SoFi Technologies, Inc.

What they do

SoFi offers personal loans, student loans, and home loans with related servicing, alongside financial services products including SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest, and SoFi Relay, plus SoFi At Work for enterprises. Its Technology Platform gives clients the ability to create, launch and run financial products. Lending-related services through the Loan Platform Business connect a broader range of borrowers via member relationships and third-party enterprise partners; SoFi Plus is its paid premium membership that bundles benefits across products.

Revenue drivers

• Lending segment — Earns interest and fees on personal, student, and home loans plus related servicing; the reportable segment with the largest balance-sheet exposure, with total loan originations reaching a record $14.8 billion in Q2 2026.
• Financial Services segment — Monetizes SoFi Money, Credit Card, Crypto, Invest, Relay and the Loan Platform Business; drives daily member engagement and the cross-buy loop that management says produced 51% of new products from existing members in Q2 2026.
• Technology Platform segment — Provides technology and processing offerings that let enterprise clients create, launch and run financial products, supported by the company's vertically integrated platforms.
• SoFi Plus subscription — Premium paid membership relaunched in Q2 2026 with enhanced benefits including Money at 4.5% interest and Invest with a 1% match on deposits; surpassed 200,000 paid subscribers, adding recurring subscription revenue and deeper member relationships.

Recent performance

Q2 2026 total net revenue was $1,218.7 million, up 43% year-over-year, and adjusted net revenue was a record $1,205.6 million, up 40%. Net income was $156.6 million (diluted EPS $0.12) versus $97.3 million ($0.08) in Q2 2025. Adjusted EBITDA was a record $357.8 million, up 44%, at a 30% margin, and management said it was the 19th consecutive quarter achieving the Rule of 40 with a score of 70. Members rose 35% to 15.8 million and products rose 42% to 24.4 million, with 51% of new products opened by existing members.

Strategy

SoFi is pushing its "Financial Services Productivity Loop" where member engagement and cross-buy drive new product adoption, higher lifetime value, and lower member acquisition cost. It relaunched SoFi Plus as a paid subscription model with enhanced benefits at the start of Q2 2026 and hired up subscription revenue. The company is expanding its "everything app" breadth through its member home experience and products like SoFi Coach, while also growing enterprise-facing capabilities via SoFi At Work, the Loan Platform Business, and the Technology Platform. It continues to build vertically integrated technology platforms and enterprise partnerships to reach broader markets at lower cost.

Risks

• Credit and lending concentration — SoFi's Lending segment carries significant balance-sheet loan exposure, so adverse borrower credit performance or macroeconomic deterioration could drive provision for credit losses higher.
• Subscription model transition — SoFi Plus fully transitioned to a paid model in Q2 2026; failure to retain the 200,000-plus paid subscribers or to renew them could reduce the expected recurring-revenue and engagement benefits.
• Dependence on partner and enterprise relationships — The Loan Platform Business and Technology Platform rely on third-party enterprise partners and partners for originations and servicing; loss or renegotiation of these relationships could reduce revenue.
• Changing rates and market uncertainty — Management cites continued market uncertainty, and as a balance-sheet lender with a large investment portfolio, SoFi is exposed to interest-rate and funding-cost changes.

Outlook

Management raised 2026 adjusted net revenue guidance to $4.75 billion to $4.85 billion, citing the Q2 2026 results as a clear inflection point for the business model's durability. CEO Anthony Noto said products like SoFi Plus and SoFi Coach are deepening member relationships and increasing lifetime value while continued innovation across consumer and enterprise platforms expands value to members and clients. The company reported no dividends and continues to prioritize growth investment over distributions.