SoFi Technologies reported record net revenue of approximately $1.22 billion for the second quarter of 2026, an increase of 43% from $854.9 million during the same period last year.
Net income increased 61% to $156.6 million, while diluted earnings per share rose to $0.12 from $0.08.
Adjusted net revenue increased 40% to approximately $1.21 billion. Adjusted EBITDA rose 44% to a record $357.8 million, producing an adjusted EBITDA margin of approximately 30%.
Adjusted EBITDA is a non-GAAP profitability measure that excludes items such as interest, taxes, depreciation, amortization and certain other expenses. SoFi uses the measure to evaluate the operating performance of its businesses, although it should be considered alongside the company’s GAAP results.
The quarter marked SoFi’s 19th consecutive period meeting the Rule of 40, a commonly used growth benchmark that combines a company’s revenue growth rate with its profitability margin. SoFi reported a Rule of 40 score of 70 for the quarter.
The digital financial services company added approximately 1.1 million members, increasing its total membership by 35% year over year to 15.8 million.
SoFi also added a record 2.2 million products, bringing its total to approximately 24.4 million, an increase of 42% from the previous year. It was the first quarter in which the company added twice as many products as members.
Products per member increased to a record 1.54, indicating that customers are increasingly using more than one SoFi service.
Cross-buy activity accelerated, with existing members accounting for 51% of new products opened during the quarter. That compares with 43% in the first quarter of 2026 and 35% during the second quarter of 2025.
Cross-buy refers to an existing customer adopting another product from the same company, such as a SoFi banking customer opening an investment account, applying for a loan or subscribing to SoFi Plus.
The growth supports SoFi’s Financial Services Productivity Loop strategy. The company seeks to acquire members through one product and then use its integrated platform to introduce those customers to additional services, potentially lowering customer acquisition costs and increasing lifetime value.
SoFi Plus surpassed 200,000 paid subscribers after the company expanded its benefits and converted the service into a paid subscription offering.
Approximately 25% of existing members who enrolled in SoFi Plus subsequently added another product.
SoFi Coach, which the company describes as a generative AI-powered financial guide, has handled nearly 500,000 conversations and received positive feedback in more than 90% of interactions.
Financial Services segment revenue increased 29% to $466.3 million.
Net interest income for the segment increased 29% to $249.1 million, primarily because of growth in consumer deposits. Noninterest income increased 28% to $217.2 million.
The segment generated contribution profit of $212.7 million, an increase of 13%, although its contribution margin declined to 46% from 52%.
SoFi’s Loan Platform Business contributed $143.3 million to adjusted net revenue. Approximately $140.9 million came from originating $3.1 billion of personal loans for third parties and generating referral revenue.
The Loan Platform Business allows SoFi to originate or facilitate loans for external capital providers rather than funding every loan on its own balance sheet. This model can generate fees while requiring less of SoFi’s own capital.
The company expanded the platform to include small-business loans and reached an agreement with another partner to invest in personal loans. After the quarter ended, SoFi added home equity loans to the offering.
Financial Services products increased 43% to approximately 21.3 million and accounted for 87% of SoFi’s total products.
SoFi Money reached approximately 7.9 million products, while Relay reached nearly 8 million. SoFi Invest grew to approximately 3.9 million products, and SoFi Crypto reached approximately 388,000.
Total deposits increased by $5.3 billion during the quarter to $45.5 billion.
Companywide net interest income increased 52% to $788.2 million. The increase reflected a 49% rise in average interest-earning assets and a 36-basis-point reduction in funding costs, partly offset by lower average asset yields.
SoFi’s net interest margin reached 5.98%, increasing four basis points from the previous quarter.
Deposits represented more than 90% of average liabilities. SoFi said the average rate paid on deposits was 156 basis points lower than the cost of its warehouse financing facilities, producing estimated annualized interest savings of approximately $712.6 million.
Warehouse facilities are credit lines that lenders use to temporarily fund loans before selling, securitizing or transferring them. Consumer deposits can provide a more stable and lower-cost funding source.
The Lending segment generated $724.8 million in GAAP net revenue, an increase of 63%. Adjusted Lending revenue increased 59% to $711.7 million.
Lending contribution profit increased 63% to $399 million, with an adjusted contribution margin of 56%.
Net interest income within Lending increased 54%, while loan origination fees increased 64%.
Total loan originations reached a record $14.8 billion, increasing 69% year over year.
Personal loan originations increased 54% to $10.7 billion, including the $3.1 billion originated for third-party Loan Platform Business partners.
Student loan originations increased 170% to a record $2.7 billion, while home loan originations increased 74% to approximately $1.4 billion.
Home equity loans represented approximately one-third of total home loan volume.
SoFi sold or transferred more than $4.1 billion of personal and home loans during the quarter. It also completed two securitizations totaling $1.4 billion using loans originated through its Loan Platform Business.
Personal loan credit performance remained within SoFi’s expectations.
Excluding certain delinquent loan sales, the estimated annualized net charge-off rate, including recoveries, was approximately 3.7%. That represented a 70-basis-point improvement from the previous quarter and an 80-basis-point improvement from the prior-year period.
The reported annualized personal loan charge-off rate declined to 2.62% from 3.03% in the previous quarter. The student loan charge-off rate declined to 0.61% from 0.65%.
SoFi continues to expect maximum cumulative net losses of between 7% and 8% for its personal loan portfolios.
Technology Platform revenue declined 23% year over year to $84.5 million, although it increased 13% from the previous quarter.
Contribution profit fell 65% to $11.8 million, while the segment’s contribution margin declined to 14% from 30%.
The year-over-year decline reflected the departure of a large client that completed its transition away from the platform before the end of 2025.
Technology Platform-enabled accounts declined 16% to approximately 135 million but increased by 2 million from the previous quarter.
SoFi introduced a unified SoFi Tech Solutions brand during the quarter. The business offers enterprise clients payment processing, banking core ledgers, lending technology, fraud prevention and other financial infrastructure services.
The company also launched Composer by SoFi, an AI-powered investment platform, along with small-business lending and a redesigned home equity line of credit experience.
SoFi expanded its enterprise payment capabilities through the SoFi Exchange Network and SoFiUSD. The company also acquired Peach Finance to strengthen SoFi Tech Solutions’ lending infrastructure.
Based on the second-quarter performance, SoFi raised its full-year 2026 adjusted net revenue guidance to between $4.75 billion and $4.85 billion. That represents anticipated growth of approximately 32% to 35%.
The company maintained its adjusted EBITDA forecast of approximately $1.6 billion, representing an expected margin of between 33% and 34%.
SoFi also continues to expect adjusted net income of approximately $825 million and adjusted earnings of approximately $0.60 per share.
Management expects total membership to grow by at least 30% during 2026.
KEY QUOTE:
“2026 is shaping up to be a defining year, and our second quarter results mark a clear inflection point for SoFi. Despite continued market uncertainty, our business model continues to prove its durability.”
“For the first time, we added twice as many products as members, a major milestone that underscores the trust members place in SoFi and the power of our ‘everything app.’ Products like SoFi Plus and SoFi Coach are deepening member relationships and increasing lifetime value, while continued innovation across our consumer and enterprise platforms is expanding the value we deliver to members and clients.”
Anthony Noto, CEO of SoFi Technologies
