SAN FRANCISCO, August 29, 2026, 09:33 (PDT).
- SoFi stock dropped 5.8% to $18.06 on Friday.
- GAAP revenue for the second quarter increased 43%, reaching $1.22 billion.
- The shares are trading at roughly 4.9 times the midpoint of projected 2026 revenue.
SoFi Technologies Inc. (NASDAQ: SOFI) dropped 5.8% on Friday, as investors reconsidered the digital lender’s elevated valuation following a record-setting second quarter.
The stock ended the session at $18.06, with 46.2 million shares traded. SoFi currently holds a market capitalization of $23.3 billion, which is roughly 4.9 times the midpoint of its projected 2026 revenue range of $4.75 billion to $4.85 billion.
That multiple reduces the likelihood of vulnerabilities. The number of Technology Platform accounts dropped 16% compared to a year ago, with segment revenue decreasing by 23%.
| Second-quarter measure | Result | Year-over-year change |
|---|---|---|
| GAAP net revenue | $1.219 billion | up 43% |
| Net income | $156.6 million | increased 61% |
| Adjusted EBITDA | $357.8 million | rose 44% |
| Members | 15.8 million | grew by 35% |
| Technology Platform accounts | 134.8 million | down 16% |
GAAP net revenue was $1.219 billion, a 43% increase. Net income climbed 61% to $156.6 million, and diluted earnings per share were $0.12 SEC-filed earnings release.
Adjusted EBITDA climbed 44% to $357.8 million. The margin reached 30%, aligning SoFi’s 40% adjusted revenue growth with higher profitability.
Growth was led by lending. The segment’s adjusted revenue increased 59% to $711.7 million, while total originations hit an all-time high of $14.8 billion.
Financial Services revenue increased by 29% to $466.3 million. Over half of new products originated from existing members, compared with 35% in the same period last year.
Galileo shows the difference. Revenue from the Technology Platform reached $84.5 million, declining 23% from a year earlier, but rising 13% from the previous quarter.
SoFi’s tangible book value per share was $7.34 at the end of June. On Friday, shares traded at about 2.5 times that amount, and the stock’s forward earnings multiple is close to 24.5 market and valuation data.
Analysts are split in their opinions. Of those tracked, 24 maintain a Hold consensus, with an average price target of $20.02, representing just a 10.9% increase from Friday’s closing price.
The upcoming scheduled catalyst is set for September 8, when Chief Financial Officer Chris Lapointe is slated to present at the Goldman Sachs Communacopia & Technology Conference at 10:50 a.m. PDT company announcement.
Risks: A weakening labor market could drive up credit losses. Reduced loan demand would weigh on originations, and additional client departures from Galileo could restrict the fee-driven growth necessary to maintain SoFi’s valuation.
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