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Company Research23 Feb 2024
Klarna: From Stockholm Startup to Wall Street IPO
Klarna grew from a 2005 startup into a fintech powerhouse, redefining payments with buy now, pay later before making its Wall Street debut in 2025.
Affirm
Affirm (AFRM) investor relations material
Affirm Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Reported Q2 FY2026 GMV of $13.8B, up 36% year-over-year, and revenue of $1.12B, a 30% increase, with strong growth in active consumers and transactions per user.
Net income rose to $129.6M, up 61% from the prior year, and adjusted operating income reached $337M with a 30% margin.
Affirm Card GMV increased 159% year-over-year, with active cardholders up 121% and 0% deals on the card rising 190%.
Repeat customer transactions comprised 96% of total, highlighting high retention and engagement.
Announced an upcoming investor forum and continued business diversification, including international expansion and new verticals.
Financial highlights
Revenue for Q2 FY2026 was $1.12B, representing 8.1% of GMV, with revenue less transaction costs at $419M, up 47% year-over-year.
Adjusted operating income was $337M, with a margin of 30%; GAAP operating loss narrowed to $(4)M.
RLTC (Revenue Less Transaction Costs) take rates expected to remain slightly above 4% in Q3 and Q4.
Allowance for losses stood at $478M, or 5.4% of loans held for investment.
Interest income grew 21% year-over-year to $493.6M, and gain on sales of loans increased 48% to $185.2M.
Outlook and guidance
FY Q3'26 GMV projected at $11.0–$11.25B, Q4 at $12.75–$13.05B, and full-year at $48.3–$48.85B.
Revenue guidance for Q3 is $970–$1,000M, Q4 is $1,060–$1,090M, and full-year is $4,086–$4,146M.
Adjusted operating margin for FY 2026 forecasted at 27.4–28.1%, with margin guidance higher than 90 days ago.
Product mix expected to shift toward more 0% APR GMV, and funding requirements (ECR ratio) to remain below 5%.
GMV growth expected to slow to 30% in Q3 and 25% in Q4, mainly due to comping a large retail partner transition.
Why exclude recurring non-cash charges from Adj. Op. Income?
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Bank charter: What are the long-term benefits?
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Next Affirm earnings date
Q3 20267 May, 2026
Affirm
Next Affirm earnings date
Q3 20267 May, 2026
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Frequently asked questions
Offering alternatives to traditional credit cards
Whether your latest purchase was a new phone, a pair of sneakers, or new ski poles, chances are you encountered the Affirm payment system. Affirm is one of the leaders in the fintech space, an industry with steep growth and rapidly expanding market opportunities. They offer alternatives to traditional credit cards by providing customers with simple ways to pay for purchases.
With their two-sided network, Affirm delivers value for both consumers and merchants. They are giving the merchants flexible, transparent payment options. And valuable customer insights, more sales, and higher customer satisfaction for the merchants. So, the Affirm platform basically enables customers to; pay over time with zero percent interest-bearing loans. Use universally accepted methods of payment. Split pay with biweekly payment options. Discover products through a personalized and data-driven marketplace. And lastly, an FDIC-insured interest-bearing savings account.
One of the major BNPL providers
Today, Affirm is one of the major players in the fast-growing financing field - Buy now, Pay later (BNPL), and while every provider of the BNPL solution has their unique ways of doing business, the basic concept is the same: offering customers the possibility to spread out the payments for their purchases - basically a short-term loan - coming from not the merchant, but a third-party provider - Affirm being one such.
The company has integrated partners such as Amazon, Shopify, Walmart, and Target, to name a few, and combined, they address more than 60 percent of total U.S. retail e-commerce sales. However, there seems to be room for continued growth as the total North American e-commerce market was valued at $900 billion in 2021, compared to Affirm’s gross merchandise volume (GMV) of $12 billion.
Founded to build a next-generation credit network
The originator of Affirm is the Ukrainian-American software engineer and entrepreneur Max Levchin, who also co-founded the company that eventually became PayPal. In 2011, he started a company called HVF (Hard, Valuable, and Fun), intending to explore and fund data-driven projects and companies. Affirm was spun out of HVF in 2012 when Levchin, Palantir co-founder Nathan Gettings, and Jeff Kadits from First Data set out to build a next-generation credit network.
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