Affirm Holdings #AFRM has become one of the more interesting high-growth fintech names in the US market. After its latest FY2026 results, I think the business fundamentals are considerably stronger than the AFRM story was 12–18 months ago, but valuation and credit-cycle risk are now the key issues.
My view: Bullish on the business, moderately bullish on the stock — but I would not chase a sharp post-earnings spike.
📈 The latest numbers are impressive
Affirm just reported FY2026 Q4:
* Revenue: ~$1.17B, +33% YoY
* GMV: ~$14.1B, +36% YoY
* FY2026 GMV: ~$50.2B, +37%
* Active consumers: ~27.8M, +21%
* Active merchants: ~570,800, +50%
* Revenue less transaction costs: $589M, +39%
* Operating margin improved to 12.6%
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- happiness000·09-02The credit-cycle part matters more here. If unemployment ticks up, delinquency sensitivity is what I’d watch before paying up for 33% growth.LikeReport
- zoomzi·09-02That 50% merchant growth to 570k is still underappreciated, ngl. Feels more like a distribution moat now than just a payment buttonLikeReport