Affirm delivers quarterly results and guidance beat, raises full-year GMV outlook

Affirm, a San Francisco-based buy now, pay later company, reported better-than-expected quarterly results and raised its full-year gross merchandise volume (GMV) outlook. For the first quarter of 2027, the company earned 47 cents per share on $1.26 billion in revenue, surpassing analysts' expectations of 38 cents per share on $1.21 billion in revenue.

GMV grew by 33.3% year-over-year to $14.4 billion, with total transactions increasing 34% year-over-year to 56 million. Active consumers grew 19% year-over-year to 28.7 million as of September 30, 2026, while active merchant count rose 48% year-over-year to 621,000. Merchant count growth was driven by strategic partnerships, including a wallet partnership, success with independent software vendors (ISV) partners, and an international expansion into Canada and the UK, which accounted for roughly 20% of the quarter-over-quarter increase.

For the second quarter of 2027, Affirm expects GMV of $17.9 billion to $18.2 billion and revenue of $1.435 billion to $1.465 billion, slightly exceeding the consensus estimate of $1.43 billion in revenue. For the fiscal year 2027, Affirm anticipates GMV to exceed $65.25 billion, up from its previous outlook of over $64 billion, with revenue projected to remain similar to the previous fiscal year as a percentage of GMV, around 8.49%.