Affirm Holdings shares rose 12.9% in premarket trading on Friday, driven by robust transaction growth and an optimistic annual forecast.
Fiscal Q4 2026 investor dashboard · Market data at 06:32 EDT, August 28, 2026
RLTC means revenue less transaction costs, Affirm's closest operating measure of transaction economics.
At the $64 billion floor, annual GMV would grow at least 27.6%.
The outlook still requires strong merchant distribution and consumer engagement.
| Metric | Result | YoY |
|---|---|---|
| GMV | $14.06B | +36% |
| Revenue | $1.17B | +33% |
| Revenue less transaction costs | $589M | +39% |
| Active consumers | 27.8M | +21% |
| GAAP operating income | $147.3M | Positive |
Revenue / GMV
8.3%
RLTC / GMV
4.2%
GAAP operating margin
12.6%, up six percentage points
Calculated from reported quarterly figures; rounded. Direct merchant integrations contributed about half of GMV growth.
The rally reflects three simultaneous improvements: 36% payment-volume growth, 39% growth in revenue less transaction costs and a positive 12.6% GAAP operating margin.
The market is rewarding evidence that merchant scale can lift transaction profit faster than volume. The next test is sustaining that spread while fiscal 2027 GMV moves above $64 billion.
25 Buy · 9 Hold · 0 Sell
34-analyst consensus. The average target implies about 5.7% upside from the $87.51 premarket quote.
30-day delinquency: 2.5%GAAP margin: 12.6%Consumers: 27.8M
The credit metric matters because faster volume growth only creates durable value if losses stay controlled.
Consumer creditFunding costsRate sensitivityMerchant concentrationCompetition
GAAP EPS of $4.62 included a $1.45 billion tax benefit. That boost is not a recurring operating result.
Sources: Affirm fiscal Q4 2026 earnings release and supplement; StockAnalysis premarket quote and analyst consensus; Barron's. U.S. dollars. Calculations may differ due to rounding.
