SoFi Technologies, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated GAAP net revenue reached a record $1.4 billion for the quarter, a 44% year-over-year increase from $961.6 million; nine-month revenue was $3.7 billion, up 43% year-over-year.
• Adjusted net revenue was $1.4 billion, up 44% year-over-year; nine-month adjusted net revenue was $3.7 billion, up 42% year-over-year.
• GAAP net income was $241.0 million for the quarter, a 73% increase from $139.4 million; nine-month net income was $564.3 million, up 83% year-over-year.
• Adjusted net income was $243.0 million for the quarter, a 74% increase from $139.4 million; nine-month adjusted net income was $570.1 million, up 85% year-over-year.
• Diluted GAAP earnings per share (EPS) were $0.18 for the quarter, up 64% from $0.11; nine-month diluted EPS was $0.41, up 64% from $0.25.
• Diluted adjusted EPS were $0.18 for the quarter, up 64% from $0.11; nine-month adjusted EPS were $0.43, up 65% from $0.26.
• Adjusted EBITDA reached a record $470 million for the quarter, a 70% increase from $276.9 million; nine-month adjusted EBITDA was $1.2 billion, up 59% year-over-year.
• Adjusted EBITDA margin was 34% for the quarter, up from 29% in the prior year period.
• Fee-based revenue totaled $570.6 million, representing 42% of total revenue.
• Net interest income was $929.5 million, up 59% year-over-year; net interest margin was 6.14%, up 16 basis points from the prior quarter.
• Total deposits grew $5.8 billion to $51.3 billion.
• Tangible book value per share was $7.48, a 25% increase from $5.97 in the prior year period.
• Equity grew by $218.9 million to $11.3 billion.

Guidance and Future Outlook:

• Raised full-year 2026 guidance to $5.04 billion adjusted net revenue (40% YoY growth), $1.66 billion adjusted EBITDA, $840.0 million adjusted net income, and $0.61 adjusted EPS.
• Introduced 2027 outlook of $6.4 billion adjusted net revenue (27% YoY growth), $2.24 billion adjusted EBITDA, $1.28 billion adjusted net income, and $0.90 adjusted EPS.
• Management expects 2026 total member growth of at least 30% year-over-year.
• 2027 outlook implies an adjusted net income margin of approximately 20% and an adjusted EBITDA margin of approximately 35%.

Business Segments and Product Lines:

• Members: Total members grew 35% year-over-year to 17.1 million, adding a record 1.2 million members in the quarter.
• Products: Total products increased 44% year-over-year to 26.7 million, adding a record 2.2 million products in the quarter; products per member increased to 1.56.
• Financial Services: Revenue increased 25% year-over-year to $525.1 million; products grew 44% to 23.2 million. Contribution profit was $261.0 million.
  • SoFi Money reached 8.5 million products (up 34%).
  • Relay reached 8.7 million products (up 45%).
  • SoFi Invest reached 4.2 million products (up 37%).
  • Credit Card reached 656,000 products (up 67%).
  • Crypto reached 503,000 products.
  • SoFi Plus reached 273,000 products.
• Lending: GAAP revenue increased 66% year-over-year to $821.3 million; adjusted revenue was $807.4 million, up 68%.
  • Record loan originations of $16.9 billion, up 71% year-over-year.
  • Personal loan originations were $12.6 billion (up 69%); student loan originations were $2.9 billion (up 96%); home loan originations were $1.4 billion (up 44%).
  • Lending products increased 39% to 3.4 million.
  • Lending adjusted contribution margin was 56%.
• Technology Platform: Revenue decreased 24% year-over-year to $87.4 million, excluding the impact of a large client transition, revenue increased 18%. Contribution profit was $14.2 million with a 16% margin.
• Loan Platform Business: Generated $153.4 million in consolidated adjusted net revenue, including $3.8 billion in originations on behalf of third parties.

Market and Competitive Landscape:

• SoFi has transformed from a single-product company into an "everything financial app" with eight businesses each generating over $100 million in annualized revenue.
• The company achieved the Rule of 40 for the 20th consecutive quarter with a score of 79.
• SoFi delivered its 12th consecutive profitable quarter.
• Return on tangible common equity was approximately 10%.
• Capital markets activity included selling or transferring over $5.3 billion in loans and executing an $83 basis point weighted average spread securitization.

Risks and Challenges:

• Technology Platform revenue was impacted by a large client fully transitioning off the platform prior to December 31, 2025.
• Credit performance for personal loans included the impact of late-stage delinquent loan sales; all-in annualized net charge-off rate excluding these sales was estimated at 3.4%.
• Student loan annualized charge-off rate increased to 63 basis points from 61 basis points in the prior quarter.
• Forward-looking statements are subject to risks including macroeconomic conditions, interest rate volatility, regulatory changes, and the ability to maintain profitability and growth.

Management Commentary and Tone:

• CEO Anthony Noto described Q3 results as "exceptional" and "remarkable," citing a focus on adding members, increasing products per member, and generating more revenue per product.
• Management expressed "never been greater" conviction in the opportunity ahead.
• The company highlighted the success of its Financial Services Productivity Loop (FSPL) strategy in deepening member relationships.
• Management noted the ability to capitalize on strong demand for lending products and the diversification benefits of the multichannel personal loan origination strategy.

Analyst Questions and Answers:

• No specific analyst questions and answers content is included in the provided press release text.

Other Key Points:

• SoFi plans to reach 100 million products by 2030, scaling five businesses to over $1 billion in revenue, five to over $500 million, and five to over $100 million.
• The company executed one co-contributor securitization of loans totaling $460 million, marking the eighth securitization of new collateral under the SoFi Consumer Loan Program (SCLP) since 2021.
• SoFi acquired Composer, which enabled the addition of systematic taxable and systematic IRA accounts to the SoFi Invest product metric.
• SoFi relaunched SoFi Plus as a paid subscription model and introduced a Credit Card with Personal Loan Rollover product.
• The company sold or transferred $1.4 billion in home loans at a blended execution of 103.6%.
• Average total deposits comprised 90% of average total liabilities, resulting in approximately $745.0 million of annualized interest expense savings due to funding base remixing.