Filing Flows › Affirm Holdings (AFRM) › Q2 FY26
Affirm Holdings (AFRM) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 5, 2026
Affirm Holdings (AFRM) reported revenue of $1.1B for the second quarter fiscal 2026 (Q2 FY26), +30% from a year earlier and +20% from the quarter before. Operating margin was 10.5%, net earnings $130M (11.5% of revenue).
Affirm Holdings, Q2 FY26: revenue $1.1B (+30% year over year), operating margin 10.5%, net earnings $130M, operating cash flow $174M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +20% | +30% |
| Operating profit | $118M | +85% | — |
| Net earnings | $130M | +61% | +61% |
| Operating cash flow | $174M | -54% | -44% |
| Free cash flow | $118M | -63% | -56% |
What changed
Revenue was $1.1B in Q2 FY26, up 30% year over year and up 20% from the previous quarter. Merchant network revenue was the largest line at 29% of revenue. Merchant network revenue added $0.08B year over year (up 34%), 33% of the total change.
Operating profit was $0.12B, a 10.5% margin (up 11.0 points year over year). Total costs grew 15% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $0.13B, up 61% year over year. The effective tax rate was 2.7%.
Operating cash flow was $0.17B (down 44% year over year), 134% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.06B left free cash flow of $0.12B.
Questions
What was Affirm Holdings' revenue in the second quarter fiscal 2026?
Affirm Holdings (AFRM) reported revenue of $1.1B for the second quarter fiscal 2026 (Q2 FY26), +30% from a year earlier and +20% from the quarter before.
Was Affirm Holdings profitable in the second quarter fiscal 2026?
Operating profit was $118M (10.5% of revenue) and net earnings $130M.
Source: Affirm Holdings 10-Q on SEC EDGAR.