SoFi Technologies, Inc. (SOFI): Results of Operations and Financial Condition
SoFi Technologies, Inc. (SOFI) filed an SEC Form 8-K — Results of Operations and Financial Condition. SoFi Reports Second Quarter 2026 with Record Net Revenue of $1.2 Billion, Record Member and Product Growth, Net Income of $157 Million 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 bi
How this was made
The 30-second read
Why it matters
The filing provides both GAAP and non-GAAP performance, highlights member and product growth drivers, and updates full-year adjusted net revenue guidance, creating a direct basis for estimate revisions.
Market read
A guidance increase alongside record revenue, adjusted EBITDA, and loan originations is a concrete catalyst for near-term trading and forward estimate changes.
What to watch
Traders should scrutinize the sustainability of product-per-member gains, cross-buy conversion (51% of new products from existing members), and whether loan originations translate into durable net interest income and credit-adjusted returns.
SoFi Reports Second Quarter 2026 with Record Net Revenue of $1.2 Billion, Record Member and Product Growth, Net Income of $157 Million
GAAP total net revenue increased 43%, GAAP net income increased 61%, adjusted EBITDA increased 44%, and the company increased 2026 adjusted net revenue guidance to $4.75 billion to $4.85 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenue ($ in thousands)GAAP | $ 1,218,676 | – | 43 % |
| Net income ($ in thousands)GAAP | 156,592 | – | 61 % |
| Net income attributable to common stockholders – diluted ($ in thousands)GAAP | 156,645 | – | 60 % |
| Earnings per share attributable to common stockholders – dilutedGAAP | $ 0.12 | – | 50 % |
| Adjusted net revenue ($ in thousands)non-GAAP | $ 1,205,550 | – | 40 % |
| Adjusted EBITDA ($ in thousands)non-GAAP | 357,821 | – | 44 % |
| Adjusted net income ($ in thousands)non-GAAP | 160,406 | – | 65 % |
| Adjusted net income attributable to common stockholders – diluted ($ in thousands)non-GAAP | 160,459 | – | 64 % |
| Adjusted earnings per share – dilutednon-GAAP | $ 0.12 | – | 50 % |
| Six-month total net revenue ($ in thousands)GAAP | $ 2,319,044 | – | 43 % |
| Six-month net income ($ in thousands)GAAP | 323,323 | – | 92 % |
| Six-month earnings per share attributable to common stockholders – dilutedGAAP | $ 0.24 | – | 71 % |
| Six-month adjusted net revenue ($ in thousands)non-GAAP | $ 2,292,782 | – | 41 % |
| Six-month adjusted EBITDA ($ in thousands)non-GAAP | 697,722 | – | 52 % |
| Six-month adjusted net income ($ in thousands)non-GAAP | 327,137 | – | 94 % |
| Six-month adjusted earnings per share – dilutednon-GAAP | $ 0.24 | – | 60 % |
| Total fee-based revenueother | $472.3 million | increasing 22% from prior quarter | – |
| Net interest incomeother | $788.2 million | – | up 52% year-over-year |
| Net interest marginother | 5.98% | increased 4 basis points from the prior quarter | – |
| Adjusted EBITDA marginnon-GAAP | 30% | – | – |
| Total loan originationsother | $14.8 billion | up more than $2.6 billion from the prior quarter | – |
| Personal Loan originationsother | $10.7 billion | – | – |
| Loan Platform Business originationsother | $3.1 billion | – | – |
| Total membersother | 15.8 million | – | 35% |
| New members addedother | 1.1 million | – | – |
| Total productsother | nearly 24.4 million | – | 42% |
| New products addedother | 2.2 million | – | – |
| Products per memberother | 1.54 | – | – |
| Financial Services productsother | 21.3 million | – | 43% year-over-year |
| Lending productsother | 3.1 million | – | 36% year-over-year |
| Technology Platform-enabled accountsother | 135 million | increased 2 million from the prior quarter | decreased 16% year-over-year |
| EquityGAAP | $11.1 billion | grew by $264.6 million during the quarter | – |
| Book value per shareGAAP | $8.58 | – | – |
| Tangible book valueGAAP | $9.5 billion | grew by $225.8 million during the quarter | – |
| Tangible book value per shareGAAP | $7.34 | – | up 56% year-over-year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Financial ServicesNoninterest income of $217.2 million increased 28% year-over-year, while net interest income of $249.1 million increased 29% year-over-year, primarily driven by growth in consumer deposits. | $466.3 million | – | increased 29% from the prior year period |
2026 outlook
- RevenueAdjusted Net Revenue of $4.75 billion to $4.85 billion
What drove it
- Total fee-based revenue reached $472.3 million, representing 39% of total revenue in the quarter, driven by origination fees, SoFi Tech Solutions revenue, Loan Platform Business, interchange revenue, and brokerage fee revenue.
- Net interest income of $788.2 million 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.
- Financial Services and Technology Platform segments generated $550.8 million of net revenue, an increase of 17% from the prior year period.
- Cross-buy reached 51% of new products opened by existing SoFi members, up from 43% last quarter and 35% in Q2 2025.
- Loan Platform Business added $143.3 million to consolidated adjusted net revenue, including $140.9 million driven by $3.1 billion of personal loans originated on behalf of third parties as well as referrals to third parties.
Concerns
- 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.
- Average asset yields decreased 32 basis points year-over-year.
- The provided filing text is truncated after “Subsequent to quarter-e”. This limits visibility into the remainder of the release, including any additional segment detail, financial tables, reconciliations, and guidance.
What to watch
- Execution against increased 2026 Adjusted Net Revenue Guidance of $4.75 billion to $4.85 billion.
- Whether the 51% cross-buy rate and products per member of 1.54 continue to support product growth and member engagement.
- Technology Platform-enabled account trends following the large client transition, after accounts increased 2 million from the prior quarter.
- Loan Platform Business contribution, which added $143.3 million to consolidated adjusted net revenue during the quarter.
- Credit performance, which the company said remained strong and in line with expectations.
Balance sheet and cash flow
- Equity grew by $264.6 million during the quarter to $11.1 billion.
- Tangible book value grew by $225.8 million during the quarter, ending the period at $9.5 billion.
- 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.
Analysis
SoFi reported broad-based growth in the second quarter of 2026. GAAP total net revenue was $ 1,218,676 ($ in thousands), up 43 %, while GAAP net income was 156,592 ($ in thousands), up 61 %. Adjusted net revenue was $ 1,205,550 ($ in thousands), up 40 %, and adjusted EBITDA was 357,821 ($ in thousands), up 44 %. The company reported a 30% adjusted EBITDA margin and raised 2026 Adjusted Net Revenue Guidance to $4.75 billion to $4.85 billion.
Demand and engagement indicators accelerated. Total members reached 15.8 million, up 35%, and total products reached nearly 24.4 million, up 42%. The company added 1.1 million members and a record 2.2 million products, bringing products per member to 1.54. Cross-buy was 51% of new products opened by existing members, compared with 43% last quarter and 35% in Q2 2025. Financial Services products rose 43% year-over-year to 21.3 million and represented 87% of total products.
Revenue mix reflected both fee-based activity and net interest income. Total fee-based revenue was $472.3 million, or 39% of total revenue, and increased 22% from the prior quarter. Net interest income was $788.2 million, up 52% year-over-year, supported by a 49% increase in average interest-earning assets and a 36 basis point decline in cost of funds. Net interest margin was 5.98%, up 4 basis points from the prior quarter, though average asset yields decreased 32 basis points year-over-year.
Loan originations reached $14.8 billion, including $10.7 billion of Personal Loan originations and $3.1 billion of Loan Platform Business originations. The Loan Platform Business added $143.3 million to consolidated adjusted net revenue. Financial Services segment net revenue was $466.3 million, up 29% from the prior year period, with both noninterest income and net interest income increasing. By contrast, Technology Platform-enabled accounts declined 16% year-over-year to 135 million because of a large client transition, although accounts increased 2 million from the prior quarter.
Capital measures improved during the quarter. Equity grew by $264.6 million to $11.1 billion, and tangible book value grew by $225.8 million to $9.5 billion. Tangible book value per share was $7.34, compared with $4.72 per share in the prior year period. The company also cited deposits as a funding advantage, stating that the average rate paid on deposits was 156 basis points lower than warehouse facilities and translated to approximately $712.6 million of annualized interest expense savings.
Management, verbatim
2026 is shaping up to be a defining year, and our second quarter results mark a clear inflection point for SoFi.
Anthony Noto, CEO of SoFi
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- The provided filing text is truncated after “Subsequent to quarter-e”; the remainder of the earnings release, financial tables, non-GAAP reconciliations, and any further guidance are unavailable.
- Lending segment net revenue was not provided in the available text.
- Technology Platform segment net revenue was not provided in the available text.
- Quarterly gross margin was not provided.
- Quarterly operating expenses were not provided.
- Quarterly tax rate was not provided.
- Cash balance was not provided.
- Debt balance was not provided.
- Operating cash flow was not provided.
- Free cash flow was not provided.
- Share repurchases and dividends were not provided.
- Absolute prior-quarter values for total fee-based revenue, net interest margin, total loan originations, and Technology Platform-enabled accounts were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The 8-K includes Item 2.02 results and an attached earnings release (EX-99.1) for SoFi’s quarter ended June 30, 2026.
Ticker impact
SoFi reported Q2 2026 record net revenue of $1.2B, adjusted EBITDA of $358M, and raised 2026 adjusted net revenue guidance to $4.75B-$4.85B.
Likely positive near-term bias as traders re-rate forward revenue and EBITDA trajectory; magnitude depends on how results compare to Street expectations.
The filing is a primary earnings release with explicit quarterly datapoints and a specific 2026 guidance increase, which typically drives revisions to estimates and valuation multiples.
Market effects
Reinforces read-across for digital consumer finance models where cross-sell and fee-based revenue scale with member growth.
Limited, primarily US-focused fintech sentiment.
Low; impacts are mostly within US consumer finance and fintech investor positioning.
Counterpoint
Record growth and guidance may still be offset by funding-cost sensitivity or credit-cycle risk, so upside may be capped if margins compress later.
Key entities
- companySoFi Technologies, Inc.
Reported Q2 2026 results and raised 2026 adjusted net revenue guidance in an SEC 8-K earnings release.
