Affirm Holdings: Updating estimates after a strong F3Q

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Affirm Holdings: Updating estimates after a strong F3Q

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Affirm Holdings

Updating estimates after a strong F3Q

Reiterate Rating: BUY | PO: 88.00 USD | Price: 64.01 USD

Execution through volatility reinforces durability 11 May 2026

We reiterate our Buy rating on Affirm following a solid F3Q print that featured a clean Equity

beat and raise despite an ongoing macro and funding backdrop that remains fluid.

Results exceeded BofA and Street expectations across GMV, RLTC, and operating

Key Changesincome, driven by healthy consumer demand, disciplined underwriting, and improving

monetization trends rather than one-time or optical factors. While results were better (US$) Previous Current

than expected the stock traded off modestly and we view this as a brief air pocket until Price Obj. 82.00 88.00

the medium-term outlook is updated at the 5/12 Investor Forum.

Matthew C. O'Neill

Best in class underwriting and AI driven efficiency ResearchBofAS Analyst

The quarter reinforces our view that Affirm continues to operate as a best-in-class +1 646 855 1681 matthew.c.oneill@bofa.com

underwriter, even with the highest non-prime exposure in its peer set. Delinquencies

Mihir Bhatia

ticked up modestly during the quarter, with roughly half the increase driven by stronger Research Analyst

tax refund seasonality, a constructive dynamic, and overall credit performance remains BofAS +1 415 436 3553

best in class, underscoring the strength of risk management. Management also mihir.bhatia@bofa.com

highlighted progress toward an AI first development approach, emphasizing efficiency Caroline Latta

and productivity gains rather than headcount reduction. These dynamics are supporting ResearchBofAS Analyst

improving unit economics and margin durability as volumes scale.