Analyst comments: "We maintain our Market Outperform rating as sustained execution, secular adoption, expanding operating leverage, and a stable consumer continue to drive better-than-expected growth. The company reported F4Q25 results that were once again characterized by exceptional and accelerating GMV growth (43% versus 36% in the third quarter) and better-than-expected top- and bottom-line results.
At a high level, we have no weaknesses to report to investors, whether assessing consumer demand, borrower profile, credit performance, product mix, merchant marketing spend, funding outlook, or operating leverage. We are typically reluctant to resort to the cliché of 'firing on all cylinders', yet the results and the company's initial FY26 (June) guidance point to this conclusion."
Analyst: David Scharf