AFRM
Affirm Holdings, Inc.73.39
+7.73+11.8%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q2 '26
Diversification advances; no rival threat.
Q&A unpacked merchant diversification, noting top-five GMV concentration eased from a partner transition while 'other' hit 15% of total via triple-digit long-tail growth. Rivals' aggressive cashback and promos made zero dent on Affirm's crisp 0% APR moat. Affirm Card GMV rocketed 160% YoY, fueling consumer engagement alongside UK ramps like Wayfair, Vimeo. ROTCE guided slightly above 4%, with ABS spreads under 100bps—tightest since 2021. Consumers healthy; funding buoyant. Rivals' tricks fell flat. Confident tone; investors eye card scale, international.
Key Stats
Market Cap
24.22BP/E (TTM)
106.36Basic EPS (TTM)
0.69Dividend Yield
0%Recent Filings
8-K
GMV +36%, profitable
Affirm crushed FQ2'26 with GMV surging 36% to $13.8B, revenue up 30% to $1,123M, and first profitable quarter at 10.5% operating margin. Affirm Card GMV exploded 159% while 0% APR products hit 32% mix, fueled by Big Nothing event and AI tools boosting conversions 10%. Credit stable at 2.7% delinquencies. Q3 GMV guided $11-11.25B.
10-Q
Q3 FY2026 results
Affirm Holdings swung to Q3 FY2026 operating income of $117.6M from a $4.3M loss y/y (derived), with revenue up 30% y/y to $1.12B on 36% GMV growth to $13.8B; diluted EPS jumped to $0.37 from $0.23 y/y, reconciling to 349M diluted shares. Q2-to-Q3 revenue rose 18% q/q (derived) while operating income more than doubled, fueled by merchant/card network revenue (up 32%/26% y/y) and loan sales (up 48% y/y), despite higher credit provisions. Cash equivalents climbed to $1.53B at quarter-end, with $330M revolver undrawn and no covenant issues; funding debt totaled $3.05B (avg. 5.55%) and securitizations $4.83B (avg. 5.18%), both maturing 2027+. OCF hit $548M YTD. Elevated interest rates pressure consumer repayment.
8-K
CEO gets 333,667 PSUs
Affirm Holdings granted CEO Max Levchin 333,667 PSUs on January 13, 2026, tying vesting to three-year performance in revenue less transaction costs and adjusted operating income, matching exec awards from September 2025. Shares earn from 50% at threshold to 200% at max, averaging annual growth targets over the period ending post-fiscal 2028, but only vest with his continued service. Incentives align long-term. This follows his prior award's expiration.
8-K
Annual meeting results approved
Affirm Holdings held its 2025 annual meeting on December 15, electing Richard Galanti, Christa S. Quarles, and Manolo Sánchez as Class II directors until 2028, with Galanti winning overwhelmingly while Quarles faced stiffer opposition. Stockholders ratified Deloitte & Touche as auditors for fiscal 2026 and approved executive pay on a non-binding basis. Directors locked in. All passed with quorum at 93.4% voting power.
10-Q
Q1 FY2026 results
Affirm swung to operating income of $63.7M in Q1 FY2026 ended September 30, 2025, up from a $132.6M loss y/y, as revenue jumped 34% to $933.3M on 42% GMV growth to $10.8B—merchant network up 36%, interest income 20%, loan sales gains 87%. Expenses rose just 5% despite tech investments, thanks to 46% lower sales/marketing from Amazon warrant vesting; provision for credit losses held steady at ~$163M. Cash hit $1.4B with $375M operating cash flow; funding debt and securitizations totaled ~$6.6B at blended 5.3-5.9% rates, revolver fully available. Repurchased $24.8M of 2026 notes. Competition from other BNPL providers remains fierce.
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