Filing Flows › Affirm Holdings (AFRM) › Q1 FY27 › vs Q1 FY26
Affirm Holdings (AFRM) Q1 FY27 vs Q1 FY26 (year over year)
Affirm Holdings's revenue rose $329M (+35%) from $933M in Q1 FY26 to $1.3B in Q1 FY27. The biggest changes: Other revenues +$256M (+42%); Merchant network revenue +$45.8M (+18%); Card network revenue +$27.2M (+39%). Operating margin 14.8% against 6.8% (+8.0 pts).
Affirm Holdings, Q1 FY27: revenue $1.3B (+35% year over year), operating margin 14.8%, net earnings $164M, operating cash flow $207M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 14.8% | 6.8% | +8.0 pts |
| Net margin | 13.0% | 8.6% | +4.4 pts |
| Free cash flow margin | 11.5% | 34.3% | -22.9 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Merchant network revenue | $297M | $251M | $45.8M | +18% |
| Card network revenue | $96.5M | $69.3M | $27.2M | +39% |
| Other revenues | $869M | $613M | $256M | +42% |
| Revenue | $1.3B | $933M | $329M | +35% |
| Other income, net | $18.0M | $19.4M | −$1.4M | -7% |
| Operating profit | $187M | $63.7M | $123M | +194% |
| Costs & expenses | $1.1B | $870M | $205M | +24% |
| Pre-tax earnings | $205M | $83.0M | $122M | +147% |
| Sales & marketing | $86.8M | $78.5M | $8.3M | +11% |
| General & admin | $141M | $145M | −$4.4M | -3% |
| Other operating costs | $848M | $646M | $202M | +31% |
| Net earnings | $164M | $80.7M | $83.5M | +103% |
| Income tax | $40.9M | $2.3M | $38.6M | 18× |
| Depreciation & amortization | $86.8M | $65.4M | $21.4M | +33% |
| Share-based compensation | $55.7M | $85.9M | −$30.2M | -35% |
| Working capital & other | $99.6M | −$143M | $242M | — |
| Operating cash flow | $207M | $375M | −$167M | -45% |
| Free cash flow (OCF − capex) | $145M | $320M | −$176M | -55% |
| Capital expenditures | $62.5M | $54.4M | $8.1M | +15% |
Questions
How much did Affirm Holdings's revenue grow year over year in Q1 FY27?
Affirm Holdings's revenue rose $329M (+35%) from $933M in Q1 FY26 to $1.3B in Q1 FY27.
What drove Affirm Holdings's revenue change in Q1 FY27?
Other revenues +$256M (+42%); Merchant network revenue +$45.8M (+18%); Card network revenue +$27.2M (+39%).