Affirm Q4 Earnings Beat on Strong GMV Growth, Rising Card Adoption

AFRM reported fiscal Q4 2026 revenue of $1.17 billion, up 33% year-over-year, while gross merchandise volume climbed 36% to $14.1 billion. Active cardholders more than doubled to 5.2 million, with the company's card attach rate reaching 19%.

For fiscal 2027, AFRM guided GMV above $64 billion and projected adjusted operating margins exceeding 30.5%. The card product is accelerating adoption, with cardholder growth outpacing the company's overall user base expansion.

The buy-now-pay-later provider's results arrive as traditional payment processors report strong momentum. MA, V, and AXP each posted double-digit revenue growth in their most recent quarters, underscoring demand across the broader payments ecosystem.

AFRM's GMV guidance implies sustained mid-30s percentage growth, putting the fintech on track to approach payment volumes that begin to rival smaller regional card networks. The margin target of 30.5%-plus signals the company expects to achieve profitability milestones as scale benefits emerge.