SoFi Q2 2026 Earnings: Revenue Guidance Rises as Lending and Cross-Buy Accelerate

SoFi reported a stronger second quarter, with adjusted net revenue rising 40% year over year to $1.2B and adjusted EBITDA increasing 44% to $358M. The company raised its full-year revenue outlook but held its EBITDA and EPS targets unchanged, choosing to reinvest incremental revenue into newer initiatives including small-business lending, commercial banking, crypto products and SoFi Plus.

The central development was not simply another quarter of lending growth. SoFi added 1.1 million members and 2.2 million products, while cross-buy and products per member accelerated. That supports management’s argument that its consumer ecosystem is becoming more efficient, although the business still relies heavily on balance-sheet lending and must demonstrate that newer fee-based products can become meaningful contributors.

Earnings Snapshot

As Reported on the Call

The Bigger Story

SoFi’s second quarter strengthened the evidence that its “everything app” strategy is improving customer monetization, not just expanding its member base. The company added twice as many products as members for the first time, and 51% of new products were opened by existing members.

That matters because SoFi’s model depends on acquiring customers through broad consumer products such as SoFi Money and Relay, then adding investing, credit, lending and other services at lower incremental acquisition cost. Management said product-per-member growth accelerated in both the first and second quarters, suggesting that cross-selling is beginning to contribute more meaningfully to growth.

SoFi Plus appears to be an early proof point. The paid membership offering surpassed 200,000 subscribers after its relaunch early in the quarter, equating to more than $24M of annualized revenue, according to management. More importantly, 85% of new Plus subscribers were existing SoFi members, and 25% subsequently added another product. Invest represented the largest source of follow-on product demand.

The caveat is scale. A $24M annualized subscription run rate is small relative to SoFi’s $1.2B quarterly revenue base. The strategic value is therefore more in engagement, deposits, assets under management and cross-buy than in near-term subscription revenue. Management’s expectation of reaching 1 million SoFi Plus members and $120M of annual revenue within a year remains a target, not a reported outcome.

Revenue and Operating Performance

Adjusted net revenue increased 40% year over year to $1.2B, supported by continued expansion in lending, net interest income, interchange, brokerage fees, loan platform activity and technology-platform revenue.

Lending remained the largest contributor. Segment adjusted net revenue rose 59% year over year to a record $712M, driven principally by a 54% increase in net interest income to $573M and a 64% rise in loan origination fees. SoFi originated $14.8B of loans during the quarter, including a record $10.7B of personal loans, $2.7B of student loans and $1.4B of home loans.

Of the $10.7B in personal loan originations, $7.6B was retained on SoFi’s balance sheet and $3.1B was originated for third parties through its loan platform business. This mix is important to the investment case. Balance-sheet lending produces recurring net interest income and gives SoFi control over loan retention, while the loan platform business adds capital-light fee revenue and gives the company another outlet for demand that exceeds its desired balance-sheet exposure.

Financial Services revenue rose 29% year over year to $466M. Net interest income in the segment increased 29% to $249M, primarily reflecting deposit growth. Noninterest income increased 28% to $217M, with interchange fee revenue up 67% year over year and brokerage fee revenue up 2.4x.

Interchange performance was supported by more than $28B of annualized spending across SoFi Money and credit card products. Invest products grew 38% year over year, while management said brokerage revenue increased as engagement and monetization improved. Credit-card revenue more than doubled year over year, and management said the back book reached profitability.

Technology Platform revenue was $85M, up 13% sequentially. The segment produced $12M of contribution profit and a 14% contribution margin. While the sequential growth is positive, the Technology Platform remains much smaller and less profitable than Lending and Financial Services. Its ability to become a more substantial fee-based business remains an important longer-term execution question.

Profitability and Margins

Adjusted EBITDA increased 44% year over year to $358M, producing a 30% adjusted EBITDA margin. SoFi also reported an incremental EBITDA margin of 31%, indicating that much of the additional revenue converted into earnings even as the company continued to invest in product expansion and marketing.

Adjusted net income was $160M, or $0.12 per share. Management said EPS included an approximately $0.05 negative effect from a higher-than-expected tax rate. GAAP net income increased 61% year over year, though the company did not provide the absolute GAAP net-income figure during the call.

The main profitability tradeoff is now deliberate rather than operational. SoFi increased its full-year revenue outlook but did not raise EBITDA guidance, saying it intends to direct the incremental revenue toward growth investments. Those investments include Big Business Banking, small-business lending, SoFi USD, crypto offerings and further development of SoFi Plus.

That decision may support longer-term growth, but it also means investors should not assume that revenue upgrades will immediately translate into higher earnings guidance.

Demand, Customers and Pricing

Customer acquisition trends appeared favorable. Management said customer acquisition costs remained broadly stable outside lending, despite 35% member growth and more than 40% product growth. The company attributed this to product value propositions, data-driven acquisition and an increasing mix of cross-sold products.

Lending remains more competitive, particularly in personal loans. Still, management argued that SoFi’s deposit-funded model and lower funding costs allow it to compete effectively with nonbank personal lenders. SoFi reported a roughly 6.1% risk-adjusted margin on core personal loans in the quarter, based on a 12.9% weighted-average coupon, 3.1% funding cost and 3.7% annualized losses.

Credit performance improved during the quarter. Excluding delinquent loan sales, SoFi’s estimated all-in annualized personal-loan net charge-off rate was 3.7%, down 70 basis points sequentially. Including the impact of delinquent loan sales, the reported net charge-off rate was 2.62%, down 41 basis points from the first quarter. The on-balance-sheet 90-day personal-loan delinquency rate was 40 basis points, down 7 basis points sequentially.

Investors should distinguish between those two charge-off measures. SoFi continued to sell late-stage delinquent personal loans, transferring $90M during the quarter. Those sales reduce reported charge-offs, making the pre-sale all-in loss rate more useful for assessing underlying credit performance.

What is SoFi Technologies’ guidance and outlook?

SoFi raised its full-year 2026 adjusted net revenue guidance to $4.75B to $4.85B, representing approximately 32% to 35% growth. Its prior outlook called for roughly 30% revenue growth.

Management maintained its adjusted EBITDA forecast of approximately $1.6B, implying a 33% to 34% margin. It also maintained adjusted net-income guidance of approximately $825M and EPS guidance of approximately $0.60.

The EPS outlook now assumes a 22% tax rate, about 700 basis points above the mid-teens tax rate embedded in the company’s original guidance. Management said that, using the earlier tax-rate assumption, its revised outlook would have implied approximately $0.65 in EPS.

The company also updated its rate assumptions. It now expects an interest-rate environment consistent with Fed funds futures that imply one to two rate increases in 2026, compared with two rate cuts assumed when it issued initial guidance. Management said it expects net interest margin to remain above 5% for the foreseeable future.

Balance Sheet, Cash Flow and Capital

SoFi expanded its balance sheet materially during the quarter. Total assets increased $7.2B, driven mainly by $5.8B of loan growth and roughly $800M of higher cash, cash equivalents and investment securities. Deposits increased $5.3B to $45.5B, helping fund loan growth at a relatively low cost.

Net interest margin increased 4 basis points sequentially to 5.98%, as a 7-basis-point increase in average asset yields more than offset a 1-basis-point increase in funding costs.

The company ended the quarter with $3.6B of total company cash and an 18.8% total risk-based capital ratio, well above its 10.5% regulatory minimum. Management said it expects the ratio to normalize toward the low-to-mid-teens over time as excess capital is deployed into higher-returning assets.

Management also said SoFi is self-funded through its current guidance period and medium-term operating plan, with no need to raise capital under that plan. That assertion depends on continued profitability, credit performance and access to funding through deposits and capital-markets channels.

Loan fair-value marks declined during the quarter. Personal loans were marked at 104.7% of par, down 71 basis points sequentially, while student loans were marked at 104.4%, down 85 basis points. Management attributed the changes primarily to higher discount rates, along with modest changes in assumptions for personal loans.

What Investors Should Watch

1. Cross-Buy and Products per Member

The increase in products opened by existing members to 51% is an important operating milestone. Investors should watch whether this remains elevated and whether SoFi can translate engagement in Money, Relay and Plus into higher adoption of Invest, credit-card and lending products.

2. SoFi Plus Conversion and Engagement

SoFi Plus reached more than 200,000 paid subscribers quickly, but its value depends on retention and deeper product usage. Deposit balances, investing assets, spending activity and subsequent product adoption will matter more than subscription revenue alone.

3. Loan Platform Business Expansion

SoFi added new third-party funding arrangements for small-business loans, home equity products and personal loans, including a three-year $3B agreement with Basepoint Capital for SMB lending and up to $1B from Sixth Street for personal loans. The key test is whether the company can grow these capital-light channels without sacrificing economics or underwriting standards.

4. Credit Quality and Fair-Value Marks

Personal-loan losses improved, but lending remains SoFi’s largest revenue contributor and largest balance-sheet exposure. Investors should monitor charge-offs excluding delinquent-loan sales, delinquency trends and further changes in fair-value marks.

5. Returns on Incremental Investment

Management maintained EBITDA guidance despite the higher revenue outlook because it plans to reinvest in new products and infrastructure. Investors should look for evidence that these investments generate durable fee revenue, rather than simply adding expense and complexity.

AlgovestIQ Takeaway

SoFi’s second quarter was strong on both growth and operating execution. Revenue growth accelerated to 40%, lending originations reached records, EBITDA rose faster than revenue, and deposit growth continued to support a high net interest margin. The company also raised full-year revenue guidance despite a less favorable assumed interest-rate outlook.

The more consequential development was the improvement in cross-buy. Member growth has long been central to SoFi’s strategy, but the acceleration in products per member suggests the company may be moving beyond a primarily acquisition-driven model toward better lifetime-value monetization. SoFi Plus, crypto, investing tools and additional commercial offerings could broaden that ecosystem if adoption persists.

However, the investment case is not yet fully transformed into a capital-light fintech story. Lending generated $712M of quarterly adjusted net revenue, or the majority of the company’s reported revenue base, and SoFi continues to expand its loan book. That provides recurring net interest income and near-term earnings visibility, but it also leaves the company exposed to credit conditions, loan valuations, funding costs and regulatory capital requirements.

Management’s decision to retain EBITDA guidance while raising revenue expectations reflects confidence in its ability to invest for growth. It also raises the execution bar. New ventures such as Big Business Banking, SMB lending, stablecoin settlement and the expanded Technology Platform may create future revenue opportunities, but their economic contribution is not yet material in the reported numbers.

The central question is whether SoFi can sustain rapid member growth while increasing revenue per member and shifting more of its mix toward fee-based, capital-light businesses. Continued cross-buy growth, stable credit metrics, expanding loan-platform volumes and stronger Technology Platform economics would support that thesis. A deterioration in personal-loan credit, weaker deposit growth, declining loan values or an inability to convert product launches into meaningful revenue would weaken it.