SoFi 公佈 2026 年第二季業績 淨收入創紀錄達 12.18 億美元 按年升 43%

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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 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, Calif. – (BUSINESS WIRE) – July 29, 2026 – SoFi Technologies, Inc. (NASDAQ: 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.
“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 June 30,% ChangeSix Months Ended June 30,% Change
($ in thousands, except per share amounts)
2026202520262025
Consolidated – GAAP

Total net revenue$1,218,676 $854,944 43 %$2,319,044 $1,626,703 43 %
Net income156,592 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 EBITDA357,821 249,083 44 %697,722 459,420 52 %
Adjusted net income160,406 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.

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•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. 

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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.

MembersProductsProducts Per Member
In ThousandsIn Thousands

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Products By SegmentTechnology Platform Accounts (1)

In ThousandsIn Millions

 
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.
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%. 

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Financial Services – Segment Results of Operations

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)
20262025% Change20262025% Change
Net interest income$249,052 $193,322 29 %$476,792 $366,521 30 %
Noninterest income217,226 169,211 28 %418,029 299,131 40 %
Total net revenue – Financial Services466,278 362,533 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 %

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(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,
20262025% 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 Work189,078 127,224 49 %
Relay7,993,828 5,526,315 45 %
Total financial services products
21,287,615 14,861,673 43 %

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(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%.

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Technology Platform – Segment Results of Operations

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)
20262025% Change20262025% Change
Net interest income$1,022 $266 284 %$1,377 $679 103 %
Noninterest income83,483 109,567 (24)%158,214 212,581 (26)%
Total net revenue – Technology Platform84,505 109,833 (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 %

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(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,
20262025% Change

Total accounts134,804,238 160,046,369 (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.

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Lending – Segment Results of Operations
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)
20262025% Change20262025% Change
Net interest income$573,298 $372,675 54 %$1,073,529 $733,296 46 %
Noninterest income151,500 70,837 114 %293,689 123,589 138 %
Total net revenue – Lending724,798 443,512 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 assumptions16 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 %

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(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

($ in thousands)
Personal Loans
Student 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 

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(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. 

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The following table summarizes the significant inputs to the fair value model for personal and student loans:

Personal LoansStudent Loans
June 30, 2026March 31, 2026June 30, 2026March 31, 2026
Weighted average coupon rate(1)
12.89 %12.96 %5.89 %5.91 %
Weighted average annual default rate4.77 %4.57 %0.73 %0.69 %
Weighted average conditional prepayment rate25.77 %25.55 %10.99 %11.15 %
Weighted average discount rate4.97 %4.61 %4.29 %4.05 %
Benchmark rate(2)
3.99 %3.62 %3.90 %3.59 %
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(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 

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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 June 30,% ChangeSix Months Ended June 30,% Change
2026202520262025
Origination volume ($ in thousands, during period)
Personal loans(1)
$10,718,359 $6,968,746 54 %$19,058,608 $12,505,587 52 %
Student loans2,686,760 993,326 170 %5,300,468 2,184,789 143 %
Home loans1,393,375 798,881 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 loans45,905 43,209 6 %
Home loans232,271 270,540 (14)%

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(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,
20262025% Change
Personal loans(1)
2,325,262 1,641,340 42 %
Student loans703,081 596,351 18 %
Home loans65,016 42,677 52 %
Total lending products
3,093,359 2,280,368 36 %

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(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 

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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.

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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 

11

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 (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), 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.
Contact
Investors:
SoFi Investor Relations
[email protected]
Media:
SoFi Media Relations
[email protected] 

12

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

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Table 1

SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In Thousands, Except for Per Share Data) 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest income
Loans and securitizations$1,067,894 $738,862 $2,000,078 $1,451,738 
Other72,634 53,543 141,446 104,479 
Total interest income1,140,528 792,405 2,141,524 1,556,217 
Interest expense
Securitizations and warehouses18,779 29,650 28,830 57,794 
Deposits320,463 233,232 607,692 458,631 
Corporate borrowings10,675 11,504 21,326 22,932 
Other2,416 182 2,493 297 
Total interest expense352,333 274,568 660,341 539,654 
Net interest income788,195 517,837 1,481,183 1,016,563 
Noninterest income
Loan origination, sales, securitizations and servicing150,407 70,855 292,616 123,660 
Technology products and solutions52,459 90,796 101,810 177,233 
Loan platform fees140,930 127,405 279,185 220,155 

Crypto transaction revenue134,267 — 255,860 — 
Cost of crypto transaction revenue(133,084)— (253,825)— 
Net crypto transaction revenue1,183 — 2,035 — 

Other85,502 48,051 162,215 89,092 
Total noninterest income430,481 337,107 837,861 610,140 
Total net revenue1,218,676 854,944 2,319,044 1,626,703 

Provision for credit losses
13,755 10,035 22,650 15,713 

Noninterest expense
Technology and product development191,276 152,146 378,951 308,352 
Sales and marketing392,397 264,744 727,936 502,920 
Cost of operations200,139 150,437 371,262 285,957 
General and administrative216,800 165,390 414,384 321,787 

Total noninterest expense
1,000,612 732,717 1,892,533 1,419,016 
Income before income taxes204,309 112,192 403,861 191,974 
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 – basic1,284,303 1,107,006 1,280,338 1,102,525 
Weighted average common stock outstanding – diluted1,351,990 1,182,877 1,364,978 1,184,197 

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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 June 30,Six Months Ended June 30,
($ in thousands)
2026202520262025
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 June 30,Six Months Ended June 30,
($ in thousands)
2026202520262025
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.

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The following table reconciles adjusted noninterest income to noninterest income, the most directly comparable GAAP measure:

Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)
2026202520262025
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 June 30,Six Months Ended June 30,
($ in thousands)
2026202520262025
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.

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The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment: 

Three Months EndedJune 30,2026 vs 2025
Six Months EndedJune 30,2026 vs 2025

($ in thousands)20262025$ Change20262025$ 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 pro