Q2 26 EPS
$0.37
MISS 55.83%
Est. $0.84
Q2 26 Revenue
$1.12B
BEAT +6.38%
Est. $1.06B
vs S&P Since Q2 26
+13.1%
BEATING MARKET
AFRM +22.7% vs S&P +9.6%
Market Reaction
Did AFRM Beat Earnings? Q2 2026 Results
Affirm delivered a mixed second fiscal quarter of 2026, posting revenue of $1.12 billion, up 29.6% year over year and 6.38% ahead of the $1.06 billion consensus, while earnings per share of $0.37 fell well short of the $0.84 analyst estimate, missing… Read more Affirm delivered a mixed second fiscal quarter of 2026, posting revenue of $1.12 billion, up 29.6% year over year and 6.38% ahead of the $1.06 billion consensus, while earnings per share of $0.37 fell well short of the $0.84 analyst estimate, missing by 55.83%. The headline profit gap belied an otherwise operationally strong quarter: Gross Merchandise Volume surged 36% to $13.80 billion, and the company's Affirm Card emerged as the standout driver, with Card GMV nearly tripling to $2.20 billion and active cardholders more than doubling to 3.7 million. A record Black Friday/Cyber Monday season and the company's inaugural 0% APR promotional event in October, which contributed roughly 15% of all October GMV, provided meaningful volume momentum heading into the back half of the fiscal year. With analysts increasingly constructive on the stock, Affirm guided full-year FY2026 revenue of $4.09 billion to $4.15 billion and flagged the potential release of its US deferred tax valuation allowance by fiscal year-end if earnings momentum holds.
Key Takeaways
- • GMV grew 36% YoY to $13.8 billion, accelerating from 35% growth in the prior year period
- • Affirm Card GMV grew 159% to $2.2 billion with active cardholders more than doubling to 3.7 million
- • Direct-to-consumer GMV grew 52% to $4.3 billion
- • 0% APR product GMV inclusive of Pay-in-X grew 60%, outpacing overall growth
- • Average funding costs declined approximately 109 bps YoY to 6.2%
- • Total transactions grew 44% to 54.9 million
- • Active consumers increased 23% to 25.8 million; transactions per active consumer up 20% to 6.4
- • Active merchant count increased 42% to 478 thousand
AFRM YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
AFRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another round of excellent results in Affirm's second quarter of FY'26.”
— Max Levchin, Q2 2026 Earnings Press Release
AFRM Earnings Trends
AFRM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AFRM EPS Trend
Earnings per share: estimate vs actual
AFRM Revenue Trend
Quarterly revenue: estimate vs actual
AFRM Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 | — | — | — | $1.04B | +4.37% |
| Q2 26 MISS | $0.84 | $0.37 | -55.83% | $1.12B | +6.38% |
| Q1 26 MISS | $0.62 | $0.23 | -62.69% | $933.3M | +5.66% |
| Q4 25 BEAT FY | $0.12 | $0.20 | +62.87% | $876.4M | — |
| FY Full Year | $1.99 | $0.15 | -92.47% | $3.22B | +1.28% |
| Q3 25 MISS | $0.32 | $0.01 | -96.83% | $783.1M | +0.02% |
| Q4 24 BEAT FY | $-0.51 | $-0.14 | +72.55% | $659.2M | +9.20% |
| FY Full Year | — | $-1.67 | — | $2.32B | — |
| Q2 23 | $-0.98 | — | — | $399.6M | -4.02% |