Third quarter 2026
Filed Oct 27, 2026SoFi Reports Third Quarter 2026 with Record Net Revenue of $1.4 Billion, Net Income of $241 Million and Raises Full-Year Guidance
Third-quarter GAAP total net revenue increased 44%, GAAP net income increased 73%, adjusted EBITDA increased 70%, and management raised full-year 2026 adjusted net revenue and adjusted EBITDA guidance while introducing 2027 targets.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenue, three months ended September 30GAAP | $1.39B | – | 44% |
| Adjusted net revenue, three months ended September 30non-GAAP | $1.37B | – | 44% |
| Net interest income, three months ended September 30GAAP | $929.5M | – | 59% |
| Total noninterest income, three months ended September 30GAAP | $455.6M | – | – |
| Total fee-based revenue, three months ended September 30other | $570.6M | 21% | – |
| Net interest margin, three months ended September 30GAAP | 6.14% | increased 16 basis points | – |
| Provision for credit losses, three months ended September 30GAAP | $14.74M | – | – |
| Total noninterest expense, three months ended September 30GAAP | $1.05B | – | – |
| Income before income taxes, three months ended September 30GAAP | $317.8M | – | – |
| Income tax expense, three months ended September 30GAAP | −$76.84M | – | – |
| Net income, three months ended September 30GAAP | $241.0M | – | 73% |
| Net income attributable to common stockholders – diluted, three months ended September 30GAAP | $241.0M | – | 72% |
| Earnings per share – diluted, three months ended September 30GAAP | $0.18 | – | 64% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $469.8M | – | 70% |
| Adjusted EBITDA margin, three months ended September 30non-GAAP | 34% | – | – |
| Adjusted net income, three months ended September 30non-GAAP | $243.0M | – | 74% |
| Adjusted net income attributable to common stockholders – diluted, three months ended September 30non-GAAP | $243.0M | – | 74% |
| Adjusted earnings per share – diluted, three months ended September 30non-GAAP | $0.18 | – | 64% |
| Total net revenue, nine months ended September 30GAAP | $3.70B | – | 43% |
| Adjusted net revenue, nine months ended September 30non-GAAP | $3.66B | – | 42% |
| Net income, nine months ended September 30GAAP | $564.3M | – | 83% |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $1.17B | – | 59% |
| Adjusted net income, nine months ended September 30non-GAAP | $570.1M | – | 85% |
| Adjusted earnings per share – diluted, nine months ended September 30non-GAAP | $0.43 | – | 65% |
| Membersother | 17,074,272 | – | 35% |
| Total Productsother | 26,671,579 | – | 44% |
| Total financial services productsother | 23,241,525 | – | 44% |
| Total lending productsother | 3,430,054 | – | 39% |
| Technology Platform total accountsother | 140,440,864 | increased 6 million | (11)% |
| Total loan originations, three months ended September 30other | $16.93B | – | 71% |
| Personal loan originations, three months ended September 30other | $12.62B | – | 69% |
| Student loan originations, three months ended September 30other | $2.92B | – | 96% |
| Home loan originations, three months ended September 30other | $1.36B | – | 44% |
| Cash and cash equivalentsGAAP | $2.81B | – | – |
| Total depositsGAAP | $51.33B | – | – |
| DebtGAAP | $3.86B | – | – |
| Total equityGAAP | $11.30B | – | – |
| Tangible book valuenon-GAAP | $9.70B | – | – |
| Tangible book value per common sharenon-GAAP | $7.48 | – | 25% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Financial ServicesNet interest income increased 38% year-over-year to $281,254 and noninterest income increased 13% year-over-year to $243,841, primarily driven by growth in consumer deposits. | $525.1M | – | 25% |
| Technology PlatformRevenue included the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Excluding that impact, segment revenue increased 18% from the prior year. | $87.37M | 3% | (24)% |
| LendingNet interest income rose 57% year-over-year and loan origination fees increased 158% from the prior year. | $821.3M | – | 66% |
| Lending adjustedAdjusted contribution margin was 56%. | $807.4M | – | 68% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 and 2027 outlook outlook
- Revenue2026 adjusted net revenue of approximately $5.04 billion; 2027 adjusted net revenue of approximately $6.4 billion
- Note2026 adjusted EBITDA of approximately $1.66 billion
- Note2026 annual adjusted EBITDA margin of approximately 33%
- Note2026 adjusted net income of approximately $840 million
- Note2026 adjusted net income margin of approximately 17%
- Note2026 adjusted EPS of approximately 61 cents per share
- Note2026 total member growth of at least 30% year-over-year
- Note2027 adjusted EBITDA of approximately $2.24 billion
- Note2027 annual adjusted EBITDA margin of approximately 35%
- Note2027 adjusted net income of approximately $1.28 billion
- Note2027 adjusted net income margin of approximately 20%
- Note2027 adjusted EPS of approximately 90 cents per share
- Note2027 adjusted net revenue growth of approximately 27%
What drove it
- Adjusted net revenue increased 44% year-over-year to $1,371,124 and adjusted EBITDA increased 70% year-over-year to $469,818.
- Net interest income was $929,452, up 59% year-over-year, driven by a 51% increase in average interest-earning assets and a 38 basis point decrease in cost of funds, partially offset by a 3 basis point decrease in average asset yields year-over-year.
- Total fee-based revenue was $570,626, representing 42% of total revenue and increasing 21% from the prior quarter.
- SoFi added a record 1.2 million members and a record 2.2 million products during the quarter.
- Financial Services products increased 44% year-over-year to 23.2 million and drove 88% of total product growth.
- Total loan originations increased 71% year-over-year to $16,932,283, including personal loan originations of $12,622,140, student loan originations of $2,922,068, and home loan originations of $1,361,024.
- Loan Platform Business added $153.4 million to consolidated adjusted net revenue, of which $151.2 million was driven by $3.8 billion of loans originated on behalf of third parties as well as referrals to third parties.
- Total deposits grew $5.8 billion to $51.3 billion during the quarter.
Concerns
- Technology Platform segment net revenue decreased 24% year-over-year to $87,368 and contribution profit decreased 56% year-over-year to $14,203.
- Technology Platform-enabled accounts decreased 11% year-over-year to 140,440,864, including the impact from a large client which fully transitioned off the platform prior to December 31, 2025.
- Financial Services contribution margin declined 4 percentage points year-over-year to 50%.
- The weighted average annual default rate assumption for personal loans was 5.10% at September 30, 2026, compared with 4.77% at June 30, 2026.
- The weighted average annual default rate assumption for student loans was 0.89% at September 30, 2026, compared with 0.73% at June 30, 2026.
- Credit card net charge-off ratio was 7.77% for the three months ended September 30, 2026, compared with 6.55% for the three months ended September 30, 2025.
- Debt was $3,862,925 at September 30, 2026, compared with $1,815,162 at December 31, 2025.
What to watch
- Execution against full-year 2026 guidance of approximately $5.04 billion of adjusted net revenue and approximately $1.66 billion of adjusted EBITDA.
- Progress toward 2027 guidance of approximately $6.4 billion of adjusted net revenue, approximately $2.24 billion of adjusted EBITDA, approximately $1.28 billion of adjusted net income and approximately 90 cents per share of adjusted EPS.
- Technology Platform revenue and account trends following the transition off the platform by a large client.
- Sustainability of Lending originations, Loan Platform Business volumes and loan origination fees.
- Personal loan and student loan credit performance, including charge-offs, delinquency trends, fair value inputs and loss assumptions.
- Deposit growth, cost of funds and net interest margin.
- Financial Services product growth, revenue per product and contribution margin.
Balance sheet and cash flow
- Cash and cash equivalents were $2,809,582 as of September 30, 2026, compared with $4,929,452 as of December 31, 2025.
- Total deposits were $51,325,022 as of September 30, 2026, compared with $37,505,395 as of December 31, 2025.
- Debt was $3,862,925 as of September 30, 2026, compared with $1,815,162 as of December 31, 2025.
- Total assets were $67,766,776 as of September 30, 2026, compared with $50,660,478 as of December 31, 2025.
- Total equity was $11,295,137 as of September 30, 2026, compared with $10,489,495 as of December 31, 2025.
- Equity grew by $218.9 million during the quarter to $11.3 billion.
- Tangible book value grew by $234.7 million during the quarter, ending the period at $9.7 billion.
- Operating cash flow and free cash flow were not reported.
Analysis
SoFi reported record third-quarter results across its primary consolidated measures. GAAP total net revenue was $1,385,099, up 44% from $961,600, while GAAP net income was $240,989, up 73% from $139,392. Adjusted net revenue increased 44% to $1,371,124 and adjusted EBITDA increased 70% to $469,818. GAAP diluted EPS and adjusted diluted EPS were both $0.18, versus $0.11 in the prior-year period. The adjusted EBITDA margin was 34%, compared with 29% in the prior-year period.
The revenue mix reflected substantial growth in net interest income and fee-based sources. Net interest income was $929,452, up 59% year-over-year, and net interest margin was 6.14%, compared with 5.84% a year earlier. Management attributed net interest income growth to a 51% increase in average interest-earning assets and a 38 basis point decrease in cost of funds, partially offset by a 3 basis point decrease in average asset yields. Total fee-based revenue was $570,626, representing 42% of total revenue and increasing 21% from the prior quarter. Loan origination fees were $270,851, compared with $104,995 in the prior-year period.
Lending was the largest reported segment by revenue, with GAAP net revenue of $821,345, up 66%, and adjusted net revenue of $807,370, up 68%. Total loan originations rose 71% to $16,932,283. Financial Services revenue increased 25% to $525,095, supported by 44% growth in Financial Services products to 23,241,525. Financial Services contribution profit increased to $261,014 from $225,557, although contribution margin declined to 50% from 54%. Technology Platform revenue was $87,368, down 24% year-over-year, reflecting the impact of a large client that fully transitioned off the platform prior to December 31, 2025.
Membership and product growth remained central to the reported operating momentum. Members reached 17,074,272, up 35% year-over-year, following a record 1.2 million additions during the quarter. Total products reached 26,671,579, up 44% year-over-year, following a record 2.2 million additions. Technology Platform total accounts were 140,440,864, down 11% year-over-year but up 6 million from the prior quarter. The company also reported $51,325,022 in deposits, while debt was $3,862,925 and cash and cash equivalents were $2,809,582 at period end.
Management raised its full-year 2026 outlook to approximately $5.04 billion of adjusted net revenue and approximately $1.66 billion of adjusted EBITDA, while continuing to expect approximately $840 million of adjusted net income and approximately 61 cents per share of adjusted EPS. It also introduced 2027 guidance for approximately $6.4 billion of adjusted net revenue, approximately $2.24 billion of adjusted EBITDA, approximately $1.28 billion of adjusted net income and approximately 90 cents per share of adjusted EPS. Key reported areas requiring continued attention are Technology Platform revenue following the client transition, Financial Services contribution margin, credit assumptions, charge-off trends and the growth in debt.
Management, verbatim
We had exceptional Q3 results against the backdrop of any environment, but they are even more remarkable given how 2026 has unfolded.
Anthony Noto, CEO
Our focus is simple. We are adding more members, who are using more products, and generating more revenue per product to create the most value for our shareholders over the long run.
Anthony Noto, CEO
Our conviction in the opportunity ahead has never been greater.
Anthony Noto, CEO
Not in the filing
stated, not guessed- Prior outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- GAAP operating income was not reported.
- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- A capital return program was not reported.
- A forward-looking GAAP revenue, GAAP operating expense, gross margin or tax-rate guidance figure was not reported.
- Management stated that it has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures.
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.