Question · Q2 2026
Andrew Jeffery inquired about Affirm's growth dynamics, specifically the top five merchants' growth rate and their blending down as a concentration, asking if the business is truly widening out given strong new merchant adds and transactions per active user.
Answer
Max Levchin, Founder and CEO of Affirm Holdings, noted his focus on transactions per user and active consumers/merchants. Rob O'Hare, CFO of Affirm Holdings, clarified that the disclosed top five merchants for Q2 FY2026 differ from the prior year, influenced by a large merchant partner's transition, and affirmed satisfaction with GMV diversification.
Ask follow-up questions
Fintool can predict 
AFRM's earnings beat/miss a week before the call
