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Jun 30, 2025
Affirm Q4 2025 Earnings Report
Affirm delivered strong top-line growth and achieved profitability in Q4 2025.
Key Takeaways
Affirm posted a profitable Q4 with strong revenue growth, driven by record GMV and the continued expansion of its 0% APR products and Affirm Card usage.
Revenue by Segment
Forward Guidance
Affirm expects continued GMV growth with stable margins, driven by 0% APR products and improved funding structure, despite transition risks from an enterprise partner.
Positive Outlook
- Expected GMV for Q1 2026 between $10.10B and $10.40B
- Operating margin guidance of 1–3% for Q1 2026
- FY 2026 GMV expected to exceed $46B
- Improved capital efficiency with ECR ratio expected to remain below 5%
- Enterprise warrant expense forecasted to decline over 30% in FY 2026
Challenges Ahead
- Revenue as % of GMV expected to decline slightly
- One large enterprise merchant to transition away by FQ2’26
- 0% APR product mix to grow, lowering RLTC margin
- International expansion not expected to materially contribute in FY 2026
Historical Earnings Impact
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Avg. Return Before/After Earnings
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