Affirm Q1 FY27 earnings review

GMV rose 34.0% to $14.4B and revenue rose 35.2% as adjusted operating margin hit 30.1%.

Affirm Holdings, Inc. · Q1 FY27 · Published Nov 6, 2026 · By DeepCell AI · Sources

Affirm Q1 FY27 earnings review

Fiscal quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Affirm (AFRM) Q1 FY27 earnings review

GMV rose 34.0% to $14.4B and revenue rose 35.2% as adjusted operating margin hit 30.1%

  1. 1.GMV rose 34.0% to $14.4B; revenue rose 35.2% to $1.3B
  2. 2.RLTC rose 35.6% to $617.1M; adjusted operating income rose 43.9%
  3. 3.Net income was $164.2M; diluted EPS $0.47
  4. 4.FY27 GMV outlook raised above $65.3B; Q2 GMV guide $17.9B to $18.2B
  5. 5.Shares -8.2% in Nov 5 after-hours (mid $63.97, not a close) vs. the $69.66 close

Note: After-hours mid is the Nasdaq bid/ask midpoint around 6:42 PM ET, labelled not a close. Reason for the after-hours drop was not independently sourced.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; CNBC closes Nov 4-5, 2026; Nasdaq.com after-hours mid ~6:42 PM ET Nov 5, 2026; analysis of company data

2

2 · Executive summary

Revenue of $1.3B and GMV of $14.4B both rose more than 30% YoY

Q1 FY27 headline results (company figures)

MetricActualConsensusVarianceResult
Revenue YoY$1,262M—+35.2%n.a.
GMV YoY$14,400M—+34.0%n.a.
Adjusted operating income YoY$380M—+43.9%n.a.

Share price, Nov 4-5, 2026 (CNBC close; Nasdaq after-hours mid)

MeasureNov 4 closeNov 5 closeNov 5 AH midAH vs. Nov 5 close
Affirm (NASDAQ)$75.59$69.66$63.97-$5.69 / -8.2%

Note: Street consensus was not independently verified from a primary wire for this build. Beat labels here mean strong YoY growth, not vs. Street.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; CNBC closes Nov 4-5, 2026; Nasdaq.com after-hours mid ~6:42 PM ET Nov 5, 2026; analysis of company data

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3 · Q1 results and price

4 · Q2 and FY outlook

Revenue rose 35.2% and adjusted operating income rose 43.9% YoY

  1. GMV stayed above 30%GMV rose 34.0% for a twelfth straight quarter above 30%.
  2. Profitability scaledAdjusted operating income rose to $379.7M (30.1% margin).

Key figures in $M and YoY % for Q1 FY27 vs. Q1 FY26

$M unless notedQ1 FY26Q1 FY27YoY
Gross merchandise volume$10,800.0M$14,400.0M34.0%
Revenue$933.3M$1,262.2M35.2%
Revenue less transaction costs$455.2M$617.1M35.6%
Adjusted operating income$263.9M$379.7M43.9%

Note: GMV growth as reported by Affirm; GMV is disclosed in $B to one decimal. RLTC and adjusted operating income are Affirm non-GAAP measures.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

5

5 · Q1 key financials

Active consumers rose 19.0% to 28.7 million and Card GMV rose 117.0%

Network and Card KPIs

As of or for Q1 FY27

MetricQ1 FY27YoY
Active consumers (m)28.7+19.0%
Active merchants (000s)620.8+48.0%
Affirm Card GMV ($M)$3,300.0M+117.0%
Active cardholders (m)6.0+112.0%
Direct-to-consumer GMV ($M)$5,100.0M+55.0%
Funding capacity was $31.7B, up from $26.6BWe embrace uncertainty as a key dimension to manage. Max Levchin, Founder and CEO

Note: Delinquencies rose 35 bps sequentially to 2.9% ex-Peloton and Pay in X.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

6

6 · Network KPIs

7 · Revenue bridge

8 · Growth rates

9 · GMV bridge

Adjusted operating margin rose to 30.1% and RLTC/GMV to 4.3%

Adjusted operating margin and RLTC/GMV

%, Q1 FY26 vs. Q1 FY27

Adjusted operating margin · Q1 FY26: 28.3%Adjusted operating margin · Q1 FY27: 30.1%RLTC / GMV · Q1 FY26: 4.2%RLTC / GMV · Q1 FY27: 4.3%Q1 FY26Q1 FY270.0%10.0%20.0%35.0%28.3%30.1%4.2%4.3%

Adjusted operating marginRLTC / GMV

GAAP operating income rose 193.7% to $187.1M

Note: Adjusted operating income excludes SBC and other items per Affirm definitions.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

10

10 · Margins

11 · Adjusted operating income bridge

Delinquencies were 2.9% and funding capacity rose to $31.7B

Credit and funding

Q1 FY27 / Sep 30, 2026

MetricValue
30+ day delinquencies (ex-Peloton/Pay in X)2.9%
Funding capacity$31.7B
Funding capacity, year-ago$26.6B
Funding capacity YoY+19.2%
GAAP operating income ($M)$187.1M
Diluted EPS ($)$0.47
Delinquencies rose 9 bps YoY and 35 bps sequentially

Note: Funding capacity is Affirm definition of warehouse, securitization and forward-flow capacity.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

12

12 · Credit and funding

Delinquencies rose to 2.9% and the after-hours selloff reason was not sourced

Indicator
What to watch
Implication
Latest reading
Delinquencies
Credit costs / RLTC
2.9% ex-Peloton/Pay in X
+35 bps sequential
Interest rates
Funding costs
Avg. cost of funds 6.0%
+27 bps sequential
Card mix
APR and losses
Card GMV 23% of GMV
Card +117% YoY
After-hours move
Near-term sentiment
AH mid vs. close
-8.2% (not a close)

Note: These are analytical watch points, not company targets. AH reason gap.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

13

13 · Key risks to guidance

Appendix: Card and direct-to-consumer

ClaimEvidenceCalculation
Affirm Card GMV$3.3B, up +117.0%Shareholder letter
Active cardholders6.0 million, up +112.0%Shareholder letter
Direct-to-consumer GMV$5.1B, up +55.0%Shareholder letter
Top-five partners share of GMV40%, down from 44% YoYShareholder letter

Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

14

14 · Appendix: Card and D2C

15 · Appendix: Outlook detail

16 · Appendix: Credit metrics

Appendix: share-price reaction

ClaimEvidenceCalculation
Nov 4 close$75.59CNBC
Nov 5 close$69.66, -7.8% vs. Nov 4CNBC
Nov 5 after-hours mid$63.97, -8.2% vs. Nov 5 closeNasdaq.com mid; not a close
Reason for AH moveNot independently sourced; guidance only slightly above some Street views is a common third-party narrativeGap

Source: CNBC and Nasdaq.com, Nov 5, 2026

17

17 · Appendix: Price reaction

Appendix: P&L and margin detail

Key metrics

$M unless notedQ1 FY26Q1 FY27YoY
Gross merchandise volume$10,800.0M$14,400.0M34.0%
Revenue$933.3M$1,262.2M35.2%
RLTC$455.2M$617.1M35.6%
Adjusted operating income$263.9M$379.7M43.9%

Margins and EPS

Q1 FY26Q1 FY27
Adjusted operating margin28.3%30.1%
RLTC / GMV4.2%4.3%
Diluted EPS ($)—$0.47

Note: GMV growth as reported by Affirm; GMV is disclosed in $B to one decimal. Diluted EPS is company-reported for the current quarter only.Source: Affirm Form 8-K Ex. 99.1, Nov 5, 2026; analysis of company data

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18 · Appendix: P&L detail

Appendix: sources

  • Shareholder letter / Form 8-K Ex. 99.1 summary, Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1820953/000162828026071005/affirmfq127shareholderle.htm
  • BusinessWire stub release, Nov 5, 2026 — https://www.businesswire.com/news/home/20261102297116/en/Affirm-reports-first-fiscal-quarter-2027-results
  • Investor relations — https://investors.affirm.com/
  • Share price closes: CNBC quote AFRM, Nov 4 and Nov 5, 2026 — https://www.cnbc.com/quotes/AFRM
  • After-hours mid: Nasdaq.com AFRM quote ~6:42 PM ET Nov 5, 2026 — https://www.nasdaq.com/market-activity/stocks/afrm
  • Street consensus was not independently verified from a primary wire for this build.
  • Prior-period EPS is approximate. After-hours mid is labelled not a close. AH selloff reason is a gap.
  • Times are US Eastern.

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19 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Affirm Holdings, Inc. Form 8-K of November 5, 2026 (Exhibit 99.1 shareholder letter, as summarized on StockTitan from the EDGAR filing) and the BusinessWire notice. Share prices are third-party data from CNBC and Nasdaq.com. We have not independently verified third-party data.

Forward-looking statements. Company guidance and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. RLTC, adjusted operating income and adjusted operating margin follow Affirm own definitions and are reconciled to GAAP in its shareholder letter. They may not be comparable with other companies measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Affirm Holdings, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, with share prices through the Nov 5 regular close and an after-hours mid around 6:42 PM ET.

Past performance. Past results, including those for fiscal Q1 2027, are not a reliable indicator of future results.

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20 · Disclosures

Sources

Not investment advice; no rating or price target.

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