Affirm (AFRM) investor relations material

Executive summary

• Gross Merchandise Volume (GMV) reached $11.6B in Q3 FY26, up 35% year-over-year from $8.6B.

• Revenue for Q3 FY26 was $1.04B, a 33% increase year-over-year.

• Active consumers grew 22% year-over-year to 26.8M, with transactions per active consumer up 20% to 6.7.

• 96% of transactions in Q3 FY26 were from repeat customers, with total transactions up 45% year-over-year.

Financial highlights

• Revenue less transaction costs for Q3 FY26 was $425M, up 20% year-over-year; ex-provision, it was $695M, up 39%.

• Adjusted operating income for Q3 FY26 was $281M, with an adjusted operating margin of 27%.

• GAAP operating income for Q3 FY26 was $88M, with a margin of 8%.

• Allowance for losses stood at $512M, representing 6.0% of loans held for investment.

Outlook and guidance

• FY Q4 2026 GMV expected between $13.15B and $13.45B; revenue between $1.08B and $1.11B.

• FY 2026 GMV guidance is $49.27B–$49.57B; revenue $4.18B–$4.21B.

• Adjusted operating margin for FY 2026 projected at 28.2%–28.8%.

• Equity capital required as a percent of total platform portfolio expected to remain below 5%.