Q4 25 EPS
$0.20
BEAT +62.87%
Est. $0.12
Q4 25 Revenue
$876.4M
vs S&P Since Q4 25
-39.4%
TRAILING MARKET
AFRM -27.6% vs S&P +11.7%
Full Year 2025 Results
FY 25 EPS
$0.15
MISS 92.47%
Est. $1.99
FY 25 Revenue
$3.22B
BEAT +1.28%
Est. $3.18B
Market Reaction
Did AFRM Beat Earnings? Q4 2025 Results
Affirm closed fiscal Q4 2025 with a landmark quarter, delivering earnings per share of $0.20 against a consensus estimate of $0.12, a 62.87% beat, while revenue climbed 33.0% year-over-year to $876.42 million, ahead of the $835.68 million the Street … Read more Affirm closed fiscal Q4 2025 with a landmark quarter, delivering earnings per share of $0.20 against a consensus estimate of $0.12, a 62.87% beat, while revenue climbed 33.0% year-over-year to $876.42 million, ahead of the $835.68 million the Street had expected. The headline story, however, was the company's first-ever GAAP operating profit, a $58.06 million gain that represented a $132 million swing from the prior year's loss and fulfilled a commitment CEO Max Levchin made twelve months ago. The catalyst behind the profitability inflection was a $116 million increase in Revenue Less Transaction Costs, aided by declining enterprise warrant expenses. Gross Merchandise Volume surged 43% to $10.40 billion, with the Affirm Card emerging as a particular standout, Card GMV more than doubled to $1.20 billion as active cardholders reached 2.3 million. Shares rallied on the results, reflecting investor confidence in full-year FY26 guidance targeting more than $46 billion in GMV and an adjusted operating margin above 26.1%.
Key Takeaways
- • GMV grew 43% to $10.4 billion driven by strength with largest merchant partners, 0% APR monthly installment loans, and direct-to-consumer business
- • 0% APR monthly installment GMV grew 93% with merchants funding these offers more than doubling to over 25,000
- • Affirm Card GMV grew 132% to $1.2 billion with active cardholders nearly doubling to 2.3 million
- • Direct-to-consumer GMV grew 61% to $3.1 billion
- • In-store Card spend grew 187%
- • Average annualized cost of funds declined approximately 90 basis points year-over-year to 6.8%
- • Revenue per employee reached approximately $1.5 million in FY'25
- • 30+ day delinquencies ex-Peloton declined 15 basis points quarter-over-quarter and 18 basis points year-over-year
- • Transactions per active consumer increased to 5.8 from 4.9
- • Top five merchant and platform partners collectively grew GMV 41%
AFRM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
AFRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Only a few moments ago it was a matter of some debate (outside our walls, of course) whether Affirm would so much as survive the rising Fed funds rate, let alone turn a profit. And a few before that, whether it was possible to make money in consumer lending without the profit pools afforded by late fees and compounding interest.”
— Max Levchin, Q4 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% |