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Insider Trading

Affirm Holdings Insider Sold Shares Worth $1,810,250, According to a Recent SEC Filing

Siphelele Jiyane, Chief Accounting Officer, on September 04, 2026, sold 25,000 shares in Affirm Holdings (AFRM) for $1,810,250. Following the Form 4 filing with the SEC, Jiyane has control over a total of 215,691 Class A common shares of the company, with 215,691 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1820953/000162828026061117/xslF345X05/wk-form4_1788984005.xml

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Research

Scotiabank Initiates Affirm Holdings at Sector Outperform

Affirm Holdings (AFRM) has an average rating of overweight and mean price target of $100.37, according to analysts polled by FactSet.

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Insider Trading

Affirm Holdings Insider Sold Shares Worth $7,130,502, According to a Recent SEC Filing

Michael Linford, Chief Operating Officer, on August 28, 2026, sold 79,219 shares in Affirm Holdings (AFRM) for $7,130,502. Following the Form 4 filing with the SEC, Linford has control over a total of 120,713 Class A common shares of the company, with 120,713 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1820953/000162828026059834/xslF345X05/wk-form4_1788293748.xml

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Sectors

Sector Update: Financial Stocks Advance Friday

Financial stocks rose Friday as the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each gained 0.4%.The Philadelphia Housing Index climbed 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 0.5%.Bitcoin (BTC-USD) fell 3.3% to $77,629, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.72%.In economic news, Federal Reserve Chair Kevin Warsh said the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."Separately, US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed. The main sentiment index fell 6.3% to 51.7 from July. The gauge for current economic conditions dropped to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5.In corporate news, Klarna (KLAR) shares rose 1.2% after a $9.95 million share purchase by CEO Sebastian Siemiatkowski.PayPal (PYPL) shares fell 13% after Bloomberg reported that Advent and Stripe abandoned their $50 billion takeover bid.Affirm (AFRM) shares rose 0.4%, paring earlier gains a day after the company reported a surge in fiscal Q4 earnings and sales and issued an upbeat fiscal Q1 sales outlook.UBS (UBS) raised 2 billion yuan ($297.5 million) via its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported. UBS shares rose 1%.

$AFRM$KLAR$PYPL$UBS
Sectors

Sector Update: Financial Stocks Advance Friday Afternoon

Financial stocks advanced in Friday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index was decreasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.Bitcoin (BTC-USD) was falling 3.1% to $77,812, and the yield for 10-year US Treasuries was rising 5.6 basis points to 4.728%.In economic news, Federal Reserve Chair Kevin Warsh said Friday that the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."Separately, US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday. The main sentiment index fell 6.3% sequentially to 51.7 this month. The gauge for current economic conditions decreased to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5, according to the survey.In corporate news, PayPal (PYPL) shares fell past 12% after Bloomberg reported Friday that Advent and Stripe have abandoned their $50 billion bid to buy the company.Affirm (AFRM) shares gained 4.7% after it reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.UBS (UBS) raised 2 billion yuan ($297.5 million) via its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported. UBS shares rose 0.9%.Iren (IREN) shares fell nearly 14% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.

$AFRM$IREN$PYPL$UBS
Wire

Affirm Seen Having Sustained Gross Merchandise Volume Growth, UBS Says

Affirm Holdings' (AFRM) Q1 gross merchandise volume guidance of about 30% growth and 2027 outlook for more than 27% growth indicate continued confidence in sustaining elevated growth at a larger scale, UBS said in a note Friday.The brokerage said opportunities in international markets, in-store adoption and e-commerce, could support stronger GMV and revenue less transaction costs growth. It noted Affirm Card GMV rose about 124% in Q4 to roughly $2.8 billion, while active cardholders reached about 5.2 million.UBS said funding capacity increased to about $30 billion in Q4 from $28.2 billion in Q3, supporting more than $70 billion in annual GMV. The brokerage also highlighted stable credit performance and lower funding costs.UBS maintained a neutral rating and raised its price target to $90 from $82.Price: $81.15, Change: $+3.66, Percent Change: +4.72%

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Wire

Affirm's Fiscal Q4 Provisions Due to Product, Funding Mix, Not Credit Deterioration, BofA Says

Affirm's (AFRM) provision density movements in fiscal Q4 were due to the loan product and funding mix rather than international exposure or deteriorating underlying credit, BofA Securities said Friday.According to management commentary on the earnings call, card growth remains fully organic with zero contribution from the Fiserv (FISV) bank issuance partnership, and fiscal 2027 gross merchandise value guidance was seen as a floor rather than a base case, with more conservatism incrementally incorporated into later year funding deals,BofA highlighted a set of growth vectors, including a potential bank charter, business-to-business relationships, UK long duration lending, and brand sponsored promotions, that were not included in guidance, according to the note.BofA kept a buy rating on Affirm and raised its price target to $104 from $93.Shares of Affirm rose 6.5% in Friday trading.Price: $83.09, Change: $+5.60, Percent Change: +7.23%

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Wire

Affirm Shows Unique Ability to Satisfy Stakeholders in BNPL Space, RBC Says

Affirm (AFRM) has a unique ability to satisfy its various stakeholders compared with other buy now, pay later, or BNPL operators, RBC Capital Markets analysts said in a Thursday note.The company can drive strong gross merchandise volume growth, maintain consistently high revenue less transaction costs margins, stabilize delinquencies, and improve funding costs, analysts said.RBC said that unlike other players in the space, Affirm's financial model supports a variety of offerings without charging penalties, and is therefore not reliant upon the safety net of late fees.Analysts said that while the United Kingdom market appears to show promise, it is not expected to materially contribute in the near-term.RBC retained a sector perform rating on the stock and increased its price target to $96 from $80.Price: $83.81, Change: $+6.32, Percent Change: +8.16%

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Affirm Continues to Stand Out From Peers in Buy Now, Pay Later Space, RBC Says
US Markets

Affirm Continues to Stand Out From Peers in Buy Now, Pay Later Space, RBC Says

Affirm (AFRM) continues to widen its lead over peers in the buy now, pay later space, RBC Capital Markets said in a client note following the company's latest quarterly results.On Thursday, the buy-now, pay-later service provider reported per-share earnings of $4.62 for the fiscal fourth quarter, up from $0.20 a year earlier. Revenue climbed 33% to $1.17 billion. Both metrics topped Wall Street's estimates.Gross merchandise volume, or GMV, jumped 36% to $14.1 billion in the fiscal fourth quarter, about 5% ahead of the market's forecast, according to RBC. For fiscal 2027, the company expects GMV of more than $64 billion. Revenue less transaction costs is pegged at around 4.16% of GMV for the fiscal year.RBC estimates Affirm to record GMV of $64.3 billion, revenue of $5.5 billion and revenue less transaction costs of $2.7 billion for fiscal 2027, up from its prior projections of $62 billion, $5.1 billion and $2.6 billion, respectively.Shares of Affirm rose 9% in Friday trading.The company's ability to drive GMV growth, stable take rates and improving funding costs, among other factors, indicate its unique ability to satisfy various stakeholders, including consumers, merchants and capital markets funding participants.Affirm's fourth-quarter results, full-year guidance and overall resilience of its consumer base show that there are several "points of distinction" between the company and other players in the BNPL space, RBC said.RBC has a sector perform rating on Affirm's stock and lifted its price target to $96 from $80.Last month, rival PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting second-quarter results above Wall Street's views.Price: $84.42, Change: $+6.93, Percent Change: +8.94%

$AFRM$PYPL
Wire

UBS Adjusts Price Target on Affirm Holdings to $90 From $82, Maintains Neutral Rating

Affirm Holdings (AFRM) has an average rating of overweight and mean price target of $99.18, according to analysts polled by FactSet.Price: $89.17, Change: $+11.68, Percent Change: +15.07%

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Sectors

Sector Update: Financial Stocks Mixed Pre-Bell Friday

Financial stocks were mixed pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) rose by 0.3%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% lower.PayPal (PYPL) fell as much as 14% after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company.Affirm (AFRM) shares were up more than 11% after the company reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.Iren (IREN) shares dropped 6% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.

$AFRM$FAS$FAZ$IREN$PYPL$XLF
Sectors

Sector Update: Financial

Financial stocks were steady pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) flat.The Direxion Daily Financial Bull 3X Shares (FAS) fell by 0.1%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was flat.Affirm (AFRM) shares were up more than 11% after the company reported overnight a surge in fiscal Q4 earnings and revenue, and issued an upbeat fiscal Q1 revenue outlook.

$AFRM$FAS$FAZ$XLF
Asia Markets

Update: US Equity Futures Mostly Flat Pre-Bell as Traders Await Fed Chair's Keynote Speech

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly flat pre-bell Friday as traders awaited a highly anticipated keynote speech from Federal Reserve Chair Kevin Warsh.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.Warsh is slated to speak at 10 am ET at the central bank's annual symposium in Jackson Hole, Wyoming, and traders will be looking for signals on where interest rates could go next.President Donald Trump on Thursday told reporters that the US is not talking to Iran. The US has turned to elevated economic pressure to force a reopening of the Strait of Hormuz and threatened Iran's trading partners. Iran's foreign ministry, in a letter published on Telegram, urged other countries not to implement US sanctions against it, calling the measures illegal.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.9% at $87.72 per barrel and US West Texas Intermediate crude 1% lower at $82.67 per barrel.The Chicago purchasing managers index for August, due at 9:45 am ET, is seen coming in at 57.9, up from its prior value of 57.6, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for August, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 51.0, unchanged from the prior period.In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.1% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Marvell Technology (MRVL) shares fell 7.7% after the company reported fiscal Q2 financial results late Thursday. PayPal (PYPL) stock was down more than 14% after Bloomberg reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company. Autodesk (ADSK) shares were down 4.8% after the company issued lower-than-expected Q3 adjusted EPS guidance.On the winning side, Gap (GAP) stock rose over 17% after the company lifted its fiscal 2026 adjusted earnings guidance. Affirm (AFRM) shares were more than 13% higher after the company reported an increase in fiscal Q4 earnings and sales in addition to issuing an upbeat fiscal Q1 sales outlook.

Dow JonesNasdaq CompositeS&P 500$ADSK$AFRM$GAP$MRVL$PYPL
Wire

Affirm Fiscal Q4 Earnings, Revenue Rise; Shares Gain After-Hours

Affirm Holdings (AFRM) reported fiscal Q4 net income late Thursday of $4.62 per diluted share, up from $0.20 a year earlierAnalysts polled by FactSet expected $0.35, if comparable.Revenue for the quarter ended June 30 was $1.17 billion, up from $876.4 million a year earlier.Analysts expected $1.11 billion.For fiscal Q1, the company expects revenue of $1.19 billion to $1.22 billion.Analysts are looking for $1.16 billion.Shares rose over 6% in after-hours activity.

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Affirm Poised for Slight Upside Amid Consumer Spending Strength, RBC Says
US Markets

Affirm Poised for Slight Upside Amid Consumer Spending Strength, RBC Says

Affirm (AFRM) is positioned to slightly beat fiscal fourth-quarter expectations amid resilient US consumer spending, RBC Capital Markets said in a client note e-mailed Monday.The buy-now, pay-later service provider is scheduled to release its latest results on Thursday. RBC is projecting fourth-quarter revenue of $1.11 billion and adjusted operating income of $314 million."We expect slight upside from (Affirm), given the resilience in consumer spending shown across the payments sector in (second-quarter) earnings, along with intra-quarter check-ins with the company suggesting continued strength in consumer demand and credit performance," RBC analysts Daniel Perlin and Matthew Inglis said in the report.Last month, PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting second-quarter results above Wall Street's views.Affirm's The Big Nothing event in May featured thousands of financing options at zero interest for eligible shoppers.That resulted in 35% sales growth compared with a similar event held in October, according to RBC."Amid the inflationary environment, we believe that the combination of pressure on consumers' cash flows with strong employment continues to bode well for Affirm's product offering and expect continued momentum into the (fiscal fourth-quarter) print," Perlin and Inglis wrote.RBC lowered Affirm's earnings-per-share estimates for 2026 and 2027, reflecting a higher tax rate. That drove its fiscal fourth-quarter EPS forecast to $0.36 from $0.38.Price: $76.78, Change: $-0.25, Percent Change: -0.32%

$AFRM$PYPL
Wire

Affirm to Deliver Strong Fiscal Q4, Driven by Buy Now, Pay Later Momentum, Oppenheimer Says

Affirm Holdings (AFRM) is positioned to deliver strong fiscal Q4 results, driven by solid Buy Now, Pay Later momentum and "a consistent track record of outperformance," Oppenheimer said Monday in a report.Although management is unlikely to guide fiscal 2027 significantly above its recent medium-term outlook for gross merchandise value growth of more than 25%, actual growth could be stronger, supported by steady expansion of Affirm Card usage, rising adoption of 0% annual percentage rate offers, strong active consumer growth, and resilient US consumer spending, the report said.Oppenheimer expects fiscal Q4 gross merchandise value growth of 30% to $13.5 billion, at the higher end of Affirm's outlook, and a 29% increase in revenue-less-transaction costs to $547 million, in line with Wall Street estimates. Amazon Prime Day should boost Q4 results while creating a tough comparison for Q1, the report said.Q4 results are due Thursday.Fiscal 2027 guidance may be conservative due to "ongoing macro uncertainty," the report said. Oppenheimer expects the company to outperform targets and deliver a series of "beat and raise" quarters through the fiscal year.Oppenheimer raised its price target on Affirm stock to $100 from $87 and maintained its outperform rating.Price: $77.39, Change: $+0.36, Percent Change: +0.47%

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Fintech, Payments Firms Outperform Expectations Amid Solid Consumer Spending, RBC Says
US Markets

Fintech, Payments Firms Outperform Expectations Amid Solid Consumer Spending, RBC Says

Financial technology and payments companies outperformed quarterly estimates as consumer spending turned out to be better than expected, though the Middle East conflict weighed on certain guides, RBC Capital Markets said in a note emailed Thursday.The average revenue beat relative to consensus was 1.3% for 18 fintech and payments firms, with a 2.3% beat on earnings per share, according to the note. Twelve companies topped estimates, while three delivered a miss."Consumer spending data from the payments universe was broadly positive for the US in (the second quarter), with the card networks reporting their strongest domestic volumes in years," RBC analyst Daniel Perlin said.Payments giants Visa (V) and Mastercard (MA) reported annual volume gains in the most recent quarter, alongside an increase in PayPal's (PYPL) US total payment volume, according to the RBC note.The Iran war continued to weigh on several companies as the associated travel disruption persisted for longer than expected, Perlin wrote.Global Payments (GPN), which processes for 12 of the largest Middle Eastern airlines, was the most affected, while Shift4 Payments (FOUR) forecast a $25 million headwind for the third quarter. Visa said the impact moderated through the second quarter, though its rest-of-year guidance assumes current levels of disruption persist, RBC said.Mastercard, however, saw cross-border travel improve as the second quarter progressed.Factors such as tariff refunds, a lower tax rate and comparison issues create "some messiness" in the setup for the second half of the year, the brokerage said."A common guidance theme across the group was the expectation of (second half) acceleration, for various reasons such as the normalization of one-time items, the onboarding of newly signed contracts, the lapping of elevated prior-year non-recurring revenues, the deployment of cost synergies, and incremental contributions from (artificial intelligence)-driven efficiency programs," Perlin wrote.RBC highlighted Broadridge Financial Solutions (BR), Flywire (FLYW), Mastercard, Visa, SS&C Technologies (SSNC), and Block (XYZ) as best positioned post earnings.Buy-now-pay-later provider Affirm Holdings (AFRM), Jack Henry & Associates (JKHY), PicS (PICS), and Wealthfront (WLTH) are yet to report results.Price: $59.56, Change: $+0.36, Percent Change: +0.61%

$AFRM$BR$FLYW$FOUR$GPN$JKHY$MA$PICS$PYPL$SSNC$V$WLTH$XYZ
Research

Bernstein Initiates Affirm Holdings at Outperform

Affirm Holdings (AFRM) has an average rating of overweight and mean price target of $93.43, according to analysts polled by FactSet.

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Sectors

Sector Update: Energy Stocks Edge Higher Pre-Bell Friday

Financial stocks were edging higher pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Wise Group (WSE) shares were up 3.8% after the company reported higher fiscal 2026 net revenue.Affirm (AFRM) has increased the size of its revolving credit facility to $675 million from $330 million and extended the maturity by two years, according to a regulatory filing. Affirm stock was down 1.8% premarket.American Express' (AXP) 2026 Dodd-Frank Act Stress Test results show the company will maintain its current stress capital buffer requirement of 2.5%, the regulatory minimum, through Sept. 30, 2027, the company said. Shares of American Express were in positive territory pre-bell.

$AFRM$AXP$FAS$FAZ$WSE$XLF
Wire

Affirm Partners With Backcountry to Provide Flexible Payment Services

Affirm (AFRM) has partnered with Backcountry to offer its flexible payment services to customers of the outdoor gear and apparel retailer, the company said Thursday.Eligible shoppers at Backcountry and its brands can now select Affirm at online checkout, according to a statement.Price: $76.68, Change: $-0.98, Percent Change: -1.26%

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