CompetitionThere are concerns about consumer credit health and competitive threats, particularly with Walmart moving to a competitor and new competition from Synchrony's BNPL product on Amazon.
Revenue OutlookRevenue yield outlook for F26 is ~8.4%, down from 8.8% in F25, primarily due to product mix.
Walmart ImpactThe removal of direct integration with Walmart is expected to impact Affirm's GMV, as Walmart GMV was previously 5% of the total.