Q4 24 EPS
$-0.14
BEAT +72.55%
Est. $-0.51
Q4 24 Revenue
$659.2M
BEAT +9.20%
Est. $603.7M
vs S&P Since Q4 24
+56.2%
BEATING MARKET
AFRM +85.3% vs S&P +29.1%
Full Year 2024 Results
FY 24 EPS
$-1.67
FY 24 Revenue
$2.32B
Market Reaction
Did AFRM Beat Earnings? Q4 2024 Results
Affirm delivered a standout fourth fiscal quarter, posting a loss of $0.14 per share against a consensus estimate of negative $0.51, a beat of 72.55%, while revenue of $659.18 million topped the $603.66 million estimate by 9.20% and climbed 47.9% yea… Read more Affirm delivered a standout fourth fiscal quarter, posting a loss of $0.14 per share against a consensus estimate of negative $0.51, a beat of 72.55%, while revenue of $659.18 million topped the $603.66 million estimate by 9.20% and climbed 47.9% year over year. The primary engine behind the results was a dramatic improvement in operating leverage, with adjusted operating income scaling to $150 million in the quarter and $381 million for the full fiscal year, as adjusted operating margin swung from negative 5% in FY'23 to 16% in FY'24. Revenue less transaction costs grew 70% to $309 million, reaching 4.3% of GMV and exceeding the company's long-term target range. GMV expanded 31% to $7.2 billion, with the Affirm Card alone generating $507 million. Looking ahead, Affirm guided Q1 FY'25 revenue of $640 million to $670 million and full-year GMV above $33.5 billion, and CEO Max Levchin set a public target of achieving GAAP operating profitability by Q4 FY'25 and sustaining it thereafter.
Key Takeaways
- • GMV grew 31% YoY to $7.2 billion, outpacing overall e-commerce growth
- • Revenue as a % of GMV improved to 9.1% from 8.1% driven by pricing initiatives
- • RLTC grew 70% YoY to $309 million, reaching 4.3% of GMV
- • Interest income grew 57% YoY driven by pricing initiatives and growth in loans held for investment
- • Gain on sales of loans grew 116% YoY as more loans were sold with favorable market conditions
- • Technology and data analytics expenses declined $28 million YoY as infrastructure costs were reduced
- • Transactions per active consumer increased to 4.9 from 3.9 YoY
- • Total transactions grew 42% YoY to 24.7 million
- • Adjusted operating margin expanded to 22.7% from 3.3% in FQ4'23
- • General merchandise category grew 45% YoY and was the largest category
AFRM YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
AFRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered excellent results in both the fourth fiscal quarter as well as full 2024 fiscal year.”
— Max Levchin, Q4 2024 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |