Q3 25 EPS
$0.01
MISS 96.83%
Est. $0.32
Q3 25 Revenue
$783.1M
BEAT +0.02%
Est. $783.0M
vs S&P Since Q3 25
+8.3%
BEATING MARKET
AFRM +36.0% vs S&P +27.7%
Market Reaction
Did AFRM Beat Earnings? Q3 2025 Results
Affirm posted a mixed fiscal third quarter that told two very different stories depending on which line you looked at: revenue of $783.13 million edged past the $782.96 million consensus by just 0.02% and climbed 35.9% year-over-year, but earnings pe… Read more Affirm posted a mixed fiscal third quarter that told two very different stories depending on which line you looked at: revenue of $783.13 million edged past the $782.96 million consensus by just 0.02% and climbed 35.9% year-over-year, but earnings per share of $0.01 fell dramatically short of the $0.32 consensus estimate, a 96.83% miss, as the company's aggressive push into 0% APR installment products, which grew 44% and reached 13% of total GMV, temporarily compressed near-term profitability. Still, the headline that mattered most to bulls was the company's swing to GAAP net income of $2.80 million from a $133.90 million loss a year ago, alongside gross merchandise volume growth of 36% to $8.60 billion. Affirm shares were moving on the results as management guided fiscal Q4 revenue to $815–$845 million with adjusted operating margin of 23–25%, and full-year GMV of $35.70–$36.00 billion, signaling continued confidence in the platform's growth trajectory despite macroeconomic uncertainty.
Key Takeaways
- • GMV growth of 36% to $8.6 billion, accelerating to 40% in March
- • 0% APR monthly installment GMV grew 44%, reaching 13% of total GMV
- • Affirm Card GMV grew 115% to $807 million with ~2M active cardholders
- • Direct-to-consumer GMV grew 50% to $2.4 billion
- • Average funding costs declined approximately 50 basis points year-over-year to 7.1%
- • Provision for credit losses improvement as percent of GMV drove approximately half of RLTC margin improvement
- • Loans sold as a percent of GMV increased from 33% to 43% year-over-year
- • Dollar-based net expansion rate above 115% with merchant renewal rates above 97%
- • 1.8 million new-to-Affirm consumers added in the quarter
AFRM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
AFRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Demand for Affirm remains excellent: year-over-year GMV growth accelerated for the third consecutive quarter, including a strong March, which continued into April. Credit outcomes are in-line with our predictions, and as always, we are watching attentively for any indicators of macroeconomic stress, and fine-tuning the settings of our models continuously.”
— Max Levchin, Q3 2025 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% |