Affirm's first quarter 2027 revenue of $1.26B beat expectations as Affirm Card volume doubled

Affirm reported first quarter fiscal 2027 revenue of $1.26 billion and GAAP net income of $164 million, both exceeding analyst estimates. While Gross Merchandise Volume (GMV) grew 34% year-over-year to $14.4 billion, it slightly missed the $14.75 billion consensus. The company achieved its eighth consecutive quarter of GAAP profitability, with operating margins expanding significantly to 14.8% on a GAAP basis and 30% on an adjusted basis.

Key Highlights

• Affirm Card GMV surged 117% year-over-year to $3.3 billion, now representing 23% of total platform volume with 6 million active cardholders.
• Interest income grew 45% to $658 million, outpacing loan growth due to a 40 basis point year-over-year increase in average APR to approximately 6.0%.
• Funding capacity expanded to $31.7 billion, up from $26.6 billion a year ago, while the cost of funds declined 69 basis points year-over-year to 6.0%.