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SoFi Reports First Quarter 2026 with Record Net Revenue of $1.1 Billion, Record Member and Product Growth, Net Income of $167 Million

SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, everything app for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its first quarter ended March 31, 2026.

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This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260429863975/en/

Note: For additional information on our company metrics, including the definitions of

Note: For additional information on our company metrics, including the definitions of "Members", "Total Products" and "Technology Platform Total Accounts", see Table 6 in the “Financial Tables” herein. New member and new product addition metrics for the relevant period reflect actual growth or declines in members and products that occurred in that period whereas the total number of members and products reflects not only the growth or decline of each metric in the current period but also additions or deletions due to prior period factors, if any. (1) The company includes SoFi accounts on the Galileo platform-as-a-service in its total Technology Platform accounts metric to better align with the presentation of Technology Platform segment revenue.

“We had an excellent Q1 delivering another quarter of durable growth and strong returns, fueled by our relentless focus on innovation and brand building. Members grew 35% and products increased 39%, with 43% of new products coming from existing members, as more people choose SoFi as their trusted partner for major financial decisions and all the days in between,” said Anthony Noto, CEO of SoFi. “Our strategic entry into new areas like digital assets alongside the strong growth in our existing businesses are strengthening and diversifying our platform. That allows us to keep investing in better products and experiences for our members and clients and powering our compounding growth and strong returns over the long-term.”

Consolidated Results Summary

 

Three Months Ended
March 31,

 

% Change

($ in thousands, except per share amounts)

 

2026

 

2025

 

Consolidated GAAP

 

 

 

 

 

 

Total net revenue

 

1,100,368

 

 

771,759

 

 

43

Net income

 

 

166,731

 

 

 

71,116

 

 

134

Net income attributable to common stockholders – diluted

 

 

167,075

 

 

 

71,455

 

 

134

Earnings per share attributable to common stockholders – diluted

 

0.12

 

 

0.06

 

 

100

Consolidated Non-GAAP(1)

 

 

 

 

 

 

Adjusted net revenue

 

1,087,232

 

 

770,720

 

 

41

Adjusted EBITDA

 

 

339,901

 

 

 

210,337

 

 

62

Adjusted net income

 

 

166,731

 

 

 

71,116

 

 

134

Adjusted net income attributable to common stockholders – diluted

 

 

167,075

 

 

 

71,455

 

 

134

Adjusted earnings per share – diluted

 

0.12

 

 

0.06

 

 

100

____________________

(1)

For more information and reconciliations of these non-GAAP measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Product Highlights

  • Delivering Consistent Growth with Record New Members and Products. SoFi added a record 1.1 million new members in the first quarter to 14.7 million total members, a 35% increase year-over-year – marking the third consecutive quarter of 35% growth in members. SoFi also added a record 1.8 million products, up 39% from the prior year to 22.2 million products, and accelerated cross-buy to 43%.
  • Accelerating Revenue Growth and Increasing Profitability Over the Long-Term. Adjusted net revenue beat expectations, reaching $1.1 billion in the first quarter, up 41% year-over-year. Adjusted EBITDA was $340 million, up 62% year-over-year. SoFi delivered an 18th consecutive quarter of exceeding the Rule of 40, with a score of 72% demonstrating the strength of its diversified business and solid execution.
  • Advancing Digital Asset Infrastructure. In the first quarter, SoFi began minting SoFiUSD, its U.S. dollar reserved stablecoin, as well as developing settlement capabilities and supporting interoperability between digital assets and fiat currencies through partners like Mastercard, which will enable SoFiUSD settlement across global payments networks. SoFi also launched Big Business Banking, extending its platform to enterprise clients and further diversifying its infrastructure capabilities.
  • Accelerating Innovation Across the Business: Continuous product innovation helped drive strong results, including record brokerage fee revenue, which more than doubled over the past year. In April, SoFi relaunched SoFi Plus with enhanced benefits, including a 4.5% APY on deposits up to $20,000 and a 1% match on SoFi Invest and crypto purchases. To streamline loan application process, SoFi rolled out the Personal Loan Doc Coach powered by AI, and introduced a seamless, end-to-end Home Equity Line of Credit experience directly on the platform.
  • Achieving Record Loan Originations. Total originations reached a record of $12.2 billion, up nearly $1.7 billion from last quarter with record performance across all three lending segments. Personal Loan originations reached a record $8.3 billion; Student Loan originations were a record $2.6 billion, up 2.2x year-over-year, and home loan originations were $1.2 billion, up nearly 2.4x year-over-year. Loan Platform Business originations were up 90% year-over-year, and this quarter an additional $3.6 billion of commitments were added with three new partners.
  • Delivering Strong and Consistent Credit Performance. Credit remained strong, performing in line with expectations and driving attractive returns across all loan types. Personal loan annualized net charge offs decreased 28 basis points year-over-year.
  • Strengthening Brand Awareness and Trust. Unaided brand awareness reached an all-time high of 10%. SoFi ranked #1 in the J.D. Power 2026 U.S. Investor Satisfaction Study for DIY investing and was named the #1 U.S. Bank in Forbes’ World’s Best Banks list – reinforcing SoFi's position as a trusted household name.

Consolidated Results

SoFi reported a number of record financial achievements. For the first quarter of 2026, record GAAP net revenue of $1.1 billion increased 43% relative to the prior-year period's $771.8 million. Record adjusted net revenue of $1.1 billion grew 41% from the corresponding prior-year period of $770.7 million.

For the first quarter of 2026, total fee-based revenue reached $386.8 million, a year-over-year increase of 23%. This was driven by strong contributions from our Loan Platform Business, as well as referral fee revenue, interchange fee revenue and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $503.6 million of net revenue, an increase of 24% from the prior year period.

Net interest income of $693.0 million for the first quarter was up 39% year-over-year. This was driven by a 41% increase in average interest-earning assets and a 48 basis point decrease in cost of funds, partially offset by a 63 basis point decrease in average asset yields year-over-year. For the first quarter, net interest margin of 5.94% increased 22 basis points from the prior quarter.

During the quarter, average total deposits comprised over 90% of average total liabilities. The average rate paid on deposits in the first quarter was 155 basis points lower than that paid on warehouse facilities, which translates to approximately $621.8 million of annualized interest expense savings due to the successful remixing of our funding base.

First quarter record adjusted EBITDA of $339.9 million increased 62% from the prior year period's $210.3 million. This represents an adjusted EBITDA margin of 31%.

SoFi reported its tenth consecutive quarter of GAAP profitability. For the first quarter of 2026, GAAP net income reached $166.7 million and diluted earnings per share reached $0.12.

Equity grew by $322.1 million during the quarter to $10.8 billion and $8.44 of book value per share. Tangible book value grew by $336.3 million during the quarter, ending the period at $9.2 billion. Tangible book value per share was $7.21 at quarter-end, up from $4.58 per share in the prior year period, and up 57% year-over-year.

Member and Product Growth

Continued growth in both total members and products in the first quarter is the result of our continued investments in innovation and brand building and reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.

SoFi added a record 1,055,000 members in the first quarter of 2026, bringing total members to 14.7 million, up 35% from 10.9 million at the end of the same prior year period.

SoFi also achieved record product additions of 1.8 million in the first quarter of 2026, bringing total products to nearly 22.2 million, up 39% from 15.9 million at the end of the same prior year period.

Financial Services products increased by 40% year-over-year to 19.3 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 89% of our total product growth.

Lending products increased by 33% year-over-year to 2.8 million, driven by continued demand for personal, student, and home loan products.

Technology Platform enabled accounts decreased 16% year-over-year to 133 million, including the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Technology Platform enabled accounts increased 4 million from the prior quarter.

Financial Services Segment Results

For the first quarter of 2026, Financial Services segment net revenue of $428.5 million increased 41% from the prior year period. Noninterest income of $200.8 million increased 55% year-over-year. Net interest income of $227.7 million increased 31% year-over-year, primarily driven by growth in consumer deposits.

In the first quarter, SoFi's Loan Platform Business added $140.8 million to our consolidated adjusted net revenue. Of this, $138.3 million was driven by $3.0 billion of personal loans originated on behalf of third parties as well as referrals to third parties.

In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue in the first quarter, up 54% year-over-year, as a result of nearly $25 billion in total annualized spend in the quarter across SoFi Money and Credit Card.

Contribution profit for the first quarter of 2026 reached $195.6 million, a $47.3 million improvement over the prior year period, while contribution margin declined 3 percentage points year-over-year to 46%.

Financial Services – Segment Results of Operations

 

 

Three Months Ended
March 31,

 

 

($ in thousands)

 

2026

 

2025

 

% Change

Net interest income

 

227,740

 

 

173,199

 

 

31

Noninterest income

 

 

200,803

 

 

 

129,920

 

 

55

Total net revenue – Financial Services

 

 

428,543

 

 

 

303,119

 

 

41

Provision for credit losses

 

 

(8,890

 

 

(5,639

 

58

Directly attributable expenses

 

 

(224,069

 

 

(149,148

 

50

Contribution profit – Financial Services

 

195,584

 

 

148,332

 

 

32

Contribution margin – Financial Services(1)

 

 

46

 

 

49

 

 

____________________

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

By continuously innovating with new and relevant offerings, features and rewards for members, SoFi grew total Financial Services products by 5.5 million, or 40%, year-over-year, bringing the total to 19.3 million at quarter-end. SoFi Money reached 7.3 million products, Relay reached 7.3 million products and SoFi Invest reached 3.7 million products by the end of the first quarter.

In the first quarter of 2026, total deposits grew $2.7 billion to $40.2 billion, driven primarily by member deposits.

​Financial Services – Products

 

March 31,

 

 

 

 

2026

 

2025

 

% Change

Money(1)

 

7,319,872

 

 

5,477,472

 

 

34

Invest(2)

 

3,672,884

 

 

2,684,658

 

 

37

Credit Card

 

436,184

 

 

306,106

 

 

42

Referred loans(3)

 

162,485

 

 

102,986

 

 

58

Crypto(4)

 

239,509

 

 

 

 

n/m

 

At Work

 

176,142

 

 

119,886

 

 

47

Relay

 

7,320,718

 

 

5,094,484

 

 

44

Total financial services products

 

19,327,794

 

 

13,785,592

 

 

40

____________________

(1)

Includes checking and savings accounts held at SoFi Bank, and cash management accounts.

(2)

Beginning in the first quarter of 2026, we updated our SoFi Invest product metric to reflect four products. Prior to this, our SoFi Invest service was composed of two products, self-directed accounts and robo-advisory accounts. Self-directed accounts were previously referred to as active investing accounts. The impact to prior periods was determined to be immaterial, and prior periods were not recast.

(3)

Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.

(4)

During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto.

Technology Platform Segment Results

Technology Platform segment net revenue of $75.1 million for the first quarter of 2026 decreased 27% year-over-year. This includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Contribution profit of $12.0 million reflected a contribution margin of 16%.

Technology Platform – Segment Results of Operations

 

 

Three Months Ended
March 31,

 

 

($ in thousands)

 

2026

 

2025

 

% Change

Net interest income

 

355

 

 

413

 

 

(14

Noninterest income

 

 

74,731

 

 

 

103,014

 

 

(27

Total net revenue – Technology Platform

 

 

75,086

 

 

 

103,427

 

 

(27

Directly attributable expenses

 

 

(63,087

 

 

(72,514

 

(13

Contribution profit

 

11,999

 

 

30,913

 

 

(61

Contribution margin – Technology Platform(1)

 

 

16

 

 

30

 

 

____________________

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

Technology Platform enabled accounts decreased 16% year-over-year to 133 million, including the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Technology Platform enabled accounts increased 4 million from the prior quarter.

In 2026, we will be launching a new unified brand, SoFi Technology Solutions, offering enterprise clients products and services across a total of four platform businesses: Processing, Banking Core Ledgers & Services, Payment Hub, and Risk & Fraud.

​Technology Platform

 

March 31,

 

 

 

 

2026

 

2025

 

% Change

Total accounts

 

132,874,105

 

 

158,432,347

 

 

(16

Lending Segment Results

For the first quarter of 2026, Lending segment GAAP net revenue of $642.4 million increased 55% from the prior year period, while adjusted net revenue for the segment of $629.3 million increased 53% from the prior year period.

Lending segment performance in the first quarter was driven by net interest income, which rose 39% year-over-year, primarily driven by growth in average loan balances of 40%.

Lending segment first quarter contribution profit of $382.4 million was up 60% from $238.9 million in the corresponding prior-year period. Lending segment adjusted contribution margin was strong at 61%. This strong performance reflects our ability to capitalize on continued strong demand for our lending products.

​Lending – Segment Results of Operations

 

 

 

Three Months Ended
March 31,

 

 

($ in thousands)

 

2026

 

2025

 

% Change

Net interest income

 

500,231

 

 

360,621

 

 

39

Noninterest income

 

 

142,189

 

 

 

52,752

 

 

170

Total net revenue – Lending

 

 

642,420

 

 

 

413,373

 

 

55

Servicing rights – change in valuation inputs or assumptions

 

 

(13,163

 

 

(1,074

 

n/m

 

Residual interests classified as debt – change in valuation inputs or assumptions

 

 

27

 

 

 

35

 

 

(23

Directly attributable expenses

 

 

(246,898

 

 

(173,399

 

42

Contribution profit – Lending

 

382,386

 

 

238,935

 

 

60

Contribution margin – Lending(1)

 

 

60

 

 

58

 

 

 

 

 

 

 

 

 

Adjusted net revenue – Lending (non-GAAP)(2)

 

629,284

 

 

412,334

 

 

53

Adjusted contribution margin – Lending (non-GAAP)(2)

 

 

61

 

 

58

 

 

____________________

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

(2)

For more information and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Lending – Loans At Fair Value

 

($ in thousands)

Personal Loans

 

Student Loans

 

Home Loans

 

Total

March 31, 2026

 

 

 

 

 

 

 

Unpaid principal

22,317,947

 

 

14,510,630

 

 

1,562,339

 

 

38,390,916

 

Accumulated interest

 

161,450

 

 

 

69,285

 

 

 

6,945

 

 

 

237,680

 

Cumulative fair value adjustments(1)

 

1,203,024

 

 

 

756,905

 

 

 

78,724

 

 

 

2,038,653

 

Total fair value of loans(2)(3)

23,682,421

 

 

15,336,820

 

 

1,648,008

 

 

40,667,249

 

December 31, 2025

 

 

 

 

 

 

 

Unpaid principal

20,243,217

 

 

12,875,440

 

 

1,133,329

 

 

34,251,986

 

Accumulated interest

 

151,079

 

 

 

58,277

 

 

 

4,888

 

 

 

214,244

 

Cumulative fair value adjustments(1)

 

1,146,372

 

 

 

723,861

 

 

 

66,898

 

 

 

1,937,131

 

Total fair value of loans(2)(3)

21,540,668

 

 

13,657,578

 

 

1,205,115

 

 

36,403,361

 

____________________

(1)

During the three months ended March 31, 2026, the cumulative fair value adjustments for personal loans were impacted by a higher unpaid principal balance and a lower weighted average conditional prepayment rate, partially offset by a higher weighted average discount rate, lower weighted average coupon, and a higher weighted average annual default rate. The higher discount rate was primarily driven by a 31 basis point increase in benchmark rates. The cumulative fair value adjustments for student loans were impacted by a higher unpaid principal balance, higher weighted average coupon, and a lower weighted average conditional prepayment rate, partially offset by a higher weighted average discount rate and higher weighted average default rate.

(2)

Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.

(3)

Student loans are classified as loans held for investment, and personal loans and home loans are classified as loans held for sale.

The following table summarizes the significant inputs to the fair value model for personal and student loans:

 

Personal Loans

 

Student Loans

 

March 31,
2026

 

December 31,
2025

 

March 31,
2026

 

December 31,
2025

Weighted average coupon rate(1)

12.96

 

13.11

 

5.91

 

5.87

Weighted average annual default rate

4.57

 

4.46

 

0.69

 

0.68

Weighted average conditional prepayment rate

25.55

 

26.87

 

11.15

 

11.21

Weighted average discount rate

4.61

 

4.46

 

4.05

 

3.89

Benchmark rate(2)

3.62

 

3.31

 

3.59

 

3.40

____________________

(1)

Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.

(2)

Corresponds with two-year SOFR for personal loans, and four-year SOFR for student loans.

For the first quarter of 2026, record origination volume of $12.2 billion increased 68% year-over-year. This was a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners.

Record personal loan originations of $8.3 billion in the first quarter of 2026 were up 51% year-over-year, inclusive of $3.0 billion originated on behalf of third parties through our Loan Platform Business. SoFi's multichannel strategy continues to allow us to serve more members and provide revenue diversification.

First quarter student loan volume of $2.6 billion was up 119% year-over-year. This marked the highest quarter of student loan originations in SoFi's history.

Home loan volume was $1.2 billion, an increase of 137% year-over-year. Home equity loan originations were strong during the first quarter, accounting for nearly one-third of total home loan volume.

Capital markets activity in the first quarter of 2026 was strong. Overall, SoFi sold, or transferred through our Loan Platform Business, more than $3.8 billion in total of personal loans and home loans. In terms of home loan sales, we closed $763.9 million at a blended execution of 102.1%.

SoFi executed a $919 million co-contributor securitization of loans previously originated through our Loan Platform Business. This was the fifth securitization of new collateral under our SoFi Consumer Loan Program (SCLP) since 2021 using collateral originated in the Loan Platform Business. Importantly, this channel provides our partners with meaningful liquidity to support their ongoing investment in the Loan Platform Business. The transaction priced at industry-leading cost-of-funds levels, with a weighted average spread of 86 basis points.

Credit performance for personal loans remained strong in the first quarter, in-line with expectations. Excluding the impact of late stage delinquent loan sales, it is estimated that, including recoveries, the all-in annualized net charge-off rate for personal loans would have been approximately 4.4% which was consistent with the prior quarter.

The personal loan annualized charge-off rate decreased 28 basis points year-over-year to 3.03%; this includes the impact of asset sales, new originations and delinquency sales in the quarter. The annualized charge-off rate increased from 2.80% in the prior quarter. This was primarily a function of maintaining consistent delinquent loan sales as the balance sheet has grown. The student loan annualized charge-off rate decreased to 65 basis points from 76 basis points in the prior quarter.

The on-balance sheet 90-day delinquency rates for both personal loans and student loans were consistent with the prior year.

The data continues to support a 7–8% maximum cumulative net loss assumption for personal loans, in line with SoFi's underwriting tolerance.

Recent vintages, originated from the fourth quarter of 2022 to second quarter of 2025, have net cumulative losses of 4.64%, with 36% unpaid principal balance remaining. This is well below the 6.32% observed at the same point in time for the 2017 vintage which is the last vintage that approached our 7-8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve improved by 9 basis points, after improving 8 basis points last quarter, demonstrating continued improvement.

Additionally, of the first quarter of 2020 through the fourth quarter of 2025 originations, 61% of principal has already been paid down, with 6.8% in net cumulative losses. Therefore, for life-of-loan losses on this entire cohort of loans to reach 8%, the charge-off rate on the remaining 40% of unpaid principal would need to be approximately 10%. This would be well above past levels, providing us further confidence in achieving loss rates below our 8% tolerance.

​Lending – Originations and Average Balances

 

 

 

Three Months Ended
March 31,

 

% Change

 

 

2026

 

2025

 

Origination volume ($ in thousands, during period)

 

 

 

 

 

 

Personal loans(1)

 

8,340,249

 

 

5,536,841

 

 

51

Student loans

 

 

2,613,708

 

 

 

1,191,463

 

 

119

Home loans

 

 

1,224,674

 

 

 

517,758

 

 

137

Total

 

12,178,631

 

 

7,246,062

 

 

68

Average loan balance ($, as of period end)(2)

 

 

 

 

 

 

Personal loans

 

25,673

 

 

25,598

 

 

Student loans

 

 

44,663

 

 

 

43,103

 

 

4

Home loans

 

 

238,235

 

 

 

268,674

 

 

(11

____________________

(1)

Inclusive of origination volume related to our Loan Platform Business.

(2)

Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on our balance sheet, as well as transferred loans and referred loans with which SoFi has continuing involvement through our servicing agreements.

​Lending – Products

 

March 31,

 

 

 

 

2026

 

2025

 

% Change

Personal loans(1)

 

2,100,366

 

 

1,507,344

 

 

39

Student loans

 

672,407

 

 

583,914

 

 

15

Home loans

 

58,579

 

 

38,575

 

 

52

Total lending products

 

2,831,352

 

 

2,129,833

 

 

33

____________________

(1)

Includes loans which we originate as part of our Loan Platform Business.

Guidance and Outlook

In the second quarter of 2026, management expects to deliver adjusted net revenue growth of approximately 30%, an adjusted EBITDA margin of approximately 30%, and an adjusted net income margin of approximately 12% -13%.

For the full year, management maintains its strong outlook. For 2026, management expects to increase total members by at least 30% year-over-year. Management also expects to deliver adjusted net revenue of approximately $4.655 billion which implies approximately 30% annual revenue growth. Management expects adjusted EBITDA of approximately $1.6 billion, which equates to an annual EBITDA margin of approximately 34%. Management expects adjusted net income of approximately $825 million, which equates to a margin of approximately 18%. Lastly, management expects adjusted EPS of approximately 60 cents per share.

Management will further address guidance on the quarterly earnings conference call. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures. This is because the company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

Earnings Webcast

SoFi’s executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for the second quarter of 2026 and full year 2026 adjusted net revenue, annual growth rate, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, and new members, our expectations regarding launching a unified brand across four technology platform businesses, our expectations regarding settlement of our 2026 convertible notes, our expectations regarding the revenue diversification benefits of our multichannel personal loan origination and sale strategy, our expectations regarding our ability to continue to grow our business, deliver superior financial returns, build our brand and launch new business lines and products, our ability to continue to drive momentum, deepen member engagement, and increase cross-buy, our expectations regarding the size of our market opportunity, our ability to continue to attract and execute deals, our ability to continue to improve our financials and increase our member, product and total accounts count, our ability to achieve diversified and more durable growth, including our ability to continue to grow our Loan Platform Business, our ability to continue the momentum seen in prior financial periods, our ability to have loss rates below 8%, our ability to navigate the macroeconomic, geopolitical and regulatory environment, any changes in demand for our products, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “achieve”, “believe”, “continue”, “expect”, “capable”, “future”, “growth”, “may”, “opportunity”, “plan”, “potential”, “strategy”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and our ability to respond and adapt to changing market and economic conditions, including economic downturns, fluctuating inflation and interest rates, and volatility from macroeconomic, global, and political events, including announced or planned tariffs; (ii) our ability to maintain net income profitability, continue to increase fee-based revenue streams, continue to grow across our segments in the future, as well as our ability to meet our guidance; (iii) the impact on our business of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment; (iv) our ability to realize the benefits of being a bank holding company and operating SoFi Bank, including continuing to grow high quality deposits and our rewards program for members; (v) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (vi) our ability to vertically integrate our businesses and accelerate the pace of innovation of our financial products; (vii) our ability to manage our growth effectively; (viii) our ability to access sources of capital on acceptable terms or at all; (ix) the success of our continued investments in our business; (x) our ability to expand our member base, increase our product adds and increase cross-buy; (xi) our ability to maintain our leadership position in certain categories of our business and to grow market share in existing markets or any new markets we may enter; (xii) our ability to cater to a broad range of clients and continue to execute deals with current or future business partners; (xiii) our ability to develop new products, features and functionality that are competitive and meet market needs; (xiv) our ability to realize the benefits of our strategy, including what we refer to as our FSPL; (xv) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xvi) our ability to establish and maintain an effective system of internal controls over financial reporting; (xvii) our ability to maintain the security and reliability of our products; and (xviii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last annual report on Form 10-K, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

This press release presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). Our management and Board of Directors uses these non-GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.

About SoFi

SoFi Technologies (NASDAQ: SOFI) is the everything app for digital financial services on a mission to help people achieve financial independence to realize their ambitions. 14.7 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across 132.9 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SOFI-F

FINANCIAL TABLES
(Unaudited)

  1. Condensed Consolidated Statements of Operations and Comprehensive Income
  2. Reconciliation of GAAP to Non-GAAP Financial Measures
  3. Condensed Consolidated Balance Sheets
  4. Average Balances and Net Interest Earnings Analysis
  5. Company Metrics
  6. Segment Financials
  7. Fee-Based Revenue
  8. Analysis of Charge-Offs
  9. Regulatory Capital

Table 1

SoFi Technologies, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(In Thousands, Except for Per Share Data)

 

Three Months Ended
March 31,

2026

 

2025

Interest income

 

Loans and securitizations

932,184

 

 

712,876

 

Other

 

68,812

 

 

 

50,936

 

Total interest income

 

1,000,996

 

 

 

763,812

 

Interest expense

 

 

 

Securitizations and warehouses

 

10,051

 

 

 

28,144

 

Deposits

 

287,229

 

 

 

225,399

 

Corporate borrowings

 

10,651

 

 

 

11,428

 

Other

 

77

 

 

 

115

 

Total interest expense

 

308,008

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