Affirm Holdings drew 11 news stories in the 24 hours to 6 November, against a usual 1.1 a day. The reports center on its most recent quarterly earnings, which accounts describe as exceeding expectations on gross merchandise volume and card growth.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY27 Q1.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY25 Q2 | 46.3% | -13.3% | 21.9% |
| FY25 Q3 | 42.5% | -7.3% | 20.2% |
| FY25 Q4 | 38.8% | -2.7% | 18.7% |
| FY26 Q1 | 37.0% | 3.2% | 22.2% |
| FY26 Q2 | 32.7% | 6.2% | 16.7% |
| FY26 Q3 | 32.1% | 8.3% | 19.8% |
| FY26 Q4 | 32.2% | 9.8% | 23.3% |
| FY27 Q1 | 32.7% | 11.8% | 17.8% |
What Affirm Holdings' latest figures show
Profit is outgrowing sales. Net income over the twelve months was $2.0 billion, which rose 763.7% on the year before. Revenue over the same period was $4.6 billion, rising 32.7%. The operating margin widened 8.6 percentage points over this span.
The current operating margin sits above every past reading in the company's own record. The trailing operating margin is 11.8%, while the historical range ran from −81.9% to 9.8%. This places the current figure at the top of its own history.
Reported profit and cash are moving at different speeds. Net income rose 763.7% over the year, but free cash flow rose only 6.2%. The divergence shows that while accounting profits surged, the actual cash generated grew at a much slower pace.
The revenue growth rate improved slightly from the previous quarter. The 32.7% increase was up 0.5 percentage points on the rate a quarter earlier.
The trailing net margin stood at 43.9%. This high figure aligns with the sharp rise in net income relative to revenue. It confirms that a large portion of sales is converting into profit after all expenses.
The average diluted share count rose 0.3% over the year. This minor increase means that the per-share gains are driven almost entirely by the growth in total earnings, not by a reduction in shares outstanding.
The operating margin of 11.8% is above every past reading in the company's own record, which ran from −81.9% to 9.8%
Today's operating margin of 11.8% is above every one of the company's own past quarterly readings. The historical range for this metric has been from −81.9% to 9.8%. This marks a shift from previous periods where margins were lower or negative.
The twelve-month revenue growth rate of 32.7% is higher than 35% of past readings. Historical growth rates have ranged from 17.7% to 67.7%.
What Affirm Holdings' share price implies against our model
In our model, growth 5 percentage points lower would lower the value by 28.1%. Conversely, growth 5 percentage points higher would raise it by 35.9%. This shows that valuation is highly sensitive to changes in the revenue growth rate.
A free-cash-flow margin 1 percentage point lower would lower the value by 4.5%. This sensitivity is smaller than the impact of growth changes, but it remains a factor in the overall calculation.
What the filings cannot tell you at Affirm Holdings
Our figures run to Q1 2027, from the company's own filings; they cannot confirm, explain or rule out anything in the reports. The revenue and profit figures above bear on the coverage of earnings beating estimates, as they provide the baseline performance against which expectations were measured.