The news: Affirm’s gross merchandise volume (GMV) grew 43% YoY to $10.4 billion, per Q4 FY 2025 earnings (ended June 30). 

The buy now, pay later (BNPL) company reported strong numbers across the board.

• Revenues soared 33% YoY to $876 million.
• Active consumers increased 24% YoY to 23 million.
• Transactions per active customer grew 19% to 5.8.
• The number of active merchants jumped 24% to 337,000. 

How we got here: The Affirm Card was a major engine for growth. CEO Max Levchin said “it’s kicking ass and taking names” in terms of performance during the earnings call.

• Card GMV increased 123% to $1.2 billion.
• Active cardholders soared 97% to $2.3 million.
• In-store spend with Affirm Card rocketed up 187%.

The Affirm Card gives the BNPL firm access to covetable in-store spend where QR code workarounds don’t cut it. It also gave Affirm an early mover advantage: Klarna launched its US-based card two years after Affirm did.

BNPL hierarchy: Affirm’s average ticket size for Q4 FY 2025 was $276. Klarna’s was $100 in calendar year 2024. Affirm is cementing itself as a BNPL tool for both everyday spend and major purchases that consumers might not want to pay in full but don’t want sitting on their credit card balances. 

• Affirm’s interest-free monthly loan volume grew 93% YoY in fiscal Q4 2025. 
• Combined, Affirm’s interest-free and interest-bearing monthly payments make up 85% of Affirm’s loans. 

Maiden profit: Amid the rapid growth, Affirm finally notched an operating income of $69 million. That’s a strong first step, but it needs to prove it can reliably post a profit if it’s going to compete more directly with credit cards—without bigger margins, Affirm will not be able to offer rewards comparable to credit cards.