| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 27, 2026 | - | No flags | 0 | 0 | Call sheet → |
| Q3'26 | May 7, 2026 | 8/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q2'26 | February 5, 2026 | 8/12 | 2 medium, 6 low flags | 6 | 0 | Call sheet → |
| Q1'26 | November 6, 2025 | 11/12 | 1 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q4'25 | 2025-08-28 | 9/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Delivered | Would maintain revenue per employee efficiency metrics Claims still in 'NVIDIA territory' for revenue per employee productivity |
| Q3'26 | Delivered | 0% loan growth would continue across merchant programs Pay in X became fastest-growing segment, large programs moving to evergreen 0% offers |
| Q3'26 | Exceeded | AI development tools would drive efficiency gains Doubled agentic requests, delivered 'dozens of shippable features' in 48-hour hackathon |
| Q3'26 | Delivered | International expansion in UK would scale through Shopify and other partners Added Wayfair UK beta, Vimeo partnership, but overall impact downplayed |
| Q3'26 | Exceeded | Card would continue rapid growth trajectory 700k net adds exceeded prior pace, volume now 'billions' and material to business |
| Q3'26 | Delivered | Big Nothing events would get better and smarter with each iteration Management explicitly said 'we got smarter about targeting' and improved marketing execution |
| Q2'26 | Exceeded | 0% promotional expansion Big Nothing Days event successful, 0% deals up 190% on card |
| Q2'26 | Delivered | PSP partnership expansion Added Fiserv following FIS, multiple platform relationships scaling |
| Q2'26 | Delivered | Merchant diversification Active merchant growth accelerated to 42%, Other category now 15% of GMV |
| Q2'26 | Exceeded | Card growth acceleration 160% GMV growth and 121% active cardholder growth exceeded expectations |
| Q2'26 | Delivered | Continued international expansion Added Wayfair and Vimeo in UK, announced pipeline of US brands |
| Q2'26 | Exceeded | Amazon relationship extension discussions Delivered 5-year extension through 2031, longer than market expected |
| Q1'26 | Exceeded | AdaptAI rollout and merchant value demonstration 5% average GMV increase for deployed merchants, clear ROI case |
| Q1'26 | Delivered | Credit performance discipline regardless of macro Maintained consistent delinquency trends despite economic uncertainty |
| Q1'26 | Delivered | PSP partnership expansion Added Worldpay partnership, expanding payment processor integrations |
| Q1'26 | Delivered | International expansion progress UK testing launched with Shopify, moving from talk to execution |
| Q1'26 | Delivered | Card frequency and engagement improvements Card users now at $4,700 trailing 12 months vs $3,500 previously |
| Q1'26 | Delivered | Continuing to lean into 0% very heavily 0% merchant funding doubled YoY, ran promotional event, extended programs |
| Q4'25 | Pending | International Shopify partnership In beta testing but not fully launched |
| Q4'25 | Exceeded | 0% APR expansion Now 50% of new user acquisition, doubled merchant participation |
| Q4'25 | Delivered | Card growth and penetration Hit $1.2B volume with 10% attach rate |
| Q4'25 | Delivered | Continued credit discipline Credit performance remains stable despite growth acceleration |
| Q4'25 | Exceeded | UK expansion preparation Moved to friends-and-family testing phase ahead of schedule |
| Q4'25 | Delivered | AdaptAI rolling out to select merchants Now showing 5% GMV improvement, expanding deployment |
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