Filing Flows › Affirm Holdings (AFRM) › Q1 FY26
Affirm Holdings (AFRM) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 6, 2025
Affirm Holdings (AFRM) reported revenue of $933M for the first quarter fiscal 2026 (Q1 FY26), +34% from a year earlier and +6% from the quarter before. Operating margin was 6.8%, net earnings $80.7M (8.6% of revenue).
Affirm Holdings, Q1 FY26: revenue $933M (+34% year over year), operating margin 6.8%, net earnings $80.7M, operating cash flow $375M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $933M | +6% | +34% |
| Operating profit | $63.7M | +10% | — |
| Net earnings | $80.7M | +17% | — |
| Operating cash flow | $375M | +402% | +90% |
| Free cash flow | $320M | 14× | +110% |
What changed
Revenue was $933.3M in Q1 FY26, up 34% year over year and up 6% from the previous quarter. Merchant network revenue was the largest line at 27% of revenue. Merchant network revenue added $66.8M year over year (up 36%), 28% of the total change.
Operating profit was $63.7M, a 6.8% margin (up 25.8 points year over year). Total costs grew 5% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $80.7M. The effective tax rate was 2.8%. Non-operating items added $19.4M, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $374.6M (up 90% year over year), 464% of net earnings. Non-cash charges added back $65.4M of depreciation and amortization and $85.9M of share-based compensation. Working capital and other items added $142.6M. Capital expenditures of $54.4M left free cash flow of $320.2M.
Questions
What was Affirm Holdings' revenue in the first quarter fiscal 2026?
Affirm Holdings (AFRM) reported revenue of $933M for the first quarter fiscal 2026 (Q1 FY26), +34% from a year earlier and +6% from the quarter before.
Was Affirm Holdings profitable in the first quarter fiscal 2026?
Operating profit was $63.7M (6.8% of revenue) and net earnings $80.7M.
Source: Affirm Holdings 10-Q on SEC EDGAR.