Affirm (AFRM) Q3 FY26 earnings call

This was a Q&A-only call: Max Levchin gave only brief opening remarks before turning immediately to analyst questions, and management repeatedly deferred substantive detail (international markets, Card roadmap, Adaptive Checkout, engagement decomposition) to the May 12 Investor Forum. The through-line was compounding scale — a doubling Card base, +44% merchant growth, and a funding market management called 'exceptionally constructive' with oversubscribed deals and tightening spreads — framed as the payoff of years of consistent underwriting rather than a one-off. Forward stance is confident bu