Affirm (AFRM) Q2 2026 Earnings
How Did AFRM Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: −2.07%.
Did AFRM Beat Earnings? Q2 2026 Results
No. Affirm reported Q2 2026 earnings of $0.37 a share on Feb 5, 2026, missing the $0.84 consensus estimate by 55.8%. Revenue was $1.1B against a $1.1B estimate.
Affirm Holdings delivered a notably strong fiscal third quarter of 2026, posting revenue of $1.04 billion, a 32.6% gain year-over-year that cleared the consensus estimate of $995.27 million by 4.37%, as the buy-now-pay-later lender continued to demonstrate that its model can scale profitably. The single clearest driver of the beat was the Affirm Card, whose GMV surged 146% to $2.10 billion with active cardholders more than doubling to 4.4 million, adding a fast-growing consumer channel that lifted overall GMV 35% to $11.60 billion, marking the company's 10th consecutive quarter of over-30% GMV growth. GAAP net income reached $102.90 million, compared to just $2.80 million in the year-ago period, while the key profitability metric Revenue Less Transaction Costs grew 41% to $498.20 million. Looking ahead, management guided fiscal Q4 revenue of $1.08 billion to $1.11 billion and full-year FY2026 revenue of $4.18 billion to $4.21 billion, with adjusted operating margins expected to remain in the high 20s percentage range.
- 35% GMV growth driven by direct merchant POS integrations (~40%), direct-to-consumer, and wallet partnerships
- Affirm Card GMV grew 146% to $2.1 billion with 4.4 million active cardholders
- Pay-in-X volume grew 52% for the fourth consecutive quarter above 50% growth
- 0% APR products inclusive of Pay-in-X grew 41%, outpacing overall GMV growth
- Average annualized cost of funds declined 126 bps YoY to 5.8%, lowest in three and a half years
- Over 70% of RLTC dollar growth flowed to Adjusted Operating Income
- Transactions per active consumer increased 20% to 6.7
- Active merchant count increased 44% to 515 thousand
“We delivered another outstanding set of results this quarter, especially in the broader context of global economic uncertainty.”
Affirm CEO, on the earnings call
What Is Affirm's Outlook?
For FQ4 2026, Affirm expects GMV of $13.15 to $13.45 billion, revenue of $1,080 to $1,110 million, RLTC of $535 to $550 million, operating margin of 9.5 to 11.5%, and adjusted operating margin of 27.5 to 29.5%. For full fiscal year 2026, the company expects GMV of $49.265 to $49.565 billion, revenue of $4,175 to $4,205 million, RLTC of $2,031 to $2,046 million, operating margin of 8.9 to 9.4%, and adjusted operating margin of 28.2 to 28.8%. The mix of 0% APR GMV in FQ4 is expected to remain stable YoY. Short-term benchmark interest rates are expected to remain stable during FQ4. International expansion is not expected to be a material growth contributor during FY 2026. The company noted that if its earnings trajectory continues, there may be sufficient positive evidence to support the release of a significant portion of the U.S. deferred tax valuation allowance by the end of fiscal year 2026.
AFRM YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.0B | $783.1M | +32.6% |
| Operating Income | $88.4M | $7.1M | +1,153.6% |
| Net Income | $102.9M | $2.8M | +3,569.8% |
AFRM Revenue by Segment
When Does Affirm Report Next?
Figures from SEC filings and company reports. Not investment advice.