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Affirm

AFRM Q3 2026 Earnings

Reported May 7, 2026 at 4:11 PM ET · SEC Source

Q3 26 EPS

$N/A

Q3 26 Revenue

$1.04B

BEAT +4.37%

Est. $995.3M

vs S&P Since Q3 26

+1.9%

BEATING MARKET

AFRM +4.6% vs S&P +2.6%

Market Reaction

Did AFRM Beat Earnings? Q3 2026 Results

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 demon… Read more 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.

Key Takeaways

  • • 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

AFRM Forward Guidance & 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.

24/7 Wall St

AFRM YoY Financials

Q3 2026 vs Q3 2025, source: SEC Filings

24/7 Wall St

AFRM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 23 Q3 26

“We delivered another outstanding set of results this quarter, especially in the broader context of global economic uncertainty.”

— Max Levchin, Q3 2026 Earnings Press Release

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