{
  "metric": "DAO income minus expenses excluding identified native-AAVE Safety Module rewards",
  "source_url": "https://aave.tokenlogic.xyz/api/data/financial-statements?granularity=quarter",
  "method_url": "https://aave.tokenlogic.xyz/financials/statements",
  "source_sha256": "ba668ee2f71e18c525f1c45c12b15fe7f2cb082fbf2ee6a7bb915321f37a8181",
  "source_file": "R12_statements_quarter.json",
  "checked_date": "2026-10-10",
  "snapshot": "Original report financial snapshot retained",
  "currency": "USD",
  "excluded_line_items": [
    "Safety Module — stkAAVE",
    "stkAAVE Emissions",
    "stkAAVEwstETHBPTv2 Emissions",
    "stkABPT Emissions",
    "stkGHO Emissions"
  ],
  "scope_notes": [
    "Remove all identified Safety Module AAVE reward expenses, including stkAAVE, stkABPT, stkAAVEwstETHBPTv2 and legacy stkGHO.",
    "Do not confuse the staked asset with the reward asset: legacy stkGHO rewards are AAVE.",
    "Retain ETH, stablecoin and aToken funded outlays, service compensation, rescue donation and treasury investment PnL.",
    "Mixed Incentives category is not treated as all native-AAVE; no full token-level allocation is available from quarterly rows. No unverified native-AAVE amount is set to zero.",
    "Adjusted profit is not an audited or cash-flow measure."
  ],
  "formula": "Adjusted expense = reported expense - identified AAVE reward expense; adjusted profit = reported profit + identified AAVE reward expense; adjusted PE = frozen circulating market capitalization / adjusted annual or annualized profit.",
  "market_cap": "2649327026",
  "annual_rows": [
    {
      "label": "2020",
      "start": "2020-01-01",
      "end_exclusive": "2021-01-01",
      "days": 365,
      "dao_income": "635330.216355185025497",
      "reported_expense": "1426725.6286268826",
      "reported_profit": "-791395.41227169744",
      "excluded_aave_rewards": "1426725.6286268826",
      "adjusted_expense": "0E-10",
      "adjusted_profit": "635330.21635518516",
      "pe": "4170.000037459068166679317641",
      "reward_rows": [
        {
          "block_period": {
            "value": "2020-10-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-1426725.6286268826"
        }
      ]
    },
    {
      "label": "2021",
      "start": "2021-01-01",
      "end_exclusive": "2022-01-01",
      "days": 365,
      "dao_income": "36148235.955022429772477",
      "reported_expense": "128943907.388208033",
      "reported_profit": "-92795671.433185602",
      "excluded_aave_rewards": "125590534.968208033",
      "adjusted_expense": "3353372.420000000",
      "adjusted_profit": "32794863.535022431",
      "pe": "80.78481629206108284498927334",
      "reward_rows": [
        {
          "block_period": {
            "value": "2021-01-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-15908249.926671436"
        },
        {
          "block_period": {
            "value": "2021-01-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-10900916.501366742"
        },
        {
          "block_period": {
            "value": "2021-04-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-18853855.834308848"
        },
        {
          "block_period": {
            "value": "2021-04-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-18853855.834308848"
        },
        {
          "block_period": {
            "value": "2021-07-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-16847552.142209873"
        },
        {
          "block_period": {
            "value": "2021-07-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-16847552.142209873"
        },
        {
          "block_period": {
            "value": "2021-10-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-13689276.293566208"
        },
        {
          "block_period": {
            "value": "2021-10-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-13689276.293566205"
        }
      ]
    },
    {
      "label": "2022",
      "start": "2022-01-01",
      "end_exclusive": "2023-01-01",
      "days": 365,
      "dao_income": "7924076.396902426908282380930",
      "reported_expense": "74670198.5826849151525",
      "reported_profit": "-66746122.185782491",
      "excluded_aave_rewards": "44805138.3767703658",
      "adjusted_expense": "29865060.2059145493525",
      "adjusted_profit": "-21940983.8090121252",
      "pe": null,
      "reward_rows": [
        {
          "block_period": {
            "value": "2022-01-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-8383804.876297481"
        },
        {
          "block_period": {
            "value": "2022-01-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-8383804.876297482"
        },
        {
          "block_period": {
            "value": "2022-04-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-6190482.29625449"
        },
        {
          "block_period": {
            "value": "2022-04-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-6190482.29625449"
        },
        {
          "block_period": {
            "value": "2022-07-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-4373540.562105296"
        },
        {
          "block_period": {
            "value": "2022-07-01"
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          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-4373540.562105296"
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        {
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            "value": "2022-10-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkAAVE Emissions",
          "value_usd": "-3454741.4537279154"
        },
        {
          "block_period": {
            "value": "2022-10-01"
          },
          "statement": "Income Statement",
          "statement_section": "Expenses",
          "line_category": "Staking",
          "line_item": "stkABPT Emissions",
          "value_usd": "-3454741.4537279154"
        }
      ]
    },
    {
      "label": "2023",
      "start": "2023-01-01",
      "end_exclusive": "2024-01-01",
      "days": 365,
      "dao_income": "25621639.09600761962793914362",
      "reported_expense": "43002847.328664448955471047",
      "reported_profit": "-17381208.2326568304",
      "excluded_aave_rewards": "28663929.9634536148",
      "adjusted_expense": "14338917.365210834155471047",
      "adjusted_profit": "11282721.7307967844",
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          "statement": "Income Statement",
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        {
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          "statement": "Income Statement",
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          "line_item": "stkABPT Emissions",
          "value_usd": "-3819990.350146596"
        },
        {
          "block_period": {
            "value": "2023-04-01"
          },
          "statement": "Income Statement",
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          "line_category": "Staking",
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          "value_usd": "-3331293.361032501"
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          "statement": "Income Statement",
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          "line_item": "stkABPT Emissions",
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          "statement": "Income Statement",
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          "statement": "Income Statement",
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    },
    {
      "label": "2024",
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      "end_exclusive": "2025-01-01",
      "days": 365,
      "dao_income": "96088248.72362316003422921556",
      "reported_expense": "78510654.238693054879984",
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      "excluded_aave_rewards": "39650999.59529415755",
      "adjusted_expense": "38859654.643398897329984",
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      "reward_rows": [
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          "line_item": "stkAAVEwstETHBPTv2 Emissions",
          "value_usd": "-2150268.5702541918"
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        {
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          "statement": "Income Statement",
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        {
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          "statement": "Income Statement",
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          "statement": "Income Statement",
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          "statement": "Income Statement",
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    {
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    },
    {
      "label": "2026年1—9月",
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      "end_exclusive": "2026-10-01",
      "days": 273,
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          "statement": "Income Statement",
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          "line_item": "Safety Module — stkAAVE",
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        {
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    {
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