Affirm Holdings reported fiscal fourth-quarter 2025 revenue of $876.4 million, a 33% year-on-year increase that exceeded consensus estimates of about $837 million. Earnings per share rose to $0.20 from a loss a year earlier and topped the $0.12 forecast, while gross merchandise volume jumped 43% to $10.4 billion. Net income reached $69.2 million compared with a $45.1 million loss in the prior-year period. For the current quarter, the buy-now-pay-later provider projected revenue of $855 million to $885 million and GMV of up to $10.4 billion. It expects fiscal-year 2026 GMV to surpass $46 billion, easing investor concerns about the recent loss of Walmart as a client. Chief Executive Officer Max Levchin cited resilient consumer spending, expanding partnerships with Amazon and Shopify, and rapid adoption of the Affirm Card as drivers of growth. The stronger-than-expected results sent Affirm shares up as much as 22% in early Friday trading after rising roughly 13% in Thursday’s after-hours session. Analysts responded quickly: Citizens JMP lifted its price target to $105 from $75, and RBC Capital raised its target to $97, pointing to sustained execution and operating leverage.