Affirm reported sustained GAAP profitability in its most recent quarter, underscoring its ability to generate positive net income even as the broader BNPL sector contends with margin pressure. Gross merchandise volume grew 42% year-over-year, reflecting stronger purchase activity on Affirm’s platform. Operating margins expanded by 150 basis points, driven by disciplined marketing spend and higher take­-rate per transaction. Despite ongoing regulatory scrutiny around consumer lending and valuation concerns across fintech peers, analysts maintain a Buy view on Affirm based on its consistent profitability and margin improvement trajectory.

Active consumers on Affirm’s network rose to 24.1 million, a gain of 18% over the prior year. Engagement intensifies as transactions per user climbed 20%, with average order values increasing by double digits. Adoption of the Affirm Card more than doubled, up 101% year-over-year, signaling greater consumer preference for pay-over-time options on everyday purchases. This card launch has broadened the company’s addressable market beyond point-of-sale financing, helping Affirm capture recurring spend in categories such as groceries and subscription services.

Affirm cemented key distribution deals this quarter, most notably becoming Bolt’s default embedded BNPL partner at checkout across its one-click network. Bolt’s integration extends Affirm’s reach to over 80 million users, offering installments alongside traditional card payments. In parallel, a new collaboration with Fiserv brings pay-later functionality into debit card programs at community and regional banks. These partnerships leverage Affirm’s real‐time underwriting platform and Fiserv’s payments infrastructure, enabling issuers to retain debit spend while providing consumers flexible payment plans without late or hidden fees.