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Company research23 Feb 2024
Klarna: From Stockholm Startup to Wall Street IPO
Klarna grew from a 2005 startup into a fintech powerhouse, redefining payments with buy now, pay later before making its Wall Street debut in 2025.
Affirm
Affirm (AFRM) investor relations material
Affirm Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary5 Nov, 2026
Executive summary
GMV rose 34% YoY to $14.4B; revenue increased 35% to $1.262B, and adjusted operating income reached $380M.
FY'27 GMV guidance exceeds $65.25B; management described 30% growth as a floor, with early Q2 growth in the high 30s.
Provision for credit losses increased 59% to $259.4M as services, card expansion, underwriting advances and agentic commerce emerged as growth opportunities.
Financial highlights
Revenue was $1,262M, up 35% YoY; transaction costs were $645M and revenue less transaction costs was $617M, up 36%.
RLTC excluding provision rose 42% YoY to $876M; Q1 RLTC take rate was 4.3%.
GAAP operating income was $187.1M versus $63.7M YoY; adjusted operating income was $380M versus $264M. Net income was $164.2M versus $80.7M.
Operating expenses rose 24% to $1.08B, including provision for credit losses of $259.4M, up 59% YoY.
Outlook and guidance
FY'27 GMV is expected to exceed $65.25B; revenue as a share of GMV is expected near 8.49% and RLTC as a share of GMV near 4.16%.
FY'27 GAAP operating margin is expected to exceed 14.75% and adjusted operating margin to exceed 30.75%; management set a 30% GMV growth floor, not a ceiling.
FY Q2'27 guidance: GMV $17.9B–$18.2B, revenue $1,435M–$1,465M, transaction costs $730M–$745M and RLTC $705M–$720M.
Early Q2 growth was in the high 30s; international expansion is not expected to materially contribute to FY'27 growth.
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Latest events from Affirm
- Three director elections, auditor ratification, and advisory pay vote; board recommends FOR all.AFRM
Proxy filing - FY26 growth and performance-linked pay headline a three-proposal annual meeting.AFRMProxy filing
- Product innovation, AI, and partnerships fuel rapid growth and international expansion.AFRMGoldman Sachs Communacopia + Technology Conference 2026
- Record Q4 profitability and 36% GMV growth set up FY'27 GMV to exceed $64B.AFRMQ4 2026
- Strong growth, innovation, and data-driven underwriting drive expansion and profitability.AFRMFireside Chat
- Rapid growth, product innovation, and global expansion drive toward $100B GMV.AFRM46th Annual William Blair Growth Stock Conference
- GMV up 36%, revenue up 30%, and net income up 61% as active users and margins rise.AFRMQ2 2026
- Strong growth in users, GMV, and profitability, with Affirm Card and global expansion as key drivers.AFRMNasdaq Investor Conference 2025
- Transparent, fee-free credit solutions drive rapid growth and strong consumer loyalty.AFRM45th Annual William Blair Growth Stock Conference
Next Affirm earnings date
30th Annual UBS Global Technology and AI Conference1 Dec, 2026
Affirm
Next Affirm earnings date
30th Annual UBS Global Technology and AI Conference1 Dec, 2026
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Frequently asked questions
Offering alternatives to traditional credit cards
Whether your latest purchase was a new phone, a pair of sneakers, or new ski poles, chances are you encountered the Affirm payment system. Affirm is one of the leaders in the fintech space, an industry with steep growth and rapidly expanding market opportunities. They offer alternatives to traditional credit cards by providing customers with simple ways to pay for purchases.
With their two-sided network, Affirm delivers value for both consumers and merchants. They are giving the merchants flexible, transparent payment options. And valuable customer insights, more sales, and higher customer satisfaction for the merchants. So, the Affirm platform basically enables customers to; pay over time with zero percent interest-bearing loans. Use universally accepted methods of payment. Split pay with biweekly payment options. Discover products through a personalized and data-driven marketplace. And lastly, an FDIC-insured interest-bearing savings account.
One of the major BNPL providers
Today, Affirm is one of the major players in the fast-growing financing field - Buy now, Pay later (BNPL), and while every provider of the BNPL solution has their unique ways of doing business, the basic concept is the same: offering customers the possibility to spread out the payments for their purchases - basically a short-term loan - coming from not the merchant, but a third-party provider - Affirm being one such.
The company has integrated partners such as Amazon, Shopify, Walmart, and Target, to name a few, and combined, they address more than 60 percent of total U.S. retail e-commerce sales. However, there seems to be room for continued growth as the total North American e-commerce market was valued at $900 billion in 2021, compared to Affirm’s gross merchandise volume (GMV) of $12 billion.
Founded to build a next-generation credit network
The originator of Affirm is the Ukrainian-American software engineer and entrepreneur Max Levchin, who also co-founded the company that eventually became PayPal. In 2011, he started a company called HVF (Hard, Valuable, and Fun), intending to explore and fund data-driven projects and companies. Affirm was spun out of HVF in 2012 when Levchin, Palantir co-founder Nathan Gettings, and Jeff Kadits from First Data set out to build a next-generation credit network.