Affirm is scaling GMV and has moved into GAAP operating profitability, but the stock thesis still depends on credit discipline, funding access, partner concentration, regulation and whether Card, wallets and international expansion preserve unit economics.
References
Sources used in this report
SEC datasetSEC company tickers exchange dataset2026-05-14 · Issuer name, ticker, CIK and Nasdaq listing confirmation.SEC APISEC submissions for Affirm2026-05-14 · Filing chronology, latest 10-Q, latest 10-K, proxy and SEC identity.SEC XBRL APISEC companyfacts for Affirm2026-05-14 · Financial-statement cross-checks for revenue, operating income, net income, cash, assets, liabilities and equity.Quarterly filingForm 10-Q for quarter ended March 31, 20262026-05-07 · Current financials, balance sheet, revenue model, origination model, GMV, credit reserves and liquidity.Shareholder letterFiscal Q3 2026 shareholder letter2026-05-07 · Quarterly operating highlights, GMV, revenue, RLTC, Card, active merchants, credit metrics, funding capacity and outlook.Annual filingFiscal 2025 Form 10-K2025-08-28 · Business model, competitive landscape, annual GMV, annual revenue, risk factors and funding model.Governance filing2025 proxy statement2025-10-24 · Board, founder/CEO role, compensation design, ownership, Lead Bank context and risk oversight.Company IR pageQuarterly results page2026-05-14 · Confirms Q3 2026 shareholder letter, 10-Q, transcript and support materials availability.Company IR eventAffirm Investor Forum 2026 event page2026-05-12 · Confirms investor forum and supporting presentation.Investor presentationAffirm Investor Forum 2026 presentation2026-05-12 · Management framework for structural advantages, growth lanes, funding and medium-term targets.Government market reportThe BNPL Market2025-12-10 · CFPB market context for BNPL growth and regulatory attention.