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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| James Faucette | Morgan Stanley | 8 questions · 13% challenging |
| Rob Wildhack | Autonomous Research | 8 questions · 0% challenging |
| Dan Dolev | Mizuho Securities | 8 questions · 0% challenging |
| John Hecht | Jefferies | 7 questions · 0% challenging |
| Moshe Orenbuch | TD Cowen | 6 questions · 0% challenging |
| Will Nance | Goldman Sachs | 5 questions · 20% challenging |
| Dan Perlin | RBC Capital Markets | 5 questions · 20% challenging |
| Adam Frisch | Evercore ISI | 5 questions · 0% challenging |
| Reginald Smith | JPMorgan | 4 questions · 0% challenging |
| Jamie Friedman | Susquehanna | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mizuho Securities | 1 analyst | 8 questions · 0% challenging |
| Autonomous Research | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 3 analysts | 8 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 13% challenging |
| Bank of America | 4 analysts | 7 questions · 0% challenging |
| Jefferies | 1 analyst | 7 questions · 0% challenging |
| TD Cowen | 1 analyst | 6 questions · 0% challenging |
| Wells Fargo | 3 analysts | 6 questions · 0% challenging |
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Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q3 in brief
Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP…
Newest quarter is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Affirm Holdings, Inc. (AFRM), FY2026 Q3: 10/10. Scores: Affirm Holdings, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: AFRM daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP EPS YOY undefined given the near-zero prior-year base). Funding costs fell about 125 basis points year-on-year as ABS spreads tightened and deals were heavily oversubscribed, and forward-flow partners kept clamoring for more allocation. The Affirm Card added 700,000 users to reach 4.4 million cardholders at a roughly 17% attach rate, Pay in X became the fastest-growing segment on an evergreen 0% offer, and agentic AI coding was described as accretive to the bottom line with no AI-related layoffs planned. Management struck an incrementally more positive tone on the Q4 growth rate and pointed to the upcoming Investor Forum for detail on international expansion, where it flagged a possible small RLTC drag as it enters new markets.
Credit | Competitive Dynamics | Product Launch | Demand | Pricing | Geographic Expansion | Margin | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 3 | 1 | 2 | 1 | 2 | 3 | 1 | |
| 2025Q2 | 4 | 5 | 3 | 4 | 1 | 2 | 2 | 1 |
| 2025Q3 | 2 | 3 | 4 | 4 | 4 | 1 | 2 | 2 |
| 2025Q4 | 3 | 4 | 5 | 4 | 2 | 4 | 1 | |
| 2026Q1 | 6 | 6 | 3 | 3 | 2 | 2 | 2 | 1 |
| 2026Q2 | 5 | 6 | 6 | 1 | 3 | 3 | 2 | 3 |
| 2026Q3 | 5 | 2 | 6 | 3 | 3 | 1 | 3 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Credit | 3 | 4 | 2 | 3 | 6 | 5 | 5 |
| Competitive Dynamics | 1 | 5 | 3 | 4 | 6 | 6 | 2 |
| Product Launch | 3 | 4 | 5 | 3 | 6 | 6 | |
| Demand | 2 | 4 | 4 | 4 | 3 | 1 | 3 |
| Pricing | 1 | 1 | 4 | 2 | 2 | 3 | 3 |
| Geographic Expansion | 2 | 2 | 1 | 4 | 2 | 3 | 1 |
| Margin | 3 | 2 | 2 | 2 | 2 | 3 | |
| Revenue Growth | 1 | 1 | 2 | 1 | 1 | 3 | 1 |
GAAP revenue YoY +32.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2025 Q1 | $698M | +40.7% | $-0.31 | +45.6% | -19.0% | -14.3% |
| FY2025 Q2 | $866M | +46.6% | $0.23 | +142.6% | -0.5% | 9.3% |
| FY2025 Q3 | $783M | +35.9% | $0.01 | +101.9% | -1.1% | 0.4% |
| FY2025 Q4 | $876M | +33.0% | $0.20 | +242.9% | 6.6% | 7.9% |
| FY2026 Q1 | $933M | +33.6% | $0.23 | +174.2% | 6.8% | 8.6% |
| FY2026 Q2 | $1.12B | +29.6% | $0.37 | +60.9% | 10.5% | 11.5% |
| FY2026 Q3Selected | $1.04B | +32.6% | $0.30 | — | 19.5% | 9.9% |
| FY2026 Q4 | $1.09B | +24.3% | $4.62 | +2210.0% | 24.3% | 148.4% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What AFRM and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“merchants that already had another BNPL provider like Affirm or whomever”
An analyst frames Affirm as an incumbent BNPL provider Klarna competes against for merchant volume, a competitive signal for Affirm.
“Our largest forward flow counterparties is our joint venture with Sixth Street.”
The Sixth Street joint venture is Affirm's largest forward-flow counterparty, anchoring its funding base.
“If you look at our revenue per employee, it is already hanging out in like NVIDIA territory.”
Affirm benchmarks its high revenue per employee against NVIDIA to illustrate its operating efficiency.
“large merchant platforms, like Shopify, those have been really additive to our merchant base overall.”
Large platforms like Shopify are cited as key accelerants of Affirm's active merchant count.
“we have a brand-new program with Intuit, and there's lots of optimizations to do within that merchant base.”
Affirm's brand-new Intuit program opens an enormous, barely-penetrated universe of merchants, a positive signal for Intuit's platform reach.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AFRM Affirm Holdings, Inc. | 10 | +32.6% | |
| AXP American Express Company | 8 | +10.3% | |
| COF Capital One | 6 | +44.2% | |
| KLAR Klarna Group plc | 8 | +51.3% | |
| MA Mastercard | 8 | +15.8% | |
| PYPL PayPal | 5 | +7.2% | |
| SOFI SoFi Technologies, Inc. | 9 | +35.8% | |
| SYF Synchrony Financial | 8 | +16.6% | |
| V Visa Inc. | 9 | +17.1% |