Affirm stock spiked on Thursday after the fintech comfortably beat Wall Street's quarterly estimates, accelerating its march toward an ambitious $100 billion goal by decade's end.

Revenue rose 33% to $1.2 billion in the three months ended June 30, edging past analysts' calls for $1.1 billion. This top-line growth wasn't the only item Wall Street was paying attention to.

Gross merchandise volume, a measure of all transactions processed on Affirm's platform within a specific period, jumped 36% to $14.1 billion. The number handily beat the $13.4 billion Wall Street had anticipated. Direct merchant point-of-sale integrations drove roughly half of that growth, with its direct-to-consumer business accounting for much of the remainder, according to the company.

Shares rallied 8.8% to $84.3 in after-hours trading Thursday.

Michael Linford, who was appointed company president Thursday after nearly two years as chief operating officer, described the latest results as a "home run."

"This is the 11th straight quarter where GMV is growing over 30%," Linford said in an interview with Barron's. "These are really healthy numbers, and then we drew a ton of operating leverage." GAAP operating margins grew 6% from last year to 12.6%.

The latest results were a breath of fresh air for nervous investors, as earnings from sector peers SoFi Technologies and Klarna Group failed to impress in recent weeks.

Fintech stocks have struggled this year as the boom-era hype of 2021 continues to fade. Affirm shares have gained a modest 4.1% in 2026, trailing the broader market, while SoFi and Klarna remain solidly in the red. SoFi is down 27% through Thursday's close, while Klarna has plunged nearly 52%.

That downward trend may be reversing. Ahead of Affirm's earnings release, Jefferies analyst John Hecht noted that fintech stocks have outperformed the broader market over the past month, rising an average of 6.7%, compared with a 3.2% gain for the S&P 500. He attributed the momentum to strong loan origination, product expansion, and surprisingly resilient consumer credit quality.

"There's a lot of mixed signals out there in retail and with the consumer right now, but I think ours is one of resiliency," Linford told Barron's. "You're seeing the combination of our product resonating with a wide set of consumers and merchants continuing to allow us to grow at a very quick clip. And then the consumer is financially healthy, able to stay current in their obligations."

Excluding Peloton and Pay in 4 loans, Affirm's 30-day delinquency rate rose 2.5% from last year, marking a deceleration from the 2.7% to 2.8% increases seen over the prior three quarters.

Linford framed the results as "really stable credit outcomes" that aligned with internal expectations for consumer repayment.

Founded in 2012 and publicly traded since 2021, Affirm has made the buy now, pay later industry its bread and butter. The company makes money primarily by charging transaction fees to partner merchants and earning interest on loans provided to shoppers.

CEO Max Levchin and executive leadership have repeatedly targeted $100 billion in GMV over the medium term, a benchmark analysts expect Affirm to reach by 2029.

For the current fiscal year, the company expects GMV to exceed $64 billion, outpacing consensus estimates of $63 billion.

"I love that number, because if you think about our last fiscal year, we just eclipsed $50 billion," Linford said. "You can do some math on how quickly we get to $100 billion, which is the goal."

Meanwhile, the company is doubling down on growth. On Thursday, Affirm unveiled a new team led by Pat Suh, former senior vice president of revenue, to guide its push into new markets.

The company separately announced it was partnering with longtime backer Shopify to launch to launch Shop Pay Installments in Australia. The product has become one of Shopify's most popular offerings across North America since debuting in 2021.

From Linford's perspective, the move represents more than an entry into a market where BNPL is already deeply integrated.

"Our largest partner, Shopify-who's a shareholder in the business, who's invested in our success-is once again pulling us into a new market," Linford said, nodding to the partners' U.K. expansion last year. "We really think there's an opportunity here to serve all the markets that Shopify is in."