Q1 26 EPS
$0.23
MISS 62.69%
Est. $0.62
Q1 26 Revenue
$933.3M
BEAT +5.66%
Est. $883.4M
vs S&P Since Q1 26
-15.9%
TRAILING MARKET
AFRM -8.5% vs S&P +7.4%
Market Reaction
Did AFRM Beat Earnings? Q1 2026 Results
Affirm Holdings posted a mixed first fiscal quarter of 2026, delivering a revenue beat that underscored the buy now, pay later platform's broadening scale while a sharp earnings miss tempered the celebration. Revenue climbed 33.6% year over year to $… Read more Affirm Holdings posted a mixed first fiscal quarter of 2026, delivering a revenue beat that underscored the buy now, pay later platform's broadening scale while a sharp earnings miss tempered the celebration. Revenue climbed 33.6% year over year to $933.34 million, clearing the $883.36 million consensus estimate by 5.66%, yet adjusted EPS of $0.23 fell well short of the $0.62 Wall Street had expected, a 62.69% miss. The standout driver was gross merchandise volume, which hit a record $10.80 billion, up 42% year over year even in a quarter light on shopping holidays, with Affirm Card GMV alone soaring 135% to $1.40 billion as active cardholders reached 2.8 million. The company also swung to GAAP operating income of $63.66 million from a $132.62 million loss a year ago. Affirm shares moved sharply on the results, with analysts remaining broadly constructive. Looking ahead, the company guided fiscal Q2 revenue of $1.03 billion to $1.06 billion and full-year GMV above $47.50 billion.
Key Takeaways
- • Record GMV of $10.8 billion, up 42% YoY, with about half from direct merchant POS integrations, a third from D2C led by Affirm Card, and remainder from wallets
- • Affirm Card GMV surged 135% YoY to $1.4 billion with active cardholders reaching 2.8 million
- • 0% APR monthly installment GMV grew 74% with merchant count tripling to over 40 thousand
- • Average funding costs declined 98 basis points YoY to 6.7%
- • Revenue less transaction costs grew 60% to $455 million, exceeding 3-4% long-term target at 4.2% of GMV
- • Active consumers grew 24% to 24.1 million, seventh consecutive quarter of accelerating growth
- • Transactions per active consumer increased to 6.1 from 5.1 YoY
AFRM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
AFRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another set of stellar results to get fiscal 2026 started, in both growth and profitability rubrics.”
— Max Levchin, Q1 2026 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% |