AFRM
Affirm Holdings, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Affirm Holdings, Inc..
Coverage
AFRM Q4 FY2026 reported earnings analysis
A $1,447.5M non-cash tax benefit turned $169.1M pre-tax into $4.62 GAAP EPS against a $0.33 consensus — and the quarter still beat on margin and 36% GMV growth.
Affirm Guided to an 11.5% Margin. The Street's Top Estimate Needs 15% and a One-Off to Bridge It.
Affirm reports 27 August with consensus at $0.33 in a $0.24-$0.50 band — both ends conflict with guidance unless a non-cash tax allowance release lands.
Affirm Q2 FY2026 Earnings Preview: The BNPL Turnaround Story Wall Street Is Still Underpricing
Analysts expect $0.28 EPS but keep missing Affirm's turnaround — last two quarters beat by 80-130%. Holiday quarter could surprise again.
Morgan Stanley Upgrades Affirm to Overweight
Upgraded from equal weight to overweight with $76 PT, citing compelling entry point amid growth and credit concerns.
Affirm Faces Sell Recommendation
High 30%+ interest rates and risky lending lead to sell amid political scrutiny.
Affirm Stock Rating Upgraded by Morgan Stanley
Upgrade to overweight with $76 PT; beat Q1 estimates but high valuation noted.
Where the revenue goes next
Latest: $1.17B (2026Q4)
| Period | Value |
|---|---|
| 2021Q2 | $204M |
| 2021Q3 | $231M |
| 2021Q4 | $262M |
| 2022Q1 | $269M |
| 2022Q2 | $361M |
| 2022Q3 | $355M |
| 2022Q4 | $364M |
| 2023Q1 | $362M |
| 2023Q2 | $400M |
| 2023Q3 | $381M |
| 2023Q4 | $446M |
| 2024Q1 | $497M |
| 2024Q2 | $591M |
| 2024Q3 | $576M |
| 2024Q4 | $659M |
| 2025Q1 | $698M |
| 2025Q2 | $866M |
| 2025Q3 | $783M |
| 2025Q4 | $876M |
| 2026Q1 | $933M |
| 2026Q2 | $1.12B |
| 2026Q3 | $1.04B |
| 2026Q4 | $1.17B |
Latest: $4.62 (2026Q4)
| Period | Value |
|---|---|
| 2021Q3 | -$1.23 |
| 2021Q4 | -$0.46 |
| 2022Q1 | -$1.13 |
| 2022Q2 | -$0.57 |
| 2022Q3 | -$0.19 |
| 2022Q4 | -$0.65 |
| 2023Q1 | -$0.86 |
| 2023Q2 | -$1.10 |
| 2023Q3 | -$0.69 |
| 2023Q4 | -$0.69 |
| 2024Q1 | -$0.57 |
| 2024Q2 | -$0.54 |
| 2024Q3 | -$0.43 |
| 2024Q4 | -$0.14 |
| 2025Q1 | -$0.31 |
| 2025Q2 | $0.23 |
| 2025Q3 | $0.01 |
| 2025Q4 | $0.20 |
| 2026Q1 | $0.23 |
| 2026Q2 | $0.37 |
| 2026Q3 | $0.30 |
| 2026Q4 | $4.62 |
Latest: 14.8 (2026Q4)
| Period | Value |
|---|---|
| 2025Q4 | 531.9 |
| 2026Q1 | 109.1 |
| 2026Q2 | 91.9 |
| 2026Q3 | 41.6 |
| 2026Q4 | 14.8 |
Latest: $229M (2026Q4)
| Period | Value |
|---|---|
| 2022Q2 | -$462M |
| 2022Q3 | -$49M |
| 2022Q4 | -$86M |
| 2023Q1 | $60,000.00 |
| 2023Q2 | -$63M |
| 2023Q3 | -$85M |
| 2023Q4 | $19M |
| 2024Q1 | $63M |
| 2024Q2 | $36M |
| 2024Q3 | $162M |
| 2024Q4 | $31M |
| 2025Q1 | $153M |
| 2025Q2 | $268M |
| 2025Q3 | $157M |
| 2025Q4 | $24M |
| 2026Q1 | $320M |
| 2026Q2 | $118M |
| 2026Q3 | $325M |
| 2026Q4 | $229M |
Latest: 350M (2026Q4)
| Period | Value |
|---|---|
| 2021Q2 | 71M |
| 2021Q3 | 233M |
| 2022Q1 | 272M |
| 2022Q2 | 282M |
| 2022Q3 | 286M |
| 2023Q1 | 291M |
| 2023Q2 | 294M |
| 2023Q3 | 297M |
| 2024Q1 | 304M |
| 2024Q2 | 308M |
| 2024Q3 | 313M |
| 2025Q1 | 318M |
| 2025Q2 | 345M |
| 2025Q3 | 344M |
| 2026Q1 | 348M |
| 2026Q2 | 349M |
| 2026Q3 | 348M |
| 2026Q4 | 350M |
Latest: $1.16B (2026Q4)
| Period | Value |
|---|---|
| 2022Q2 | -$462M |
| 2022Q3 | -$511M |
| 2022Q4 | -$597M |
| 2023Q1 | -$597M |
| 2023Q2 | -$660M |
| 2023Q3 | -$745M |
| 2023Q4 | -$726M |
| 2024Q1 | -$663M |
| 2024Q2 | -$627M |
| 2024Q3 | -$466M |
| 2024Q4 | -$435M |
| 2025Q1 | -$282M |
| 2025Q2 | -$14M |
| 2025Q3 | $143M |
| 2025Q4 | $167M |
| 2026Q1 | $487M |
| 2026Q2 | $605M |
| 2026Q3 | $930M |
| 2026Q4 | $1.16B |
Latest earnings
Company History
Founded by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell as part of startup studio HVF.
Max Levchin took over as CEO of Affirm.
Announced buy now, pay later service for additional e-commerce platforms including Kibo Commerce, BigCommerce, AspDotNetStorefront, and Zen Cart.
Announced partnership with Walmart to offer service at self-checkout kiosks in stores and on the Walmart website.
Announced partnership with Amazon to make BNPL service available for certain customers.
Listed on Nasdaq under symbol AFRM, raising about $1.2 billion in its IPO.
Acquired Returnly for US$300 million.
Laid off 19% of workforce as part of restructuring plan and shut down crypto unit.
Expanded services to the United Kingdom with installment loans.
Reported $3.22 billion in revenue and processed $36.7 billion in GMV for fiscal year ended June 30, 2025.
Key Players
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Funds we follow holding AFRM
By latest reported 13F position value. Market value at quarter-end, not cost basis.
