Filing Flows › Affirm Holdings (AFRM) › Q1 FY27 › vs Q4 FY26
Affirm Holdings (AFRM) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Affirm Holdings's revenue rose $96.3M (+8%) from $1.2B in Q4 FY26 to $1.3B in Q1 FY27. The biggest changes: Other revenues +$90.4M (+12%); Card network revenue +$11.3M (+13%); Merchant network revenue −$5.5M (-2%). Operating margin 14.8% against 12.6% (+2.2 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 Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Operating margin | 14.8% | 12.6% | +2.2 pts |
| Net margin | 13.0% | 138.7% | -125.6 pts |
| Free cash flow margin | 11.5% | 19.7% | -8.2 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Merchant network revenue | $297M | $302M | −$5.5M | -2% |
| Card network revenue | $96.5M | $85.2M | $11.3M | +13% |
| Other revenues | $869M | $778M | $90.4M | +12% |
| Revenue | $1.3B | $1.2B | $96.3M | +8% |
| Other income, net | $18.0M | $21.8M | −$3.8M | -18% |
| Operating profit | $187M | $147M | $39.8M | +27% |
| Costs & expenses | $1.1B | $1.0B | $56.5M | +6% |
| Pre-tax earnings | $205M | $169M | $36.0M | +21% |
| Sales & marketing | $86.8M | $92.4M | −$5.6M | -6% |
| General & admin | $141M | $147M | −$6.3M | -4% |
| Other operating costs | $848M | $779M | $68.3M | +9% |
| Net earnings | $164M | $1.6B | −$1.5B | -90% |
| Income tax | $40.9M | −$1.4B | $1.5B | — |
| Depreciation & amortization | $86.8M | $87.3M | −$538K | -0.6% |
| Share-based compensation | $55.7M | $67.2M | −$11.5M | -17% |
| Working capital & other | $99.6M | $1.5B | −$1.4B | -93% |
| Operating cash flow | $207M | $296M | −$89.1M | -30% |
| Free cash flow (OCF − capex) | $145M | $229M | −$84.7M | -37% |
| Capital expenditures | $62.5M | $66.9M | −$4.4M | -7% |
Questions
How much did Affirm Holdings's revenue grow quarter over quarter in Q1 FY27?
Affirm Holdings's revenue rose $96.3M (+8%) from $1.2B in Q4 FY26 to $1.3B in Q1 FY27.
What drove Affirm Holdings's revenue change in Q1 FY27?
Other revenues +$90.4M (+12%); Card network revenue +$11.3M (+13%); Merchant network revenue −$5.5M (-2%).