Key points
- SoFi reported second quarter revenue of $1.22 billion against a $1.11 billion estimate, adjusted EPS of $0.12 against $0.11, and record adjusted EBITDA of $358 million.
- The company raised full-year revenue guidance to $4.75 billion to $4.85 billion. It left every profit line unchanged, including adjusted EPS of about $0.60.
- Lending revenue grew 63% year over year. The Financial Services and Technology Platform segments grew 17% between them.
- Credit improved. The all-in annualized net charge-off rate on personal loans came in near 3.7%, better by 80 basis points than a year ago.
- SOFI traded at $15.53, down 7.2%, after touching a 52-week low of $14.88.
SoFi Technologies (SOFI) beat on revenue and earnings Wednesday morning, raised its full-year revenue outlook, and then fell to its lowest price in a year. The stock was $15.53 in early afternoon trading, down 7.2%, after touching $14.88. That takes it 53% below the $32.73 it reached last November.
This wasn't a quiet drift lower. Volume ran near 133 million shares against an 81 million average, about 64% above a normal session.
The good
The headline numbers were strong. Total GAAP net revenue was $1.22 billion, up 42% from a year ago, against analyst estimates near $1.11 billion. Adjusted EBITDA reached a record $358 million, up 44%. Net income attributable to common stockholders was $156.6 million, up 60%, and diluted earnings came in at $0.12 a share against the $0.11 the street expected.
Member growth held up. SoFi ended the quarter with 15.8 million members, up 35%, and 24.4 million total products, up 42%. It added a record 2.2 million products in three months. Products per member hit an all-time high of 1.54.
Cross-buy is the share of new products opened by people who were already customers, and it reached 51%. That figure was 43% in the first quarter and 35% a year ago. Anthony Noto, SoFi's chief executive, called the quarter "a clear inflection point" and said the company added twice as many products as members for the first time.
Credit improved as well, and most of the early coverage skipped it. That matters more than the headline beat for a company whose main business is lending money.
The all-in annualized net charge-off rate on personal loans came in near 3.7%. That improved 70 basis points from the first quarter and 80 basis points from a year ago. The reported charge-off rate fell to 2.62% from 3.03%. On student loans it fell to 61 basis points from 65. Ninety-day delinquencies on both books were consistent with last year, and SoFi said the data still supports its 7% to 8% maximum cumulative loss assumption on personal loans.
If you assumed a selloff this size meant credit was deteriorating, that isn't in these numbers.
The bad: more revenue, the same profit
SoFi raised its full-year adjusted net revenue target to a range of $4.75 billion to $4.85 billion. That implies 32% to 35% growth for the year and sits above where the street was.
The profit guidance didn't move at all. Management still expects adjusted EBITDA near $1.6 billion, adjusted net income near $825 million and adjusted EPS near $0.60. The extra revenue the company now expects to book isn't expected to reach the bottom line.
At $15.53 the stock trades close to 40 times earnings and 2.1 times its tangible book value of $7.34 a share.
The ugly: where the growth came from
Split the revenue by segment and the story changes.
The Lending segment produced $724.8 million of GAAP net revenue, up 63% from a year ago, with contribution profit of $399.0 million and a 56% contribution margin. Net interest income was $788.2 million, up 52%. Deposits grew $5.3 billion in the quarter to $45.5 billion, and net interest margin was 5.98%.
The Financial Services and Technology Platform segments generated $550.8 million between them. That was up 17%. Those are the asset-light businesses behind the "everything app" pitch, and they grew at less than half the rate of the company overall.
Technology Platform accounts fell outright. The segment ended June with 134.8 million accounts against 160.0 million a year earlier, a drop of 16%.
Meanwhile the balance sheet grew. Total liabilities and equity reached $57.2 billion, up from $39.4 billion, an increase of 45% in a year. Loan originations set a record at $14.8 billion.
That is real business and the credit behind it is performing. It also consumes capital, and it means a company valued like a technology platform is currently growing like a bank. A market already nervous about the credit cycle pays less for the second one.
The Federal Reserve announces its decision at 2 p.m. ET Wednesday, and traders have been pricing hike risk into this meeting for weeks. SoFi funds itself with $45.5 billion of deposits at a 5.98% margin, so the path of rates lands directly on the segment doing most of the growing.
The number that settles the argument is third-quarter earnings. Management left the full-year $0.60 in place, so the second half carries it. Analysts currently have $0.17 a share for the third quarter against the $0.12 just reported.
Figures are from SoFi's second quarter 2026 results release, filed with the SEC on July 29, 2026. SOFI prices are intraday as of 1:25 p.m. ET, July 29, 2026. This is general market commentary and not investment advice.
