New York, July 8, 2026, 13:05 EDT
- SoFi Technologies, Inc. NASDAQ:SOFI fell 2.0% to $17.40 in regular U.S. trading. Nasdaq says the 2026 Independence Day holiday closure is July 3, not July 8.
- SoFi launched the SoFi Social 50 Income ETF (NYSEARCA:SFYI) on July 7. The ETF is an options-income fund made up of stocks from SoFi Invest accounts.
- SoFi is set to report Q2 results before the market opens on July 29, with a call scheduled for 8 a.m. ET.
SoFi is trading today like a high-multiple lender with a fintech angle, rather than as an ETF sponsor. At 12:49 p.m. in New York, shares were down 2.0% to $17.40 on 43.2 million shares. Invesco QQQ Trust Series 1 NASDAQ:QQQ was off 0.2%, and the Financial Select Sector SPDR Fund (NYSEARCA:XLF) lost 1.5%.
| Live read, about 12:49 p.m. EDT | Price | Day move | Market read |
|---|---|---|---|
| SoFi Technologies, Inc. NASDAQ:SOFI | $17.40 | -2.0% | Stock is sinking more than QQQ, trades close to how the financials are moving |
| Invesco QQQ Trust Series 1 NASDAQ:QQQ | $708.08 | -0.2% | Growth names pulling back, but trend is still intact |
| Financial Select Sector SPDR Fund (NYSEARCA:XLF) | $55.22 | -1.5% | Financial stocks, including banks, feeling the heat too |
Stocks traded lower at midday. The Dow lost 1.5%, S&P 500 slipped 0.9% and the Nasdaq fell 0.9%, Reuters said, after President Donald Trump declared the interim Iran deal “over.” Brent crude surged 7%, fueling concerns about inflation and rates. Reuters
SoFi came out with news on Tuesday that was clearer than its share price action. The company said its new SFYI ETF would target the top 50 U.S.-listed stocks most held in SoFi Invest self-directed accounts, then layer in an active options strategy to pursue monthly income and growth. “Uncertain interest rate environment and economic volatility,” was how Brian Walsh, SoFi’s head of advice and planning, described the backdrop. SoFi Technologies
The product matches the app, but it’s not changing earnings for now. The ETF release lists Tidal Investments LLC as the adviser. SoFi is just the sponsor and handles marketing, with no hand in fund investment moves. The market still pays for SoFi’s lending, deposits, credit, and fees, not for a new ETF on the shelf.
The July 29 numbers are what counts. Management is calling for second-quarter adjusted net revenue growth of around 30%. They see adjusted EBITDA margin at about 30%, with adjusted net income margin between 12% and 13%. For 2026, guidance is for adjusted revenue near $4.655 billion, adjusted EBITDA close to $1.6 billion, and adjusted EPS around 60 cents.
The setup looks odd. Q1 was good, but the stock dropped anyway. SoFi shares dropped 12% in April after the fintech left its 2026 revenue outlook unchanged, according to Reuters. William Blair’s Andrew Jeffrey said the company did not carry over the first-quarter revenue and EBITDA upside. Still, he saw “limited downside.” CEO Anthony Noto told Reuters demand should be strong for Q2. Reuters
| Q1 base for the July test | Q1 2026 | Change / note |
|---|---|---|
| Adjusted revenue | $1.1 bln | up 41% from a year ago |
| Net interest income | $693 mln | rose 39% year over year |
| Fee-based revenue | $386.8 mln | up 23% from last year |
| Loan originations | $12.2 bln | hit a record for the quarter |
| Members | 14.7 mln | grew 35% from last year |
SoFi trades at 38.7 times earnings, leaving little margin for error. The company is guiding for 30% Q2 revenue growth, quick for a bank but down from 41% adjusted revenue growth in Q1. The market wants to see that loan demand hasn’t just shifted forward, and that fee income can support the stock’s valuation.
The technology platform keeps dragging. SoFi reported Q1 tech-platform net revenue dropped 27% from last year to $75.1 million. A major client had left the platform before Dec. 31, 2025. Lending segment adjusted revenue jumped 53% to $629.3 million. With these numbers, the business looks more tied to rates and credit than the app pitch suggests.
Credit is still the swing factor. SoFi said annualized charge-offs on personal loans dropped 28 basis points from a year ago to 3.03%. Recent loan vintages from Q4 2022 through Q2 2025 showed 4.64% net cumulative losses, with 36% of the original principal yet unpaid. Oil prices and higher yields could make these numbers tougher to hit in Q2.
| Peer check, current session | Day move | P/E | Market cap |
|---|---|---|---|
| SoFi Technologies, Inc. NASDAQ:SOFI | down 2.0% | 38.7 | $24.0 bln |
| Affirm Holdings, Inc. NASDAQ:AFRM | off 3.8% | 71.8 | $28.0 bln |
| Dave Inc. NASDAQ:DAVE | fell 3.3% | 23.9 | $5.35 bln |
| Robinhood Markets, Inc. NASDAQ:HOOD | slipped 1.6% | 53.9 | $101.6 bln |
| Ally Financial Inc. NYSE:ALLY | dropped 2.5% | 10.7 | $13.9 bln |
| Upstart Holdings, Inc. NASDAQ:UPST | lost 5.2% | 76.4 | $3.04 bln |
The peer table shows mixed signals. SoFi trades at a lower P/E than Affirm and Upstart, but its multiple is much higher than Ally. This puts SoFi in the middle, caught between growth-focused buyers who are after fee and platform scale, and financials investors focused on credit, capital, and funding expenses.
The new ETF is likely to boost member engagement, but it doesn’t tackle the big question for July. Investors want to know if SoFi can hold onto 30% growth without pushing balance-sheet lending too far, and if tech platform revenue can quit weighing on results while credit performance stays within SoFi’s own limits.
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