AFRM
Affirm Holdings, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Affirm Holdings, Inc.
Affirm Holdings, Inc. operates a payment-network and financial-technology platform that offers consumers point-of-sale installment loans and other credit products at checkout, online and in store. Merchants integrate Affirm to present pay-over-time options; Affirm originates or arranges loans, earns merchant discounts and interest, and manages underwriting, servicing, and funding through bank partners and its own balance sheet. The company also offers a consumer app, a debit card, savings products, and enterprise merchant tools.
Coverage
Affirm Priced Amazon UK at 0% or 22%. Its Merchant Fee Rate Fell as Free Volume Grew.
Affirm's Amazon.co.uk card is 0% Pay-in-3 or 22% APR on £50 baskets. Merchant-funded volume grew 48% last year and its merchant fee fell to 2.29% of GMV.
X Money Publishes Three FDIC Numbers. The $500,000 Everyone Quoted Is the Opt-Out Case.
X Money's FAQ prints $500,000 as the answer to leaving its sweep. The default is $10M through IntraFi ICS — and three of four fintechs never name Cross River.
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.
Where the revenue goes next
Latest: $1.17B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2021 | $204M |
| Q3 FY2021 | $231M |
| Q4 FY2021 | $262M |
| Q1 FY2022 | $269M |
| Q2 FY2022 | $361M |
| Q3 FY2022 | $355M |
| Q4 FY2022 | $364M |
| Q1 FY2023 | $362M |
| Q2 FY2023 | $400M |
| Q3 FY2023 | $381M |
| Q4 FY2023 | $446M |
| Q1 FY2024 | $497M |
| Q2 FY2024 | $591M |
| Q3 FY2024 | $576M |
| Q4 FY2024 | $659M |
| Q1 FY2025 | $698M |
| Q2 FY2025 | $866M |
| Q3 FY2025 | $783M |
| Q4 FY2025 | $876M |
| Q1 FY2026 | $933M |
| Q2 FY2026 | $1.12B |
| Q3 FY2026 | $1.04B |
| Q4 FY2026 | $1.17B |
Latest: $4.62 (Q4 FY2026)
| Period | Value |
|---|---|
| Q3 FY2021 | −$1.23 |
| Q4 FY2021 | −$0.46 |
| Q1 FY2022 | −$1.13 |
| Q2 FY2022 | −$0.57 |
| Q3 FY2022 | −$0.19 |
| Q4 FY2022 | −$0.65 |
| Q1 FY2023 | −$0.86 |
| Q2 FY2023 | −$1.10 |
| Q3 FY2023 | −$0.69 |
| Q4 FY2023 | −$0.69 |
| Q1 FY2024 | −$0.57 |
| Q2 FY2024 | −$0.54 |
| Q3 FY2024 | −$0.43 |
| Q4 FY2024 | −$0.14 |
| Q1 FY2025 | −$0.31 |
| Q2 FY2025 | $0.23 |
| Q3 FY2025 | $0.01 |
| Q4 FY2025 | $0.20 |
| Q1 FY2026 | $0.23 |
| Q2 FY2026 | $0.37 |
| Q3 FY2026 | $0.30 |
| Q4 FY2026 | $4.62 |
Latest: 14.8 (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2022 | n/m |
| Q3 FY2022 | n/m |
| Q4 FY2022 | n/m |
| Q1 FY2023 | n/m |
| Q2 FY2023 | n/m |
| Q3 FY2023 | n/m |
| Q4 FY2023 | n/m |
| Q1 FY2024 | n/m |
| Q2 FY2024 | n/m |
| Q3 FY2024 | n/m |
| Q4 FY2024 | n/m |
| Q1 FY2025 | n/m |
| Q2 FY2025 | n/m |
| Q3 FY2025 | n/m |
| Q4 FY2025 | 531.9 |
| Q1 FY2026 | 109.1 |
| Q2 FY2026 | 91.9 |
| Q3 FY2026 | 41.6 |
| Q4 FY2026 | 14.8 |
Latest: $229M (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2022 | −$462M |
| Q3 FY2022 | −$49M |
| Q4 FY2022 | −$86M |
| Q1 FY2023 | $60,000.00 |
| Q2 FY2023 | −$63M |
| Q3 FY2023 | −$85M |
| Q4 FY2023 | $19M |
| Q1 FY2024 | $63M |
| Q2 FY2024 | $36M |
| Q3 FY2024 | $162M |
| Q4 FY2024 | $31M |
| Q1 FY2025 | $153M |
| Q2 FY2025 | $268M |
| Q3 FY2025 | $157M |
| Q4 FY2025 | $24M |
| Q1 FY2026 | $320M |
| Q2 FY2026 | $118M |
| Q3 FY2026 | $325M |
| Q4 FY2026 | $229M |
Latest: 350M (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2020 | 48M |
| Q3 FY2020 | 47M |
| Q1 FY2021 | 68M |
| Q2 FY2021 | 71M |
| Q3 FY2021 | 233M |
| Q1 FY2022 | 272M |
| Q2 FY2022 | 282M |
| Q3 FY2022 | 286M |
| Q1 FY2023 | 291M |
| Q2 FY2023 | 294M |
| Q3 FY2023 | 297M |
| Q1 FY2024 | 304M |
| Q2 FY2024 | 308M |
| Q3 FY2024 | 313M |
| Q1 FY2025 | 318M |
| Q2 FY2025 | 345M |
| Q3 FY2025 | 344M |
| Q1 FY2026 | 348M |
| Q2 FY2026 | 349M |
| Q3 FY2026 | 348M |
| Q4 FY2026 | 350M |
Latest: $1.16B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2022 | −$462M |
| Q3 FY2022 | −$511M |
| Q4 FY2022 | −$597M |
| Q1 FY2023 | −$597M |
| Q2 FY2023 | −$660M |
| Q3 FY2023 | −$745M |
| Q4 FY2023 | −$726M |
| Q1 FY2024 | −$663M |
| Q2 FY2024 | −$627M |
| Q3 FY2024 | −$466M |
| Q4 FY2024 | −$435M |
| Q1 FY2025 | −$282M |
| Q2 FY2025 | −$14M |
| Q3 FY2025 | $143M |
| Q4 FY2025 | $167M |
| Q1 FY2026 | $487M |
| Q2 FY2026 | $605M |
| Q3 FY2026 | $930M |
| Q4 FY2026 | $1.16B |
Latest earnings
Next report: Nov 5, 2026 (Q1 FY2027)
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.
