NEW YORK, August 3, 2026, 10:16 EDT
- The stock climbed 5.3% to $17.18, trading 2.6% higher than its closing price on July 28 before results were announced.
- Guidance for the full year suggests adjusted EBITDA of roughly $902 million for the second half.
- Quarterly EBITDA will need to average 26% higher than in Q2, whereas revenue is required to grow by just 2%–6%.
- Lending accounted for 59.5% of Q2 GAAP revenue, while lending products represented 12.7% of the overall product lineup.
Shares of SoFi Technologies Inc. NASDAQ:SOFI gained 5.3%, trading at $17.18 as of 10:00 a.m. EDT on Monday. The share price was up 2.6% from its closing level ahead of results on July 28, and up 12.6% compared to July 29, when the stock dropped 8.9%.
| Reference point | Share price | Change vs July 28 |
|---|---|---|
| July 28, pre-earnings close | $16.74 | — |
| July 29, close following results | $15.25 | -8.9% |
| July 31 finish | $16.31 | -2.6% |
| August 3, 10:00 a.m. EDT | $17.18 | +2.6% |
The recovery moves the focus from the initial earnings response to the latter part of the numbers. SoFi faces the challenge of converting a modest rise in revenue into significantly greater profit, as management continues to invest in new products.
SoFi posted first-half adjusted net revenue at $2.293 billion and adjusted EBITDA at $697.7 million. Executives project adjusted net revenue of between $4.75 billion and $4.85 billion and adjusted EBITDA of around $1.6 billion by 2026. Deposits totaled $45.5 billion. Calculations for the second half are based on company data; the guidance for the full year is an estimate.
| Adjusted measure | First-half actual | Approx. second half required | Quarterly second-half run rate |
|---|---|---|---|
| Net revenue | $2.293 bln | $2.457 bln–$2.557 bln | $1.229 bln–$1.279 bln |
| EBITDA | $697.7 mln | $902.3 mln | $451.1 mln |
| EBITDA margin | 30.4% | 35.3%–36.7% | Q2 margin at 29.7% |
| Growth from Q2 run rate | — | — | Revenue up 1.9%–6.1%; EBITDA up 26.1% |
To meet targets in the second half, average quarterly adjusted revenue must exceed Q2 by 1.9% to 6.1%. Average EBITDA will have to climb 26.1%. The resulting margin would range from 35.3% to 36.7%, up from 29.7% in Q2.
Shares are priced at $17.18, reflecting a 28.6 multiple of the company’s 2026 adjusted EPS projection of 60 cents. The company has issued a full-year EBITDA forecast, without providing individual targets for the third or fourth quarters.
SoFi benefits from a solid funding base. In the second quarter, average deposits accounted for over 90% of average liabilities. The firm reported its deposits were 156 basis points cheaper than warehouse facilities, resulting in annualized interest expense savings of $712.6 million. This figure represents roughly 45% of its full-year EBITDA outlook, but reflects a comparison of funding costs rather than an addition to projected profit.
Product totals continued to show little correlation with revenue. Financial Services contained the largest number of products, but Lending delivered the highest consolidated revenue.
| Q2 measure | Lending | Financial Services |
|---|---|---|
| Products | 3.093 million, 12.7% share | 21.288 million, 87.3% share |
| GAAP segment revenue | $724.8 million, 59.5% of consolidated | $466.3 million, 38.3% |
| Year-over-year revenue growth | 63% | 29% |
| Contribution margin | 55% | 46% |
Revenue percentages do not add up to 100% since Technology Platform and corporate or elimination items are reported separately.
The composition maintains credit and funding expenses as a primary factor in margin performance. SoFi reported an annualized net charge-off rate for personal loans, not including late-stage delinquent loan sales, of 3.7%, a decrease of 70 basis points compared with Q1. Fee-based revenue totaled $472.3 million, making up 39% of revenue for the quarter, and increased by 22% from Q1.
Chief Financial Officer Chris Lapointe attributed the maintained profit outlook to a decision on spending priorities. “There are just too many large attractive growth areas for us to invest versus adding even more profitability,” he explained after Mizuho analyst Dan Dolev questioned why EBITDA guidance remained unchanged. Investing.com
In an interview following the report, Chief Executive Anthony Noto discussed the composition of balance-sheet and fee income. “We can generate durable net interest income by holding loans on our balance sheet, and we can also grow capital-light, fee-based businesses.” Reuters
According to FactSet, the consensus rating is Hold, with analysts setting an average price target of $19.58, approximately 14% higher than the stock’s price on Monday morning. Price forecasts vary from $12 to $30. The consensus estimate for 2027 EPS stands at 82 cents, valuing the stock at 20.9 times projected earnings for next year.
Analysts are divided about what is powering SoFi’s growth. KBW analyst Tim Switzer described the second quarter as a “lower-quality beat,” attributing much of the performance to balance-sheet expansion. Meanwhile, William Blair analyst Andrew Jeffrey advised investors to “aggressively accumulate” the stock. The Motley Fool
The key concern is that losses on loans or higher deposit expenses could increase ahead of the anticipated uptick in profits. Technology Platform revenue came in at $84.5 million, a decrease of 23% versus the prior year following the departure of a major client, but up 13% compared to the first quarter.
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