SoFi third-quarter revenue rises 44% to record $1.4 billion and lifts 2026 guidance

SoFi Technologies, Inc. (SOFI) reported record third-quarter results on Tuesday, with net revenue of $1.4 billion, up 44% from a year earlier.

The company said in a press release attached to a regulatory filing that net income reached $241 million, or 18 cents per diluted share, for the quarter ended September 30, 2026.

Adjusted EBITDA rose 70% to a record $469.8 million, a margin of 34%, compared with 29% a year earlier.

Here's how the company did:

• Total net revenue: $1,385.1 million vs. $961.6 million a year earlier
• Adjusted net revenue: $1,371.1 million vs. $949.6 million a year earlier
• Net income: $241.0 million vs. $139.4 million a year earlier
• Diluted earnings per share: $0.18 vs. $0.11 a year earlier
• Adjusted EBITDA: $469.8 million vs. $276.9 million a year earlier
• Adjusted earnings per share: $0.18 vs. $0.11 a year earlier

Net revenue was up from $1,218.7 million in the second quarter. Fee-based revenue reached $570.6 million, or 42% of total revenue, rising 21% from the prior quarter.

Consolidated net interest income was $929.5 million, up 59% from a year earlier. Net interest margin reached 6.14%, up 16 basis points from the prior quarter.

Members rose 35% to 17.1 million, with a record 1.2 million members added in the quarter. Products grew 44% to 26.7 million, including a record 2.2 million products added.

Products per member rose to approximately 1.56 from 1.47 a year earlier.

Anthony Noto, CEO of SoFi, said, “We had exceptional Q3 results against the backdrop of any environment, but they are even more remarkable given how 2026 has unfolded.”

Noto also said, “Our conviction in the opportunity ahead has never been greater.”

The company raised its revenue outlook for 2026. Management now expects adjusted net revenue of approximately $5.04 billion, which implies approximately 40% annual growth.

Management now expects adjusted EBITDA of approximately $1.66 billion, an annual margin of approximately 33%. It continues to expect adjusted net income of approximately $840 million and adjusted EPS of approximately 61 cents per share.

For 2026, management continues to expect total members to rise at least 30% year over year.

For 2027, management expects adjusted net revenue of approximately $6.4 billion, about 27% growth, and adjusted EBITDA of approximately $2.24 billion, a margin of about 35%.

It also expects adjusted net income of approximately $1.28 billion, a margin of about 20%, and adjusted EPS of approximately 90 cents per share.

The company said it has not reconciled forward-looking non-GAAP measures to their GAAP equivalents, because certain legal, advisory, tax and other costs cannot be predicted with reasonable certainty.

Here's how SoFi's segments did during the quarter:

• Financial Services: net revenue of $525.1 million vs. $419.6 million a year earlier; contribution profit of $261.0 million vs. $225.6 million
• Lending: GAAP net revenue of $821.3 million vs. $493.4 million; contribution profit of $454.9 million vs. $261.6 million
• Technology Platform: net revenue of $87.4 million vs. $114.6 million; contribution profit of $14.2 million vs. $32.4 million

Financial Services net revenue rose 25% year over year, and products in the segment grew 44% to 23.2 million. Revenue per product was $90, up from $88 in the second quarter.

The Loan Platform Business added $153.4 million to consolidated adjusted net revenue. Of that, $151.2 million came from $3.8 billion of loans originated on behalf of third parties and referrals.

Total loan originations reached a record $16.9 billion, up 71% from a year earlier. Personal loan originations were $12.6 billion, up 69%, and student loan volume was $2.9 billion, up 96%.

The personal loan annualized charge-off rate was 2.26%, down 34 basis points from a year earlier. The company said credit performance remained strong.

Technology Platform net revenue fell 24% from a year earlier to $87.4 million, reflecting a large client that fully transitioned off the platform before December 31, 2025. Excluding that impact, segment revenue rose 18%.

Restructuring charges of $2.7 million were tied to a small headcount reduction in the Technology Platform segment. Transaction-related expenses for the nine months were $5.3 million, primarily advisory and professional costs tied to the acquisitions of Composer and Peach.

Total deposits grew $5.8 billion in the quarter to $51.3 billion. Tangible book value per share was $7.48, up from $5.97 a year earlier, a 25% increase.

The company set a 2030 goal of reaching 100 million products. It plans to scale five businesses to more than $1 billion in revenue, five to more than $500 million and five to more than $100 million. Eight of its businesses already generate over $100 million in annualized revenue.

SoFi's adjusted net income was $243.0 million, its 12th consecutive profitable quarter. The company said it achieved a Rule of 40 score of 79, its 20th consecutive quarter meeting that measure.