NASDAQ$AFRM
Affirm · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Affirm reported strong Q4 2025 results with accelerating GMV growth and a return to GAAP profitability.
Affirm delivered Q4 revenue of $876 million, up 33% year-over-year, alongside GMV of $10.4 billion, up 43%. The company achieved GAAP net income of $69 million and operating income of $58 million, marking a significant improvement from the prior year loss. Adjusted operating income reached $237 million, or 27% of revenue.
- GMV grew 43% to $10.4 billion, driven by 0% APR products, Affirm Card, and top merchants.
- Revenue rose 33% to $876 million while RLTC increased 37% to $425 million.
- GAAP operating income turned positive at $58 million (7% margin) versus a $73 million loss last year.
- Active consumers reached 23.0 million (+24%) and active merchants hit 377 thousand (+24%).
Headline financials
Revenue & EPS history
Affirm · Revenue · Quarterly
$876M
Forward guidance
Affirm provided FY2026 outlook expecting GMV above $46 billion and revenue of approximately 8.4% of GMV.
Tailwinds
- Adjusted operating margin expected above 26.1% for the full year.
- Operating margin guidance above 6.0% for FY2026.
- Continued funding capacity growth supporting over $60 billion annual GMV.
Headwinds
- One enterprise merchant expected to transition volumes to its own wallet by FQ2'26.
- 0% APR product mix expected to increase, pressuring RLTC margins.
- International expansion not expected to be a material growth contributor in FY'26.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.6%
Avg return
Earnings day
+2.3%
Avg return
5 days after
+1.4%
Avg return
30 days after
35%
9 / 26 earnings
Positive
+62.1%
Q3 2022
Best reaction
-37.7%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2026 | -1.2% | -6.2% | -5.6% | |
| Q2 2026 | -4.0% | -4.8% | -13.0% | |
| Q1 2026 | +11.7% | +19.7% | +3.1% | |
| Q3 2025 | -14.7% | +4.2% | +8.6% | |
| Q2 2025 | +21.8% | +22.5% | -15.8% | |
| Q1 2025 | -7.0% | +15.2% | +43.8% | |
| Q4 2024 | +28.1% | +35.4% | +26.6% | |
| Q3 2024 | -0.3% | -8.3% | -13.9% | |
| Q2 2024 | -1.7% | -10.9% | -13.1% | |
| Q1 2024 | +12.5% | +3.6% | +90.4% | |
| Q4 2023 | +22.6% | +32.0% | +39.1% | |
| Q3 2023 | +2.6% | +1.1% | +57.9% | |
| Q2 2023 | -22.8% | -26.2% | -39.7% | |
| Q1 2023 | -22.6% | +8.8% | -25.7% | |
| Q4 2022 | -18.7% | -22.1% | -36.2% | |
| Q3 2022 | +62.1% | +72.5% | +39.7% | |
| Q2 2022 | -37.7% | -40.0% | -58.7% | |
| Q1 2022 | -3.8% | -6.2% | -27.3% | |
| Q4 2019 | -8.4% | -3.0% | +24.8% | |
| Q4 2021 | +41.3% | +23.4% | +61.3% | |
| Q3 2020 | -4.4% | -1.2% | +24.8% | |
| Q3 2021 | +2.7% | +0.0% | +11.6% | |
| Q2 2020 | -11.4% | -12.0% | -35.1% | |
| Q1 2021 | -11.4% | -12.0% | -35.1% | |
| Q4 2020 | -11.4% | -12.0% | -35.1% | |
| Q2 2021 | -7.6% | -12.5% | -41.6% | |
| Q1 2020 | — | — | — |
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