Affirm Holdings shares jumped 13% after the buy-now-pay-later lender reported fiscal fourth-quarter revenue of $1.17 billion, blowing past the $1.11 billion Wall Street had expected, according to Benzinga.

Gross merchandise volume — the total value of purchases made through Affirm's installment plans — climbed 36% year-over-year to $14.1 billion, also topping the $13.39 billion analysts had penciled in. Adjusted operating income hit $353 million for the quarter, a 30% margin.

Inflation Is Good for Business

CEO Max Levchin framed the results as evidence that Affirm thrives even when household budgets are squeezed. "In times of inflation, we see more demand because folks are budgeting," Levchin said, pointing specifically to rising gas prices pushing more shoppers toward installment financing.

"ELEVEN STRAIGHT QUARTERS OF GMV GROWTH ABOVE 30%."

Company president Michael Linford said the results mark eleven consecutive quarters in which gross merchandise volume has grown more than 30%, a streak that has helped Affirm position itself as a genuine alternative to traditional credit cards rather than a niche checkout gimmick, according to American Banker.

Looking ahead, Affirm guided to first-quarter fiscal 2027 revenue of $1.19 billion to $1.22 billion, with GMV between $13.7 billion and $14 billion. For the full 2027 fiscal year, the company expects GMV to top $64 billion and adjusted operating margin above 30.5%.