For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in our earnings supplement slide deck, which is available on our investor relations website. I know a lot of ink is being spilled elsewhere about what's going on in the capital markets. To, you know, a key part of the reason why you see funding costs down on the order of 125 basis points year-on-year. It's just really a reflection of the capital markets demand for our asset and our team's ability to execute despite quite a bit of economic volatility and headlines out there.
I noticed that, growth in the Pay-in-X has, you know, is your fastest-growing segment now. This is very tempting to turn this into a 15-minute answer in the finer points of software development, which I am personally invested and involved in. If you look at our revenue per employee, it is already hanging out in, like, NVIDIA territory. If you look at the revenue per employee, you'll see that we're just highly efficient.
I think we would expect to do more of the same in fiscal 2027, but I'll stop short of giving any sort of outlook or guidance for 2027 today. There could be a small drag on revenue less transaction costs as we enter these new markets. Is there anything that's working differently or stronger than it has been in the past as far as card customer acquisition goes? I think to the first part, there's a long list of things we have done and continue to do to just increase adoption.
| Metric | Period | Current guidance |
|---|---|---|
| GMV / revenue growth rate | Fiscal Q4 2026 | Incrementally more positive in the updated guide; Q4 growth not expected to be a ceiling into fiscal 2027 |
| International / new-market contribution | Fiscal 2026 | Not material; deep dive deferred to the Investor Forum |
| Agentic AI developer-tool spend | Fiscal Q4 2026 | Low single-digit millions per quarter, continuing; not a material P&L impact |
| Metric | YoY | Note |
|---|---|---|
| Active merchant count | +44% | Growth from large platform partners such as Shopify and PSPs plus the new Intuit program |
| Funding costs | -125 bps | Lower benchmark rates combined with spreads tightening on strong capital-markets demand for the asset |
| Transactions per active | >+20% | Network effects from more merchants signed and more consumers converting to higher-frequency Affirm Card use |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Affirm Card | ~900,000 card adds in the prior quarter | 700,000 adds this quarter to 4.4M cardholders (~17% attach, ~20% of actives); highest credit quality, most profitable and fastest-growing product, now in billions of GMV | — |
| Funding / capital markets | — | Market exceptionally constructive; three deals year-to-date (two revolving, one static priced), heavy oversubscription, forward-flow demand led by Sixth Street JV, pension funds and insurers rather than liquid retail vehicles | — |
| 0% APR / Pay-in-X | — | Fastest-growing segment; one large program moved to an evergreen 0% Pay-in-4 offer and Shopify volume keeps growing; all largest programs now use 0% | — |
| Agentic AI / engineering productivity | — | Roughly doubled agentic code requests; accretive to the bottom line, low single-digit millions per quarter cost, and explicitly no AI-related layoffs | — |
| Underwriting & credit moat | — | Framed as the least-understood advantage; sophisticated AI underwriting keeps RLTC above long-term targets while competitors stumble | — |
| International expansion & bank application | — | Investment underway but not material in FY26; bank charter conversation with regulators ongoing with nothing to share, product roadmap separate | — |