Highlights

  • Second quarter 2026 net revenue rose 43% to $1.22 billion, and net income climbed 61% to $156.6 million.
  • Members passed 15.8 million and products reached 24.4 million, while deposits grew to $45.5 billion at June 30, 2026.
  • Technology Platform revenue fell 23% to $84.5 million after a large client left, and enabled accounts dropped to 135 million.
  • Total risk-based capital ratio eased to 18.8% from 22.9% at year-end, and a customer class action was served in June.

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were trading near their 52-week low at USD 14.95 on October 21, 2026, up 1.83%. The digital financial services company bought Peach and Composer in the second quarter of 2026 and filed its quarterly report on August 6, showing higher revenue and earnings across Lending and Financial Services alongside a shrinking Technology Platform segment.

Based in San Francisco, SoFi is a Delaware corporation and a bank holding company, operating through SoFi Bank, a nationally chartered association. Founded in 2011, it offers personal, student and home loans, plus products such as SoFi Money, SoFi Credit Card, SoFi Crypto and SoFi Invest. It reports three segments: Lending, Technology Platform and Financial Services. Its Loan Platform Business originates loans for third-party partners for a fee.

Revenue and Earnings Growth by Segment

For the quarter ended June 30, 2026, total net revenue was $1.22 billion, up 43% from $854.9 million. Net interest income rose 52% to $788.2 million, and noninterest income grew 28% to $430.5 million. Provision for credit losses was $13.8 million versus $10.0 million, and noninterest expense rose 37% to $1.00 billion. Net income was $156.6 million, up 61%, and diluted earnings per share were $0.12 versus $0.08. Adjusted net revenue, a non-GAAP measure, was $1.21 billion, and adjusted EBITDA, also non-GAAP, was $357.8 million at a 30% margin. For six months, net income was $323.3 million, up 92%.

Lending revenue grew 63% to $724.8 million, with contribution profit of $399.0 million, as origination volume rose 69%. The company sold or transferred more than $4.1 billion of personal and home loans through its Loan Platform Business in the quarter. Financial Services revenue increased 29% to $466.3 million, and contribution profit rose 13% to $212.7 million, with interchange fee revenue up 55%.

Technology Platform moved the other way. Revenue fell 23% to $84.5 million, and contribution profit dropped 65% to $11.8 million. Enabled client accounts were 135 million versus 160 million a year earlier, which the company linked to a large client that fully transitioned off the platform before December 31, 2025.

Deposits, Liquidity, Capital and Legal Items

Total members reached more than 15.8 million, up 35%, and total products reached nearly 24.4 million, up 42%. Total deposits stood at $45.5 billion, up from $37.5 billion at year-end, and about 98% were insured. Time deposits due in less than one year rose to $4.4 billion from $1.2 billion.

Loans held for sale rose to $29.7 billion from $22.9 billion at December 31, 2025, and loans held for investment at fair value rose to $16.9 billion. SoFi held $3.1 billion of cash and equivalents, down from $4.9 billion at year-end. Total liquidity capacity was $15.7 billion, of which $2.0 billion was drawn. Management said it expects existing liquidity to cover needs for at least the next 12 months.

The total risk-based capital ratio was 18.8% for SoFi Technologies and 15.3% for SoFi Bank, versus 22.9% and 16.6% at December 31, 2025. The company said both exceeded well-capitalized thresholds. Capital was raised in December 2025 and January 2026, when it sold 57.8 million shares for about $1.6 billion net. The two second-quarter acquisitions cost about $70.1 million in cash and added $31.5 million of goodwill.

In June 2026 SoFi Securities and SoFi Technologies were served with a putative class action in Northern California over interest paid on cash in a bank deposit sweep program. The company cannot estimate any loss and intends to defend itself.

What the Quarterly Report Says About Direction

The report contains no numerical financial guidance. Management describes a strategy built around its Financial Services Productivity Loop, in which members adopt additional products, and says it is originating all new loans within SoFi Bank, which it expects to lower funding costs. It also says it is exploring further SoFi Bank products, including stablecoin issuance and tokenized deposits.