.832173800926",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "21888644.80471606913651914362",
      "treasury_and_other_income": "3732994.29129155049142",
      "dao_reported_revenue": "25621639.09600761962793914362",
      "other_expenses_ex_aave_rewards": "14338917.365210834155471047",
      "adjusted_profit": "11282721.7307967844"
    },
    {
      "label": "2024",
      "start": "2024-01-01",
      "end_exclusive": "2025-01-01",
      "protocol_earnings": "84494018.09148180666834921556",
      "gho_earnings": "4327043.06841761617",
      "sgho_reported_outlay": "21756",
      "protocol_net_revenue": "88799305.15989942283834921556",
      "treasury_and_other_income": "7267187.56372373719588",
      "dao_reported_revenue": "96088248.72362316003422921556",
      "other_expenses_ex_aave_rewards": "38837898.643398897329984",
      "adjusted_profit": "57228594.08022426985"
    },
    {
      "label": "2025",
      "start": "2025-01-01",
      "end_exclusive": "2026-01-01",
      "protocol_earnings": "127464679.362673678298024938",
      "gho_earnings": "16012653.961527652127",
      "sgho_reported_outlay": "30539",
      "protocol_net_revenue": "143446794.324201330425024938",
      "treasury_and_other_income": "8959504.31395016331321",
      "dao_reported_revenue": "152436837.638151493738234938",
      "other_expenses_ex_aave_rewards": "59419468.437181845021790",
      "adjusted_profit": "92986830.200969651"
    },
    {
      "label": "2026年1—9月",
      "start": "2026-01-01",
      "end_exclusive": "2026-10-01",
      "protocol_earnings": "65423527.17313231358730086528",
      "gho_earnings": "8019006.480833087518",
      "sgho_reported_outlay": "2613011",
      "protocol_net_revenue": "70829522.65396540110530086528",
      "treasury_and_other_income": "7946574.945978994600997",
      "dao_reported_revenue": "81389108.59994439570629786528",
      "other_expenses_ex_aave_rewards": "85246184.015939883129511571",
      "adjusted_profit": "-6470086.4159955016"
    }
  ],
  "quarterly": [
    {
      "label": "2023 Q1",
      "start": "2023-01-01",
      "end_exclusive": "2023-04-01",
      "protocol_earnings": "3395063.79640890169469685",
      "gho_earnings": "0",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "3395063.79640890169469685",
      "treasury_and_other_income": "1471332.7557964776727",
      "dao_reported_revenue": "4866396.55220537936739685"
    },
    {
      "label": "2023 Q2",
      "start": "2023-04-01",
      "end_exclusive": "2023-07-01",
      "protocol_earnings": "3204686.2205967617929955",
      "gho_earnings": "0",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "3204686.2205967617929955",
      "treasury_and_other_income": "-306647.32035557279823",
      "dao_reported_revenue": "2898038.9002411889947655"
    },
    {
      "label": "2023 Q3",
      "start": "2023-07-01",
      "end_exclusive": "2023-10-01",
      "protocol_earnings": "7304355.629055490238460894917",
      "gho_earnings": "16864.984786818066",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "7321220.613842308304460894917",
      "treasury_and_other_income": "330495.89049519229639",
      "dao_reported_revenue": "7651716.504337500600850894917"
    },
    {
      "label": "2023 Q4",
      "start": "2023-10-01",
      "end_exclusive": "2024-01-01",
      "protocol_earnings": "7893852.3264811144843658987",
      "gho_earnings": "73821.84738698286",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "7967674.1738680973443658987",
      "treasury_and_other_income": "2237812.96535545332056",
      "dao_reported_revenue": "10205487.1392235506649258987"
    },
    {
      "label": "2024 Q1",
      "start": "2024-01-01",
      "end_exclusive": "2024-04-01",
      "protocol_earnings": "14311867.068197888471775",
      "gho_earnings": "128786.13552143387",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "14440653.203719322341775",
      "treasury_and_other_income": "936901.072924677303",
      "dao_reported_revenue": "15377554.276643999644775"
    },
    {
      "label": "2024 Q2",
      "start": "2024-04-01",
      "end_exclusive": "2024-07-01",
      "protocol_earnings": "20171255.218161449591665",
      "gho_earnings": "615104.660904668",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "20786359.879066117591665",
      "treasury_and_other_income": "450135.84833533731709",
      "dao_reported_revenue": "21236495.727401454908755"
    },
    {
      "label": "2024 Q3",
      "start": "2024-07-01",
      "end_exclusive": "2024-10-01",
      "protocol_earnings": "18090973.43762784699904116",
      "gho_earnings": "1754087.8006731552",
      "sgho_reported_outlay": "5886",
      "protocol_net_revenue": "19839175.23830100219904116",
      "treasury_and_other_income": "-14523.15961874512021",
      "dao_reported_revenue": "19830538.07868225707883116"
    },
    {
      "label": "2024 Q4",
      "start": "2024-10-01",
      "end_exclusive": "2025-01-01",
      "protocol_earnings": "31919922.36749462160586805556",
      "gho_earnings": "1829064.4713183591",
      "sgho_reported_outlay": "15870",
      "protocol_net_revenue": "33733116.83881298070586805556",
      "treasury_and_other_income": "5894673.802082467696",
      "dao_reported_revenue": "39643660.64089544840186805556"
    },
    {
      "label": "2025 Q1",
      "start": "2025-01-01",
      "end_exclusive": "2025-04-01",
      "protocol_earnings": "29859666.720853863381824595",
      "gho_earnings": "3017584.187500538201",
      "sgho_reported_outlay": "10675",
      "protocol_net_revenue": "32866575.908354401582824595",
      "treasury_and_other_income": "-1322531.07390421706667",
      "dao_reported_revenue": "31554719.834450184516154595"
    },
    {
      "label": "2025 Q2",
      "start": "2025-04-01",
      "end_exclusive": "2025-07-01",
      "protocol_earnings": "16915292.9188442576048",
      "gho_earnings": "2791875.67309515166",
      "sgho_reported_outlay": "18614",
      "protocol_net_revenue": "19688554.5919394092648",
      "treasury_and_other_income": "5450783.28735125611588",
      "dao_reported_revenue": "25157951.87929066538068"
    },
    {
      "label": "2025 Q3",
      "start": "2025-07-01",
      "end_exclusive": "2025-10-01",
      "protocol_earnings": "38794427.553634233041400343",
      "gho_earnings": "6402207.617574093868",
      "sgho_reported_outlay": "1250",
      "protocol_net_revenue": "45195385.171208326909400343",
      "treasury_and_other_income": "3317719.84248645761",
      "dao_reported_revenue": "48514355.013694784519400343"
    },
    {
      "label": "2025 Q4",
      "start": "2025-10-01",
      "end_exclusive": "2026-01-01",
      "protocol_earnings": "41895292.16934132427",
      "gho_earnings": "3800986.483357868398",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "45696278.652699192668",
      "treasury_and_other_income": "1513532.258016666654",
      "dao_reported_revenue": "47209810.910715859322"
    },
    {
      "label": "2026 Q1",
      "start": "2026-01-01",
      "end_exclusive": "2026-04-01",
      "protocol_earnings": "29117045.6575805955573512",
      "gho_earnings": "2792513.825443133308",
      "sgho_reported_outlay": "0",
      "protocol_net_revenue": "31909559.4830237288653512",
      "treasury_and_other_income": "6007175.120579161767",
      "dao_reported_revenue": "37916734.6036028906323512"
    },
    {
      "label": "2026 Q2",
      "start": "2026-04-01",
      "end_exclusive": "2026-07-01",
      "protocol_earnings": "21943230.35007119339594966528",
      "gho_earnings": "2910223.45788279381",
      "sgho_reported_outlay": "847365",
      "protocol_net_revenue": "24006088.80795398720594966528",
      "treasury_and_other_income": "-283190.221183747572",
      "dao_reported_revenue": "24570263.58677023963394966528"
    },
    {
      "label": "2026 Q3",
      "start": "2026-07-01",
      "end_exclusive": "2026-10-01",
      "protocol_earnings": "14363251.165480524634",
      "gho_earnings": "2316269.19750716040",
      "sgho_reported_outlay": "1765646",
      "protocol_net_revenue": "14913874.362987685034",
      "treasury_and_other_income": "2222590.046583580405997",
      "dao_reported_revenue": "18902110.409571265439997"
    }
  ],
  "ttm": {
    "label": "最近12个月",
    "start": "2025-10-01",
    "end_exclusive": "2026-10-01",
    "protocol_earnings": "107318819.3424736378573008653",
    "gho_earnings": "11819992.964190955916",
    "sgho_reported_outlay": "2613011",
    "protocol_net_revenue": "116525801.3066645937733008653",
    "treasury_and_other_income": "9460107.203995661254997",
    "dao_reported_revenue": "128598919.5106602550282978653"
  }
}