Affirm Holdings, Inc. Q2 FY2026 earnings call

• Announced next investor forum on May 12, with details on investor relations website.
• Affirm's results were excellent, with Max Levchin noting strong performance.
• Discussed merchant partnerships, including wallet partnerships and growth in the "other" GMV category.
• Affirm card is growing strongly, with GMV up ~160% YOY, active cardholders up 121%, and 0% deals up 190% YOY.
• International expansion with announcements of deals in the UK and partnerships like Wayfair.
• Applied for a bank charter for regulatory certainty and potential future products.
• Highlighted strong ABS deal execution with favorable market conditions.
• Boost AI and adapt.ai help merchants with automated AB testing and sales maximization.

No specific financial performance for product segments in absolute terms and revenue contribution % provided in the transcript.

• Expect LTC take rates slightly above 4% in Q3 and Q4.
• GMV growth expected to decelerate to 30% in Q3 and 25% in Q4, with no specific callouts for drivers.
• Funding market remains constructive with positive conversations with partners.

• Regulatory risks, including being regulated by 51 distinct entities (federal and 50 states).
• Uncertainties around potential caps on BNPL rates and regulatory changes.

Q: Andrew Jeffrey asks about growth dynamics, top five merchants, and diversification.

A: Rob O'Hare discusses the different subset of top five merchants and growth in GMV diversification.

Q: Ramsey El-Assal asks about consumer trends and credit trends.

A: Max Levchin states consumers are healthy, borrowing and repaying well.

Q: Will Nance asks about ROTC margin trajectory.

A: Rob O'Hare talks about LTC take rates and transaction cost benefits.

Q: Jason Kupferberg asks about competitor promotions and GMV categories.

A: Max Levchin discusses no impact from competitors' offers and growth in "other" category.

Q: Nate Svensson asks about bank charter and AI boost.

A: Max Levchin talks about bank charter for regulatory certainty and early days of Boost AI.

Q: Moshe Orenbuch asks about Affirm card and international expansion.

A: Max Levchin discusses strong growth in Affirm card and international deals.

Q: Rob Wildhack asks about GMV growth deceleration and funding.

A: Rob O'Hare talks about comp headwinds and constructive funding market.

Q: Rayna Kumar asks about regulatory environment and BNPL rates.

A: Max Levchin discusses regulatory landscape and bank charter application.

Q: Dan Perlin asks about credit quality and Affirm card.

A: Max Levchin talks about credit quality and card growth.

Q: Matt Code asks about new verticals and underwriting.

A: Max Levchin discusses rent test, Intuit partnership, and wallet partnerships.

Q: Adam Frisch asks about pricing and provisions.

A: Max Levchin and Rob O'Hare talk about go-to-market packages and consumer health.

Q: James Faucette asks about consumer engagement and transaction types.

A: Max Levchin discusses consumer cross-pollination and engagement.

Q: Reginald Smith asks about new categories and bank charter.

A: Max Levchin talks about consumer pull and bank charter timeline.

Q: Mihir Bhatia asks about Fiserv partnership and Affirm card.

A: Max Levchin discusses Fiserv partnership and card usage evolution.

Q: Darrin Peller asks about PSP default method and agentic commerce.

A: Max Levchin talks about PSP default and agentic commerce.

Q: Brian Keane asks about merchant growth and adjusted operating margins.

A: Max Levchin discusses wallet partnerships and margin trajectory.

Q: John Hecht asks about funding and private credit.

A: Rob O'Hare talks about loan allocation to partners.

Q: Timothy Chiodo asks about Affirm button in agentic commerce.

A: Max Levchin talks about potential for Affirm button in agentic commerce.