Affirm Holdings, Inc. Class A (AFRM)

In the past six months, Affirm's stock has been influenced by strong financial results for Q3 FY2025, with GMV rising 36% year-over-year and transaction profit surging 50%. Total transactions increased by 45.6% year-over-year, driven by a 94% repeat rate. Affirm "smashed earnings" in August 2025. In November 2025, Affirm's stock surged following an earnings beat, reporting 42% year-over-year GMV growth and 34% revenue growth, leading management to raise full-year guidance. The company expanded its partnerships, with fashion retailer Revolve extending Affirm's payment options to Canada and the UK in December 2025, and Gr4vy's Payment Orchestration Platform integrating Affirm's services in January 2026. Affirm also strategically expanded into essential service sectors like home improvement and vehicle maintenance in September 2025, partnering with platforms such as ServiceTitan and Vagaro. As of January 6, 2026, Affirm's share price was $82.35, marking a 34.36% increase from $61.29 on January 7, 2025. However, on January 12, 2026, Affirm shares traded down 7.2% intraday, coinciding with significant insider selling by CEO Max Levchin and CFO Robert O'Hare.

Affirm's products and services experience demand seasonality, particularly around major shopping periods. The holiday season is a significant driver, with consumers historically starting their shopping earlier and seeking flexible payment options. Affirm anticipates increased consumer spending during this period, noting a "slow shopping" trend where consumers take more time to weigh options and seek value. The company's Q3 FY2025 results demonstrated "holiday readiness" with strong GMV growth. Beyond holidays, categories like travel and electronics consistently show strong demand. Affirm's expansion into sectors such as home improvement and vehicle maintenance in September 2025 aims to tap into more consistent, year-round spending patterns in these high-cost service areas. While there is some seasonality, the company's Q1 FY2026 results (ending September 30, 2025) indicated strong growth in active users and GMV, suggesting consistent underlying demand for its flexible payment solutions. The company's 2026 guidance also reflects seasonality, with the first half of the year projected slightly above and the latter half slightly below.

Affirm Holdings, Inc. (AFRM) is a financial technology company specializing in buy now, pay later (BNPL) services, operating within the Financial Services and Technology sectors. It offers flexible payment options through its digital and mobile-first commerce platform, generating revenue through merchant commissions and loan interest. Affirm's major products include Split Pay, Pay in 2, Pay in 30, the Affirm Card, Adaptive Checkout, AdaptAI, savings accounts, and consumer loans.

Affirm Holdings, Inc. primarily operates in the United States, Canada, and the United Kingdom. While it is a remote-first company in the U.S., it maintains physical office locations in San Francisco, Chicago, New York City, Pittsburgh, and Seattle in the United States, as well as international offices in Toronto, Warsaw, and Spain.

Affirm has maintained a positive brand reputation over the past year, largely driven by its transparent and flexible payment solutions. In February 2025, CEO Max Levchin highlighted strong consumer demand in categories like travel and electronics, attributing it to Affirm's "superior product" and its ability to gain market share from traditional credit cards. A survey released in May 2025 indicated that nearly half of U.S. consumers prefer pay-over-time solutions due to their transparent terms and interest-free offers, aligning with Affirm's value proposition. The company's Q3 FY2025 results, showing a 94% repeat transaction rate, underscored strong customer trust and loyalty, signaling sustainable BNPL growth. Furthermore, Affirm's robust credit underwriting was highlighted in December 2025, with 96% of transactions coming from repeat borrowers who tend to have lower default rates. Analysts generally hold a "Moderate Buy" rating for Affirm.

Institutional investors hold a substantial portion of Affirm Holdings, Inc. stock, ranging from approximately 70% to 79.65% of the company's shares. Major institutional shareholders include Vanguard Group Inc, Capital Research Global Investors, Morgan Stanley, BlackRock, Inc., Fmr Llc, Capital World Investors, Durable Capital Partners LP, Baillie Gifford & Co., and State Street Corp. Individual investors, including retail investors, hold between 14% and 23.49% of the stock. Insiders, such as CEO Max Levchin, who holds 5.2% of the company's shares, collectively own about 0.96% of the stock.