AFRM · Affirm Holdings, Inc.

Affirm delivered another outstanding quarter, with GMV growing 35% to $11.6 billion, marking the 10th consecutive quarter of over 30% growth. Revenue increased 33% to $1,039 million, while Revenue Less Transaction Costs (RLTC) grew 41% to $498 million, outpacing revenue growth due to improved funding costs. Operating income swung to a profit of $88 million from an $8 million loss in the prior year, representing a 10 percentage point improvement in operating margin to 8.5%. Adjusted operating income rose 62% to $281 million, with margin expanding 5 points to 27%. The strong incremental margins—over 70% of RLTC dollar growth flowed to adjusted operating income—highlight the company's operating leverage. Consumer health remained robust, with active consumers up 22% to 26.8 million and transactions per active consumer increasing 20% to 6.7. The Affirm Card continued to scale rapidly, with Card GMV surging 146% to $2.1 billion and active cardholders doubling to 4.4 million. Management noted that the company added approximately $230 million to net cash during the quarter, ending at $1.35 billion. The company also highlighted AI-driven developer productivity gains, with agentically-written code dominating non-agentic code after a dedicated re-tooling week. Overall, the results demonstrate strong product-market fit and disciplined execution across growth, credit, and capital markets.