# Affirm gross merchandise volume in fiscal 2026

gross merchandise volume in 2026

Updated: August 8, 2026

Category: Financials

Tags: KPIs

HTML: /markets/financials/kpis/affirm-gross-merchandise-volume-in-fiscal-2026/

## Short Answer

**The model assigns meaningfully higher odds than the market for Affirm's gross merchandise volume in fiscal 2026 to be Above $48.5 billion (model 20.0% vs market 0.0%).** This divergence reflects Affirm's fiscal year 2026 GMV guidance, which is set between **$49.265** billion and **$49.565** billion.

## Key Claims (January 2026)

**- - Affirm's fiscal 2026 GMV guidance extends to $49.565 billion.** - Strong active consumer and merchant growth supports higher fiscal 2026 GMV.
- Positive e-commerce trends through late 2026 may support Affirm's GMV targets.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** **Model** sees **20%** **probability** vs 0c **market** price, implying a 20.0pp gap for Affirm's fiscal 2026 GMV target.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Above $48.5 billion | 0.0% | 20.0% | Affirm's fiscal 2026 GMV guidance is set between $49.265B and $49.565B, supported by growth. |
| Above $49 billion | 0.0% | 20.0% | Affirm's fiscal 2026 GMV guidance is set between $49.265B and $49.565B, supported by growth. |
| Above $49.5 billion | 0.0% | 20.0% | Affirm's fiscal 2026 GMV guidance is set between $49.265B and $49.565B, supported by growth. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Above $48.5 billion | 0.0% | 20.0% |
| Above $49 billion | 0.0% | 20.0% |
| Above $49.5 billion | 0.0% | 20.0% |
| Above $50 billion | 0.0% | 5.0% |
| Above $50.5 billion | 0.0% | 3.0% |
| Above $51 billion | 0.0% | 1.0% |

- Expiration: November 25, 2026

## Market Behavior & Price Dynamics

The price chart for this market shows a single, immediate repricing event. The contract opened at a 1.0% probability on August 7, 2026, and jumped to 95.0% on the same day, where it has remained. The movement reflects an instantaneous pricing-in of publicly available information rather than a gradual trend developed through trading activity.

The sharp upward revision in price corresponds directly with Affirm's official guidance. The company forecasted fiscal 2026 gross merchandise volume (GMV) to be in the range of $48.30 billion to $48.85 billion. The market's resolution appears to be tied to a $48.5 billion threshold, a figure situated within the upper half of the company's projected range. The 95.0% price level indicates the market views the official guidance as credible and the GMV target as highly attainable.

Total traded volume is zero. This lack of activity is a critical technical factor. The price reflects offered odds, likely from an initial market maker, but does not represent a consensus validated by transactions. While the 95.0% price signals strong positive sentiment, the absence of volume indicates conviction has not been tested with committed capital, and the market is entirely illiquid.

## Significant Price Movements

#### 📈 August 07, 2026: 83.0pp spike

Price increased from 1.0% to 84.0%

**Outcome:** Above $49.5 billion

**What happened:** The provided web research does not identify a primary driver for the 83.0 percentage point spike in Affirm's "Above $49.5 billion" GMV prediction market outcome on August 7, 2026. No relevant social media activity from key figures or viral narratives coinciding with the spike was found. Instead, traditional news reports on that date indicated potentially negative sentiment, with Bank of America reducing its Affirm stake by 83.7% and reports of Klarna targeting Affirm's merchant accounts [[^]](https://www.marketbeat.com/instant-alerts/filing-bank-of-america-corp-de-has-12712-million-position-in-affirm-holdings-inc-afrm-2026-08-07/). Therefore, social media was irrelevant, and the available information does not explain the observed upward price movement.

## Contract Snapshot

This market resolves to YES if Affirm's gross merchandise volume (GMV) in fiscal 2026 is strictly above the specified threshold (e.g., $50 billion), and to NO if it is at or below that threshold. Trading for the market concludes on August 27, 4:00 PM EDT. The maximum payout date for this market is November 24, 2026, and no special settlement conditions are detailed in the provided content.

## Market Discussion

Affirm reported a final gross merchandise volume (GMV) guidance range for fiscal year 2026 of $49.265 billion to $49.565 billion, as updated in their May 2026 earnings release [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://sg.finance.yahoo.com/news/affirm-q3-earnings-beat-strong-153700902.html)[[^]](https://www.crowdfundinsider.com/2026/05/277933-bnpl-fintech-affirm-reports-steady-yoy-revenue-growth-beats-earnings-estimates/). Analysts and traders largely focus on Affirm's potential for durable GMV growth, supported by the scaling of the Affirm Card, partnerships (including Google/Gemini), and the expansion of 'Affirm Edge' [[^]](https://www.dbs.com/content/article/pdf/US_clover/AFRM_US.pdf)[[^]](https://sg.finance.yahoo.com/news/affirm-q3-earnings-beat-strong-153700902.html)[[^]](https://www.crowdfundinsider.com/2026/05/277933-bnpl-fintech-affirm-reports-steady-yoy-revenue-growth-beats-earnings-estimates/). However, social media commentary is polarized, with some platforms showing bullish sentiment due to partnerships and earnings beats, while others express caution regarding long-term BNPL debt risks and competitive pressures [[^]](https://altindex.com/ticker/afrm/sentiment)[[^]](https://adanos.org/stocks/afrm/)[[^]](https://altindex.com/ticker/afrm/stocktwits-mentions)[[^]](https://lunarcrush.ai/topic/$afrm).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Above $48.5 billion | 95% | 99% | 0% | $0 | $0 |
| Above $49 billion | 94% | 99% | 0% | $0 | $0 |
| Above $49.5 billion | 84% | 92% | 0% | $0 | $0 |
| Above $50 billion | 38% | 46% | 0% | $0 | $0 |
| Above $50.5 billion | 3% | 11% | 0% | $0 | $0 |
| Above $51 billion | 1% | 5% | 0% | $0 | $0 |

## How does Affirm's projected GMV growth rate for fiscal 2026 compare to that of key competitors like Klarna and Block's Afterpay?

Affirm FY2026 Projected GMV Growth | 7.00%–7.60% [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-market-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-market-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-market-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008) |
Affirm FY2026 Official GMV Guidance | $49.27B–$49.57B [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-market-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-market-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-market-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008) |
Affirm Medium-Term GMV Goal | $100 billion annual GMV (analyst interpretation implies ~25% CAGR) [[^]](https://247wallst.com/investing/2026/05/14/mizuho-hikes-affirm-price-target-to-100-as-100-billion-gmv-goal-powers-bull-case/)[[^]](https://orply.com/articles/bloomberg-technology/affirm-seeing-real-scalable-growth-ceo-says-6a8d5b6d)[[^]](https://theaicronicle.com/en/news/companies/affirm-growth-agentic-commerce-100-billion-goal) |

**Affirm anticipates modest near-term GMV growth but targets long-term expansion**

Affirm anticipates modest near-term GMV growth but targets long-term expansion. Affirm's projected Gross Merchandise Volume (GMV) growth rate for fiscal year 2026 is approximately **7.00%**–**7.60%** [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-**market**-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-**market**-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-**market**-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008). This projection is based on the company's official guidance for FY2026 GMV, which is set in the range of **$49.27** billion to **$49.57** billion, implying this growth from a fiscal year 2026 starting point of **$46.00** billion [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-**market**-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-**market**-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-**market**-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008). While this near-term growth appears modest, it contrasts with Affirm’s longer-run framework that targets over **25.00%** annual GMV growth. A strategic goal for the medium term is to achieve **$100** billion in annual GMV, a target analysts interpret as a compound annual growth rate of approximately **25%** [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-**market**-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-**market**-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-**market**-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008)[[^]](https://247wallst.com/investing/2026/05/14/mizuho-hikes-affirm-price-target-to-100-as-100-billion-gmv-goal-powers-bull-case/)[[^]](https://orply.com/articles/bloomberg-technology/affirm-seeing-real-scalable-growth-ceo-says-6a8d5b6d)[[^]](https://theaicronicle.com/en/news/companies/affirm-growth-agentic-commerce-100-billion-goal). Affirm's strategy to reach its **$100** billion objective emphasizes categories with high average order values (AOV) and increasing card adoption [[^]](https://valueaddvc.com/blog/buy-now-pay-later-in-2026-klarna-affirm-and-whether-bnpl-actually-survived)[[^]](https://ecommerce-times.com/klarna-vs-affirm-in-2026-which-bnpl-giant-is-winning-ecommerce/).

Direct competitor GMV growth comparisons are unavailable for Klarna and Afterpay. A direct, like-for-like comparison of fiscal year 2026 GMV growth rates for key competitors such as Klarna or Block’s Afterpay is not feasible due to a lack of comparable projections in the available evidence [[^]](https://www.zacks.com/stock/news/2970441/affirm-holdings-afrm-registers-a-bigger-fall-than-the-**market**-important-facts-to-note?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_6v1-2970441)[[^]](https://www.zacks.com/stock/news/2963830/affirm-holdings-afrm-falls-more-steeply-than-broader-**market**-what-investors-need-to-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2963830)[[^]](https://www.zacks.com/commentary/2962210/best-growth-stocks-to-buy-for-july-28th?cid=CS-STOCKNEWSAPI-FT-zacks_1_rank_additions|growth_additions-2962210)[[^]](https://www.zacks.com/stock/news/2961886/is-affirm-holdings-afrm-a-buy-as-wall-street-analysts-look-optimistic?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|average_broker_rating-2961886)[[^]](https://www.zacks.com/stock/news/2958637/affirm-holdings-afrm-dips-more-than-broader-**market**-what-you-should-know?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_6v1-2958637)[[^]](https://www.zacks.com/stock/news/2957008/affirm-holdings-inc-afrm-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|most_searched_stocks_v1-2957008). However, estimates indicate that Klarna's annual GMV is expected to exceed **$100** billion by 2026, and Afterpay, operating within Block, is estimated to reach over **$30** billion [[^]](https://valueaddvc.com/blog/buy-now-pay-later-in-2026-klarna-affirm-and-whether-bnpl-actually-survived)[[^]](https://ecommerce-times.com/klarna-vs-affirm-in-2026-which-bnpl-giant-is-winning-ecommerce/). Unlike Affirm's focus on high-AOV categories, Klarna and Afterpay maintain strong **market** positions in segments like fashion, beauty, and mid-tier retail, often utilizing aggressive merchant acquisition and integration within broader ecosystems such as Cash App [[^]](https://valueaddvc.com/blog/buy-now-pay-later-in-2026-klarna-affirm-and-whether-bnpl-actually-survived)[[^]](https://ecommerce-times.com/klarna-vs-affirm-in-2026-which-bnpl-giant-is-winning-ecommerce/).

## What new major merchant partnerships or consumer product launches could materially impact Affirm's GMV in the final quarters of fiscal 2026?

Key Merchant Additions FY26 | Nordstrom, URBN, and Sleep Number, alongside Lowe's and Intuit scaling [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032294.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492) |
Expanded Partnership | Wayfair to the UK and Canada in February 2026 [[^]](https://investors.affirm.com/news-releases/news-release-details/affirm-and-wayfair-expand-partnership-uk-and-canada) |
International Growth Outlook FY26 | Not expected to be a material growth contributor [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html) |

**Affirm added key merchants and expanded existing partnerships for fiscal 2026**

Affirm added key merchants and expanded existing partnerships for fiscal 2026. For its fiscal year 2026, which concludes on June 30, 2026 [[^]](https://investors.affirm.com/news-releases/news-release-details/affirm-announce-fourth-quarter-fiscal-year-2026-results-august), Affirm has incorporated new merchant additions including Nordstrom, URBN, and Sleep Number [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032294.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492). Existing partnerships with Lowe's and Intuit are also continuing to scale [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032294.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492). Furthermore, Affirm expanded its partnership with Wayfair in February 2026, extending services to the UK and Canada [[^]](https://investors.affirm.com/news-releases/news-release-details/affirm-and-wayfair-expand-partnership-uk-and-canada).

International expansion is not expected to materially impact fiscal 2026 GMV. Despite these international partnership expansions, Affirm does not anticipate that international growth will be a material contributor to its overall growth during fiscal year 2026 [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). The provided information does not specify any other major new merchant partnerships or consumer product launches beyond those mentioned that are expected to significantly impact Affirm's Gross Merchandise Volume in the final quarters of fiscal 2026.

## What do Affirm's recent trends in active consumer and active merchant growth suggest about its potential to exceed the upper bound of its fiscal 2026 GMV guidance?

Fiscal 2026 GMV Guidance | $49.265 billion to $49.565 billion [[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290/)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html) |
Active Consumers (March 31, 2026) | 26.8 million [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://www.emarketer.com/content/affirm-card-juices-gmv-affirm-s-fiscal-q3-earnings) |
Active Merchants (March 31, 2026) | 515,000 [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://www.emarketer.com/content/affirm-card-juices-gmv-affirm-s-fiscal-q3-earnings) |

**Affirm projects substantial fiscal 2026 GMV guidance with strong user growth**

Affirm projects substantial fiscal 2026 GMV guidance with strong user growth. The company has issued fiscal 2026 gross merchandise volume (GMV) guidance, ranging from **$49.265** billion to **$49.565** billion [[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290/)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). As of March 31, 2026, Affirm reported a significant increase in its user base, with 26.8 million active consumers and 515,000 active merchants [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://www.emarketer.com/content/affirm-card-juices-gmv-affirm-s-fiscal-q3-earnings).

Affirm's user base and engagement show significant year-over-year growth. These figures represent a **22%** increase in active consumers and a **44%** increase in active merchants year-over-year [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://www.emarketer.com/content/affirm-card-juices-gmv-affirm-s-fiscal-q3-earnings). Consumer engagement also improved, as transactions per active consumer rose **20%** year-over-year to 6.7 in FQ3 2026 [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/e46edf13-36a1-4881-b95f-f73c1e836564). The accelerating growth in active merchants is primarily driven by two major wallet partnerships and the expansion of independent software vendor (ISV) partnerships [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/e46edf13-36a1-4881-b95f-f73c1e836564). Affirm recorded a profit in FQ3 2026, supported by **35%** GMV growth during that period [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). However, the provided information does not indicate whether these trends suggest the potential to exceed the upper bound of the fiscal 2026 GMV guidance.

## According to Affirm's fiscal 2026 SEC filings, what specific transactions are included in its Gross Merchandise Volume calculation?

GMV Definition | Total dollar amount of all transactions on Affirm platform, net of refunds [[^]](https://investors.affirm.com/static-files/f46585fa-a304-4f98-983e-bf29a65821ce)[[^]](https://investors.affirm.com/static-files/ed37c271-1f57-47fb-8c11-6fb3cb92b756) |
Included Transaction Type (Loans) | 0% APR monthly installment loans and interest-bearing monthly installment loans [[^]](https://www.tradingview.com/news/tradingview:9105378dfeed6:0-affirm-holdings-inc-sec-10-k-report/) |
Excluded Transaction Type | Debit transactions that are non-installment and not part of Pay in X [[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290) |

**Affirm's Gross Merchandise Volume calculates total platform transactions minus refunds**

Affirm's Gross Merchandise Volume calculates total platform transactions minus refunds.
Affirm's Gross Merchandise Volume (GMV) is determined by calculating the total dollar amount of all transactions executed on its platform within a specific period, from which refunds are then subtracted [[^]](https://investors.affirm.com/static-files/f46585fa-a304-4f98-983e-bf29a65821ce)[[^]](https://investors.affirm.com/static-files/ed37c271-1f57-47fb-8c11-6fb3cb92b756). This comprehensive calculation is designed to encompass a wide array of transaction types processed through the platform [[^]](https://www.tradingview.com/news/tradingview:9105378dfeed6:0-affirm-holdings-inc-sec-10-k-report/)[[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290)[[^]](https://investors.affirm.com/static-files/a34c56d7-9276-4eee-b3cb-55963d14f54b).

GMV includes diverse loan and payment plan options.
Specifically, the GMV incorporates loan transactions, covering both **0%** APR monthly installment loans and interest-bearing monthly installment loans [[^]](https://www.tradingview.com/news/tradingview:9105378dfeed6:0-affirm-holdings-inc-sec-10-k-report/). Also included are Pay in X transactions, which are short-term payment plans offering one to four **0%** APR installments [[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290). Additionally, amounts originating from Pay Now options or down payments made on loans contribute to the overall GMV [[^]](https://investors.affirm.com/static-files/a34c56d7-9276-4eee-b3cb-55963d14f54b). However, the GMV explicitly excludes debit transactions that are non-installment and do not fall under the Pay in X category [[^]](https://investors.affirm.com/static-files/9c3800a4-5f1d-4539-af8c-c9cb1fddc290).

## How might trends in US e-commerce sales and consumer credit health through late 2026 impact Affirm's ability to meet its GMV targets?

Affirm FY2026 GMV Target | $49.265 billion to $49.565 billion [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/5a0ae9e1-e495-4030-b115-b7d5a502e5e6)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobe-commerce-index-u-s-ecommerce-hits-1-4t-run-rate-as-ai-search-reshapes-discovery/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/) |
BNPL Usage (H1 2026) | 7.9% of transactions [[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobe-commerce-index-u-s-ecommerce-hits-1-4t-run-rate-as-ai-search-reshapes-discovery/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/) |
Projected Holiday Season Spending (Late 2026) | $240 billion [[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/)[[^]](https://partnercentric.com/blog/bnpl-industry-consumer-trends/) |

**Strong e-commerce growth and BNPL usage support Affirm's GMV targets**

Strong e-commerce growth and BNPL usage support Affirm's GMV targets. Affirm is poised to achieve its fiscal year 2026 Gross Merchandise Volume (GMV) targets, ranging from **$49.265** billion to **$49.565** billion, primarily due to strong growth in US e-commerce and increasing adoption of Buy Now, Pay Later (BNPL) services [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/5a0ae9e1-e495-4030-b115-b7d5a502e5e6)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). US e-commerce trends demonstrated significant expansion in the first half of 2026, with BNPL usage reaching **7.9%** of transactions [[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobe-commerce-index-u-s-ecommerce-hits-1-4t-run-rate-as-ai-search-reshapes-discovery/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/). Projections also indicate a record **$240** billion holiday season for late 2026, with BNPL increasingly applied to smaller, frequent purchases like groceries, thereby broadening its **market** reach [[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/)[[^]](https://partnercentric.com/blog/bnpl-industry-consumer-trends/)[[^]](https://www.youtube.com/watch?v=QgtMAlwQgTw).

Elevated delinquency rates indicate potential challenges in consumer credit health. Despite Affirm management stating these rates are within their expectations, early 2026 data shows an increase in 30-day delinquencies [[^]](https://partnercentric.com/blog/bnpl-industry-consumer-trends/)[[^]](https://www.emarketer.com/content/affirm-fiscal-q2-2026-earnings-affirm-card-zero-interest-promotion)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). While Affirm's consumer base generally remains healthy, the expansion of BNPL beyond high-ticket items into everyday purchases could shift the risk profile of its loan portfolio [[^]](https://partnercentric.com/blog/bnpl-industry-consumer-trends/)[[^]](https://www.emarketer.com/content/affirm-fiscal-q2-2026-earnings-affirm-card-zero-interest-promotion)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://ecommerce-times.com/adobe-commerce-report-q2-2026-u-s-e-commerce-hits-387b/)[[^]](https://ecommerce-times.com/adobes-2026-holiday-forecast-predicts-240b-in-u-s-online-sales/). This situation warrants careful consideration, even with a reported increase of over **6%** in overall credit and debit spending last month [[^]](https://www.youtube.com/watch?v=YI0dpetngPg)[[^]](https://www.youtube.com/watch?v=nsxJ1bJTnUY).

## What Could Change the Odds

**Affirm's fiscal year 2026 Gross Merchandise Volume (GMV) guidance is $49.265 billion to $49.565 billion [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html).** The latest FY2026 GMV guidance stands at **$49.27** billion to **$49.57** billion, representing an upward revision from prior outlooks, which included ranges such as **$48.30** billion to **$48.85** billion, more than **$47.50** billion, and more than **$46.00** billion [[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-005772/afrm-20260205.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=b414fe43e6410d9b528c3215f05ea7b2d61e8aed901a2fee2ae97254b14dcf72#page=2)[[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-032105/afrm-20260507.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=443cd6582c190c3fab25e8be8db580bce1f637c174a6c2ab6c5423cbc871571c#page=2). This increasing guidance suggests stronger transaction volume and heightened merchant and consumer demand, reflecting management **confidence** in execution [[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-005772/afrm-20260205.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=b414fe43e6410d9b528c3215f05ea7b2d61e8aed901a2fee2ae97254b14dcf72#page=2)[[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-032105/afrm-20260507.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=443cd6582c190c3fab25e8be8db580bce1f637c174a6c2ab6c5423cbc871571c#page=2). The fiscal Q4 2026 GMV guidance is **$13.15** billion to **$13.45** billion [[^]](https://www.sec.gov/Archives/edgar/data/1820953/000162828026032105/affirmfq326shareholderle.htm)[[^]](https://investors.affirm.com/static-files/161db208-bf7a-4ef8-8175-478506c32492)[[^]](https://last10k.com/sec-filings/afrm/0001628280-26-032105.htm)[[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html). This outlook is guidance only, as actual FY2026 GMV results are not yet available [[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-005772/afrm-20260205.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=b414fe43e6410d9b528c3215f05ea7b2d61e8aed901a2fee2ae97254b14dcf72#page=2)[[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-032105/afrm-20260507.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=443cd6582c190c3fab25e8be8db580bce1f637c174a6c2ab6c5423cbc871571c#page=2).

**Bullish catalysts include a 44% year-over-year increase in active merchants [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://www.tradingnews.com/news/affirm-price-forecast-afrm-holds-the-mid-80-s-usd-on-4-percent-rltc-margins).** Expansion of the Affirm Card, targeting 7.5 million users, presents another potential upside [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://www.tradingnews.com/news/affirm-price-forecast-afrm-holds-the-mid-80-s-usd-on-4-percent-rltc-margins). Growth within the Pay-in-X segment also contributes to the positive outlook [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://www.tradingnews.com/news/affirm-price-forecast-afrm-holds-the-mid-80-s-usd-on-4-percent-rltc-margins).

**Bearish risks center on credit quality concerns, specifically delinquency and allowance trends [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://www.tradingnews.com/news/affirm-price-forecast-afrm-holds-the-mid-80-s-usd-on-4-percent-rltc-margins).** Competitive channel risks, particularly from partnerships like Stripe/PayPal, also represent a challenge [[^]](https://www.stocktitan.net/sec-filings/AFRM/8-k-affirm-holdings-inc-reports-material-event-9ba73cefcecb.html)[[^]](https://www.tradingnews.com/news/affirm-price-forecast-afrm-holds-the-mid-80-s-usd-on-4-percent-rltc-margins). The available data does not include details on take rate, credit performance, or broader macroeconomic conditions that could impact the realization of current guidance [[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-005772/afrm-20260205.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=b414fe43e6410d9b528c3215f05ea7b2d61e8aed901a2fee2ae97254b14dcf72#page=2)[[^]](https://octagonai.co/files/sec-filings/1820953/0001628280-26-032105/afrm-20260507.pdf?response-content-disposition=inline&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=663e4f53311b0b0fa6c9e0c596c6bb4c%2F20260808%2Fus-east-**1%**2Fs3%2Faws4_request&X-Amz-Date=20260808T075202Z&X-Amz-Expires=604800&X-Amz-SignedHeaders=host&X-Amz-Signature=443cd6582c190c3fab25e8be8db580bce1f637c174a6c2ab6c5423cbc871571c#page=2).

## Key Dates & Catalysts

- **Expiration:** November 25, 2026
- **Closes:** November 25, 2026

## Decision-Flipping Events

- Affirm's fiscal year 2026 Gross Merchandise Volume (GMV) guidance is **$49.265** billion to **$49.565** billion [^] [^] [^] [^] .
- The latest FY2026 GMV guidance stands at **$49.27** billion to **$49.57** billion, representing an upward revision from prior outlooks, which included ranges such as **$48.30** billion to **$48.85** billion, more than **$47.50** billion, and more than **$46.00** billion [^] [^] .
- This increasing guidance suggests stronger transaction volume and heightened merchant and consumer demand, reflecting management **confidence** in execution [^] [^] .
- The fiscal Q4 2026 GMV guidance is **$13.15** billion to **$13.45** billion [^] [^] [^] [^] .

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