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SoFi Reports Fourth Quarter 2025 with Record Net Revenue of $1.0 Billion, Record Member and Product Growth, Net Income of $174 Million

Adjusted Net Revenue up 37% to a record $1.0 billion
Adjusted EBITDA up 60% to a record $318 million
Fee-based Revenue up 53% to a record $443 million
Member growth up 35% to a record 13.7 million members
Product growth up 37% to a record 20.2 million products
Management announces 2026 guidance and medium term outlook

SAN FRANCISCO, Calif. – (BUSINESS WIRE) – January 30, 2026 – SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its fourth quarter and fiscal year ended December 31, 2025.
“2025 was a tremendous year and the fourth quarter was nothing short of exceptional, delivering more than $1 billion in quarterly revenue for the first time in our history,” said Anthony Noto, CEO of SoFi. “Our one-stop shop is scaling exactly as intended and delivering a winning combination of growth and returns. We added a record 1 million new members this quarter and drove record product growth. At the same time, we moved with urgency to lead the next phase of financial services by delivering crypto and blockchain innovation backed by bank-grade stability and security. This combination of scale, innovation, and profitability positions SoFi to drive durable, compounding growth, and deliver superior financial returns in 2026 and for years to come.”

Consolidated Results Summary
Three Months Ended December 31,% ChangeYear Ended December 31,% Change
($ in thousands, except per share amounts)
2025202420252024
Consolidated – GAAP
Total net revenue$1,025,051 $734,125 40 %$3,613,354 $2,674,859 35 %
Net income173,549 332,473 (48)%481,320 498,665 (3)%
Net income attributable to common stockholders – diluted
173,893 332,473 (48)%482,700 434,776 11 %
Earnings per share attributable to common stockholders – diluted$0.13 $0.29 (55)%$0.39 $0.39 — %
Consolidated – Non-GAAP(1)
Adjusted net revenue$1,012,835 $739,112 37 %$3,591,411 $2,606,170 38 %
Adjusted EBITDA317,597 197,957 60 %1,053,898 666,480 58 %
Adjusted net income173,549 61,030 184 %481,320 227,222 112 %
Adjusted net income attributable to common stockholders – diluted
173,893 61,030 185 %482,700 163,333 196 %
Adjusted earnings per share – diluted
$0.13 $0.05 160 %$0.39 $0.15 160 %
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(1)For more information and reconciliations of these non-GAAP measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.
Product Highlights
•Delivering the Largest New Members and Products Increase in Company History. SoFi added a record 1.0 million new members in the fourth quarter, leading to a 35% year-over-year increase to 13.7 million members and added a record 1.6 million new products in the fourth quarter, up 37% from the prior year to 20.2 million products.






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•Achieving Record Revenue and Increased Profitability. Quarterly Adjusted Net Revenue surpassed $1 billion for the first time in company history, reaching $1.013 billion, up 37% year-over-year. SoFi demonstrated the strength of its diversified business by achieving a Rule of 401 score of 68%, reaching record Adjusted EBITDA of $318 million, up 60% year-over-year, representing a 31% Adjusted EBITDA margin.
•Accelerating Growth and Visibility of SoFi's One-Stop Shop. SoFi’s one-stop shop drove exceptional cross-buy, with 40% of new products opened by existing members - a nearly 7-percentage point increase year-over-year. This strength was supported by continued investment in brand building, which drove SoFi's unaided brand awareness to an all-time high of 9.6%.
•Demonstrating Successful Diversification with Record Fee-Based Revenue. Total fee-based revenue across the business surged to a record of $443 million, up more than 50% year-over-year, now generating nearly $1.8 billion on an annualized basis. This was driven by the strong performance of the Loan Platform Business (LPB), which generated $194 million in adjusted net revenue, up 15% from the third quarter and 2.9x from the prior year. LPB is now running at an annualized pace of $15 billion of originations and $774.6 million of high-margin, high-return revenue.
•Leading the Way in Bank-Grade Crypto Innovation. In the fourth quarter, SoFi became the first nationally chartered bank to launch crypto trading for consumers and to launch its own stablecoin, SoFiUSD, on public, permissionless blockchain. SoFi also delivered blockchain-powered international remittances across 30+ countries. These innovations improved money-movement capabilities and established SoFi’s position as the first company providing crypto and blockchain products backed by the bank-grade safety and stability of a nationally chartered bank.
•Increasing Loan Originations to Record-Highs. Total originations reached a record of $10.5 billion in the fourth quarter, up 46% year-over-year. This record was driven by strong performance across all lending segments with record personal loan originations of $7.5 billion, up 43% year-over-year, student loan originations of $1.9 billion, up 38% year-over-year, and record home loan originations of over $1.1 billion, up nearly 2x year-over-year.
•Strong and Consistent Credit Performance. Credit performance remained in-line with expectations, with personal-loan charge-offs down 57 basis points year-over-year and demonstrated continued resilience across a diversified portfolio.

Consolidated Results
SoFi reported a number of record financial achievements. For the fourth quarter of 2025, record GAAP net revenue of $1.0 billion increased 40% relative to the prior-year period's $734.1 million. Record adjusted net revenue of $1.0 billion grew 37% from the corresponding prior-year period of $739.1 million.
For the fourth quarter of 2025, total fee-based revenue reached a record of $443.3 million, a year-over-year increase of 53%. This was driven by strong performance from our Loan Platform Business, as well as referral fee revenue, interchange fee revenue and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $579.1 million of net revenue, an increase of 61% from the prior year period.
Net interest income of $617.3 million for the fourth quarter was up 31% year-over-year. This was driven by a 35% increase in average interest-earning assets and a 50 basis point decrease in cost of funds, partially offset by a 74 basis point decrease in average asset yields year-over-year. For the fourth quarter, net interest margin of 5.72% decreased 19 basis points year-over-year from 5.91%, including a modest mix shift from personal loans to home and student loans.
1 Rule of 40 is calculated as the quarterly year-over-year change in adjusted net revenue plus quarterly adjusted EBITDA margin. Adjusted net revenue and adjusted EBITDA margin are non-GAAP financial measures. See “Non-GAAP Financial Measures” section for detailed explanations and definitions.






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The average rate paid on deposits in the fourth quarter was 181 basis points lower than that paid on warehouse facilities, which translates to approximately $679.8 million of annualized interest expense savings due to the successful remixing of our funding base. In the fourth quarter, SoFi used a portion of the proceeds from its public offering to fully pay down outstanding warehouse lines.
Fourth quarter record adjusted EBITDA of $317.6 million increased 60% from the prior year period's $198.0 million. This represents an adjusted EBITDA margin of 31%. All three segments delivered strong contribution profit, at attractive margins.
SoFi reported its ninth consecutive quarter of GAAP profitability. For the fourth quarter of 2025, GAAP net income reached $173.5 million and diluted earnings per share reached $0.13.
Equity grew by $1.7 billion during the quarter to $10.5 billion and $8.26 of book value per share. Tangible book value grew by $1.7 billion during the quarter, ending the period at $8.9 billion. These increases included the benefit of $1.5 billion of new capital. Tangible book value per share was $7.01 at quarter-end, up from $4.47 per share in the prior year period.
Member and Product Growth
Continued growth in both total members and products in the fourth quarter is the result of our continued investments in innovation and brand building and reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.
SoFi added a record 1,027,000 members in the fourth quarter of 2025, bringing total members to 13.7 million, up 35% from 10.1 million at the end of the same prior year period.
SoFi also achieved record product additions of 1.6 million in the fourth quarter of 2025, bringing total products to nearly 20.2 million, up 37% from 14.7 million at the end of the same prior year period.
MembersProducts
In ThousandsIn Thousands
chart-ca1e87f6fe4944ecb24a.jpgchart-bfd9c4529e394077917a.jpg






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Products By Segment
Technology Platform Accounts (1)
In ThousandsIn Millions
chart-c78511b80b034f30a4fa.jpg chart-824d0ca33afd440a902a.jpg
Note: For additional information on our company metrics, including the definitions of "Members", "Total Products" and "Technology Platform Total Accounts", see Table 6 in the “Financial Tables” herein. New member and new product addition metrics for the relevant period reflect actual growth or declines in members and products that occurred in that period whereas the total number of members and products reflects not only the growth or decline of each metric in the current period but also additions or deletions due to prior period factors, if any.
(1)The company includes SoFi accounts on the Galileo platform-as-a-service in its total Technology Platform accounts metric to better align with the presentation of Technology Platform segment revenue.
Financial Services products increased by 38% year-over-year to 17.5 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 89% of our total product growth.
Lending products increased by 31% year-over-year to 2.6 million, driven by continued demand for personal, student, and home loan products.
Technology Platform enabled accounts decreased 23% year-over-year to 128 million. This includes the impact from a large client which fully transitioned off the platform prior to year-end.
Financial Services Segment Results
For the fourth quarter of 2025, Financial Services segment net revenue of $456.7 million increased 78% from the prior year period. Noninterest income of $248.9 million increased nearly 2.6x year-over-year. Net interest income of $207.8 million increased 30% year-over-year, primarily driven by growth in consumer deposits.
In the fourth quarter, SoFi's Loan Platform Business added $193.7 million to our consolidated adjusted net revenue. Of this, $190.9 million was driven by $3.7 billion of personal loans originated on behalf of third parties as well as referrals to third parties.
In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue in the fourth quarter, up 66% year-over-year, as a result of over $22 billion in total annualized spend in the quarter across SoFi Money and Credit Card.
Contribution profit for the fourth quarter of 2025 reached $230.8 million, a $115.9 million improvement over the prior year period, while contribution margin grew 6 percentage points year-over-year to 51%. This is a reflection of the strong operating leverage generated in the segment by net revenue growth of 78% with directly attributable expenses increasing only 64%.






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Financial Services – Segment Results of Operations
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
20252024% Change20252024% Change
Net interest income$207,810 $160,337 30 %$777,991 $573,422 36 %
Noninterest income248,931 96,183 159 %764,025 248,089 208 %
Total net revenue – Financial Services456,741 256,520 78 %1,542,016 821,511 88 %
Provision for credit losses(5,460)(6,852)(20)%(30,329)(31,659)(4)%
Directly attributable expenses(220,493)(134,813)64 %(718,778)(482,845)49 %
Contribution profit – Financial Services
$230,788 $114,855 101 %$792,909 $307,007 158 %
Contribution margin – Financial Services(1)
51 %45 %51 %37 %
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(1)Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.
By continuously innovating with new and relevant offerings, features and rewards for members, SoFi grew total Financial Services products by 4.8 million, or 38%, year-over-year, bringing the total to 17.5 million at quarter-end. SoFi Money reached 6.8 million products, Relay reached 6.7 million products and SoFi Invest reached 3.2 million products by the end of the fourth quarter.
Monetization continues to improve with annualized revenue per product of $104 during the fourth quarter, up 29% year-over-year.
In the fourth quarter of 2025, total deposits grew $4.6 billion to $37.5 billion, driven primarily by member deposits.
Financial Services – Products
December 31,
20252024% Change
Money(1)
6,791,108 5,094,785 33 %
Invest3,244,143 2,525,059 28 %
Credit Card435,722 279,360 56 %
Referred loans(2)
149,872 85,205 76 %
Relay6,687,259 4,636,755 44 %
At Work163,411 113,917 43 %
Crypto(3)
63,441 — n/m
Total financial services products
17,534,956 12,735,081 38 %
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(1)Includes checking and savings accounts held at SoFi Bank, and cash management accounts.
(2)Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.
(3)Product counts for Crypto for the fourth quarter of 2025 reflect activity from our product launch on December 22, 2025 through December 31, 2025 and are therefore not representative of a full quarter of performance.
Technology Platform Segment Results
Technology Platform segment net revenue of $122.4 million for the fourth quarter of 2025 increased 19% year-over-year. Contribution profit of $47.9 million reflected a contribution margin of 39%.






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Technology Platform – Segment Results of Operations
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
20252024% Change20252024% Change
Net interest income$394 $473 (17)%$1,505 $2,158 (30)%
Noninterest income121,979 102,362 19 %448,706 393,020 14 %
Total net revenue – Technology Platform122,373 102,835 19 %450,211 395,178 14 %
Directly attributable expenses(74,439)(70,728)5 %(305,798)(268,223)14 %
Contribution profit
$47,934 $32,107 49 %$144,413 $126,955 14 %
Contribution margin – Technology Platform(1)
39 %31 %32 %32 %
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(1)Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.
Technology Platform total enabled client accounts decreased 23% year-over-year, to 128.5 million down from 167.7 million in the prior-year period. This includes the impact from a large client which fully transitioned off the platform prior to year-end.
Technology Platform
December 31,
20252024
% Change
Total accounts128,461,873 167,713,818 (23)%
Lending Segment Results
For the fourth quarter of 2025, Lending segment GAAP net revenue of $498.7 million increased 19% from the prior year period, while adjusted net revenue for the segment of $486.5 million increased 15% from the prior year period.
Lending segment performance in the fourth quarter was driven by net interest income, which rose 29% year-over-year, primarily driven by growth in average loan balances of 35%.
Lending segment fourth quarter contribution profit of $271.7 million was up 10% from $246.0 million in the corresponding prior-year period. Lending segment adjusted contribution margin was strong at 56%. This strong performance reflects our ability to capitalize on continued strong demand for our lending products.
Lending – Segment Results of Operations
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
20252024% Change20252024% Change
Net interest income$444,763 $345,210 29 %$1,606,032 $1,207,226 33 %
Noninterest income53,919 72,586 (26)%242,917 277,996 (13)%
Total net revenue – Lending498,682 417,796 19 %1,848,949 1,485,222 24 %
Servicing rights – change in valuation inputs or assumptions(12,224)4,962 n/m(22,013)(6,280)251 %
Residual interests classified as debt – change in valuation inputs or assumptions8 25 (68)%70 108 (35)%
Directly attributable expenses(214,811)(176,825)21 %(810,106)(588,507)38 %
Contribution profit – Lending$271,655 $245,958 10 %$1,016,900 $890,543 14 %
Contribution margin – Lending(1)
54 %59 %55 %60 %
Adjusted net revenue – Lending (non-GAAP)(2)
$486,466 $422,783 15 %$1,827,006 $1,479,050 24 %
Adjusted contribution margin – Lending (non-GAAP)(2)
56 %58 %56 %60 %






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(1)Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.
(2)For more information and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.
Lending – Loans At Fair Value
($ in thousands)
Personal Loans
Student Loans
Home Loans
Total
December 31, 2025
Unpaid principal
$20,243,217 $12,875,440 $1,133,329 $34,251,986 
Accumulated interest
151,079 58,277 4,888 214,244 
Cumulative fair value adjustments(1)
1,146,372 723,861 66,898 1,937,131 
Total fair value of loans(2)(3)
$21,540,668 $13,657,578 $1,205,115 $36,403,361 
September 30, 2025
Unpaid principal
$19,456,198 $11,143,322 $713,727 $31,313,247 
Accumulated interest
141,384 49,228 2,730 193,342 
Cumulative fair value adjustments(1)
1,118,035 635,437 40,260 1,793,732 
Total fair value of loans(2)(3)
$20,715,617 $11,827,987 $756,717 $33,300,321 
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(1) During the three months ended December 31, 2025, the cumulative fair value adjustments for personal loans were impacted by a higher unpaid principal balance, a lower weighted average discount rate and a lower weighted average conditional prepayment rate, partially offset by a higher weighted average annual default rate. The lower discount rate was primarily driven by an 8 basis point decrease in benchmark rates. The cumulative fair value adjustments for student loans were impacted by a higher unpaid principal balance, a lower weighted average discount rate, and a lower weighted average conditional prepayment rate, partially offset by lower weighted average coupon and higher weighted average default rate.
(2) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
(3) Student loans are classified as loans held for investment, and personal loans and home loans are classified as loans held for sale.
The following table summarizes the significant inputs to the fair value model for personal and student loans:
Personal LoansStudent Loans
December 31, 2025September 30, 2025December 31, 2025September 30, 2025
Weighted average coupon rate(1)
13.11 %13.11 %5.87 %5.89 %
Weighted average annual default rate4.46 %4.33 %0.68 %0.67 %
Weighted average conditional prepayment rate26.87 %26.90 %11.21 %11.27 %
Weighted average discount rate4.46 %4.55 %3.89 %3.90 %
Benchmark rate(2)
3.31 %3.39 %3.40 %3.35 %
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(1)Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.
(2)Corresponds with two-year SOFR for personal loans, and four-year SOFR for student loans.
For the fourth quarter of 2025, record origination volume of $10.5 billion increased 46% year-over-year. This was a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners.
Record personal loan originations of $7.5 billion in the fourth quarter of 2025 were up 43% year-over-year, inclusive of $3.7 billion originated on behalf of third parties through our Loan Platform Business. Fourth quarter student loan volume of $1.9 billion was up 38% year-over-year. Home equity loan originations were strong during the fourth quarter, accounting for nearly one-third of total home loan volume. In total, home loan volume was $1.1 billion, an increase of 95% year-over-year.
Capital markets activity in the fourth quarter of 2025 was very strong. Overall, SoFi sold, or transferred through our Loan Platform Business, more than $4.5 billion in total of personal loans and home loans. In terms of personal loans, we closed $99.8 million of sales in whole loan form at a blended execution of 106.5%. In terms of home loan sales, we closed $691.7 million at a blended execution of 102.3%.






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In addition to our personal and home loan sales, SoFi executed a $463 million co-contributor securitization of loans previously originated through our Loan Platform Business. This was the fourth securitization of new collateral under our SoFi Consumer Loan Program (SCLP) since 2021 using collateral originated in the Loan Platform Business. Importantly, this channel provides our partners with meaningful liquidity to support their ongoing investment in the Loan Platform Business. The transaction priced at industry-leading cost-of-funds levels, with a weighted average spread of 101 basis points.
Credit performance remained strong in the fourth quarter, in-line with expectations. The personal loan annualized charge-off rate increased to 2.80% from 2.60% in the prior quarter, including the impact of asset sales, new originations and delinquency sales in the quarter. This increase was driven by portfolio seasoning rather than credit deterioration. Personal loan annualized net charge offs decreased 57 basis points year-over-year.
Had SoFi not sold late stage delinquent loans, it is estimated that, including recoveries, the all-in annualized net charge-off rate for personal loans would have been approximately 4.4% versus 4.2% in the prior quarter.
The student loan annualized charge-off rate increased to 76 basis points from 69 basis points in the prior quarter, driven by seasonality and the impact from a student loan repurchase that concluded during the fourth quarter.
The on-balance sheet 90-day delinquency rates for both personal loans and student loans were consistent with the prior year.
The data continues to support a 7–8% maximum cumulative net loss assumption for personal loans, in line with SoFi's underwriting tolerance.
Recent vintages, originated from the fourth quarter of 2022 to first quarter of 2025 have net cumulative losses of 4.55%, with 37% unpaid principal balance remaining. This is well below the 6.27% observed at the same point in time for the 2017 vintage which is the last vintage that approached our 7-8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve improved by 8 basis points, after improving 29 basis points last quarter, demonstrating continued improvement.
Additionally, of the first quarter of 2020 through the third quarter of 2025 originations, 60% of principal has already been paid down, with 6.8% in net cumulative losses. Therefore, for life-of-loan losses on this entire cohort of loans to reach 8%, the charge-off rate on the remaining 40% of unpaid principal would need to be approximately 10%. This would be well above past levels, providing us further confidence in achieving loss rates below our 8% tolerance.
Lending – Originations and Average Balances
Three Months Ended December 31,% ChangeYear Ended December 31,% Change
2025202420252024
Origination volume ($ in thousands, during period)
Personal loans(1)
$7,501,068 $5,251,949 43 %$27,495,534 $17,614,985 56 %
Student loans1,861,421 1,348,970 38 %5,537,934 3,780,752 46 %
Home loans1,127,705 577,362 95 %3,388,995 1,820,213 86 %
Total$10,490,194 $7,178,281 46 %$36,422,463 $23,215,950 57 %
Average loan balance ($, as of period end)(2)
Personal loans$25,810 $25,377 2 %
Student loans43,371 42,960 1 %
Home loans243,916 279,321 (13)%
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(1)Inclusive of origination volume related to our Loan Platform Business.
(2)Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on our balance sheet, as well as transferred loans and referred loans with which SoFi has continuing involvement through our servicing agreements.






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Lending – Products
December 31,
20252024% Change
Personal loans(1)
1,935,607 1,405,928 38 %
Student loans644,225 568,612 13 %
Home loans53,354 35,814 49 %
Total lending products
2,633,186 2,010,354 31 %
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(1)Includes loans which we originate as part of our Loan Platform Business.
Guidance and Outlook
Looking forward to 2026, for the full year, management expects to increase total members by at least 30% year-over-year. Management expects to deliver adjusted net revenue of approximately $4.655 billion which implies approximately 30% annual revenue growth. Management expects adjusted EBITDA of approximately $1.6 billion, which equates to an annual EBITDA margin of approximately 34%. Management expects adjusted net income of approximately $825 million, which equates to a margin of approximately 18%. Lastly, management expects adjusted EPS of approximately 60 cents per share.
In the first quarter of 2026, management expects to deliver adjusted net revenue of approximately $1.04 billion, adjusted EBITDA of approximately $300 million, adjusted net income of approximately $160 million, and adjusted EPS of approximately 12 cents per share.
Over the medium term, management expects to deliver compounded annual growth in adjusted net revenue of at least 30% from 2025 to 2028. Additionally, management expects to deliver compounded annual growth in adjusted earnings per share of 38% to 42% from 2025 to 2028. This guidance assumes there are no meaningful changes in the macroeconomic environment and no significant new business launches or acquisitions.
Management will further address guidance on the quarterly earnings conference call. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures. This is because the company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.






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Earnings Webcast
SoFi’s executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for the first quarter of 2026 and full year 2026 adjusted net revenue, annual growth rate, adjusted EBITDA, adjusted EBITDA margin, GAAP net income, GAAP EPS, tangible book value, and new members, our expectations regarding our ability to deliver compounded annual growth in adjusted net revenue and compounded annual growth in adjusted earnings per share from 2025 to 2028, our expectations regarding our ability to continue to grow our business, deliver superior financial returns, build our brand and launch new business lines and products, our ability to continue to drive momentum, deepen member engagement, and increase cross-buy, our expectations regarding the size of our market opportunity, our ability to continue to attract and execute deals, our ability to continue to improve our financials and increase our member, product and total accounts count, our ability to achieve diversified and more durable growth, including our ability to continue to grow our Loan Platform Business, our ability to continue the momentum seen in prior financial periods, our ability to have loss rates below 8%, our ability to navigate the macroeconomic, geopolitical and regulatory environment, any changes in demand for our products, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “achieve”, “believe”, “continue”, “expect”, “capable” “future”, “growth”, “may”, “opportunity”, “plan”, “potential”, “strategy”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and our ability to respond and adapt to changing market and economic conditions, including economic downturns, fluctuating inflation and interest rates, and volatility from macroeconomic, global, and political events, including announced or planned tariffs; (ii) our ability to maintain net income profitability, continue to increase fee-based revenue streams, continue to grow across our segments in the future, as well as our ability to meet our guidance; (iii) the impact on our business of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment; (iv) our ability to realize the benefits of being a bank holding company and operating SoFi Bank, including continuing to grow high quality deposits and our rewards program for members; (v) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (vi) our ability to vertically integrate our businesses and accelerate the pace of innovation of our financial products; (vii) our ability to manage our growth effectively; (viii) our ability to access sources of capital on acceptable terms or at all; (ix) the success of our continued investments in our business; (x) our ability to expand our member base, increase our product adds and increase cross-buy; (xi) our ability to maintain our leadership position in certain categories of our business and to grow market share in existing markets or any new markets we may enter; (xii) our ability to cater to a broad range of clients and continue to execute deals with current or future business partners; (xiii) our ability to develop new products, features and functionality that are competitive and meet market needs; (xiv) our ability to realize the benefits of our strategy, including what we refer to as our FSPL; (xv) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xvi) our ability to establish and maintain an effective system of internal controls over financial reporting; (xvii) our ability to maintain the security and reliability of our products; and (xviii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last annual report on Form 10-K, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a






10

number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.
Non-GAAP Financial Measures
This press release presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). Our management and Board of Directors uses these non-GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.
About SoFi
SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. 13.7 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across 128.5 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.
Availability of Other Information About SoFi
Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Contact
Investors:
SoFi Investor Relations
IR@sofi.com
Media:
SoFi Media Relations
PR@sofi.com






11

FINANCIAL TABLES
(Unaudited)
1.    Condensed Consolidated Statements of Operations and Comprehensive Income
2.    Reconciliation of GAAP to Non-GAAP Financial Measures
3.    Condensed Consolidated Balance Sheets
4.    Average Balances and Net Interest Earnings Analysis
5.    Company Metrics
6.    Segment Financials
7.    Fee-Based Revenue
8.    Analysis of Charge-Offs
9.    Regulatory Capital








12

Table 1

SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In Thousands, Except for Per Share Data)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
Interest income
Loans and securitizations$864,402 $688,723 $3,146,296 $2,601,988 
Other63,019 55,214 228,903 205,829 
Total interest income927,421 743,937 3,375,199 2,807,817 
Interest expense
Securitizations and warehouses8,181 23,022 95,824 112,398 
Deposits290,511 238,596 1,014,043 930,154 
Corporate borrowings11,196 12,039 45,723 48,346 
Other254 111 653 438 
Total interest expense310,142 273,768 1,156,243 1,091,336 
Net interest income617,279 470,169 2,218,956 1,716,481 
Noninterest income
Loan origination, sales, securitizations and servicing
53,856 72,597 242,947 278,114 
Technology products and solutions93,963 88,376 360,903 350,810 
Loan platform fees190,859 63,235 575,911 141,608 
Other69,094 39,748 214,637 187,846 
Total noninterest income407,772 263,956 1,394,398 958,378 
Total net revenue1,025,051 734,125 3,613,354 2,674,859 
Provision for credit losses
5,407 6,877 30,319 31,712 
Noninterest expense
Technology and product development172,836 148,986 648,332 551,787 
Sales and marketing305,614 229,261 1,095,412 796,293 
Cost of operations161,618 128,155 608,998 461,633 
General and administrative194,244 160,922 704,436 600,089 
Total noninterest expense
834,312 667,324 3,057,178 2,409,802 
Income before income taxes185,332 59,924 525,857 233,345 
Income tax (expense) benefit(11,783)272,549 (44,537)265,320 
Net income$173,549 $332,473 $481,320 $498,665 
Earnings per share
Earnings per share – basic$0.14 $0.31 $0.42 $0.46 
Earnings per share – diluted$0.13 $0.29 $0.39 $0.39 
Weighted average common stock outstanding – basic1,222,750 1,087,863 1,150,140 1,050,219 
Weighted average common stock outstanding – diluted1,346,110 1,151,047 1,251,767 1,101,390 







13

Table 2
Non-GAAP Financial Measures
(Unaudited)
Adjusted Net Revenue
Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.
The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
2025202420252024
Total net revenue (GAAP)
$1,025,051 $734,125 $3,613,354 $2,674,859 
Servicing rights – change in valuation inputs or assumptions(1)
(12,224)4,962 (22,013)(6,280)
Residual interests classified as debt – change in valuation inputs or assumptions(2)
8 25 70 108 
Gain on extinguishment of debt(3)
— — — (62,517)
Adjusted net revenue (non-GAAP)
$1,012,835 $739,112 $3,591,411 $2,606,170 
___________________
(1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(3)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.
The following table reconciles adjusted net revenue for the Lending segment to total net revenue, the most directly comparable GAAP measure for the Lending segment:
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
2025202420252024
Lending
Total net revenue – Lending (GAAP)
$498,682 $417,796 $1,848,949 $1,485,222 
Servicing rights – change in valuation inputs or assumptions(1)
(12,224)4,962 (22,013)(6,280)
Residual interests classified as debt – change in valuation inputs or assumptions(2)
8 25 70 108 
Adjusted net revenue – Lending (non-GAAP)
$486,466 $422,783 $1,827,006 $1,479,050 
___________________
(1)See footnote (1) to the table above.
(2)See footnote (2) to the table above.
Adjusted Noninterest Income
Adjusted noninterest income is a non-GAAP measure. Adjusted noninterest income is defined as noninterest income, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust noninterest income to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations.






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Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations.
The following table reconciles adjusted noninterest income to noninterest income, the most directly comparable GAAP measure:
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
2025202420252024
Noninterest income (GAAP)
$407,772 $263,956 $1,394,398 $958,378 
Servicing rights – change in valuation inputs or assumptions(1)
(12,224)4,962 (22,013)(6,280)
Residual interests classified as debt – change in valuation inputs or assumptions(2)
8 25 70 108 
Gain on extinguishment of debt(3)
— — — (62,517)
Adjusted noninterest income (non-GAAP)$395,556 $268,943 $1,372,455 $889,689 
___________________
(1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(3)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.
The following table reconciles adjusted noninterest income for the Lending segment to noninterest income, the most directly comparable GAAP measure for the Lending segment:
Three Months Ended December 31,Year Ended December 31,
($ in thousands)
2025202420252024
Lending
Noninterest income – Lending (GAAP)
$53,919 $72,586 $242,917 $277,996 
Servicing rights – change in valuation inputs or assumptions(1)
(12,224)4,962 (22,013)(6,280)
Residual interests classified as debt – change in valuation inputs or assumptions(2)
8 25 70 108 
Adjusted noninterest income – Lending (non-GAAP)$41,703 $77,573 $220,974 $271,824 
___________________
(1)See footnote (1) to the table above.
(2)See footnote (2) to the table above.
Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending
Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See ‘Adjusted Net Revenue’ above for a reconciliation of Lending segment adjusted net revenue.
Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.






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The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:
Three Months Ended
December 31,
2025 vs 2024
Year Ended
December 31,
2025 vs 2024
($ in thousands)20252024$ Change20252024$ Change
Lending
Contribution profit – Lending (GAAP)
$271,655 $245,958 $25,697 $1,016,900 $890,543 $126,357 
Net revenue – Lending (GAAP)
498,682 417,796 80,886 1,848,949 1,485,222 363,727 
Contribution margin – Lending (GAAP)(1)
54 %59 %55 %60 %
Incremental contribution margin – Lending (GAAP)(1)
32 %35 %
Adjusted net revenue – Lending (non-GAAP)(2)
$486,466 $422,783 $63,683 $1,827,006 $1,479,050 $347,956 
Adjusted contribution margin – Lending (non-GAAP)56 %58 %56 %60 %
Incremental adjusted contribution margin – Lending (non-GAAP)40 %36 %
___________________
(1)Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit divided by change in net revenue.
(2)Refer to ‘Adjusted Net Revenue’ above for reconciliation of this non-GAAP measure.
Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin
Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.
Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.
Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.






16

The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:
Three Months Ended
December 31,
2025 vs 2024
Year Ended
December 31,
2025 vs 2024
($ in thousands)
20252024$ Change20252024$ Change
Net income (GAAP)$173,549 $332,473 $(158,924)$481,320 $498,665 $(17,345)
Non-GAAP adjustments:
Interest expense – corporate borrowings(1)
11,196 12,039 (843)45,723 48,346 (2,623)
Income tax expense (benefit)(2)
11,783 (272,549)284,332 44,537 (265,320)309,857 
Depreciation and amortization
62,880 53,545 9,335 234,151 203,498 30,653 
Share-based expense68,577 66,367 2,210 262,058 246,152 15,906 
Restructuring charges(3)
20 255 (235)948 1,530 (582)
Foreign currency impact of highly inflationary subsidiaries(4)
1,808 840 968 7,104 1,683 5,421 
Transaction-related expense(5)
— — — — 615 (615)
Servicing rights – change in valuation inputs or assumptions(6)
(12,224)4,962 (17,186)(22,013)(6,280)(15,733)
Residual interests classified as debt – change in valuation inputs or assumptions(7)
8 25 (17)70 108 (38)
Gain on extinguishment of debt(8)
— — — — (62,517)62,517 
Total adjustments144,048 (134,516)278,564 572,578 167,815 404,763 
Adjusted EBITDA (non-GAAP)$317,597 $197,957 $119,640 $1,053,898 $666,480 $387,418 
Total net revenue (GAAP)$1,025,051 $734,125 $290,926 $3,613,354 $2,674,859 $938,495 
Net income margin (GAAP)17 %45 %13 %19 %
Incremental net income margin (GAAP)(55)%(2)%
Adjusted net revenue (non-GAAP)(9)
$1,012,835 $739,112 $273,723 $3,591,411 $2,606,170 $985,241 
Adjusted EBITDA margin (non-GAAP)31 %27 %29 %26 %
Incremental adjusted EBITDA margin (non-GAAP)44 %39 %
___________________
(1)Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes.
(2)The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter.
(3)Restructuring charges relate to legal entity restructuring.
(4)Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.
(5)Transaction-related expense in the 2024 periods included financial advisory and professional services costs associated with our acquisition of Wyndham.
(6)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.
(7)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.
(8)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.
(9)Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.






17

Tangible Book Value and Tangible Book Value per Common Share
Beginning in the fourth quarter of 2024, the Company modified the presentation of its tangible book value and tangible book value per share, which are non-GAAP measures. Tangible book value is defined as permanent equity, adjusted to exclude goodwill and intangible assets, net of related deferred tax liabilities. Tangible book value per common share represents tangible book value at period-end divided by common stock outstanding at period-end. Prior periods were revised to conform with this presentation.
These measures are utilized by management in assessing our use of equity and capital adequacy. We believe that tangible book value presents a meaningful measure of net asset value, and tangible book value per share provides additional useful information to investors to assess capital adequacy.
The following table reconciles tangible book value to permanent equity, the most directly comparable GAAP measure, and presents the computation of permanent equity per common share and tangible book value per common share for the periods presented:
($ and shares in thousands, except per share amounts)
December 31,
2025		December 31,
2024
Permanent equity (GAAP)
$10,489,495 $6,525,134 
Non-GAAP adjustments:
Goodwill(1,393,505)(1,393,505)
Intangible assets(231,919)(297,794)
Related deferred tax liabilities
44,045 60,088 
Tangible book value (as of period end) (non-GAAP)
$8,908,116 $4,893,923 
Common stock outstanding (as of period end)
1,270,569 1,095,358 
Book value per common share (GAAP)
$8.26 $5.96 
Tangible book value per common share (non-GAAP)
$7.01 $4.47 
Adjusted Net Income, Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS
Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.
Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.
Adjusted net income margin is computed as adjusted net income divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income, divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.
Management believes adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non cash items and charges to present a comparable view for period over period comparisons of our business.






18

The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.
Three Months Ended December 31,
2025 vs 2024
Year Ended December 31,
2025 vs 2024
($ and shares in thousands, except per share amounts)(1)
20252024$ Change20252024$ Change
Net income (GAAP)
$173,549 $332,473 $(158,924)$481,320 $498,665 $(17,345)
Non-GAAP adjustments:
Income tax benefit from release of tax valuation allowance
— (258,401)258,401 — (258,401)258,401 
Income tax benefit from restructuring
— (13,042)13,042 — (13,042)13,042 
Goodwill impairment expense— — — — — — 
Adjusted net income (non-GAAP)
$173,549 $61,030 $112,519 $481,320 $227,222 $254,098 
Numerator:
Net income attributable to common stockholders – diluted (GAAP)(2)
$173,893 $332,473 $482,700 $434,776 
Non-GAAP adjustments:
Income tax benefit from release of tax valuation allowance
— (258,401)— (258,401)
Income tax benefit from restructuring
— (13,042)— (13,042)
Adjusted net income attributable to common stockholders – diluted (non-GAAP)
$173,893 $61,030 $482,700 $163,333 
Denominator:
Weighted average common stock outstanding – diluted1,346,110 1,151,047 1,251,767 1,101,390 
Non-GAAP adjustments:
Dilutive impact of convertible notes(3)
(20,402)(24,857)(23,377)(6,214)
Adjusted weighted average common stock outstanding — diluted (non-GAAP)1,325,707 1,126,190 1,228,390 1,095,176 
Earnings per share – diluted (GAAP)(2)
$0.13 $0.29 $0.39 $0.39 
Impact of adjustments per share
— (0.24)— (0.24)
Adjusted earnings per share – diluted (non-GAAP)(2)
$0.13 $0.05 $0.39 $0.15 
Net income margin (GAAP)
17 %45 %13 %19 %
Adjusted net revenue (non-GAAP)(4)
$1,012,835 $739,112 $3,591,411 $2,606,170 
Adjusted net income margin (non-GAAP)
17 %8 %13 %9 %
Incremental adjusted net income margin (non-GAAP)41 %26 %
____________________
(1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.
(2)Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.
(3)This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.
(4)Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.






19

Table 3
SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except for Share Data)
December 31,
2025		December 31,
2024
Assets
Cash and cash equivalents$4,929,452 $2,538,293 
Restricted cash and restricted cash equivalents427,321 171,067 
Investment securities (includes available-for-sale securities of $2,454,454 and $1,804,043 at fair value with associated amortized cost of $2,434,627 and $1,807,686, as of December 31, 2025 and December 31, 2024, respectively)
2,575,607 1,895,689 
Loans held for sale (includes $22.7 billion and $17.7 billion at fair value, as of December 31, 2025 and December 31, 2024, respectively)22,862,749 17,684,892 
Loans held for investment, at fair value13,657,578 8,597,368 
Loans held for investment, at amortized cost (less allowance for credit losses of $50,934 and $46,684, as of December 31, 2025 and December 31, 2024, respectively)
1,516,736 1,246,458 
Servicing rights378,178 342,128 
Property, equipment and software416,448 287,869 
Goodwill1,393,505 1,393,505 
Intangible assets231,919 297,794 
Operating lease right-of-use assets93,941 81,219 
Other assets (less allowance for credit losses of $2,998 and $2,444, as of December 31, 2025 and December 31, 2024, respectively)
2,177,044 1,714,669 
Total assets$50,660,478 $36,250,951 
Liabilities and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits$37,387,350 $25,861,400 
Noninterest-bearing deposits118,045 116,804 
Total deposits37,505,395 25,978,204 
Accounts payable, accruals and other liabilities743,716 556,923 
Operating lease liabilities106,190 97,389 
Debt1,815,162 3,092,692 
Residual interests classified as debt520 609 
Total liabilities40,170,983 29,725,817 
Commitments, guarantees, concentrations and contingencies
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,270,568,878 and 1,095,357,781 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
126 109 
Additional paid-in capital11,302,668 7,838,988 
Accumulated other comprehensive income (loss)10,979 (8,365)
Accumulated deficit(824,278)(1,305,598)
Total permanent equity10,489,495 6,525,134 
Total liabilities and permanent equity$50,660,478 $36,250,951 






20

Table 4
SoFi Technologies, Inc.
Average Balances and Net Interest Earnings Analysis
(Unaudited)

Three Months Ended December 31, 2025Three Months Ended December 31, 2024
($ in thousands)Average BalancesInterest Income/ExpenseAverage Yield/RateAverage BalancesInterest Income/ExpenseAverage Yield/Rate
Assets
Interest-earning assets:
Interest-bearing deposits with banks$3,804,176 $33,965 3.54 %$2,802,974 $32,070 4.55 %
Investment securities2,636,480 30,628 4.61 1,798,995 24,577 5.44 
Loans36,340,613 862,828 9.42 27,068,505 687,290 10.10 
Total interest-earning assets42,781,269 927,421 8.60 31,670,474 743,937 9.34 
Total noninterest-earning assets4,232,294 3,641,532 
Total assets$47,013,563 $35,312,006 
Liabilities, Temporary Equity and Permanent Equity
Interest-bearing liabilities:
Demand deposits$2,701,285 $5,020 0.74 %$2,171,856 $8,189 1.50 %
Savings deposits30,320,307 270,098 3.53 21,626,757 216,389 3.98 
Time deposits1,460,588 15,393 4.18 1,184,996 14,018 4.71 
Total interest-bearing deposits34,482,180 290,511 3.34 24,983,609 238,596 3.80 
Warehouse facilities480,361 6,242 5.16 1,462,228 21,050 5.73 
Securitization debt56,004 505 3.58 87,429 680 3.09 
Other debt1,760,289 12,884 2.90 1,754,166 13,442 3.05 
Total debt2,296,654 19,631 3.39 3,303,823 35,172 4.24 
Residual interests classified as debt521 — — 626 — — 
Total interest-bearing liabilities36,779,355 310,142 3.35 28,288,058 273,768 3.85 
Total noninterest-bearing liabilities995,803 763,688 
Total liabilities37,775,158 29,051,746 
Total temporary equity— — 
Total permanent equity9,238,405 6,260,260 
Total liabilities, temporary equity and permanent equity$47,013,563 $35,312,006 
Net interest income$617,279 $470,169 
Net interest margin5.72 %5.91 %






21

Year Ended December 31, 2025Year Ended December 31, 2024
($ in thousands)Average BalancesInterest Income/ExpenseAverage Yield/RateAverage BalancesInterest Income/ExpenseAverage Yield/Rate
Assets
Interest-earning assets:
Interest-bearing deposits with banks$3,115,010 $115,661 3.71 %$2,814,098 $133,686 4.75 %
Investment securities2,354,919 119,043 5.06 1,412,821 79,338 5.62 
Loans32,443,566 3,140,495 9.68 25,360,067 2,594,793 10.23 
Total interest-earning assets37,913,495 3,375,199 8.90 29,586,986 2,807,817 9.49 
Total noninterest-earning assets4,033,049 3,305,102 
Total assets$41,946,544 $32,892,088 
Liabilities, Temporary Equity and Permanent Equity
Interest-bearing liabilities:
Demand deposits$2,323,852 $12,942 0.56 %$2,167,328 $45,117 2.08 %
Savings deposits26,663,292 962,371 3.61 18,385,550 782,205 4.25 
Time deposits874,108 38,730 4.43 2,060,959 102,832 4.99 
Total interest-bearing deposits29,861,252 1,014,043 3.40 22,613,837 930,154 4.11 
Warehouse facilities1,667,619 88,471 5.31 1,555,603 97,781 6.29 
Securitization debt62,650 2,163 3.45 188,855 7,197 3.81 
Other debt1,757,991 51,566 2.93 1,782,732 56,204 3.15 
Total debt3,488,260 142,200 4.08 3,527,190 161,182 4.57 
Residual interests classified as debt549 — — 2,495 — — 
Total interest-bearing liabilities33,350,061 1,156,243 3.47 26,143,522 1,091,336 4.17 
Total noninterest-bearing liabilities923,992 753,979 
Total liabilities34,274,053 26,897,501 
Total temporary equity— 123,221 
Total permanent equity7,672,491 5,871,366 
Total liabilities, temporary equity and permanent equity$41,946,544 $32,892,088 
Net interest income$2,218,956 $1,716,481 
Net interest margin5.85 %5.80 %






22

Table 5
Company Metrics

December 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Members13,651,002 12,642,375 11,745,572 10,915,811 10,127,323 9,372,615 8,774,236 8,131,720 7,541,860 
Total Products20,168,142 18,553,053 17,142,041 15,915,425 14,745,435 13,650,730 12,776,430 11,830,128 11,142,476 
Total Products — Lending segment2,633,186 2,462,588 2,280,368 2,129,833 2,010,354 1,890,761 1,786,580 1,705,155 1,663,006 
Total Products — Financial Services segment17,534,956 16,090,465 14,861,673 13,785,592 12,735,081 11,759,969 10,989,850 10,124,973 9,479,470 
Total Accounts — Technology Platform segment128,461,873 157,859,670 160,046,369 158,432,347 167,713,818 160,179,299 158,485,125 151,049,375 145,425,391 
Total Products, excluding digital assets(1)
20,168,142 18,553,053 17,142,041 15,915,425 14,745,435 13,650,730 12,776,430 11,830,128 10,876,881 
Total Products, excluding digital assets — Financial Services segment(1)
17,534,956 16,090,465 14,861,673 13,785,592 12,735,081 11,759,969 10,989,850 10,124,973 9,213,875 
SoFi Invest, excluding digital assets(1)
3,244,143 3,045,078 2,853,416 2,684,658 2,525,059 2,394,367 2,332,045 2,224,705 2,115,046 
___________________
(1)In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024.

Members
We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.
Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.
Total Products
Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.
In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan






23

products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.
In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed.
Technology Platform Total Accounts
In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.






24

Table 6
Segment Financials
(Unaudited)
Quarter Ended
($ and shares in thousands)
December 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Lending
Net interest income$444,763 $427,973 $372,675 $360,621 $345,210 $316,268 $279,212 $266,536 $262,626 
Total noninterest income53,919 65,409 70,837 52,752 72,586 79,977 61,493 63,940 90,500 
Total net revenue498,682 493,382 443,512 413,373 417,796 396,245 340,705 330,476 353,126 
Adjusted net revenue – Lending(1)
486,466 481,408 446,798 412,334 422,783 391,892 339,052 325,323 346,541 
Contribution profit – Lending(2)
271,655 261,600 244,710 238,935 245,958 238,928 197,938 207,719 226,110 
Technology Platform
Net interest income$394 $432 $266 $413 $473 $629 $555 $501 $941 
Total noninterest income121,979 114,146 109,567 103,014 102,362 101,910 94,883 93,865 95,966 
Total net revenue(2)
122,373 114,578 109,833 103,427 102,835 102,539 95,438 94,366 96,907 
Contribution profit – Technology Platform
47,934 32,371 33,195 30,913 32,107 32,955 31,151 30,742 30,584 
Financial Services
Net interest income$207,810 $203,660 $193,322 $173,199 $160,337 $154,143 $139,229 $119,713 $109,072 
Total noninterest income248,931 215,963 169,211 129,920 96,183 84,165 36,903 30,838 30,043 
Total net revenue456,741 419,623 362,533 303,119 256,520 238,308 176,132 150,551 139,115 
Contribution profit – Financial Services(2)
230,788 225,557 188,232 148,332 114,855 99,758 55,220 37,174 25,060 
Corporate/Other
Net interest income (expense)$(35,688)$(46,951)$(48,426)$(35,507)$(35,851)$(40,030)$(6,412)$15,968 $17,002 
Total noninterest income (loss)(17,057)(19,032)(12,508)(12,653)(7,175)59 (7,245)53,634 9,254 
Total net revenue (loss)(2)
(52,745)(65,983)(60,934)(48,160)(43,026)(39,971)(13,657)69,602 26,256 
Consolidated
Net interest income$617,279 $585,114 $517,837 $498,726 $470,169 $431,010 $412,584 $402,718 $389,641 
Total noninterest income407,772 376,486 337,107 273,033 263,956 266,111 186,034 242,277 225,763 
Total net revenue1,025,051 961,600 854,944 771,759 734,125 697,121 598,618 644,995 615,404 
Adjusted net revenue(1)
1,012,835 949,626 858,230 770,720 739,112 689,445 596,965 580,648 594,245 
Net income
173,549 139,392 97,263 71,116 332,473 60,745 17,404 88,043 47,913 
Adjusted EBITDA(1)
317,597 276,881 249,083 210,337 197,957 186,237 137,901 144,385 181,204 
___________________
(1)Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For additional information on these measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.
(2)Technology Platform segment total net revenue includes intercompany fees. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses represent a reconciling item of segment contribution profit (loss) to consolidated income (loss) before income taxes.






25

Table 7
Fee-Based Revenue
(Unaudited)

Three Months Ended December 31,Year Ended December 31,
($ in thousands)
2025202420252024
Loan platform fees
$171,129 $46,971 $495,926 $89,479 
Referrals, loan platform business
19,730 

16,264 79,985 

52,129 
Total Loan platform fees190,859 63,235 575,911 141,608 
Referrals, other
3,641 

2,465 12,454 

8,197 
Interchange
35,912 

21,599 114,315 

66,829 
Brokerage
12,882 5,849 39,666 21,494 
Loan origination fees
101,870 106,991 429,621 377,277 
Technology services
92,136 

86,634 355,721 

346,185 
Other
5,989 2,696 17,212 8,289 
Total fee-based revenue$443,289 $289,469 $1,544,900 $969,879 






26

Table 8
Analysis of Charge-Offs
(Unaudited)


Three Months Ended December 31, 2025Three Months Ended December 31, 2024
($ in thousands)
Average Loans
Net Charge-offs
Ratio
Average Loans
Net Charge-offs
Ratio
Personal loans$21,177,730 $149,323 2.80 %$17,409,608 $147,595 3.37 %
Student loans12,716,877 24,212 0.76 %8,214,510 12,713 0.62 %
Home loans981,444 — — %115,123 — — %
Secured loans

860,205 

— — %

902,036 

— — %
Credit card431,548 5,090 4.68 %277,002 8,573 12.31 %
Commercial and consumer banking172,809 17 0.04 %150,226 39 0.07 %
Total loans$36,340,613 $178,642 1.95 %$27,068,505 $168,920 2.48 %
Year Ended December 31, 2025Year Ended December 31, 2024
($ in thousands)
Average Loans
Net Charge-offs
Ratio
Average Loans
Net Charge-offs
Ratio
Personal loans
$19,800,548 $566,709 2.86 %$16,426,053 $581,370 3.54 %
Student loans
10,772,729 78,090 0.72 %7,414,829 47,097 0.64 %
Home loans
541,650 — — %77,912 — — %
Secured loans802,245 — — %1,024,275 — — %
Credit card364,326 26,043 7.15 %274,093 39,634 14.46 %
Commercial and consumer banking162,068 26 0.02 %142,905 89 0.06 %
Total loans$32,443,566 $670,868 2.07 %$25,360,067 $668,190 2.63 %







27

Table 9
Regulatory Capital
(Unaudited)

December 31, 2025December 31, 2024
($ in thousands)
Amount(1)
Ratio(1)
AmountRatio
Required Minimum(2)
SoFi Technologies
CET1 risk-based capital$8,473,542 22.8 %$4,457,212 16.0 %7.0 %
Tier 1 risk-based capital8,473,542 22.8 %4,457,212 16.0 %8.5 %
Total risk-based capital8,524,274 22.9 %4,503,618 16.2 %10.5 %
Tier 1 leverage8,473,542 18.8 %4,457,212 13.4 %4.0 %
Risk-weighted assets37,234,047 27,859,577 
Quarterly adjusted average assets45,007,950 33,234,724 
___________________
(1)Estimated.
(2)Required minimums presented for risk-based capital ratios include the required capital conservation buffer.






28