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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| James Faucette | Morgan Stanley | 7 (14%) |
| Rob Wildhack | Autonomous Research | 7 (0%) |
| Dan Dolev | Mizuho Securities | 7 (0%) |
| John Hecht | Jefferies | 6 (0%) |
| Moshe Orenbuch | TD Cowen | 5 (0%) |
| Will Nance | Goldman Sachs | 4 (25%) |
| Dan Perlin | RBC Capital Markets | 4 (25%) |
| Reginald Smith | JPMorgan | 4 (0%) |
| Adam Frisch | Evercore ISI | 4 (0%) |
| Jamie Friedman | Susquehanna | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mizuho Securities | 1 | 7 (0%) |
| Autonomous Research | 1 | 7 (0%) |
| JPMorgan | 3 | 7 (0%) |
| Morgan Stanley | 1 |
Reported Thursday, Aug 27. Earnings call pending.
A pre-earnings brief is ready for AFRM: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| 7 (14%) |
| Jefferies | 1 | 6 (0%) |
| TD Cowen | 1 | 5 (0%) |
| Wells Fargo | 3 | 5 (0%) |
| William Blair | 3 | 5 (0%) |
Affirm delivered another strong quarter with GMV up 36% year over year and GAAP EPS rising to $0.37 from $0.23 a year earlier, a 60.87% increase against 29.62% revenue growth that reflects real operating leverage as operating income turned solidly positive. The Affirm Card was the standout engine, with card GMV up nearly 160%, active cardholders up 121%, and 0% deals on the card up 190%, while the company disclosed an application for an industrial bank charter and priced an ABS deal at a spread under 100 basis points, its best execution since 2021. Management raised its FY2026 margin-expansion outlook modestly and pushed into new verticals through Intuit QuickBooks, Fiserv, and a small rent test. The main caution was a guided deceleration in GMV growth to 30% in Q3 and 25% in Q4, with revenue take rates softening year over year on rising 0% mix, which weighed on the shares.
Competitive Dynamics | Credit | Product Launch | Demand | Geographic Expansion | Pricing | Margin | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 1 | 3 | 2 | 2 | 1 | 3 | 1 | |
| 2025Q2 | 5 | 4 | 3 | 4 | 2 | 1 | 2 | 2 |
| 2025Q3 | 3 | 2 | 4 | 4 | 1 | 4 | 2 | 1 |
| 2025Q4 | 4 | 3 | 5 | 4 | 4 | 2 | 1 | |
| 2026Q1 | 6 | 6 | 3 | 3 | 2 | 2 | 2 | 3 |
| 2026Q2 | 6 | 5 | 6 | 1 | 3 | 3 | 2 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 1 | 5 | 3 | 4 | 6 | 6 |
| Credit | 3 | 4 | 2 | 3 | 6 | 5 |
| Product Launch | 3 | 4 | 5 | 3 | 6 | |
| Demand | 2 | 4 | 4 | 4 | 3 | 1 |
| Geographic Expansion | 2 | 2 | 1 | 4 | 2 | 3 |
| Pricing | 1 | 1 | 4 | 2 | 2 | 3 |
| Margin | 3 | 2 | 2 | 2 | 2 | |
| Guidance Reliability | 1 | 2 | 1 | 1 | 3 | 2 |
| 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 Q3 | $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 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we see ourselves as a twenty-first century version of American Express sometimes”
Affirm frames its universal-acceptance ambition as a twenty-first-century American Express, a benchmark comparison.
“Wayfair, we just announced literally a couple days ago that we are live in The UK in the kind of a beta pre beta type thing”
Affirm went live with longtime partner Wayfair in the UK, an early-stage international expansion of the relationship.
“Shopify announcement was a while ago. That's scaling.”
Affirm's Shopify program is scaling and not yet at peak run rate, a continuing growth partner internationally.
“Just wondering if you could talk about the announcement with Fiserv earlier this quarter.”
Affirm announced a partnership with Fiserv to offer BNPL debit capability to banks through their core banking software.
“It follows our partnership with FIS, and we're certainly not stopping there.”
Affirm's Fiserv deal follows an existing FIS partnership to bring BNPL debit capability to banks via core banking software providers.
“Intuit is a fantastic aggregator of small service providers, businesses that bill consumers.”
Affirm's new Intuit QuickBooks partnership unlocks financing on services billed to consumers, a positive read-through for Intuit's payments platform.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AFRM Affirm Holdings, Inc. | 9 | +29.6% | |
| AXP American Express Company | 9 | +9.5% | |
| COF Capital One | 6 | +42.8% | |
| KLAR Klarna Group plc | 8 | +38.0% | |
| MA Mastercard | 9 | +17.6% | |
| PYPL PayPal | 6 | +3.7% | |
| SOFI SoFi Technologies, Inc. | 10 | +32.5% | |
| SYF Synchrony Financial | 5 | -3.1% | |
| V Visa Inc. | 8 | +14.6% |