SoFi Technologies (SOFI) — Company Research
Last Updated: 9 October 2026
SoFi Technologies is a US digital bank holding company that combines personal, student and home lending, deposits, investing, crypto and a technology platform (now SoFi Tech Solutions) for other financial firms. GAAP net revenue grew 35% to $3.61bn in FY2025 and 43% year on year to $1.22bn in Q2 2026, and members reached 15.8 million. The shares have nonetheless fallen more than 40% in 2026. This refresh rebuilds every figure from the FY2025 and Q2 2026 earnings releases, the Q2 2026 10-Q and SEC XBRL data. Track the price on our Live Charts page and rate-sensitive data on the Economic Calendar.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker | NASDAQ: SOFI |
| Sector | Financials — digital banking, consumer lending, fintech infrastructure |
| CEO / Leadership | Anthony Noto (CEO and director); Christopher Lapointe (CFO) |
| Employees | ~6,100 (31 Dec 2025, as summarised from the FY2025 10-K; FY2024 10-K: ~5,000) |
| Revenue (FY2025) | $3,613m GAAP total net revenue (+35% YoY); adjusted net revenue $3,591m |
| Net income (FY2025) | $481m; diluted EPS $0.39 |
| Revenue (Q2 2026) | $1,219m GAAP (+43% YoY); net income $157m; diluted EPS $0.12 |
| Market cap | ~$20.2bn (8 Oct 2026 close of $15.61 × 1,291.6m shares) |
| Members / products | 15.8m members (+35%); 24.4m products (+42%) at 30 Jun 2026 |
| Deposits | $45.5bn (30 Jun 2026) |
| Book value per share | $8.58; tangible book value per share $7.34 (30 Jun 2026) |
| Dividend | None |
2. Bull Case vs Bear Case
Bull Case
- Fast, profitable member growth: Members grew 35% to 15.8m and products 42% to 24.4m in Q2 2026, while GAAP net income rose 61% to $157m.
- Cheap, growing deposit funding: Deposits climbed to $45.5bn at 30 Jun 2026, up $5.3bn in the quarter, funding a net interest margin of 5.98%.
- Raised revenue outlook: Management lifted 2026 adjusted net revenue guidance to about $4.75bn–$4.85bn (+32–35%) and expects adjusted EBITDA of about $1.6bn.
- Strong capital base: A CET1 ratio of 18.7% and $3.3bn of 2025 equity raises give room to keep growing the loan book.
Bear Case
- Credit risk in personal loans: SoFi holds $27.5bn of personal loans at fair value, and Q2 2026 valuation assumptions raised the default rate to 4.77%.
- Earnings growth lagging revenue: Adjusted EPS guidance stayed at about $0.60 despite higher revenue guidance, as a higher tax rate cut roughly $0.05.
- Dilution: About 140m new shares were sold in 2025 for $3.3bn, and diluted share count rose from 1.18bn to 1.35bn year on year.
- Technology Platform weakness: Tech Platform revenue fell 23% YoY in Q2 2026 after a large client left, and accounts were down 16%.
3. Business Segments
SoFi reports three segments. The table shows FY2025 segment net revenue as a share of consolidated GAAP net revenue of $3,613m (sum of the four 2025 quarters in the Q2 2026 release segment table). Corporate and other items, mainly interest-rate hedges and eliminations, account for −6.3%.
| Segment | % of revenue | What it is |
|---|---|---|
| Lending | 51.2% ($1,849m) | Personal, student and home loans, including fees from the Loan Platform Business that originates loans for third parties |
| Financial Services | 42.7% ($1,542m) | SoFi Money checking and savings, SoFi Invest, credit card, crypto, SoFi Plus and Loan Platform Business referral fees |
| Technology Platform | 12.5% ($450m) | SoFi Tech Solutions (formerly Galileo and Technisys): card processing and core banking software for other financial firms |
4. Business Model & Moat
How it makes money. SoFi earns net interest income on loans it holds, funded largely by member deposits at SoFi Bank (Q2 2026 net interest income $788m, NIM 5.98%), plus fee-based revenue ($472m in Q2 2026) from loan sales, the Loan Platform Business, interchange, brokerage, subscriptions and technology services.
The bank charter. Owning a national bank lets SoFi fund loans with deposits instead of costlier warehouse lines. Deposits exceed 90% of liabilities, and the 2025 equity raises were used to pay down all warehouse facilities by Q4 2025.
Cross-selling flywheel. Members who join for one product tend to add more: products per member reached 1.54 at Q2 2026. Each extra product lowers acquisition cost per product and raises lifetime value.
Moat assessment. The moat comes from the charter, scale in personal lending data and the brand among higher-income borrowers. Lending products remain competitive, so pricing power is limited.
5. Financial Health
Annual revenue is GAAP total net revenue (net of interest expense) from SoFi's 10-K filings, cross-checked against SEC XBRL. FY2020 revenue of $566m is the base for the FY2021 YoY figure.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | $985m | +74.2% | $(1.00) | $(1.00)† | $0.00 | $3,948m‡ |
| FY2022 | $1,574m | +59.8% | $(0.40) | $(0.40)† | $0.00 | $5,486m‡ |
| FY2023 | $2,123m | +34.9% | $(0.36) | $(0.36)† | $0.00 | $5,233m‡ |
| FY2024 | $2,675m | +26.0% | $0.39 | $0.39† | $0.00 | $3,093m‡ |
| FY2025 | $3,613m | +35.1% | $0.39 | $0.39 | $0.00 | $1,815m‡ |
† SoFi reported adjusted EPS of $0.39 for FY2025. For earlier years no comparable adjusted EPS figure is used here, so GAAP diluted EPS is repeated. FY2024 GAAP EPS includes a one-off tax benefit.
‡ Total borrowings (warehouse facilities, securitisation debt and convertible notes) at year end, per XBRL DebtLongtermAndShorttermCombinedAmount. Total debt was $3,301m at 30 Jun 2026.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 | $1,218.7m | $0.12 | $0.12 |
| Q1 2026 | $1,100.4m | $0.12 | $0.12 |
| Q4 2025 | $1,025.1m | $0.13 | $0.13 |
| Q3 2025 | $961.6m | $0.11† | $0.11 |
| Q2 2025 | $854.9m | $0.08† | $0.08 |
| Q1 2025 | $771.8m | $0.06† | $0.06 |
| FY2025 total | $3,613.4m | $0.39 | $0.39 |
Q2 2026 adjusted net revenue was $1,205.6m and adjusted EBITDA $357.8m (30% margin). Record loan originations of $14.8bn included $3.1bn of Loan Platform Business personal loans. Operating cash flow was −$3,742m in FY2025 because originations of loans held for sale run through operating activities. Capital expenditure was $242m and D&A $234m. Cash and equivalents were $3,126m and shareholders' equity $11,076m at 30 Jun 2026.
6. Valuation
Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$20.2bn (8 Oct 2026 close of $15.61 × 1,291.6m shares per the Q2 2026 10-Q cover) |
| Trailing P/E (GAAP) | ~32x ($15.61 / TTM diluted EPS $0.49; TTM = FY2025 $0.39 − H1 2025 $0.14 + H1 2026 $0.24) |
| P/E (forward) | ~26x ($15.61 / management's FY2026 adjusted EPS guidance of ~$0.60) |
| P/S (TTM) | ~4.7x (market cap ~$20.2bn / TTM GAAP net revenue $4,306m; TTM = FY2025 $3,613m − H1 2025 $1,627m + H1 2026 $2,319m) |
| P/FCF | n/m — FCF is negative: FY2025 operating CF −$3,742m − capex $242m = −$3,985m. Loan originations held for sale run through operating cash flow, so the metric is not meaningful for a lender. |
| Enterprise value | ~$20.3bn (market cap ~$20.2bn + total debt ~$3.30bn − cash and equivalents ~$3.13bn per the 30 Jun 2026 balance sheet; $45.5bn of member deposits excluded) |
| EV/EBITDA (TTM) | n/m — SoFi is a bank holding company, and interest expense on deposits is an operating cost, so EBITDA is not a meaningful measure. For reference, FY2025 D&A was $234m and management guides FY2026 adjusted EBITDA of ~$1.6bn. |
| Price/book | ~1.82x ($15.61 / book value per share $8.58 at 30 Jun 2026); price/tangible book ~2.13x (TBVPS $7.34) |
| 52-week high | $32.73 |
| 52-week low | $14.88 |
| Short interest (% of float) | 15.01% (188.98m shares, settlement date 15 Sep 2026, MarketBeat) |
| Days to cover | ~5.2 |
7. What Are They Building
- SoFiUSD stablecoin: A stablecoin issued by a national bank. From 22 Sep 2026 SoFi Bank began moving its $25bn card programme to SoFiUSD settlement on Mastercard's network, and Kraken lists SoFiUSD under the 3 Sep 2026 Payward partnership.
- SoFi Crypto and Big Business Banking: Crypto trading relaunched in Q4 2025 and had 388,000 products at Q2 2026. Big Business Banking, launched on 2 Apr 2026, offers fiat and crypto banking to companies.
- SoFi Tech Solutions: Galileo, Technisys and the newly acquired Peach Finance now operate under one brand serving about 200 clients and 135m accounts. On 8 Oct 2026 it launched a crypto-linked card in Mexico with Orbi and Mastercard.
- Lending expansion: The Loan Platform Business is extending into small-business and home-equity loans, and small-business loans launched on 30 Jun 2026.
- AI and investing: SoFi Coach (AI financial guide) and Composer by SoFi (AI-assisted investing) launched in June 2026, and SoFi Invest added private-markets funds from CAZ Investments and AngelList on 5 Aug 2026.
- International remittance: SoFi Pay uses blockchain rails to send money to more than 30 countries.
8. Peer Comparison
| Peer | Market cap (Oct 2026) | Key 2025 metric |
|---|---|---|
| Robinhood (HOOD) | ~$96.2bn (8 Oct 2026) | Net revenues $4.47bn (+52%); diluted EPS $2.05, per FY2025 release |
| Affirm (AFRM) | ~$26.0bn (8–9 Oct 2026) | Fiscal Q4 2025 GMV $10.4bn (+43%); 23.0m active consumers |
| Ally Financial (ALLY) | ~$11.2bn (8 Oct 2026) | Retail deposits $143.5bn; total net revenue $7.9bn, per FY2025 release |
| Chime (CHYM) | ~$10.6bn (8 Oct 2026) | Revenue $2.2bn (+31%); 9.5m active members (+19%), per FY2025 release |
| Upstart (UPST) | ~$2.35bn (8–9 Oct 2026) | Revenue $1.0bn (+64%); originations ~$11.0bn (+86%), per FY2025 release |
| Happen, Inc. (HAPN, formerly LendingClub) | ~$1.77bn (8–9 Oct 2026) | Originations +33%; revenue +27%, per FY2025 release |
9. Insider Activity
CEO Anthony Noto made open-market purchases in March and May 2026. His September 2026 transaction was a tax withholding on vested RSUs, not a market sale, and he held 12.28m shares afterwards. Recent Form 4 filings:
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Jeremy Rishel (CTO) | 21 Sep 2026 | Sale | 18,624 | $17.50 | ~$325.9k | 10b5-1 |
| Kelli Keough (EVP) | 21 Sep 2026 | Sale | 10,203 | ~$16.99 | ~$173.3k | 10b5-1 |
| Anthony Noto (CEO) | 14 Sep 2026 | Tax withholding on RSU vest | 188,259 | $17.32 | ~$3.26m | Not a market sale |
| Christopher Lapointe (CFO) | 14 Sep 2026 | Tax withholding on RSU vest | 59,341 | $17.32 | ~$1.03m | Not a market sale |
| Kelli Keough (EVP) | 20 Aug 2026 | Sale | 11,286 | $18.00 | ~$203.1k | 10b5-1 |
| Anthony Noto (CEO) | 11 May 2026 | Purchase | 15,545 | ~$16.00 | ~$248.8k | Open market |
| Anthony Noto (CEO) | 17 Mar 2026 | Purchase | 28,900 | $17.32 | ~$500.5k | Open market |
10. Key Risks
- Consumer credit: Personal loans are carried at fair value, so higher defaults or discount rates would cut both earnings and book value. Q2 2026 assumptions already moved up to a 4.77% default rate.
- Interest rates: The Federal Reserve raised rates in September 2026 for the first time in three years, which could slow loan demand, raise deposit costs and lower loan valuations.
- Bank regulation: As a bank holding company SoFi is supervised by the Federal Reserve and the OCC, and capital, product or student-loan policy changes could limit growth.
- Loan sale and LPB dependence: The Loan Platform Business added $143m of adjusted net revenue in Q2 2026 and relies on continued demand from third-party loan buyers.
- Crypto and stablecoin uncertainty: The US Senate failed to advance crypto market-structure legislation on 15 Sep 2026, leaving rules for SoFi Crypto and SoFiUSD unsettled.
- Dilution and short-seller scrutiny: Equity raises added about 140m shares in 2025, short interest is about 15% of float, and SoFi rebutted a Muddy Waters short report in March 2026.
11. Recent Developments
- 08 Oct 2026 — Crypto-linked card in Mexico. SoFi Tech Solutions, Orbi and Mastercard launched a crypto-linked card in Mexico, with SoFi providing BIN sponsorship and laying groundwork for SoFiUSD remittances.
- 29 Sep 2026 — Q3 call scheduled. SoFi set Q3 2026 results for 27 Oct 2026, with a conference call at 8:00 am ET.
- 22 Sep 2026 — Stablecoin settlement live. SoFi said it is the first national bank to go live with stablecoin settlement across Mastercard's global network and is moving its $25bn card programme to SoFiUSD settlement.
- 15 Sep 2026 — Crypto bill stalls. The US Senate failed to advance comprehensive crypto legislation, and crypto-exposed stocks fell.
- 03 Sep 2026 — Payward (Kraken) partnership. Payward joined the SoFi Exchange Network and Big Business Banking, Kraken listed SoFiUSD, and Kraken Prime became a liquidity source for SoFi Crypto.
- 05 Aug 2026 — Private-markets funds. SoFi Invest added private-markets funds from CAZ Investments and AngelList.
- 29 Jul 2026 — Q2 2026 results. GAAP revenue rose 43% to $1.22bn and EPS was $0.12. Revenue guidance went up, adjusted EPS guidance stayed at ~$0.60, and the stock fell about 9% that day.
12. Key Dates
- 15 Oct 2026 — Scheduled maturity of SoFi's 0% convertible senior notes due 2026 (outstanding principal not confirmed)
- 27 Oct 2026 — Q3 2026 results before the US open (about 7:00 am ET), with a call at 8:00 am ET
- Expected Jan 2027 — Q4 and FY2026 results, measured against the ~$0.60 adjusted EPS and ~$1.6bn adjusted EBITDA guidance
Share your view on SoFi and other fintech names on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
Loading research report…
13. Thesis Verdict
The central thesis. SoFi is a digital bank holding company that earns net interest income on personal, student and home loans funded by member deposits, plus fees from loan sales, the Loan Platform Business, investing, cards and its SoFi Tech Solutions technology platform. FY2025 GAAP net revenue rose 35% to $3.61bn with net income of $481m, and Q2 2026 revenue grew 43% to $1.22bn; management guides 2026 adjusted net revenue of about $4.75bn–$4.85bn, adjusted EBITDA of about $1.6bn and adjusted EPS of about $0.60. The structural driver is cross-selling to a member base growing 35% a year, with SoFiUSD and crypto as newer options; Q3 results are due on 27 Oct 2026.
What would confirm or break it. Continued member and deposit growth with stable personal-loan credit and earnings growth catching up with revenue would confirm the bull case. Rising defaults or loan-valuation markdowns, weaker Loan Platform Business demand, further dilution or adverse rate and crypto regulation would undermine it.
Watchpoints
- ConfirmsQ3 2026 earnings (27 Oct 2026) (18 days) landing in line with or above management guidance.
- ConfirmsEvidence supporting the "Fast, profitable member growth:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "Consumer credit:" risk, or any disclosure that fundamentally alters the capital-return or growth profile stated by management.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 9 Oct 2026.