Affirm

Revenue and cash generation have improved, but the business remains tied to consumer credit cycles, loss provisioning, and funding spreads.

FY2025 revenue grew 39% YoY to 3.22 billion and revenue less transaction costs scaled to 1.48 billion, while for the 12 months ended March 31, 2026 Affirm posted positive GAAP net income and rising adjusted operating income. That said, provision for credit losses remains material, and historical volatility argues for caution.

We expect growth to remain above industry averages given platform distribution, but we assign only mid‑level predictability due to macro and regulatory sensitivity.