Affirm Holdings, Inc.

Management did not state revenue, EPS, or gross margin in the call remarks provided. They said funding costs are down about 125 basis points year over year, helped by both lower benchmark rates and tighter securitization spreads. Q4 guidance commentary was positive: they expect Pay in X growth to continue into fiscal Q4, are incrementally more positive on Q4 growth in the updated guide, and said the Q4 growth rate should not be viewed as a ceiling given easier fiscal 2027 comps ahead. On international expansion, they said investment is already underway, but any drag from entering new countries should be minimal relative to the U.S. and Canada businesses.

Max Levchin framed the quarter as another record result and emphasized that the company’s consumer cohort remains healthy, with no deterioration in credit. He also highlighted compounding advantages in merchant reach, underwriting, the app, and the Card, saying these are still early in their lifecycle and can keep improving. His tone was confident and expansive, especially around product iteration, AI-driven development velocity, and the long runway for merchant presentment and consumer engagement.

Rob O'Hare said Pay in X should continue into fiscal Q4, helped by a very large program shifting to evergreen 0% via Pay in 4 and continued Shopify growth. On funding, he pointed to 3 deals this year, including 2 revolving deals in the quarter and a static deal recently priced, with “incredible depth,” oversubscription, tighter spreads, and funding costs down about 125 basis points year over year. He also explained the higher allowance rate as largely seasonal plus elevated prepayments from tax season, which he called a positive credit signal.

Analysts pressed on whether private credit or credit quality was weakening; management said no, citing stable delinquencies and no deterioration in the consumers they choose to underwrite. Questions on funding and ABS drew a similarly upbeat response, with Michael Linford saying demand remains deep and spreads are tightening. Analysts also asked about the Card, app engagement, and AI-led productivity; management said AI tools are accretive and are being used to speed product development, but there are no plans for AI-related layoffs. On international expansion, Max said more detail would come at the investor forum and that any near-term drag on unit economics from new markets should be modest.