Adjusted Net Revenue up 40% to a record $1.2 billion
Adjusted EBITDA up 44% to a record $358 million
Total Loan Originations at a record $14.8 billion
Member growth up 35% to a record 15.8 million members
Product growth up 42% to a record 24.4 million products
Cross-buy accelerated, with 51% of new products opened by existing SoFi members
Increases 2026 Adjusted Net Revenue Guidance to $4.75 billion to $4.85 billion
SAN FRANCISCO--(BUSINESS WIRE)--July 29, 2026--
SoFi Technologies, Inc. $(SOFI)$, 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 second quarter ended June 30, 2026.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260729569583/en/
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 SoFi Tech Solutions platform-as-a-service in its total Technology Platform accounts metric to better align with the presentation of Technology Platform segment revenue.
"2026 is shaping up to be a defining year, and our second quarter results mark a clear inflection point for SoFi," said Anthony Noto, CEO of SoFi. "Despite continued market uncertainty, our business model continues to prove its durability. We grew members 35% year-over-year and added a record 2.2 million products, a 42% increase. For the first time, we added twice as many products as members, a major milestone that underscores the trust members place in SoFi and the power of our 'everything app'. Products like SoFi Plus and SoFi Coach are deepening member relationships and increasing lifetime value, while continued innovation across our consumer and enterprise platforms is expanding the value we deliver to members and clients."
Consolidated Results Summary
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --- ---------------------- ---
($ in thousands,
except per share
amounts) 2026 2025 % Change 2026 2025 % Change
---------- -------- ---------- ---------- ---------- ----------
Consolidated --
GAAP
Total net revenue $1,218,676 $854,944 43% $2,319,044 $1,626,703 43%
Net income 156,592 97,263 61% 323,323 168,379 92%
Net income
attributable to
common
stockholders --
diluted 156,645 97,614 60% 323,720 169,069 91%
Earnings per share
attributable to
common
stockholders --
diluted $ 0.12 $ 0.08 50% $ 0.24 $ 0.14 71%
Consolidated --
Non-GAAP(1)
Adjusted net
revenue $1,205,550 $858,230 40% $2,292,782 $1,628,950 41%
Adjusted EBITDA 357,821 249,083 44% 697,722 459,420 52%
Adjusted net
income 160,406 97,263 65% 327,137 168,379 94%
Adjusted net
income
attributable to
common
stockholders --
diluted 160,459 97,614 64% 327,534 169,069 94%
Adjusted earnings
per share --
diluted $ 0.12 $ 0.08 50% $ 0.24 $ 0.15 60%
____________________
(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
-- Driving Record Member and Product Growth. SoFi grew members 35%
year-over-year to 15.8 million and products 42% year-over-year to 24.4
million. The company added 1.1 million new members during the quarter,
bringing total members to 15.8 million, and added a record 2.2 million
new products, marking the first time SoFi added twice as many products as
members in a single quarter, and reflecting the increasing engagement of
existing members. Products per member reached an all-time high of 1.54.
-- Accelerating Cross-Buy and Demonstrating the Financial Services
Productivity Loop. Cross-buy continued to accelerate, with 51% of new
products opened by existing SoFi members, up from 43% last quarter and
35% in Q2 2025. Along with record product additions, the company saw a
clear inflection point in products per member, driven by SoFi Plus and
the increased awareness of the breadth of SoFi's product offering. These
results demonstrate the increasing effectiveness of SoFi's Financial
Services Productivity Loop in driving member engagement and product
adoption.
-- Delivering Durable Growth and Strong Returns at Scale. SoFi delivered
adjusted net revenue of $1.2 billion, up 40% year-over-year, and adjusted
EBITDA of $357.8 million, up 44% year-over-year, with a 30% adjusted
EBITDA margin. The quarter marked SoFi's 19th consecutive quarter
achieving the Rule of 40, with a score of 70.
-- Deepening Member Relationships Through SoFi Plus and SoFi Coach. SoFi
surpassed 200,000 paid SoFi Plus subscribers after relaunching the
premium membership offering with enhanced benefits and transitioning it
to a paid subscription model. Among existing members who signed up for
SoFi Plus, 25% added another product after adding SoFi Plus. SoFi Coach
became the first GenAI Smart Financial Guide launched by a financial
institution and has already generated nearly half-a-million conversations
with over 90% positive feedback. Together, these products are
strengthening member engagement, increasing lifetime value and
demonstrating the Financial Services Productivity Loop in action.
-- Achieving Record Loan Originations While Maintaining Strong Credit
Performance. SoFi delivered its best quarter ever for total loan
originations at $14.8 billion, up more than $2.6 billion from the prior
quarter, including record originations across Personal Loans, Student
Loans and Home Loans. Personal Loan originations totaled $10.7 billion
which included Loan Platform Business originations of $3.1 billion
reflecting strong demand from Loan Platform Business partners. This
diversification supports SoFi's ability to deliver a combination of
highly visible net interest income and capital-light fee-based revenue.
Credit performance remained strong and in line with expectations,
supporting strong risk-adjusted margins.
-- Expanding Innovation Across Enterprise and Consumer Financial Services.
During the quarter, SoFi expanded its platform across investing, lending
and enterprise financial services. Consumer innovation included the
launch of Composer by SoFi, an AI-powered investing platform, Small
Business Loans ("SMB"), and a redesigned Home Equity Line of Credit
experience. On the enterprise side, Big Business Banking began processing
transactions on the SoFi Exchange Network, enabling commercial clients to
move money in real time, 24/7 through SoFiUSD, while the acquisition of
Peach Finance further strengthened SoFi Tech Solutions' lending
capabilities.
-- Strengthening Brand Awareness and Trust. SoFi's unaided brand awareness
rose to an all-time high of 10.4%, up 190 basis points year-over-year.
During the quarter, SoFi continued to build brand momentum through major
cultural and sports moments, including CMA Fest presented by SoFi, FIFA
World Cup matches at SoFi Stadium and a multi-year partnership with Notre
Dame Athletics, making SoFi the first brand to appear on Fighting Irish
jerseys.
Consolidated Results
SoFi reported a number of record financial achievements. For the second quarter of 2026, record GAAP net revenue of $1.2 billion increased 43% relative to the prior-year period's $854.9 million. Record adjusted net revenue of $1.2 billion grew 40% from the corresponding prior-year period of $858.2 million.
For the second quarter of 2026, total fee-based revenue reached $472.3 million, representing 39% of total revenue in the quarter and increasing 22% from prior quarter. This was driven by strong contributions from origination fees, SoFi Tech Solutions revenue, strong performance from our Loan Platform Business, interchange revenue, and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $550.8 million of net revenue, an increase of 17% from the prior year period.
Net interest income of $788.2 million for the second quarter was up 52% year-over-year. This was driven by a 49% increase in average interest-earning assets and a 36 basis point decrease in cost of funds, partially offset by a 32 basis point decrease in average asset yields year-over-year. For the second quarter, net interest margin of 5.98% increased 4 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 second quarter was 156 basis points lower than that paid on warehouse facilities, which translates to approximately $712.6 million of annualized interest expense savings due to the successful remixing of our funding base.
Second quarter record adjusted EBITDA of $357.8 million increased 44% from the prior year period's $249.1 million. This represents an adjusted EBITDA margin of 30%.
For the second quarter of 2026, GAAP net income reached $156.6 million and diluted earnings per share reached $0.12.
Equity grew by $264.6 million during the quarter to $11.1 billion and $8.58 of book value per share. Tangible book value grew by $225.8 million during the quarter, ending the period at $9.5 billion. Tangible book value per share was $7.34 at quarter-end, up from $4.72 per share in the prior year period, and up 56% year-over-year.
Member and Product Growth
Continued growth in both total members and products in the second 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 1.1 million members in the second quarter of 2026, bringing total members to 15.8 million, up 35% from 11.7 million at the end of the same prior year period.
SoFi also achieved record product additions of 2.2 million in the second quarter of 2026, bringing total products to nearly 24.4 million, up 42% from 17.1 million at the end of the same prior year period.
Financial Services products increased by 43% year-over-year to 21.3 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 89% of our total product growth. Financial Services products account for 87% of total products.
Lending products increased by 36% year-over-year to 3.1 million, driven by continued demand for personal, student, and home loan products.
Technology Platform-enabled accounts decreased 16% year-over-year to 135 million, including the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Technology Platform-enabled accounts increased 2 million from the prior quarter.
Financial Services Segment Results
For the second quarter of 2026, Financial Services segment net revenue of $466.3 million increased 29% from the prior year period. Noninterest income of $217.2 million increased 28% year-over-year. Net interest income of $249.1 million increased 29% year-over-year, primarily driven by growth in consumer deposits.
In the second quarter, SoFi's Loan Platform Business added $143.3 million to our consolidated adjusted net revenue. Of this, $140.9 million was driven by $3.1 billion of personal loans originated on behalf of third parties as well as referrals to third parties. During the second quarter, SoFi expanded its Loan Platform Business offering to include SMB Loans while also reaching an agreement with a new partner to invest in personal loans. Subsequent to quarter-end, SoFi further expanded its LPB offering to include Home Equity Loans.
In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue and brokerage fee revenue. In the second quarter, interchange fee revenue was up 55% year-over-year, as a result of $28 billion in total annualized spend in the quarter across SoFi Money and Credit Card. Brokerage fee revenue was up nearly 2.5x year-over-year, reflecting strong member demand and increased monetization.
Contribution profit for the second quarter of 2026 reached $212.7 million, a $24.4 million improvement over the prior year period, while contribution margin declined 6 percentage points year-over-year to 46%.
Financial Services -- Segment Results of Operations
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
($ in thousands) 2026 2025 % Change 2026 2025 % Change
------------- ------------- ---------- ------------- ------------- ----------
Net interest
income $ 249,052 $ 193,322 29% $ 476,792 $ 366,521 30%
Noninterest income 217,226 169,211 28% 418,029 299,131 40%
-------- -------- -------- --------
Total net revenue
-- Financial
Services 466,278 362,533 29% 894,821 665,652 34%
-------- -------- -------- --------
Provision for
credit losses (13,756) (10,031) 37% (22,646) (15,670) 45%
Directly
attributable
expenses (239,846) (164,270) 46% (463,915) (313,418) 48%
-------- -------- -------- --------
Contribution
profit --
Financial
Services $ 212,676 $ 188,232 13% $ 408,260 $ 336,564 21%
======== ======== ======== ========
Contribution
margin --
Financial
Services(1) 46% 52% 46% 51%
____________________
(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 6.4 million, or 43%, year-over-year, bringing the total to 21.3 million at quarter-end. SoFi Money reached 7.9 million products, Relay reached 8.0 million products, SoFi Invest reached 3.9 million products, Crypto reached 388 thousand products and SoFi Plus reached 206 thousand products by the end of the second quarter.
In the second quarter of 2026, total deposits grew $5.3 billion to $45.5 billion, which included strong growth in member deposits.
Financial Services -- Products June 30,
----------------------
2026 2025 % Change
---------- ---------- ----------
Money(1) 7,888,387 5,887,669 34%
Invest(2) 3,931,718 2,853,416 38%
Credit Card(3) 509,825 344,469 48%
Referred loans(4) 180,443 122,580 47%
Crypto(5) 388,336 -- n/m
SoFi Plus(3) 206,000 -- n/m
At Work 189,078 127,224 49%
Relay 7,993,828 5,526,315 45%
---------- ----------
Total financial services
products 21,287,615 14,861,673 43%
========== ==========
____________________
(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) Beginning in the second quarter of 2026, we updated our Financial
Services products to include (i) SoFi Plus, which we relaunched during
the quarter with significantly enhanced benefits, while fully
transitioning the product to a paid subscription model; and (ii) Smart
Card, our recently launched secured card (presented above within Credit
Card). The impact to prior periods was determined to be immaterial, and
prior periods were not recast.
(4) Limited to loans wherein we provide third party fulfillment services as
part of our Loan Platform Business.
(5) 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 $84.5 million for the second quarter of 2026 increased 13% from the prior quarter. Compared to the prior year period, segment revenue decreased 23%. This includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Contribution profit of $11.8 million reflected a contribution margin of 14%.
Technology Platform -- Segment Results of Operations
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ----------------------------
($ in thousands) 2026 2025 % Change 2026 2025 % Change
------------ ------------ ---------- ------------- ------------- ----------
Net interest
income $ 1,022 $ 266 284% $ 1,377 $ 679 103%
Noninterest income 83,483 109,567 (24)% 158,214 212,581 (26)%
------- ------- -------- --------
Total net revenue
-- Technology
Platform 84,505 109,833 (23)% 159,591 213,260 (25)%
------- ------- -------- --------
Directly
attributable
expenses (72,733) (76,638) (5)% (135,820) (149,152) (9)%
------- ------- -------- --------
Contribution
profit $ 11,772 $ 33,195 (65)% $ 23,771 $ 64,108 (63)%
======= ======= ======== ========
Contribution
margin --
Technology
Platform(1) 14% 30% 15% 30%
____________________
(1) Contribution margin is defined for each of our reportable segments as
contribution profit divided by net revenue.
Technology Platform enabled accounts increased 2 million from the prior quarter. Technology Platform-enabled accounts decreased 16% year-over-year to 135 million.
During the second quarter, SoFi launched a new unified brand, SoFi Tech Solutions, offering enterprise clients products and services across one integrated platform serving four key areas: Processing, Banking Core Ledgers & Services, Payment Hub, and Risk & Fraud. SoFi also added new platform capabilities across credit cards, lines of credit, buy now, pay later, and installment lending.
Technology Platform June 30,
------------------------
2026 2025 % Change
----------- ----------- ----------
Total accounts 134,804,238 160,046,369 (16)%
Lending Segment Results
For the second quarter of 2026, Lending segment GAAP net revenue of $724.8 million increased 63% from the prior year period, while adjusted net revenue for the segment of $711.7 million increased 59% from the prior year period.
Lending segment performance in the second quarter was driven by net interest income, which rose 54% year-over-year. The balance of the growth was primarily driven from loan origination fees which increased 64% from the prior year.
Lending segment second quarter contribution profit of $399.0 million was up 63% from $244.7 million in the corresponding prior-year period. Lending segment adjusted contribution margin was strong at 56%. This strong performance reflects our ability to capitalize on continued strong demand for our lending products.
Lending -- Segment Results of Operations
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- -----------------------------
($ in thousands) 2026 2025 % Change 2026 2025 % Change
------------- ------------- ---------- -------------- ------------- ----------
Net interest
income $ 573,298 $ 372,675 54% $1,073,529 $ 733,296 46%
Noninterest income 151,500 70,837 114% 293,689 123,589 138%
-------- -------- --------- --------
Total net
revenue --
Lending 724,798 443,512 63% 1,367,218 856,885 60%
-------- -------- --------- --------
Servicing rights
-- change in
valuation inputs
or assumptions (13,142) 3,274 n/m (26,305) 2,200 n/m
Residual interests
classified as
debt -- change in
valuation inputs
or assumptions 16 12 33% 43 47 (9)%
Directly
attributable
expenses (312,639) (202,088) 55% (559,537) (375,487) 49%
-------- -------- --------- --------
Contribution
profit --
Lending $ 399,033 $ 244,710 63% $ 781,419 $ 483,645 62%
======== ======== ========= ========
Contribution
margin --
Lending(1) 55% 55% 57% 56%
Adjusted net
revenue --
Lending
(non-GAAP)(2) $ 711,672 $ 446,798 59% $1,340,956 $ 859,132 56%
Adjusted
contribution
margin -- Lending
(non-GAAP)(2) 56% 55% 58% 56%
____________________
(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
Personal Student
($ in thousands) Loans Loans Home Loans Total
----------- ----------- ---------- -------------
June 30, 2026
-----------------
Unpaid principal $26,101,759 $16,134,415 $2,067,122 $44,303,296
Accumulated
interest 180,704 81,501 9,450 271,655
Cumulative fair
value
adjustments(1) 1,222,827 704,648 99,586 2,027,061
---------- ---------- --------- ----------
Total fair
value of
loans(2)(3) $27,505,290 $16,920,564 $2,176,158 $46,602,012
========== ========== ========= ==========
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
========== ========== ========= ==========
____________________
(1) During the three months ended June 30, 2026, the cumulative fair value
adjustments for personal loans were impacted by a higher unpaid
principal balance, offset by a higher weighted average conditional
prepayment rate, 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 37 basis point
increase in benchmark rates. The cumulative fair value adjustments for
student loans were impacted by a higher unpaid principal balance and a
lower weighted average conditional prepayment rate, partially offset by
a lower weighted average coupon, 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
-------------------------- ---------------------------
June 30, March 31, June 30, March 31,
2026 2026 2026 2026
----------- ------------- ------------ -------------
Weighted
average
coupon
rate(1) 12.89% 12.96% 5.89% 5.91%
Weighted
average
annual
default
rate 4.77% 4.57% 0.73% 0.69%
Weighted
average
conditional
prepayment
rate 25.77% 25.55% 10.99% 11.15%
Weighted
average
discount
rate 4.97% 4.61% 4.29% 4.05%
Benchmark
rate(2) 3.99% 3.62% 3.90% 3.59%
____________________
(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 second quarter of 2026, record origination volume of $14.8 billion increased 69% 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 $10.7 billion in the second quarter of 2026 were up 54% year-over-year, inclusive of $3.1 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.
Second quarter student loan volume of $2.7 billion was up 170% year-over-year. This marked the highest quarter of student loan originations in SoFi's history.
Home loan volume was $1.4 billion, an increase of 74% year-over-year. Home equity loan originations were strong during the second quarter, accounting for one-third of total home loan volume.
Capital markets activity in the second quarter of 2026 was strong. Overall, SoFi sold, or transferred through our Loan Platform Business, more than $4.1 billion in total of personal loans and home loans. In terms of home loan sales, we closed $833.7 million at a blended execution of 101.6%.
During the quarter, SoFi executed two co-contributor securitizations of loans previously originated through our Loan Platform Business, totaling $1.4 billion. These marked the sixth and seventh securitizations 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 91 basis points and 86 basis points, respectively.
Credit performance for personal loans remained strong in the second 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 3.7%, a 70 basis point improvement from the prior quarter and an 80 basis point improvement from the prior year period, driven by an improvement in the underlying performance as well as strong growth in average loans.
The personal loan annualized charge-off rate decreased 21 basis points year-over-year to 2.62%, which includes the impact of asset sales, new originations and delinquency sales in the quarter. The annualized charge-off rate decreased from 3.03% in the prior quarter. The student loan annualized charge-off rate decreased to 61 basis points from 65 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 third quarter of 2025 have net cumulative losses of 4.68%, with 35% unpaid principal balance remaining. This is well below the 6.43% 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 15 basis points, after improving 9 basis points last quarter, demonstrating continued improvement.
Additionally, of the first quarter of 2020 through the first quarter of 2026 originations, 62% 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 38% 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 Six Months Ended
June 30, June 30,
----------------------- ---- ------------------------ ----
2026 2025 % Change 2026 2025 % Change
----------- ---------- ---------- ----------- ----------- ----------
Origination
volume ($ in
thousands, during
period)
Personal
loans(1) $10,718,359 $6,968,746 54% $19,058,608 $12,505,587 52%
Student loans 2,686,760 993,326 170% 5,300,468 2,184,789 143%
Home loans 1,393,375 798,881 74% 2,618,049 1,316,639 99%
---------- --------- ---------- ----------
Total $14,798,494 $8,760,953 69% $26,977,125 $16,007,015 69%
========== ========= ========== ==========
Average loan
balance ($, as of
period end)(2)
Personal loans $ 25,361 $ 25,758 (2)%
Student loans 45,905 43,209 6%
Home loans 232,271 270,540 (14)%
____________________
(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 June 30,
--------------------
2026 2025 % Change
--------- --------- ----------
Personal loans(1) 2,325,262 1,641,340 42%
Student loans 703,081 596,351 18%
Home loans 65,016 42,677 52%
--------- ---------
Total lending products 3,093,359 2,280,368 36%
========= =========
____________________
(1) Includes loans which we originate as part of our Loan Platform
Business.
Guidance and Outlook
For the full year, management increases its revenue outlook. Management now expects to deliver adjusted net revenue of approximately $4.75 billion to $4.85 billion which implies approximately 32% to 35% annual adjusted net revenue growth year-over-year. Management continues to expect adjusted EBITDA of approximately $1.6 billion, which equates to an annual adjusted EBITDA margin of approximately 33% to 34%. Management also continues to expect adjusted net income of approximately $825 million, which equates to a margin of approximately 17%, and adjusted EPS of approximately 60 cents per share. This assumes an effective tax rate of approximately 22% for the full year 2026.
For 2026, management continues to expect to increase total members by at least 30% year-over-year.
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 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 our technology platform businesses, 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. 15.8 million members trust SoFi to borrow, save, spend, invest, and protect their money and buy, sell and hold their crypto -- all in one app -- and get access to financial planners, exclusive experiences, and a thriving community. Banks, fintechs, and brands use innovative capabilities from SoFi Tech Solutions to serve over 134 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 , 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 Six Months Ended
June 30, June 30,
------------------------ --------------------------
2026 2025 2026 2025
----------- ----------- ----------- -------------
Interest income
Loans and
securitizations $1,067,894 $ 738,862 $2,000,078 $1,451,738
Other 72,634 53,543 141,446 104,479
--------- --------- --------- ---------
Total
interest
income 1,140,528 792,405 2,141,524 1,556,217
--------- --------- --------- ---------
Interest expense
Securitizations
and warehouses 18,779 29,650 28,830 57,794
Deposits 320,463 233,232 607,692 458,631
Corporate
borrowings 10,675 11,504 21,326 22,932
Other 2,416 182 2,493 297
--------- --------- --------- ---------
Total
interest
expense 352,333 274,568 660,341 539,654
--------- --------- --------- ---------
Net interest
income 788,195 517,837 1,481,183 1,016,563
Noninterest
income
Loan origination,
sales,
securitizations
and servicing 150,407 70,855 292,616 123,660
Technology
products and
solutions 52,459 90,796 101,810 177,233
Loan platform
fees 140,930 127,405 279,185 220,155
Crypto
transaction
revenue 134,267 -- 255,860 --
Cost of
crypto
transaction
revenue (133,084) -- (253,825) --
--------- --------- --------- ---------
Net crypto
transaction
revenue 1,183 -- 2,035 --
Other 85,502 48,051 162,215 89,092
--------- --------- --------- ---------
Total
noninterest
income 430,481 337,107 837,861 610,140
--------- --------- --------- ---------
Total net
revenue 1,218,676 854,944 2,319,044 1,626,703
--------- --------- --------- ---------
Provision for
credit losses 13,755 10,035 22,650 15,713
Noninterest
expense
Technology and
product
development 191,276 152,146 378,951 308,352
Sales and
marketing 392,397 264,744 727,936 502,920
Cost of
operations 200,139 150,437 371,262 285,957
General and
administrative 216,800 165,390 414,384 321,787
--------- --------- --------- ---------
Total
noninterest
expense 1,000,612 732,717 1,892,533 1,419,016
--------- --------- --------- ---------
Income before
income
taxes 204,309 112,192 403,861 191,974
Income tax
expense (47,717) (14,929) (80,538) (23,595)
--------- --------- --------- ---------
Net income $ 156,592 $ 97,263 $ 323,323 $ 168,379
========= ========= ========= =========
Earnings per
share
Earnings per
share -- basic $ 0.12 $ 0.09 $ 0.25 $ 0.15
========= ========= ========= =========
Earnings per
share --
diluted $ 0.12 $ 0.08 $ 0.24 $ 0.14
========= ========= ========= =========
Weighted average
common stock
outstanding --
basic 1,284,303 1,107,006 1,280,338 1,102,525
Weighted average
common stock
outstanding --
diluted 1,351,990 1,182,877 1,364,978 1,184,197
Table 2
Non-GAAP Financial Measures
(Unaudited)
Adjusted Net Revenue
Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.
The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- -------------------------
($ in thousands) 2026 2025 2026 2025
----------------- ----------- -------- ----------- -----------
Total net revenue
(GAAP) $1,218,676 $854,944 $2,319,044 $1,626,703
Servicing rights
-- change in
valuation inputs
or
assumptions(1) (13,142) 3,274 (26,305) 2,200
Residual interests
classified as
debt -- change in
valuation inputs
or
assumptions(2) 16 12 43 47
--------- ------- --------- ---------
Adjusted net
revenue
(non-GAAP) $1,205,550 $858,230 $2,292,782 $1,628,950
========= ======= ========= =========
____________________
(1) Reflects changes in fair value inputs and assumptions on servicing
rights, including conditional prepayment, default rates and discount
rates. These assumptions are highly sensitive to market interest rate
changes and are not indicative of our performance or results of
operations. Moreover, these non-cash charges are unrealized during the
period and, therefore, have no impact on our cash flows from
operations.
(2) Reflects changes in fair value inputs and assumptions on residual
interests classified as debt, including conditional prepayment, default
rates and discount rates. When third parties finance our consolidated
securitization VIEs by purchasing residual interests, we receive
proceeds at the time of the closing of the securitization and,
thereafter, pass along contractual cash flows to the residual interest
owner. These residual debt obligations are measured at fair value on a
recurring basis, but they have no impact on our initial financing
proceeds, our future obligations to the residual interest owner
(because future residual interest claims are limited to contractual
securitization collateral cash flows), or the general operations of our
business.
The following table reconciles adjusted net revenue for the Lending segment to total net revenue, the most directly comparable GAAP measure for the Lending segment:
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -----------------------
($ in thousands) 2026 2025 2026 2025
----------------- --------- -------- ----------- ----------
Lending
Total net revenue
-- Lending
(GAAP) $724,798 $443,512 $1,367,218 $856,885
Servicing rights
-- change in
valuation inputs
or
assumptions(1) (13,142) 3,274 (26,305) 2,200
Residual interests
classified as
debt -- change in
valuation inputs
or
assumptions(2) 16 12 43 47
------- ------- --------- -------
Adjusted net
revenue --
Lending
(non-GAAP) $711,672 $446,798 $1,340,956 $859,132
======= ======= ========= =======
____________________
(1) See footnote (1) to the table above.
(2) See footnote (2) to the table above.
Adjusted Noninterest Income
Adjusted noninterest income is a non-GAAP measure. Adjusted noninterest income is defined as noninterest income, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust noninterest income to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations.
The following table reconciles adjusted noninterest income to noninterest income, the most directly comparable GAAP measure:
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------
($ in thousands) 2026 2025 2026 2025
----------------- --------- -------- --------- ----------
Noninterest income
(GAAP) $430,481 $337,107 $837,861 $610,140
Servicing rights
-- change in
valuation inputs
or
assumptions(1) (13,142) 3,274 (26,305) 2,200
Residual interests
classified as
debt -- change in
valuation inputs
or
assumptions(2) 16 12 43 47
------- ------- ------- -------
Adjusted
noninterest
income
(non-GAAP) $417,355 $340,393 $811,599 $612,387
======= ======= ======= =======
____________________
(1) Reflects changes in fair value inputs and assumptions on servicing
rights, including conditional prepayment, default rates and discount
rates. These assumptions are highly sensitive to market interest rate
changes and are not indicative of our performance or results of
operations. Moreover, these non-cash charges are unrealized during the
period and, therefore, have no impact on our cash flows from
operations.
(2) Reflects changes in fair value inputs and assumptions on residual
interests classified as debt, including conditional prepayment, default
rates and discount rates. When third parties finance our consolidated
securitization VIEs by purchasing residual interests, we receive
proceeds at the time of the closing of the securitization and,
thereafter, pass along contractual cash flows to the residual interest
owner. These residual debt obligations are measured at fair value on a
recurring basis, but they have no impact on our initial financing
proceeds, our future obligations to the residual interest owner
(because future residual interest claims are limited to contractual
securitization collateral cash flows), or the general operations of our
business.
The following table reconciles adjusted noninterest income for the Lending segment to noninterest income, the most directly comparable GAAP measure for the Lending segment:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ---------------------
($ in thousands) 2026 2025 2026 2025
----------------- --------- ------- --------- ----------
Lending
Noninterest income
-- Lending
(GAAP) $151,500 $70,837 $293,689 $123,589
Servicing rights
-- change in
valuation inputs
or
assumptions(1) (13,142) 3,274 (26,305) 2,200
Residual interests
classified as
debt -- change in
valuation inputs
or
assumptions(2) 16 12 43 47
------- ------ ------- -------
Adjusted
noninterest
income --
Lending
(non-GAAP) $138,374 $74,123 $267,427 $125,836
======= ====== ======= =======
____________________
(1) See footnote (1) to the table above.
(2) See footnote (2) to the table above.
Adjusted Contribution Margin and Incremental Adjusted Contribution Margin -- Lending
Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See 'Adjusted Net Revenue' above for a reconciliation of Lending segment adjusted net revenue.
Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.
The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:
Three Months Ended 2026 vs Six Months Ended 2026 vs
June 30, 2025 June 30, 2025
-------------------------- ----------------------------
($ in thousands) 2026 2025 $ Change 2026 2025 $ Change
----------------- ------------ ------------ -------- -------------- ------------ --------
Lending
Contribution
profit -- Lending
(GAAP) $399,033 $244,710 $154,323 $ 781,419 $483,645 $297,774
Net revenue --
Lending (GAAP) 724,798 443,512 281,286 1,367,218 856,885 510,333
Contribution
margin -- Lending
(GAAP)(1) 55% 55% 57% 56%
Incremental
contribution
margin -- Lending
(GAAP)(1) 55% 58%
Adjusted net
revenue --
Lending
(non-GAAP)(2) $711,672 $446,798 $264,874 $1,340,956 $859,132 $481,824
Adjusted
contribution
margin -- Lending
(non-GAAP) 56% 55% 58% 56%
Incremental
adjusted
contribution
margin -- Lending
(non-GAAP) 58% 62%
____________________
(1) Contribution margin is defined for each of our reportable segments as
contribution profit divided by net revenue. Incremental contribution
margin for each of our reportable segments is defined as the change in
segment contribution profit divided by change in net revenue.
(2) Refer to 'Adjusted Net Revenue' above for reconciliation of this
non-GAAP measure.
Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin
Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) foreign currency impacts related to operations in highly inflationary countries, (vi) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (vii) restructuring charges, (viii) transaction-related expenses, and (ix) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.
Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See 'Adjusted Net Revenue' above for a reconciliation of this non-GAAP measure.
Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.
The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:
Three Months Ended 2026 vs Six Months Ended 2026 vs
June 30, 2025 June 30, 2025
---------------------------- ------------------------------
($ in thousands) 2026 2025 $ Change 2026 2025 $ Change
----------------------- -------------- ------------ --------- -------------- -------------- -----------
Net income (GAAP) $ 156,592 $ 97,263 $ 59,329 $ 323,323 $ 168,379 $154,944
Non-GAAP adjustments:
Interest expense --
corporate
borrowings(1) 10,675 11,504 (829) 21,326 22,932 (1,606)
Income tax expense(2) 47,717 14,929 32,788 80,538 23,595 56,943
Depreciation and
amortization 73,106 56,743 16,363 140,684 112,026 28,658
Share-based expense 76,865 63,256 13,609 148,877 127,012 21,865
Foreign currency
impact of highly
inflationary
subsidiaries(3) 926 2,066 (1,140) 1,337 2,342 (1,005)
Servicing rights --
change in valuation
inputs or
assumptions(4) (13,142) 3,274 (16,416) (26,305) 2,200 (28,505)
Residual interests
classified as debt
-- change in
valuation inputs or
assumptions(5) 16 12 4 43 47 (4)
Restructuring
charges(6) 682 36 646 2,642 887 1,755
Transaction-related
expense(7) 4,384 -- 4,384 5,257 -- 5,257
--------- ------- --------- ---------
Total adjustments 201,229 151,820 49,409 374,399 291,041 83,358
--------- ------- --------- ---------
Adjusted EBITDA
(non-GAAP) $ 357,821 $249,083 $108,738 $ 697,722 $ 459,420 $238,302
========= ======= ========= =========
Total net revenue (GAAP) $1,218,676 $854,944 $363,732 $2,319,044 $1,626,703 $692,341
Net income margin (GAAP) 13% 11% 14% 10%
Incremental net income
margin (GAAP) 16% 22%
Adjusted net revenue
(non-GAAP)(8) $1,205,550 $858,230 $347,320 $2,292,782 $1,628,950 $663,832
Adjusted EBITDA margin
(non-GAAP) 30% 29% 30% 28%
Incremental adjusted
EBITDA margin
(non-GAAP) 31% 36%
____________________
(1) Our adjusted EBITDA measure adjusts for corporate borrowing-based
interest expense, as these expenses are a function of our capital
structure. Corporate borrowing-based interest expense includes interest
on our revolving credit facility, as well as interest expense and the
amortization of debt discount and debt issuance costs on our
convertible notes.
(2) The income tax expense recognized in both periods was primarily
attributable to the Company's profitability, partially offset by
discrete tax benefits for stock compensation recorded in each quarter.
(3) Foreign currency charges reflect the impacts of highly inflationary
accounting for our operations in Argentina, which are related to our
Technology Platform segment.
(4) Reflects changes in fair value inputs and assumptions, including market
servicing costs, conditional prepayment, default rates and discount
rates. This non-cash change is unrealized during the period and,
therefore, has no impact on our cash flows from operations. As such,
these positive and negative changes in fair value attributable to
assumption changes are adjusted out of net income to provide management
and financial users with better visibility into the earnings available
to finance our operations.
(5) Reflects changes in fair value inputs and assumptions, including
conditional prepayment, default rates and discount rates. When third
parties finance our consolidated VIEs through purchasing residual
interests, we receive proceeds at the time of the securitization close
and, thereafter, pass along contractual cash flows to the residual
interest owner. These obligations are measured at fair value on a
recurring basis, which has no impact on our initial financing proceeds,
our future obligations to the residual interest owner (because future
residual interest claims are limited to contractual securitization
collateral cash flows), or the general operations of our business. As
such, these positive and negative non-cash changes in fair value
attributable to assumption changes are adjusted out of net income to
provide management and financial users with better visibility into the
earnings available to finance our operations.
(6) Restructuring charges in the 2026 periods included employee-related
wages, benefits and severance associated with a small reduction in
headcount in our Technology Platform segment, which do not reflect
expected future operating expenses and are not indicative of our core
operating performance. Restructuring charges in 2025 relate to legal
entity restructuring.
(7) Transaction-related expenses in 2026 periods primarily included
financial advisory and professional services costs associated with our
acquisitions of Composer and Peach.
(8) Refer to 'Adjusted Net Revenue' above for reconciliation of this
non-GAAP measure.
Tangible Book Value and Tangible Book Value per Common Share
Tangible book value is defined as permanent equity, adjusted to exclude goodwill and intangible assets, net of related deferred tax liabilities. Tangible book value per common share represents tangible book value at period-end divided by common stock outstanding at period-end. Prior periods were revised to conform with this presentation.
These measures are utilized by management in assessing our use of equity and capital adequacy. We believe that tangible book value presents a meaningful measure of net asset value, and tangible book value per share provides additional useful information to investors to assess capital adequacy.
The following table reconciles tangible book value to permanent equity, the most directly comparable GAAP measure, and presents the computation of permanent equity per common share and tangible book value per common share for the periods presented:
($ and shares in thousands, except June 30, June 30,
per share amounts) 2026 2025
------------------------------------- ------------ --------------
Equity (GAAP) $11,076,227 $ 6,860,580
Non-GAAP adjustments:
Goodwill (1,425,015) (1,393,505)
Intangible assets (226,528) (263,522)
Related deferred tax liabilities 45,536 51,322
---------- ----------
Tangible book value (as of period end)
(non-GAAP) $ 9,470,220 $ 5,254,875
========== ==========
Common stock outstanding (as of period
end) 1,290,312 1,113,443
Book value per common share (GAAP) $ 8.58 $ 6.16
Tangible book value per common share
(non-GAAP) $ 7.34 $ 4.72
Adjusted Net Income, Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS
Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.
Adjusted diluted earnings per share ("adjusted EPS") is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. The exclusions of transaction-related expense and restructuring charges were effective beginning in the second quarter of 2026. The impact to prior periods was determined to be immaterial, and therefore prior periods were not recast.
Adjusted net income margin is computed as adjusted net income divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income, divided by change in adjusted net revenue. See 'Adjusted Net Revenue' above for a reconciliation of this non-GAAP measure.
Management believes adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non cash items and charges to present a comparable view for period over period comparisons of our business.
The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.
Three Months Ended 2026 vs Six Months Ended 2026 vs
June 30, 2025 June 30, 2025
------------------------------ ------------------------------
($ and shares in
thousands, except per
share amounts)(1) 2026 2025 $ Change 2026 2025 $ Change
-------------- -------------- -------- -------------- -------------- -----------
Net income (GAAP) $ 156,592 $ 97,263 $59,329 $ 323,323 $ 168,379 $154,944
Non-GAAP adjustments:
Restructuring charges 682 -- 682 682 -- 682
Transaction-related
expense 4,384 -- 4,384 4,384 -- 4,384
Tax impacts from
adjustments (1,252) -- (1,252) (1,252) -- (1,252)
--------- --------- --------- ---------
Adjusted net income
(non-GAAP) $ 160,406 $ 97,263 $63,143 $ 327,137 $ 168,379 $158,758
========= ========= ========= =========
Numerator:
Net income attributable
to common stockholders
-- diluted (GAAP)(2) $ 156,645 $ 97,614 $ 323,720 $ 169,069
Non-GAAP adjustments:
Restructuring charges 682 -- 682 --
Transaction-related
expense 4,384 -- 4,384 --
Tax impacts from
adjustments (1,252) -- (1,252) --
--------- --------- --------- ---------
Adjusted net income
attributable to common
stockholders -- diluted
(non-GAAP) $ 160,459 $ 97,614 $ 327,534 $ 169,069
========= ========= ========= =========
Denominator:
Weighted average common
stock outstanding --
diluted 1,351,990 1,182,877 1,364,978 1,184,197
Non-GAAP adjustments:
Dilutive impact of
convertible notes(3) (27,412) (25,857) (24,722) (28,635)
--------- --------- --------- ---------
Adjusted weighted
average common stock
outstanding -- diluted
(non-GAAP) 1,324,578 1,157,020 1,340,256 1,155,562
========= ========= ========= =========
Earnings per share --
diluted (GAAP)(2) $ 0.12 $ 0.08 $ 0.24 $ 0.14
Impact of adjustments
per share -- -- -- 0.01
--------- --------- --------- ---------
Adjusted earnings per
share -- diluted
(non-GAAP)(2) $ 0.12 $ 0.08 $ 0.24 $ 0.15
========= ========= ========= =========
Net income margin (GAAP) 13% 11% 14% 10%
Adjusted net revenue
(non-GAAP)(4) $1,205,550 $ 858,230 $2,292,782 $1,628,950
Adjusted net income
margin (non-GAAP) 13% 11% 14% 10%
Incremental adjusted net
income margin
(non-GAAP) 18% 24%
____________________
(1) Certain amounts may not recalculate exactly using the rounded amounts
provided. Earnings per share is calculated based on unrounded numbers.
(2) Diluted earnings per share and diluted net income attributable to
common stockholders exclude gain on extinguishment of debt, net of tax,
as well as interest expense incurred, net of tax, associated with
convertible note activity during the period as evaluated under the
if-converted method.
(3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and
2029 convertible notes, to the extent that the 2026 and 2029 capped
call transactions, respectively, would deliver cash or shares to offset
dilution.
(4) Refer to 'Adjusted Net Revenue' above for reconciliation of this
non-GAAP measure.
Table 3
SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except for Share Data)
June 30, December 31,
2026 2025
------------ -----------------
Assets
Cash and cash equivalents $ 3,126,237 $ 4,929,452
Restricted cash and restricted cash
equivalents 439,322 427,321
Investment securities (includes
available-for-sale securities of
$3,993,310 and $2,454,453 at fair
value with associated amortized cost
of $3,993,321 and $2,434,627, as of
June 30, 2026 and December 31, 2025,
respectively) 4,225,652 2,575,607
Loans held for sale (includes $29.7
billion and $22.7 billion at fair
value, as of June 30, 2026 and
December 31, 2025, respectively) 29,737,289 22,862,749
Loans held for investment, at fair
value 16,920,564 13,657,578
Loans held for investment, at
amortized cost (less allowance for
credit losses of $56,459 and
$50,934, as of June 30, 2026 and
December 31, 2025, respectively) 1,275,529 1,516,736
Servicing rights 364,318 378,178
Property, equipment and software 496,712 416,448
Goodwill 1,425,015 1,393,505
Intangible assets 226,528 231,919
Operating lease right-of-use assets 86,149 93,941
Other assets (less allowance for
credit losses of $2,557 and $2,998,
as of June 30, 2026 and December 31,
2025, respectively) 2,624,233 2,177,044
---------- ----------
Total assets $60,947,548 $ 50,660,478
========== ==========
Liabilities and equity
Liabilities:
Deposits:
Interest-bearing deposits $45,416,257 $ 37,387,350
Noninterest-bearing deposits 126,903 118,045
---------- ----------
Total deposits 45,543,160 37,505,395
Accounts payable, accruals and
other liabilities 923,024 743,716
Operating lease liabilities 104,083 106,190
Debt 3,300,544 1,815,162
Residual interests classified as
debt 510 520
---------- ----------
Total liabilities 49,871,321 40,170,983
---------- ----------
Commitments, guarantees,
concentrations and contingencies
Equity:
Common stock, $0.00 par value:
3,100,000,000 and 3,100,000,000
shares authorized; 1,290,312,404
and 1,270,568,878 shares issued
and outstanding as of June 30,
2026 and December 31, 2025,
respectively 128 126
Additional paid-in capital 11,589,035 11,302,668
Accumulated other comprehensive
income (loss) (11,981) 10,979
Accumulated deficit (500,955) (824,278)
---------- ----------
Total equity 11,076,227 10,489,495
---------- ----------
Total liabilities and equity $60,947,548 $ 50,660,478
========== ==========
Table 4
SoFi Technologies, Inc.
Average Balances and Net Interest Earnings Analysis
(Unaudited)
Three Months Ended Three Months Ended
June 30, 2026 June 30, 2025
------------------------------------------- -------------------------------------------
Average Interest Average Average Interest Average
($ in thousands) Balances Income/Expense Yield/Rate Balances Income/Expense Yield/Rate
----------------------------- ----------- ---------------- ------------ ----------- ---------------- ------------
Assets
Interest-earning assets:
Interest-bearing deposits
with banks $ 3,790,852 $ 32,430 3.43% $ 2,811,423 $ 25,086 3.58%
Investment securities 3,688,523 42,129 4.58 2,277,616 29,878 5.26
Loans 45,380,080 1,065,969 9.42 30,331,237 737,441 9.75
---------- --- ----------- ---------- --- -----------
Total interest-earning assets 52,859,455 1,140,528 8.65 35,420,276 792,405 8.97
---------- --- ----------- ---------- --- -----------
Total noninterest-earning
assets 4,376,513 3,944,524
---------- ----------
Total assets $57,235,968 $39,364,800
========== ==========
Liabilities and Equity
Interest-bearing liabilities:
Demand deposits $ 3,644,040 $ 10,336 1.14% $ 2,063,657 $ 2,696 0.52%
Savings deposits 36,059,867 289,065 3.22 25,264,749 226,394 3.59
Time deposits 2,212,570 21,062 3.82 487,916 4,142 3.40
---------- --- ----------- ---------- --- -----------
Total
interest-bearing
deposits 41,916,477 320,463 3.07 27,816,322 233,232 3.36
Warehouse facilities 1,475,784 17,039 4.63 2,137,160 27,874 5.23
Securitization debt 49,800 529 4.26 62,432 554 3.56
Other debt 1,979,602 14,302 2.90 1,757,224 12,908 2.95
---------- --- ----------- ---------- --- -----------
Total debt 3,505,186 31,870 3.65 3,956,816 41,336 4.19
Residual interests
classified as debt 518 -- -- 561 -- --
---------- --- ----------- ---------- --- -----------
Total interest-bearing
liabilities 45,422,181 352,333 3.11 31,773,699 274,568 3.47
---------- --- ----------- ---------- --- -----------
Total noninterest-bearing
liabilities 1,181,640 919,349
---------- ----------
Total liabilities 46,603,821 32,693,048
---------- ----------
Total equity 10,632,147 6,671,752
---------- ----------
Total liabilities and
equity $57,235,968 $39,364,800
========== ==========
Net interest income $ 788,195 $ 517,837
=== =========== === ===========
Net interest margin 5.98% 5.86%
Six Months Ended Six Months Ended
June 30, 2026 June 30, 2025
------------------------------------------- -------------------------------------------
Average Interest Average Average Interest Average
($ in thousands) Balances Income/Expense Yield/Rate Balances Income/Expense Yield/Rate
----------------------------- ----------- ---------------- ------------ ----------- ---------------- ------------
Assets
Interest-earning assets:
Interest-bearing deposits
with banks $ 4,139,321 $ 70,179 3.42% $ 2,751,678 $ 51,073 3.74%
Investment securities 3,208,207 74,869 4.71 2,153,794 56,222 5.26
Loans 42,916,601 1,996,476 9.38 29,608,981 1,448,922 9.87
---------- --- ----------- ---------- --- -----------
Total interest-earning assets 50,264,129 2,141,524 8.59 34,514,453 1,556,217 9.09
---------- --- ----------- ---------- --- -----------
Total noninterest-earning
assets 4,354,094 3,902,786
---------- ----------
Total assets $54,618,223 $38,417,239
========== ==========
Liabilities, Temporary Equity
and Permanent Equity
Interest-bearing liabilities:
Demand deposits $ 3,528,845 $ 18,731 1.07% $ 1,964,252 $ 5,067 0.52%
Savings deposits 34,709,922 557,367 3.24 24,484,120 443,065 3.65
Time deposits 1,613,710 31,593 3.95 557,151 10,499 3.80
---------- --- ----------- ---------- --- -----------
Total
interest-bearing
deposits 39,852,477 607,691 3.07 27,005,523 458,631 3.42
Warehouse facilities 1,103,425 25,338 4.63 2,063,312 54,264 5.30
Securitization debt 51,423 918 3.60 68,034 1,135 3.36
Other debt 1,871,195 26,394 2.84 1,756,459 25,624 2.94
---------- --- ----------- ---------- --- -----------
Total debt 3,026,043 52,650 3.51 3,887,805 81,023 4.20
Residual interests
classified as debt 514 -- -- 568 -- --
---------- --- ----------- ---------- --- -----------
Total interest-bearing
liabilities 42,879,034 660,341 3.11 30,893,896 539,654 3.52
---------- --- ----------- ---------- --- -----------
Total noninterest-bearing
liabilities 1,200,999 885,613
---------- ----------
Total liabilities 44,080,033 31,779,509
---------- ----------
Total equity 10,538,190 6,637,730
---------- ----------
Total liabilities and
equity $54,618,223 $38,417,239
========== ==========
Net interest income $ 1,481,183 $ 1,016,563
=== =========== === ===========
Net interest margin 5.94% 5.94%
Table 5
Company Metrics
June 30, March 31, December September June 30, March 31, December September June 30,
2026 2026 31, 2025 30, 2025 2025 2025 31, 2024 30, 2024 2024
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Members 15,814,418 14,706,040 13,651,002 12,642,375 11,745,572 10,915,811 10,127,323 9,372,615 8,774,236
Total Products 24,380,974 22,159,146 20,168,142 18,553,053 17,142,041 15,915,425 14,745,435 13,650,730 12,776,430
Total
Products
-- Lending
segment 3,093,359 2,831,352 2,633,186 2,462,588 2,280,368 2,129,833 2,010,354 1,890,761 1,786,580
Total
Products
--
Financial
Services
segment 21,287,615 19,327,794 17,534,956 16,090,465 14,861,673 13,785,592 12,735,081 11,759,969 10,989,850
Total Accounts
-- Technology
Platform
segment 134,804,238 132,874,105 128,461,873 157,859,670 160,046,369 158,432,347 167,713,818 160,179,299 158,485,125
Members
We refer to our customers as "members". We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.
Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons--including fraud or pursuant to certain legal processes--and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.
Total Products
Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.
In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.
In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including Smart Card accounts and accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date, as well as active SoFi Plus subscriptions as of the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under "Members" above, the member's associated products are also removed.
Technology Platform Total Accounts
In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.
Table 6
Segment Financials
(Unaudited)
Quarter Ended
---------------------------------------------------------------------------------------------------------------
($ and shares in June 30, March 31, December September June 30, March 31, December September June 30,
thousands) 2026 2026 31, 2025 30, 2025 2025 2025 31, 2024 30, 2024 2024
---------------- ----------- ----------- ----------- ------------ --------- --------- --------- ------------ -----------
Lending
Net interest
income $ 573,298 $ 500,231 $ 444,763 $427,973 $372,675 $360,621 $345,210 $316,268 $279,212
Total noninterest
income 151,500 142,189 53,919 65,409 70,837 52,752 72,586 79,977 61,493
--------- --------- --------- ------- ------- ------- ------- ------- -------
Total net
revenue 724,798 642,420 498,682 493,382 443,512 413,373 417,796 396,245 340,705
Adjusted net
revenue --
Lending(1) 711,672 629,284 486,466 481,408 446,798 412,334 422,783 391,892 339,052
Contribution
profit --
Lending(2) 399,033 382,386 271,655 261,600 244,710 238,935 245,958 238,928 197,938
Technology
Platform
Net interest
income $ 1,022 $ 355 $ 394 $ 432 $ 266 $ 413 $ 473 $ 629 $ 555
Total noninterest
income 83,483 74,731 121,979 114,146 109,567 103,014 102,362 101,910 94,883
--------- --------- --------- ------- ------- ------- ------- ------- -------
Total net
revenue(2) 84,505 75,086 122,373 114,578 109,833 103,427 102,835 102,539 95,438
Contribution
profit --
Technology
Platform 11,772 11,999 47,934 32,371 33,195 30,913 32,107 32,955 31,151
Financial
Services
Net interest
income $ 249,052 $ 227,740 $ 207,810 $203,660 $193,322 $173,199 $160,337 $154,143 $139,229
Total noninterest
income 217,226 200,803 248,931 215,963 169,211 129,920 96,183 84,165 36,903
--------- --------- --------- ------- ------- ------- ------- ------- -------
Total net
revenue 466,278 428,543 456,741 419,623 362,533 303,119 256,520 238,308 176,132
Contribution
profit --
Financial
Services(2) 212,676 195,584 230,788 225,557 188,232 148,332 114,855 99,758 55,220
Corporate/Other
Net interest
income
(expense) $ (35,177) $ (35,338) $ (35,688) $(46,951) $(48,426) $(35,507) $(35,851) $(40,030) $ (6,412)
Total noninterest
income (loss) (21,728) (10,343) (17,057) (19,032) (12,508) (12,653) (7,175) 59 (7,245)
--------- --------- --------- ------- ------- ------- ------- ------- -------
Total net
revenue
(loss)(2) (56,905) (45,681) (52,745) (65,983) (60,934) (48,160) (43,026) (39,971) (13,657)
Consolidated
Net interest
income $ 788,195 $ 692,988 $ 617,279 $585,114 $517,837 $498,726 $470,169 $431,010 $412,584
Total noninterest
income 430,481 407,380 407,772 376,486 337,107 273,033 263,956 266,111 186,034
--------- --------- --------- ------- ------- ------- ------- ------- -------
Total net
revenue 1,218,676 1,100,368 1,025,051 961,600 854,944 771,759 734,125 697,121 598,618
Adjusted net
revenue(1) 1,205,550 1,087,232 1,012,835 949,626 858,230 770,720 739,112 689,445 596,965
Net income 156,592 166,731 173,549 139,392 97,263 71,116 332,473 60,745 17,404
Adjusted
EBITDA(1) 357,821 339,901 317,597 276,881 249,083 210,337 197,957 186,237 137,901
____________________
(1) Adjusted net revenue and adjusted EBITDA are non-GAAP financial
measures. For additional information on these measures and
reconciliations to the most directly comparable GAAP measures, see
"Non-GAAP Financial Measures" and Table 2 to the "Financial Tables"
herein.
(2) Technology Platform segment total net revenue includes intercompany
fees. The equal and offsetting intercompany expenses are reflected
within all three segments' directly attributable expenses, as well as
within expenses not allocated to segments. The intercompany revenues
and expenses are eliminated in consolidation. The revenues are
eliminated within Corporate/Other and the expenses represent a
reconciling item of segment contribution profit (loss) to consolidated
income (loss) before income taxes.
Table 7
Fee-Based Revenue
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ --------------------
($ in thousands) 2026 2025 2026 2025
----------------- -------- -------- -------- ----------
Loan platform fees $116,572 $104,857 $235,550 $177,907
Referrals, loan
platform
business 24,358 22,548 43,635 42,248
------- ------- ------- -------
Total Loan
platform fees 140,930 127,405 279,185 220,155
Referrals, other 3,701 2,588 7,457 5,118
Interchange 44,128 26,502 79,329 49,314
Brokerage 18,127 7,542 33,231 14,527
Loan origination
fees 198,505 120,758 336,783 222,756
Technology
services 50,512 89,574 99,296 175,562
Net crypto
transaction
revenue(1) 1,183 -- 2,035 --
Other 15,236 3,136 21,766 5,503
------- ------- ------- -------
Total
fee-based
revenue $472,322 $377,505 $859,082 $692,935
======= ======= ======= =======
____________________
(1) In the fourth quarter of 2025, the Company launched SoFi Crypto, which
gives members the ability to buy, sell and hold digital assets. Net
crypto transaction revenue primarily consists of transaction fees
earned from facilitating member buy and sell orders on our platform.
Table 8
Analysis of Charge-Offs
(Unaudited)
Three Months Ended Three Months Ended
June 30, 2026 June 30, 2025
------------------------------------ ------------------------------------
Average Net Average Net
($ in thousands) Loans Charge-offs Ratio Loans Charge-offs Ratio
----------------- ----------- ------------- -------- ----------- ------------- --------
Personal loans $26,183,468 $ 171,015 2.62% $18,414,581 $ 129,970 2.83%
Student loans 15,971,158 24,266 0.61% 10,107,155 23,747 0.94%
Home loans 1,886,768 -- --% 540,994 -- --%
Secured loans 674,915 -- --% 770,154 -- --%
Credit card 483,283 9,212 7.65% 342,051 6,565 7.70%
Commercial and
consumer banking 180,488 18 0.04% 156,302 1 --%
---------- --------- ---------- ---------
Total loans $45,380,080 $ 204,511 1.81% $30,331,237 $ 160,283 2.12%
========== ========= ========== =========
Six Months Ended Six Months Ended
June 30, 2026 June 30, 2025
------------------------------------ ------------------------------------
Average Net Average Net
($ in thousands) Loans Charge-offs Ratio Loans Charge-offs Ratio
----------------- ----------- ------------- -------- ----------- ------------- --------
Personal loans $24,667,205 $ 341,836 2.79% $18,345,733 $ 280,044 3.08%
Student loans 15,211,161 47,185 0.63% 9,579,563 34,344 0.72%
Home loans 1,646,192 -- --% 447,541 -- --%
Secured loans 739,993 -- --% 762,819 -- --%
Credit card 473,699 16,859 7.18% 318,436 14,555 9.22%
Commercial and
consumer banking 178,351 266 0.31% 154,889 4 0.01%
---------- --------- ---------- ---------
Total loans $42,916,601 $ 406,146 1.91% $29,608,981 $ 328,947 2.24%
========== ========= ========== =========
Table 9
Regulatory Capital
(Unaudited)
June 30, 2026 June 30, 2025
----------------------- ---------------------
Required
($ in thousands) Amount(1) Ratio(1) Amount Ratio Minimum(2)
----------------- ----------- ---------- ----------- -------- ------------
SoFi Technologies
-----------------
CET1 risk-based
capital $ 9,112,891 18.7% $ 4,804,043 14.3% 7.0%
Tier 1 risk-based
capital 9,112,891 18.7% 4,804,043 14.3% 8.5%
Total risk-based
capital 9,169,159 18.8% 4,851,605 14.4% 10.5%
Tier 1 leverage 9,112,891 16.5% 4,804,043 12.9% 4.0%
Risk-weighted
assets 48,682,417 33,579,874
Quarterly adjusted
average assets 55,260,718 37,311,694
____________________
(1) Estimated.
(2) Required minimums presented for risk-based capital ratios include the
required capital conservation buffer.
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