Affirm has delivered consistent GAAP profitability over the past four quarters, driven by disciplined expense management and higher-margin product mix. In Q4 2025, the company reported a 42% year-over-year increase in gross merchandise volume (GMV), reaching $11.8 billion. This growth outpaced the broader BNPL industry, reflecting Affirm’s success in attracting higher-value transactions and expanding into new merchant verticals such as groceries and recurring services. Investors will note that operating margins improved to 12.5%, up from 8.3% a year earlier, as fixed costs are spread over a larger transactional base.

Affirm’s active consumer base grew to 24.1 million users, representing a 29% increase since the start of 2025. Transaction frequency per user climbed 20%, driven by new point-of-sale integrations and promotional financing offers. The company’s branded card program saw adoption surge by 101%, with cardholders accounting for 35% of all transactions—a shift that boosts repeat usage and data-driven marketing opportunities. Enhanced risk algorithms and personalized credit limits have helped maintain a stable net charge-off rate of 2.1%, in line with historic levels despite broad economic uncertainty.

Affirm has been selected as the embedded BNPL provider for Bolt’s one-click checkout network, granting access to over 80 million Bolt-enabled shoppers and more than 3,500 merchants. The integration will roll out this quarter, presenting financing options alongside traditional payment methods without additional development effort for merchants. Bolt projects a 5% lift in order conversion for merchants offering installment plans; for Affirm, this could translate into an incremental $500 million in annualized GMV once full deployment is achieved. The partnership underscores Affirm’s strategy to scale through white-label collaborations and reinforces its position in high-growth e-commerce channels.