Filing Flows › Affirm Holdings (AFRM) › Q4 FY26 › vs Q3 FY26
Affirm Holdings (AFRM) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Affirm Holdings's revenue rose $127M (+12%) from $1.0B in Q3 FY26 to $1.2B in Q4 FY26. The biggest changes: Other revenues +$74.2M (+11%); Merchant network revenue +$34.4M (+13%); Card network revenue +$18.7M (+28%). Operating margin 12.6% against 8.5% (+4.1 pts).
Affirm Holdings, Q4 FY26: revenue $1.2B (+33% year over year), operating margin 12.6%, net earnings $1.6B, operating cash flow $296M. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Operating margin | 12.6% | 8.5% | +4.1 pts |
| Net margin | 138.7% | 9.9% | +128.7 pts |
| Free cash flow margin | 19.7% | 31.3% | -11.6 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Merchant network revenue | $302M | $268M | $34.4M | +13% |
| Card network revenue | $85.2M | $66.5M | $18.7M | +28% |
| Other revenues | $778M | $704M | $74.2M | +11% |
| Revenue | $1.2B | $1.0B | $127M | +12% |
| Other income, net | $21.8M | $18.9M | $2.9M | +15% |
| Operating profit | $147M | $88.4M | $58.8M | +67% |
| Costs & expenses | $1.0B | $950M | $68.4M | +7% |
| Pre-tax earnings | $169M | $107M | $61.7M | +57% |
| Sales & marketing | $92.4M | $72.9M | $19.5M | +27% |
| General & admin | $147M | $145M | $1.5M | +1% |
| Other operating costs | $779M | $732M | $47.3M | +6% |
| Income tax benefit | $1.4B | −$4.5M | $1.5B | — |
| Net earnings | $1.6B | $103M | $1.5B | 16× |
| Depreciation & amortization | $87.3M | $75.1M | $12.3M | +16% |
| Share-based compensation | $67.2M | $73.8M | −$6.7M | -9% |
| Working capital & other | $1.5B | −$135M | $1.6B | — |
| Operating cash flow | $296M | $387M | −$90.3M | -23% |
| Free cash flow (OCF − capex) | $229M | $325M | −$95.8M | -29% |
| Capital expenditures | $66.9M | $61.4M | $5.5M | +9% |
Questions
How much did Affirm Holdings's revenue grow quarter over quarter in Q4 FY26?
Affirm Holdings's revenue rose $127M (+12%) from $1.0B in Q3 FY26 to $1.2B in Q4 FY26.
What drove Affirm Holdings's revenue change in Q4 FY26?
Other revenues +$74.2M (+11%); Merchant network revenue +$34.4M (+13%); Card network revenue +$18.7M (+28%).