SoFi faces a bigger test after its record quarter
SoFi Technologies enters its next earnings report with something many fintech companies would like to have: a clear growth story, improving profitability and a larger base of customers using more of its financial products.
That strong setup also creates a tougher bar for the company when it reports first-quarter results on Wednesday, April 29. SoFi said it plans to release results at about 7 a.m. ET and hold its earnings call at 8 a.m. ET, giving investors a fresh look at whether its record fourth quarter can carry into 2026.
SoFi earnings arrive after a record quarter
For the fourth quarter of 2025, SoFi reported record GAAP net revenue of $1.0 billion, up 40% from the prior-year period. Adjusted net revenue also reached a record $1.0 billion, up 37% year over year, while GAAP net income came in at $173.5 million, or 13 cents per diluted share. The quarter marked SoFi’s ninth consecutive period of GAAP profitability.
The company also added a record 1.027 million members during the quarter, bringing total members to 13.7 million, up 35% from a year earlier. Product additions reached 1.6 million, bringing total products to nearly 20.2 million, up 37%.
That makes the first-quarter report a follow-through test. SoFi has already shown it can grow its top line and user base at a fast pace. The bigger question now is whether that growth can continue while credit quality, margins and capital-light revenue stay strong.
SoFi wants investors to look beyond lending
SoFi started with a brand closely tied to student loans, but the company has spent years trying to become a broader financial services platform.
That shift showed up in the fourth quarter. SoFi said total fee-based revenue reached a record $443.3 million, up 53% year over year. The company said its Financial Services and Technology Platform segments together generated $579.1 million of net revenue, up 61% from the prior-year period.
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Financial Services segment revenue rose 78% to $456.7 million, helped by growth in noninterest income and consumer deposits. Total deposits increased by $4.6 billion during the quarter to $37.5 billion, which supports SoFi’s funding advantage as a bank and gives the company another lever beyond loan sales and originations.
That matters for the stock because investors have often treated SoFi as a credit-sensitive lender. Management wants the market to value the company as a financial platform that can cross-sell banking, lending, investing, credit card, referral and technology services to a growing member base.
The lending business remains the key debate
Fourth-quarter total originations rose 46% year over year to $10.49 billion. Personal loan originations increased 43% to $7.5 billion, student loan originations rose 38% to $1.86 billion, and home loan originations nearly doubled to $1.13 billion.
SoFi also said its Loan Platform Business added $193.7 million to consolidated adjusted net revenue in the quarter. That business is important because it allows SoFi to originate or refer loans for third parties, creating a revenue stream that management has framed as a less balance-sheet-heavy part of the model.
The issue is that investors now have more questions around that business after Muddy Waters published a short report on March 17. The short seller alleged that SoFi’s Loan Platform Business was mischaracterized and also questioned parts of the company’s debt and charge-off presentation. Muddy Waters disclosed that it was short SoFi.
SoFi rejected the report the same day, calling it “factually inaccurate and misleading” and saying the claims showed a “fundamental lack of understanding” of its business and financial statements. The company also said it was exploring potential legal action against Muddy Waters.
Guidance may matter more than the Q1 print
Management guided for first-quarter adjusted net revenue of about $1.04 billion, adjusted EBITDA of about $300 million, adjusted net income of about $160 million and adjusted EPS of about 12 cents. For full-year 2026, SoFi expects adjusted net revenue of about $4.655 billion, adjusted EBITDA of about $1.6 billion and adjusted EPS of about 60 cents.
Consensus expectations are close to that guide, with TradingView’s FactSet data showing Q1 revenue expected at $1.05 billion and EPS expected at 12 cents. That makes management’s commentary especially important because a small beat may matter less than confidence in the rest of the year.
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