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Sep 30
Affirm Q1 2026 Earnings Report
Affirm reported strong top and bottom-line growth in Q1 FY2026, achieving profitability and record GMV.
Key Takeaways
Affirm delivered strong Q1 FY26 results with revenue of $933.3 million and net income of $80.7 million, driven by record GMV, strong adoption of Affirm Card, and growing direct-to-consumer volume.
Achieved profitability with $81M in net income and $264M in adjusted operating income.
GMV hit a record $10.8B, driven by strength in Affirm Card and 0% APR products.
Active consumers reached 24.1M, marking the seventh straight quarter of accelerating growth.
Revenue grew 34% YoY to $933M, with strong performance across all key segments.
Affirm
Affirm
Affirm Revenue by Segment
Revenue by Segment
Merchant network Revenue
CapyFin.comCard network Revenue
CapyFin.comInterest income Revenue
CapyFin.comGain on loan sales Revenue
CapyFin.comServicing income Revenue
CapyFin.com Forward Guidance
Affirm expects continued growth in GMV and revenue for Q2 FY26, with stable operating margins and improved capital efficiency.
Positive Outlook
- GMV projected between $13.00B and $13.30B in Q2 FY26.
- Revenue expected to grow to $1.03B–$1.06B in Q2.
- Adjusted operating margin projected at 28–30% in Q2.
- FY26 GMV expected to exceed $47.5B.
- Continued strength in 0% APR products and Affirm Card adoption.
Challenges Ahead
- Revenue as a percentage of GMV expected to slightly decline (~8.4%).
- 0% APR product mix will reduce RLTC margin compared to interest-bearing loans.
- Enterprise merchant shift to own wallet reduced volume contribution.
- Interest rates expected to decline modestly, which could impact yield.
- International expansion included in forecast but not expected to contribute materially in FY26.