San Francisco, April 29, 2026, 04:05 PDT
SoFi Technologies turned in its highest-ever first-quarter revenue Wednesday, sticking with its 2026 guidance as investors gauge whether the fintech upstart can keep expanding despite tougher conditions for digital lenders. Adjusted net revenue—which strips out certain lending-related valuation shifts—climbed 41% to $1.087 billion. Net income surged to $166.7 million, more than double from a year earlier.
Timing was key here. SoFi dropped its results ahead of the U.S. session. Zacks had forecast $1.04 billion in revenue, earnings at 12 cents per share. Adjusted EPS landed right at 12 cents. Revenue beat that figure.
Selling pressure was already tight for the stock going into earnings. Just yesterday, 24/7 Wall St. set a $19 price target and reiterated a hold, pointing out a 28.34% decline for the year and a steep 49x forward earnings multiple—this, despite robust growth.
SoFi reported a 35% jump in members, now at 14.7 million, and product count climbing 39% to 22.2 million. CEO Anthony Noto described the quarter as “excellent” and pointed to digital assets as “strengthening and diversifying” the platform. SoFi
Lending drove the numbers this time. Total originations jumped 68% to $12.18 billion—$8.34 billion came from personal loans, with student loans at $2.61 billion and home loans contributing $1.22 billion. Revenue from the lending segment surged 55%, hitting $642.4 million.
On the funding side, deposits gave SoFi a boost. The company reported a $2.7 billion jump in total deposits, bringing the figure to $40.2 billion. Net interest margin edged up as well, climbing 22 basis points from the previous quarter to 5.94%.
SoFi’s loan-platform segment—where it either refers loans to outside partners or originates them without keeping everything on its books—contributed $140.8 million in adjusted net revenue. The company also announced $3.6 billion in fresh commitments secured through three different partners.
SoFi pushed further into digital assets, launching SoFiUSD, a stablecoin backed by U.S. dollars and built to mirror the dollar’s value. The company said it’s working on settlement tools with partners like Mastercard.
Consumer-finance and trading stocks saw turbulence early. U.S. stock futures struggled for direction as big tech earnings and a Fed decision loomed, Reuters noted. Robinhood tumbled roughly 10% before the bell, after it came up short on earnings.
The Technology Platform continued to drag. Revenue there sank 27% to $75.1 million. Enabled accounts slipped 16% year over year, after a major client completed its exit from the platform ahead of the end of 2025. Contribution profit for the segment dropped sharply, down 61%.
Credit is another area drawing attention. SoFi reported its personal-loan annualized charge-off rate dropped 28 basis points year-over-year to 3.03%, though that’s a bump from 2.80% last quarter. According to the company, personal-loan credit performance stayed within expectations.
Management is sticking with its guidance for the full year: at least 30% member growth, adjusted net revenue in the neighborhood of $4.655 billion, adjusted EBITDA at roughly $1.6 billion, adjusted net income landing near $825 million, and adjusted EPS coming in around 60 cents. For the second quarter, the company projects adjusted net revenue growth at about 30%.
SoFi’s growth isn’t really in question now; the conversation shifts to its source. Loan volume is up, membership is climbing. But the tech platform is still contracting, and credit quality looms as a risk. Then there’s the valuation, which already bakes in a lot of these expectations.
