Affirm Stock Soars as BNPL Firm’s Fiscal Q4 Results Easily Top Estimates

Affirm (AFRM) swung to a quarterly profit with better-than-estimated results, as the buy now, pay later (BNPL) provider posted surging gross merchandise volume. 

The buoyant numbers boosted Affirm shares, which jumped 17% in early trading Friday, bringing their year-to-date gain to over 50%.

The company reported fiscal fourth-quarter earnings per share (EPS) of $0.20, up from a $0.14 loss per share the previous year, on revenue of $876.4 million. Analysts polled by Visible Alpha expected $0.11 per share earnings and $837.4 million in revenue, respectively. The BNPL firm reported fourth-quarter operating income of $58.1 million, versus an operating loss in the same period last year of $73.5 million. 

Affirm CEO Max Levchin said in a letter to shareholders that during the 2025 fiscal year, the company expanded its merchant network, increased transaction frequency by direct-to-consumer products, and focused on “excellent credit performance.”

“This consistent execution led Affirm to achieve operating income profitability in FQ4’25 – right on the schedule we committed to a year ago,” Levchin said. 

Gross merchandise volume, also known as gross merchandise value (GMV), jumped 43% to $10.40 billion in the fiscal fourth quarter, beating analysts’ estimates, and was “driven by strength with our largest merchant partners, 0% APR monthly installment loans, and the direct-to-consumer business, including Affirm Card.” GMV was estimated at $9.64 billion, as per Visible Alpha.

Affirm forecast first-quarter fiscal 2026 revenue in the range of $855 million to $885 million, with the midpoint below Visible Alpha estimates of $882.4 million, and GMV between $10.10 billion and $10.40 billion. It said it expects full-year fiscal 2026 GMV to exceed $46 billion, versus Visible Alpha consensus estimates of $47.79 billion.

UPDATE—This article has been updated with the latest share price information.