NEW YORK, May 26, 2026, 09:02 (EDT)
SoFi Technologies is back in focus as its shares barely moved premarket at $15.62 after a record Q1, with fresh market debate over whether the digital lender has found a bottom. The Motley Fool called out a 45% drop for the stock this year, while Seeking Alpha put the fall at 50% in a post on May 23.
SoFi put up a strong quarter, but that wasn’t enough to move its 2026 outlook higher. The company posted record numbers, yet management held guidance steady, and investors are left wondering if the stock’s drop is a new floor or a sign of trouble.
Yahoo Finance called it “mixed Q1 2026 signals,” and that’s where the stock is. Solid growth figures, but the market wants more evidence those gains will last. Yahoo Finance
SoFi’s adjusted net revenue jumped 41% to $1.09 billion. Adjusted EBITDA climbed 62% to $340 million. Net income came in at $167 million. The company said membership was up 35%, reaching 14.7 million. CEO Anthony Noto called it an “excellent Q1.” Q4 Communications
Guidance weighed. For Q2, SoFi sees adjusted net revenue up about 30%, with adjusted EBITDA margin around 30% and adjusted net income margin of 12% to 13%. Full-year adjusted net revenue guidance stays at roughly $4.655 billion, or about 30% growth.
William Blair’s Andrew Jeffrey said SoFi “did not flow through” first-quarter gains into its 2026 guidance. “The Street will hate these results,” Jeffrey wrote, but the firm saw limited downside. Reuters
The loan platform is drawing the toughest questions. SoFi is originating loans for other firms, instead of keeping those loans on its own books. Jeffrey noted platform volume dropped to $3 billion from the previous quarter and said “private credit woes are hitting home,” meaning non-bank investment shops that buy or fund loans are pulling back. MarketWatch
Noto disagreed on the call. He said SoFi wasn’t “really seeing any issues” with its own performance or demand from partners on its loan platform. Noto called the business a way to bring in upfront cash flow with no retained credit risk. Q4 Communications
Bulls point to SoFi’s latest numbers. The company reported $12.2 billion in total loan originations, split between $8.3 billion in personal loans, $2.6 billion student loans, and $1.2 billion home loans. Deposits came in at $40.2 billion, with a total capital ratio of 21%.
Tech Platform revenue dropped 27% to $75.1 million, with a big client finishing its move off the platform before the end of 2025. Enabled accounts fell 16% to 133 million. The business is still important for SoFi, who wants to show it has higher-margin software and infrastructure alongside lending.
SoFi isn’t the only stock in focus. Investors are watching other consumer-finance fintechs like Affirm and Block, looking to see if credit growth, funding, and payments can keep up without big hits to losses or costs. That’s now the key issue for SoFi’s lending and platform business too.
But the downside risk is real. SoFi’s filing lists inflation, interest rates, consumer confidence, capital markets liquidity and geopolitical shocks as things that could impact demand, funding or credit quality. The company also notes that its SoFiUSD stablecoin, aimed at tracking the dollar, raises regulatory, liquidity, technology and reputational risks.
Credit quality held up in SoFi’s numbers, but bears watching. The total net charge-off ratio dropped to 2.04% from 2.37% last year. Still, SoFi posted $33 million more in total net charge-offs, as average loan balances increased. Larger loan books can mean higher dollar losses, even if the ratio gets better.
SoFi’s tickers aren’t really moving on earnings at the moment. Growth is there, but investors seem stuck on credibility. The Street wants to see new guidance before doing anything.
