Affirm Q4 Revenue Tops $1.12 B with 29.6% Growth; Card GMV Doubles
Affirm reported Q4 revenue of $1.12 billion, a 29.6% year-over-year increase and 6.3% above consensus, with adjusted EBITDA of $341.7 million (30.4% margin) beating estimates by 9.2%, while non-GAAP EPS of $0.72 missed forecasts by 13.9%. Gross merchandise volume on the Affirm Card nearly doubled and active cardholders rose 121% year-on-year, driven by broadening merchant partnerships and AI tool rollouts.
1. Q4 Financial Results
Affirm’s Q4 CY2025 revenue reached $1.12 billion, exceeding the $1.06 billion consensus by 6.3% and marking 29.6% year-over-year growth. Adjusted EBITDA was $341.7 million (30.4% margin), 9.2% above analyst projections, while non-GAAP EPS came in at $0.72 versus the $0.84 estimate, reflecting continued investment spend.
2. Affirm Card Expansion
The Affirm Card emerged as a primary growth driver, with GMV nearly doubling year-over-year and active cardholders up 121%. Management highlighted the card’s scaling impact on user engagement, transaction frequency and cross-selling across new merchant verticals.
3. Merchant Diversification and AI Initiatives
Affirm expanded its merchant base into services and auto repair, reducing concentration risk by adding smaller partners through wallet integrations. Early adoption of the Boost AI tool promises to optimize promotions and improve merchant conversion rates, though impact remains nascent.
4. Outlook and Strategic Priorities
Affirm plans to accelerate international expansion, deepen partnerships and invest in AI-driven credit tools, while pursuing a bank charter for regulatory certainty. Management anticipates the Affirm Card, AI initiatives and funding conditions to underpin sustained GMV growth and disciplined margin management.