Headquartered in San Francisco, CA·Fiscal year ends June·NASDAQ: AFRM·affirm.com
About Affirm
Affirm Holdings operates a pay-over-time payment network for consumers and merchants. It offers point-of-sale financing integrated at merchant checkout, a direct-to-consumer Affirm Card, wallet integrations, and virtual cards. Products include interest-bearing monthly installment loans, 0% APR monthly loans, and short-term Pay in 4 (Pay-in-X) loans, with no late or hidden fees.
Affirm earns revenue from several sources:
- merchant network fees
- card network (interchange) revenue
- interest income on loans held for investment
- gains on selling loans to third-party capital partners
- servicing income
Loans are funded through warehouse facilities, asset-backed securitizations, and forward flow loan sale agreements, with funding capacity of $31.7 billion. The company reaches merchants directly and through platform partners, independent software vendors (ISVs), and wallet partners. At quarter end it had about 28.7 million active consumers and 621 thousand active merchants. Affirm operates primarily in the U.S., is expanding in Canada and the UK, and uses AI/ML-based (including transformer-based) credit underwriting. Updated
The EPS shortfall traces to accounting items: $51.1 million of enterprise partner warrant expense and income tax expense of $40.9 million versus $2.3 million a year ago. Gross merchandise volume rose 34% to $14.4 billion, a twelfth straight quarter above 30% growth, and management guided fiscal Q2 revenue to $1.44 billion to $1.47 billion. Delinquencies are the risk: 30-plus day late loans rose 35 basis points sequentially to 2.9%.
Earnings · 2027 Q1Max R LevchinChief Executive Officer, Affirm
“Active cardholders increased 112% to 6 million while Card GMV grew 117%. Card generated more GMV in FQ1'27 than Affirm's entire business did in the same quarter five years ago. We continue to expect the first Affirm Edge pilots to go live in the first calendar half of 2027.
The card product has quietly become Affirm's growth engine, now outrunning what the whole company did five years ago, yet shares slipped 3% since Levchin spoke. The next catalyst is dated: Affirm Edge pilots in the first half of calendar 2027.
Earnings · 2027 Q1Max R LevchinChief Executive Officer, Affirm
“The first version of the transformer-based model delivered an incremental 3.4% of end-to-end conversion via significantly higher credit approvals, while keeping credit losses flat. In other words, we are able to lend profitably to a greater pool of responsible borrowers, helping our merchants sell more, and delivering more high-quality assets to our capital partners.
Levchin is claiming Affirm found free growth: more approvals, same loss rate, on its first transformer underwriting model. That combination is what separates BNPL lenders that scale from ones that blow up in a credit cycle, yet the stock slipped 3% since the earnings call.
A 9.21% slide to $69 from a $76 open strips roughly $2 billion off a $20.5 billion lender in a single session. Moves this size are where Affirm's next support level gets decided, so keep an eye on the stock into the close.
CoreWeave's 6.8% drop anchors a decline list made up entirely of compute and data-center names. Downside is moving roughly three times faster than upside this morning.
Same sector, same $10,000, three years apart in outcome: Affirm turned it into $40,212 while Upstart left $8,543, still below where it started. Which fintech lender you owned decided the outcome.
A 10% intraday climb to $75.35 adds roughly $2 billion to a $22.4 billion fintech in a single session. Moves this size rarely settle quietly here, so keep an eye on the stock into the close.
An 8.27% intraday slide takes roughly $1.8 billion off Affirm's market value in a single session. Whether the $75.71 open gets reclaimed is the level to keep an eye on.
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Affirm Holdings operates a pay-over-time payment network for consumers and merchants. It offers point-of-sale financing integrated at merchant checkout, a direct-to-consumer Affirm Card, wallet integrations, and virtual cards.
What is the AFRM stock price target?
24/7 Wall St.'s 12-month price target for AFRM is $119.98, rated Buy. The Wall Street consensus target is $97.87. AFRM price prediction →
