Affirm vs Block

10-K Financial Filing Analysis for Affirm (2026-08-27)

Affirm Holdings, Inc. filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2026, highlighting sustained GMV growth and operational expansion across its Buy Now, Pay Later (BNPL) network. During fiscal year 2026, Affirm facilitated $50.2 billion in Gross Merchandise Volume (GMV), supported by an active merchant base of approximately 571,000 and strong consumer engagement averaging 7.0 transactions per active consumer (up 20% YoY). The platform demonstrated high consumer retention, with repeat consumers driving 96% of facilitated transactions. The report emphasizes Affirm's multi-channel distribution strategy, proprietary transaction-level machine learning underwriting, and capital funding diversification across warehouse facilities, securitizations, and forward-flow partnerships. Additionally, Affirm highlighted key strategic growth initiatives including international expansion into the U.K., Canada, and Australia, as well as the rollout of generative AI capabilities (AdaptAI) and direct app-embedded financing (Affirm Edge), while addressing ongoing regulatory scrutiny in BNPL credit frameworks across multiple jurisdictions.

• Facilitated total Gross Merchandise Volume (GMV) of $50.2 billion during the fiscal year ended June 30, 2026.
• Active merchant network expanded to approximately 571 thousand merchants as of June 30, 2026.
• Consumer engagement reached approximately 7.0 transactions per active consumer as of June 30, 2026 (a 20% increase YoY), with repeat consumers accounting for 96% of total platform transactions.

Affirm's AI Transformer Improves Underwriting for No-FICO Applicants

Affirm has deployed a new AI underwriting model, a transformer, at U.S. checkout. According to its engineering blog, the model achieves its largest gains—a 3.4% increase in completed purchases—among applicants with no FICO score. The improvement is driven primarily by Affirm's own repayment data, not new data sources. The headline result came from a narrower test than the press release suggests, focusing on applicants without a FICO score. The model integrates with Affirm's existing XGBoost stack. This development highlights the growing role of alternative data and AI in credit underwriting, potentially reshaping how lenders assess creditworthiness beyond traditional credit scoring.

• Affirm launched a new AI underwriting model using a transformer architecture.
• The model is live at U.S. checkout.
• The largest gains are seen among applicants with no FICO score.

Wolfe Upgrades Affirm to Outperform, Cites Structural Growth

Wolfe Research upgraded Affirm Holdings to outperform from peer perform, citing a compelling valuation after the stock slid about 8% since its fiscal Q4 earnings. Analyst Darrin Peller set a price target of $90, implying 26% upside. He highlighted Affirm's strong execution, market share gains, Affirm Card momentum, strong 0% APR trends, and opportunities in international expansion and vertical diversification. Peller also noted growth drivers like Affirm Edge and agentic commerce. The call aligns with Wall Street consensus, as 29 of 37 analysts rate the stock buy or strong buy.

• Wolfe Research upgraded Affirm to outperform from peer perform.
• Price target of $90 implies 26% upside from Friday's close.
• Affirm shares have slid roughly 8% since Aug. 27 earnings report.

Block Launches Its First Ever Bitcoin Consumer Advertising Campaign, Making the Case for Bitcoin as Everyday, Usable Money

Block launches its first-ever Bitcoin consumer advertising campaign, positioning Bitcoin as everyday usable money. This is the most recent news item on the page.

10-Q Financial Filing Analysis for Block (2026-08-05)

Block, Inc. reported its second-quarter 2026 financial results, achieving net revenue of $6.62 billion, representing a 9% increase year-over-year, driven by strength in Commerce Enablement ($3.34 billion, +15%) and Financial Solutions ($1.38 billion, +40%), which offset a 13% decline in Bitcoin ecosystem revenue ($1.89 billion). Consolidated gross profit rose 25% year-over-year to $3.17 billion, supported by 31% gross profit growth in Cash App ($1.97 billion) and 13% growth in Square ($1.16 billion). Operating income was $446.87 million, down slightly from $484.29 million in Q2 2025, while net income attributable to common stockholders fell to $88.52 million from $538.46 million, impacted by an $88.47 million bitcoin remeasurement loss and elevated legal/regulatory accruals, including a $526 million reserve regarding an ongoing Department of Justice investigation.

• Total net revenue reached $6.62 billion in Q2 2026 (+9% YoY), while total gross profit expanded 25% YoY to $3.17 billion, driven by Cash App and Square ecosystem growth.
• Gross Payment Volume (GPV) grew 12.2% YoY to $74.73 billion, while Adjusted Operating Income rose 57% to $863.85 million and Adjusted EBITDA reached $1.17 billion.
• Accrued a $526 million loss contingency in Q2 2026 related to ongoing settlement discussions with the U.S. Department of Justice (DOJ) regarding compliance and risk practices.

Visa Cash App Racing Bulls: Gen-Z Playbook for F1 Fans

The Visa Cash App Racing Bulls, Red Bull's junior Formula 1 team, is focusing on Generation Z to grow its fanbase and attract sponsors. Team principal Peter Bayer discusses the strategy in an OMR podcast, emphasizing young drivers and early adoption of platforms like TikTok and Snapchat. The team has seen significant fan growth and is a marketing vehicle for Red Bull, Hugo Boss, and Block's Cash App. Bayer's background in snowboarding and youth events informs his approach. The team's history includes being the least successful F1 team, but they have become a talent factory, producing drivers like Sebastian Vettel and Max Verstappen.

• Visa Cash App Racing Bulls targets Gen Z fans with a focus on young drivers and social media.
• Team principal Peter Bayer previously positioned snowboarding as a youth lifestyle for the snowboard association.
• The team is a marketing vehicle for Red Bull, Hugo Boss, and Block's Cash App.