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Affirm Holdings

AFRM · Financials

Last earnings May 7, 2026

Key results

M revenuequarter

41%

$498M Revenue Less Transaction Costs ( RLTC )1 +41% $1,039M Revenue +33% $11.6B Gross Merchandise Volume ( GMV ) +35% Net Income +$100M 27.0% Adjusted Operating Income1 As a percent of Revenue +5 pp 8.5% Operating Income As a percent of Revenue +10 pp $103M Given our Investor Forum scheduled for next week, I ll keep to the whole brevity thing.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Revenuequarter

33%

Revenue grew 33% and RLTC 41%.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Operating marginquarter

10 percent

Our Operating Margin increased 10 percentage points, to 9% of Revenue.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Adjusted operating marginquarter

27%

Adjusted Operating Margin was 27%, up 5 points year over year.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Total revenuequarter

33%

Total revenue grew 33% to $1,039 million.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Revenue as a percentage of GMV was 8.98%, a decrease of 17 basis points compared to FQ3 25.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Network revenuequarter

23%

Network revenue grew 23%, or slightly below overall GMV growth in part due to a mix shift towards direct-to- consumer (D2C) GMV, which typically comes with lower network revenue as a percentage of GMV relative to integrated POS volume.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Operating Income as a % of Revenue 27% +4 pp Total Revenue as a % of GMV 9.0% RLTC as a % of GMV 4.3% +19 bps Operating Income as a % of Revenue 8.5% +10 pp All comparisons on a year-over-year basis (17) bps Adj.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

AI analysis

Latest earnings event · reported May 7, 2026

Based on: Earnings release + parent 8-K — transcript not held

Operating margin ·
10 percent
EX-99 · May 7, 2026
Adjusted operating margin ·
27%
EX-99 · May 7, 2026

Headline figures

MetricLatest earnings eventPrior qtrYear ago
M revenue41%——
Revenue33%——
Operating margin10 percent——
Adjusted operating margin27%——
Total revenue33%——
Network revenue23%——

EX-99 · May 7, 2026

Guidance · company-stated

Revenue$1,110 million
Operating Margin

“9.5 to 11.5%”

Guidance stated in the release for Fiscal 2026; figures as stated.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Operating margin10 percent
Adjusted operating margin27%

Capital allocation

On December 17, 2025, the Affirm board of directors authorized the repurchase of up to $176 million, out of $221 million outstanding, in aggregate principal amount of our outstanding 2026 convertible notes during the period from January 1, 2026 through November 13, 2026.

There were no repurchases under this authorization during FQ3'26.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Affirm Holdings — Earnings release (2026-05-07)

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

Revenue: “Revenue $1,080 to $1,110 million”

Operating Margin: “Operating Margin 9.5 to 11.5%”

Revenue (“Fiscal 2026”)
“Fiscal Q4 2026 Fiscal 2026 GMV $13.15 to $13.45 billion $49.265 to $49.565 billion Revenue $1,080 to $1,110 million $4,175 to $4,205 million Revenue Less Transaction Costs $535 to $550 million $2,031 to $2,046 million Operating Margin 9.5 to 11.5% 8.9 to 9.4% Adjusted Operating Margin5 27.5 to 29.5% 28.2 to 28.8% Weighted Avg.”

Operating Margin (“Fiscal 2026”)
“Fiscal Q4 2026 Fiscal 2026 GMV $13.15 to $13.45 billion $49.265 to $49.565 billion Revenue $1,080 to $1,110 million $4,175 to $4,205 million Revenue Less Transaction Costs $535 to $550 million $2,031 to $2,046 million Operating Margin 9.5 to 11.5% 8.9 to 9.4% Adjusted Operating Margin5 27.5 to 29.5% 28.2 to 28.8% Weighted Avg.”

Guidance stated in the release for Fiscal 2026; figures as stated.

Capital allocation

On December 17, 2025, the Affirm board of directors authorized the repurchase of up to $176 million, out of $221 million outstanding, in aggregate principal amount of our outstanding 2026 convertible notes during the period from January 1, 2026 through November 13, 2026.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

There were no repurchases under this authorization during FQ3'26.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Warehouse and other funding debt: capacity increased by $1.3 billion year over year and approximately $400.0 million compared to FQ2 26.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Capital Allocation and Liquidity At the end of March, we had approximately $2.5 billion in total liquidity split between cash and equivalents plus securities available for sale, against which we had approximately $1.1 billion in convertible debt.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Our net cash position of $1.4 billion increased by $373 million year over year as cash and securities available for sale increased by $350 million, while convertible debt outstanding decreased by $23 million.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Equity Capital Required ( ECR ) - The Company defines equity capital required as the sum of the balance of loans held for investment and loans held for sale, less the balance of funding debt and notes issued by securitization trusts as of the balance sheet date.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Strategy & priorities

We have all sorts of plans for very ambitious new initiatives (some of which will surely not work out), cutting-edge AI/ML research profoundly accretive to all parts of our business, and exciting upcoming partnerships.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Additionally, we continued to invest in products such as Card, wallet and PSP partnerships, and international expansion, including investments made into incremental headcount associated with these projects.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Product and go-to-market initiatives Our outlook includes the expected financial impact of our expansion outside of North America, which is not expected to be a material growth contributor during FY 26.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Affirm s management team will provide an update on Affirm s vision, commercial and product initiatives, and medium-term financial framework.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

In addition, the Company uses these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of its annual operating budget, and for evaluating the effectiveness of its business strategy.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Risks & headwinds

htm EX-99.1 affirmfq326shareholderle Third Fiscal Quarter 2026 We delivered another outstanding set of results this quarter, especially in the broader context of global economic uncertainty: Fellow Affirm shareholders, 2 Affirm FQ3 26 Shareholder Letter 1 Information about Affirm's use of non-GAAP financial measures is provided under Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators and Use of Non-GAAP Financial Measures below, and reconciliations of GAAP results to non-GAAP results are provided in the tables at the end of this letter.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Despite macroeconomic uncertainty, the transaction was successfully upsized from $500 to $750 million and remained more than 2x oversubscribed following the upsize.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Diluted Shares Outstanding 352 million 349 million Financial Outlook 5 A reconciliation of adjusted operating margin to the comparable GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

17 Affirm FQ3 26 Shareholder Letter Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act ), and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

These forward-looking statements reflect the Company s views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties.

SEC original ↗Affirm Holdings — Earnings release (8-K exhibit)EX-99May 7, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsCoinbase (COIN) Financials
Documents

Filings

30 documents

Earnings releases

8 documents

Presentations

0 documents

No presentations for Affirm Holdings are held in this edition of the library.

Transcripts

0 documents

No transcripts for Affirm Holdings are held in this edition of the library.

Mentioned by

5 companies

Other tracked companies whose held documents mention Affirm Holdings by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.