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Mar 31, 2025
Affirm Q3 2025 Earnings Report
Affirm posted strong revenue growth and returned to profitability in Q3 2025.
Key Takeaways
Affirm delivered solid financial results with a 36% YoY increase in revenue, achieved positive net income, and saw continued momentum across 0% APR products and Affirm Card usage.
Revenue by Segment
Forward Guidance
Affirm expects continued GMV and revenue growth in Q4 2025, driven by rising demand and broader adoption of 0% APR products.
Positive Outlook
- GMV projected between $9.4B and $9.7B in Q4 2025
- Revenue guidance of $815M–$845M in Q4 2025
- Adjusted Operating Margin forecasted at 23%–25%
- Equity Capital Required ratio expected at or below 5%
- Continued growth from Affirm Card, Shopify partnership, and UK expansion
Challenges Ahead
- Product mix shift to 0% APR may dilute revenue yield
- Enterprise warrant expenses expected to remain flat QoQ
- Funding model depends on sustained investor demand for ABS
- Uncertainty around macroeconomic growth impacting outlook
- Wallet partnership and UK expansion not expected to materially impact Q4 results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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