Affirm Q4 2026 Earnings Beat, Raises Q1 Revenue View
Affirm Q4 2026 earnings beat and management raised near-term revenue guidance as GMV and Card adoption accelerated, lifting after-hours shares.
KEY TAKEAWAYS
- Following the filing, Q4 revenue was $1.2 billion, topping $1.1 billion consensus.
- Management raised next-quarter revenue guidance to $1.19-$1.22 billion, citing GMV and Card adoption.
- GMV reached $14.1 billion, up 36%, with Affirm Card GMV surging 124% to $2.8 billion.
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Affirm Holdings, Inc. (NASDAQ: AFRM) reported fiscal Q4 2026 earnings on Aug. 27, 2026, that exceeded management guidance for the quarter ended June 30, 2026. The company raised its near-term revenue outlook, citing accelerating gross merchandise volume (GMV) and increased Affirm Card usage as key drivers.
Q4 Results and Guidance
Affirm filed a shareholder letter as Exhibit 99.1 on Form 8-K dated Aug. 25, 2026, and issued a press release announcing that the quarter’s results were posted on its investor relations site. The filing noted the inclusion of non-GAAP financial measures and reconciliations to GAAP.
For the quarter ended June 30, 2026, Affirm reported revenue of $1.17 billion, surpassing analyst consensus of $1.11 billion. GAAP net income reached $1.62 billion, or $4.62 per share, compared with consensus EPS of $0.33. Adjusted operating income margin rose 3 percentage points year over year to 30%. The company set revenue guidance for the quarter ending September 2026 at $1.19 billion to $1.22 billion. For fiscal 2026, Affirm reported revenue of $4.26 billion and GAAP net income of $1.93 billion, or $5.53 per share.
A valuation allowance release on most domestic deferred tax assets materially boosted the reported GAAP net income for the quarter.
GMV and Card Acceleration
Affirm’s GMV for Q4 2026 reached $14.1 billion, up 36% year over year, marking the 11th consecutive quarter with GMV growth of 30% or more. Revenue less transaction costs increased 39% to $589 million, while total transactions rose 41% to 53 million.
Active merchants grew more than 50% year over year to 571,000, doubling the growth rate from the prior year. Active consumers increased 21% to 27.8 million. Affirm Card GMV surged 124% to $2.8 billion, and active cardholders more than doubled to 5.2 million. Direct-to-consumer GMV, driven entirely by the Affirm Card, rose 49% to $4.7 billion.
This combination of expanding merchant partnerships, rising consumer activity, and rapid Affirm Card adoption supported management’s raised near-term revenue guidance.
