What is the market's earnings forecast for Affirm Holdings next quarter?

What is Affirm Holdings's gross profit margin?

What is the revenue and EPS growth rate for Affirm Holdings year over year?

Did Affirm Holdings beat or miss consensus estimates last quarter?

What does Affirm Holdings do and what are its main business segments?

What guidance did Affirm Holdings's management provide for the next earnings period?

What were the key takeaways from Affirm Holdings’s earnings call?

What factors drove the changes in Affirm Holdings's revenue and profit?

- **Card Growth Accelerates**: Affirm Card GMV up 160% YoY, active cardholders +121%, driving diversification.
- **Funding Efficiency**: ABS deal at 4.6% yield, lowest since 2021, reflecting improved credit quality.
- **AI-Driven Innovation**: Boost AI enables automated merchant promotions, early GMV lift observed.
- **Strategic Moves**: Bank charter application for regulatory certainty; expanding into B2B, medical, and rent verticals.
- **International Expansion**: U.K. partnerships with Wayfair and Vroom, 'other' category now 15% of GMV.

**【CEO Opening Remarks】**
- CEO Max Levchin highlighted Q2 FY26 results as 'excellent,' emphasizing 160% year-over-year GMV growth for the Affirm Card and 121% active cardholder growth.
- Announced an investor forum on May 12, 2026, to discuss commercial initiatives and medium-term financial framework.
- Highlighted diversification across merchants, with 'other' category GMV growing 150%+ and becoming the second-largest vertical.
- International expansion noted, including U.K. partnerships with Wayfair and Vroom.

**【Q&A Highlights】**
- **Merchant Dynamics**: Top 5 merchants' GMV growth (23%) reflects concentration but diversification efforts; 'other' category now 15% of total GMV.
- **Consumer Trends**: Consumer credit health remains strong, with no signs of delinquency despite macro uncertainty.
- **Funding Costs**: ABS deal at 4.6% yield, lowest since 2021, driven by improved credit outcomes.
- **AI & Product Innovation**: Boost AI enables automated A/B testing for merchant promotions, early GMV lift observed.
- **Bank Charter**: Applied for industrial loan company charter for regulatory certainty, with approval expected in years.
- **New Verticals**: Expanding into B2B (QuickBooks), medical, and rent (small-scale pilot), with focus on solving timing issues vs. long-term financing.
- **Card Strategy**: Card used as 'top of wallet' by 25M active users, with segmentation into considered vs.日常 purchases.

Affirm Holdings, Inc. (AFRM) Q2 2026 Earnings Call Transcript

- **Strategic Partnership Extension**: 5-year Amazon agreement extension solidifies long-term customer access.
- **Financial Resilience**: RLTC maintained at 4.2%, within 3-4% target, driven by merchant-funded 0% APR loans.
- **Operating Efficiency**: FY26 operating margin guidance of >7.5%, fueled by revenue growth and cost control.
- **Innovation Momentum**: 0% Days promotion success and Affirm Card adoption highlight consumer engagement and merchant collaboration.
- **Adaptive Underwriting**: Sophisticated models enable entry into new verticals like services, balancing risk and growth.

**【Management Opening Remarks】**
- Zane Keller provided procedural statements and introduced the call, emphasizing forward-looking statements and non-GAAP financial measures.
- Max Levchin announced the extension of the U.S. agreement with Amazon for an additional 5 years, highlighting strategic partnership continuity.

**【CEO Commentary】**
- Max Levchin highlighted the Amazon partnership extension, underscoring its importance for future customer service and growth.

**【CFO Financial Commentary】**
- Robert O'Hare discussed RLTC trends, maintaining a 4% target for FY26, driven by merchant-funded 0% APR loans and operational efficiency.
- CFO noted operating margin guidance of >7.5% for FY26, attributing growth to revenue expansion rather than cost-cutting.

**【Q&A Highlights】**
- **Funding Markets & ABS Execution**: Michael Linford emphasized strong ABS performance, driven by asset quality and team execution, despite broader market challenges.
- **PSP Relationships**: Max Levchin and Michael Linford detailed PSP strategy, focusing on rapid merchant integration and product customization, with Shopify as a key international expansion partner.
- **RLTC & Margin Guidance**: CFO clarified RLTC at 4.2%, within target range, with focus on reinvesting margin gains into growth initiatives.
- **Operating Leverage**: CFO highlighted revenue-driven margin expansion, with no immediate plans for OpEx line-item guidance.
- **0% APR Promotions & Card Growth**: CEO and COO discussed 0% Days success, driving merchant engagement and consumer adoption, with card active users growing steadily.
- **Underwriting in New Verticals**: CEO emphasized adaptive underwriting models for services like automotive repair, leveraging data and model flexibility for risk mitigation.


Affirm Holdings, Inc. (AFRM) Q1 2026 Earnings Call Transcript

- **Record Q4 Growth**: New highs across metrics, 0% APR driving 50% of new users with 90%+ repeat rates.
- **AI-Powered Efficiency**: AdaptAI boosts GMV 5%, automating checkout optimization.
- **Global Expansion**: U.K. launch, 10 million cardholder target, offline commerce via PSPs.
- **Credit Resilience**: 95% repeat borrowers, 3% credit loss rate, disciplined underwriting.
- **Merchant Momentum**: 7% merchants offering 0% APR, targeting near-100% penetration.

**【Management Opening Remarks】**
- Affirm reported record-breaking Q4 2025 results, setting new highs across most metrics despite Q4 typically being a slower period. CEO Max Levchin highlighted accelerating growth and firing on all cylinders, celebrating team milestones and long-term vision.

**【CEO Commentary】**
- **0% APR Success**: 50% of new users came via 0% APR offers, with strong repeat rates and conversion to interest-bearing loans. GMV from 0% APR tripled, proving effectiveness as a growth driver.
- **AI & Automation**: Adaptive Checkout (AdaptAI) increased GMV by 5% via AI-powered checkout optimization, reducing manual merchant configuration.
- **International Expansion**: U.K. launch with Shopify partners, targeting 10 million cardholders and $7.5k+ GMV per user. Offline commerce via PSP integrations (e.g., Stripe Terminal) is key growth frontier.

**【Q&A Highlights】**
- **Credit Performance**: 95% repeat borrowers, tight underwriting controls, and weekly credit reviews ensure stability despite macro risks. 0% APR loans remain profitable via merchant subsidies.
- **Funding Environment**: $1.2B+ funding capacity growth, strategic partnerships with top asset managers (Sixth Street, insurers). No concerns over market oversupply due to disciplined underwriting.
- **Merchant Strategy**: 7% of merchants now offer 0% APR, doubling YoY. Long-term vision is near-100% penetration as merchants realize bottom-of-funnel marketing efficiency.
- **Card Growth**: $1.2B GMV, 10% attach rate, 0% APR volume tripling. Card GMV per user up 34% YoY to $4.7k, targeting $7.5k+.
- **Enterprise Partner Transition**: Q1 2026 wind-down to focus on higher-margin direct merchant relationships.
- **AI & Agentic Commerce**: Building universal checkout for chatbots, integrating Affirm into all commerce environments. Agnostic to taste, focuses on financing beautiful purchases.

**【CFO Financial Commentary】**
- GMV growth driven by 90%+ YoY 0% APR loan growth. Take rate maintained in 3-4% range via efficient underwriting and scale. Credit loss rate stable at ~3%.


Affirm Holdings, Inc. (AFRM) Q4 2025 Earnings Call Transcript

- **Profitability and Growth**: Q3 Non-GAAP EPS of $1.08 beats expectations, with 40% GMV growth in March.
- **Zero APR Impact**: 10% of GMV from zero APR loans, driving super-prime credit quality and delayed card user acquisition.
- **Credit Resilience**: Model shows 50% delinquency rise would require 10% credit tightening, maintaining 15% ROE.
- **International Momentum**: UK Adyen partnership accelerates expansion; Shopify Canada beta on track.
- **App Innovation**: AI-powered offer recommendations balance repayment reliability with growth opportunities.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income of $420 million, with Non-GAAP EPS of $1.08, exceeding expectations.
- GMV growth accelerated to 40% YoY in March, driven by broad-based category expansion and direct-to-consumer services.
- Operating expenses declined 5% YoY, reflecting strong cost control.
- Prepayment rates increased, signaling improved credit quality.

**【CEO Zero APR Product Discussion】**
- Zero APR loans account for 10% of GMV, with higher credit quality (prime/super-prime) and delayed user acquisition benefits for Affirm Card.
- Merchants self-fund interest costs, making zero APR programs profitable for Affirm.
- Zero APR usage correlates with higher direct-to-consumer sales for merchants.

**【Q&A Key Highlights】**
- **International Expansion**: UK partnership with Adyen enables faster implementation; Shopify Canada beta progressing well.
- **Credit Resilience**: Recession scenario modeling shows 50% delinquency increase would require 10% credit tightening, maintaining profitability.
- **App Strategy**: Prioritizes repayment reliability while adding AI-driven offer recommendations.
- **Competitive Landscape**: Consistent merchant fee rates despite competition, driven by value of direct-to-consumer growth.
- **Capital Structure**: Non-consolidated ABS deals to increase off-balance-sheet funding mix.

Affirm (AFRM)-8 May 25-2025 Q3 Earnings call transcript

- **0% APR Growth Engine**: 0% loans drove 23% YoY active customer growth, with 30% search-to-transaction conversion in the app.
- **UK Expansion Momentum**: Testing with dozens of merchants, early metrics show strong credit quality and consumer engagement.
- **AI-Driven Efficiency**: Generative AI reduced legal review time by 50% and improved fraud detection accuracy.
- **Profitability Resilience**: Maintained 3.9% RLTC margin despite 0% loan subsidies, supported by $60M in loan sales.
- **Capital Flexibility**: Sixth Street partnership provides $1.5B forward flow, reducing ABS market reliance.


**【CEO Key Initiatives】**
- **0% APR Strategy**: Expanded 0% loans to 300,000+ merchants, integrating promotions across Affirm app, card, and wallets. This drove 23% YoY active customer growth, with 30% search-to-transaction conversion in the app.
- **UK Market Expansion**: Launched with Shopify, now testing dozens of merchants. Early metrics show strong credit quality and consumer engagement.
- **AI Integration**: Deployed generative AI for fraud detection, contract analysis, and merchant underwriting. Reduced legal review time by 50%+ for merchant contracts.

**【CFO Financial Highlights】**
- **Revenue Growth**: Q2 GMV $10.2B (+35% YoY), driven by 8% card penetration and 0% APR programs.
- **Profitability**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.95 est.). RLTC margin 3.9% (vs. 3.5% est.), benefiting from $60M in loan sales and securitizations.
- **Capital Efficiency**: Partnered with Sixth Street for $1.5B forward flow, reducing reliance on ABS markets. Maintained 3.8% RLTC margin target despite 0% loan subsidies.

**【Q&A Key Takeaways】**
- **Market Share**: Grew faster than competitors in North America, driven by 0% APR programs and direct-to-consumer card adoption.
- **Credit Discipline**: Kept delinquency rate stable at 2.2% despite 20%+ GMV growth, using AI to approve higher-risk borrowers with 0% APR.
- **International Playbook**: UK launch strategy mirrors US success: merchant partnerships, localized underwriting, and network effects.


Actual	-0.3674	-1.055	-0.3844	-1.13	-0.57	-0.19	-0.65	-0.86	-1.1	-0.69	-0.69	-0.57	-0.54	-0.43	-0.14	-0.31	0.2532	0.01	0.2	0.23	0.37
Forecast	-0.8061	-0.3067	-0.2571	-0.3569	-0.3279	-0.5153	-0.6177	-0.8647	-0.9922	-0.9181	-0.8653	-0.697	-0.7246	-0.6984	-0.4806	-0.2836	-0.1338	-0.0063	0.1235	0.1121	0.2674
Surprise	+54.42%	-243.98%	-49.51%	-216.62%	-73.83%	+63.13%	-5.23%	+0.54%	-10.86%	+24.84%	+20.26%	+18.22%	+25.48%	+38.43%	+70.87%	-9.31%	+289.24%	+258.73%	+61.94%	+105.17%	+38.37%

AFRM

AFRM fundamentals

AFRM Q2 2026 Earnings

Earnings Call

You can ask Aime

AFRM

AFRM fundamentals

AFRM Q2 2026 Earnings

Earnings Call

AFRM Earnings Call Summary for Q2/20265:00 PM on Feb 5, 2026

AFRM Earnings Call Summary for Q1/20265:00 PM on Nov 6, 2025

AFRM Earnings Call Summary for Q4/20255:00 PM on Aug 28, 2025

AFRM Earnings Call Summary for Q3/20255:00 PM on May 8, 2025

AFRM Earnings Call Summary for Q2/20255:00 PM on Feb 6, 2025

You can ask Aime