SoFi Reports Second Quarter 2026 with Record Net Revenue of $1.2 Billion, Record Member and Product Growth, Net Income of $157 Million

SoFi Reports Second Quarter 2026 with Record Net Revenue of $1.2 Billion, Record Member and Product Growth, Net Income of $157 Million SAN FRANCISCO--( BUSINESS WIRE)--SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, everything app for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its second quarter ended June 30, 2026.

“2026 is shaping up to be a defining year, and our second quarter results mark a clear inflection point for SoFi,” said Anthony Noto, CEO of SoFi. “Despite continued market uncertainty, our business model continues to prove its durability. We grew members 35% year-over-year and added a record 2.2 million products, a 42% increase. 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.”

Consolidated Results Summary

Three Months Ended

June 30,

% Change

Six Months Ended

June 30,

% Change

($ in thousands, except per share amounts)

2026

2025

2026

2025

Consolidated – GAAP

Total net revenue

1,218,676

854,944

2,319,044

1,626,703

Net income

156,592

97,263

323,323

168,379

Net income attributable to common stockholders – diluted

156,645

97,614

323,720

169,069

Earnings per share attributable to common stockholders – diluted

0.12

0.08

0.24

0.14

Consolidated – Non-GAAP (1)

Adjusted net revenue

1,205,550

858,230

2,292,782

1,628,950

Adjusted EBITDA

357,821

249,083

697,722

459,420

Adjusted net income

160,406

97,263

327,137

168,379

Adjusted net income attributable to common stockholders – diluted

160,459

97,614

327,534

169,069

Adjusted earnings per share – diluted

0.12

0.08

0.24

0.15

(1)

For more information and reconciliations of these non-GAAP measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Product Highlights

Consolidated Results

SoFi reported a number of record financial achievements. For the second quarter of 2026, record GAAP net revenue of $1.2 billion increased 43% relative to the prior-year period's $854.9 million. Record adjusted net revenue of $1.2 billion grew 40% from the corresponding prior-year period of $858.2 million.

For the second quarter of 2026, total fee-based revenue reached $472.3 million, representing 39% of total revenue in the quarter and increasing 22% from prior quarter. This was driven by strong contributions from origination fees, SoFi Tech Solutions revenue, strong performance from our Loan Platform Business, interchange revenue, and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $550.8 million of net revenue, an increase of 17% from the prior year period.

Net interest income of $788.2 million for the second quarter was up 52% year-over-year. This was driven by a 49% increase in average interest-earning assets and a 36 basis point decrease in cost of funds, partially offset by a 32 basis point decrease in average asset yields year-over-year. For the second quarter, net interest margin of 5.98% increased 4 basis points from the prior quarter.

During the quarter, average total deposits comprised over 90% of average total liabilities. The average rate paid on deposits in the second quarter was 156 basis points lower than that paid on warehouse facilities, which translates to approximately $712.6 million of annualized interest expense savings due to the successful remixing of our funding base.

Second quarter record adjusted EBITDA of $357.8 million increased 44% from the prior year period's $249.1 million. This represents an adjusted EBITDA margin of 30%.

For the second quarter of 2026, GAAP net income reached $156.6 million and diluted earnings per share reached $0.12.

Equity grew by $264.6 million during the quarter to $11.1 billion and $8.58 of book value per share. Tangible book value grew by $225.8 million during the quarter, ending the period at $9.5 billion. Tangible book value per share was $7.34 at quarter-end, up from $4.72 per share in the prior year period, and up 56% year-over-year.

Member and Product Growth

Continued growth in both total members and products in the second quarter is the result of our continued investments in innovation and brand building and reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.

SoFi added a record 1.1 million members in the second quarter of 2026, bringing total members to 15.8 million, up 35% from 11.7 million at the end of the same prior year period.

SoFi also achieved record product additions of 2.2 million in the second quarter of 2026, bringing total products to nearly 24.4 million, up 42% from 17.1 million at the end of the same prior year period.

Financial Services products increased by 43% year-over-year to 21.3 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 89% of our total product growth. Financial Services products account for 87% of total products.

Lending products increased by 36% year-over-year to 3.1 million, driven by continued demand for personal, student, and home loan products.

Technology Platform-enabled accounts decreased 16% year-over-year to 135 million, including the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Technology Platform-enabled accounts increased 2 million from the prior quarter.

Financial Services Segment Results

For the second quarter of 2026, Financial Services segment net revenue of $466.3 million increased 29% from the prior year period. Noninterest income of $217.2 million increased 28% year-over-year. Net interest income of $249.1 million increased 29% year-over-year, primarily driven by growth in consumer deposits.

In the second quarter, SoFi's Loan Platform Business added $143.3 million to our consolidated adjusted net revenue. Of this, $140.9 million was driven by $3.1 billion of personal loans originated on behalf of third parties as well as referrals to third parties. During the second quarter, SoFi expanded its Loan Platform Business offering to include SMB Loans while also reaching an agreement with a new partner to invest in personal loans. Subsequent to quarter-end, SoFi further expanded its LPB offering to include Home Equity Loans.

In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue and brokerage fee revenue. In the second quarter, interchange fee revenue was up 55% year-over-year, as a result of $28 billion in total annualized spend in the quarter across SoFi Money and Credit Card. Brokerage fee revenue was up nearly 2.5x year-over-year, reflecting strong member demand and increased monetization.

Contribution profit for the second quarter of 2026 reached $212.7 million, a $24.4 million improvement over the prior year period, while contribution margin declined 6 percentage points year-over-year to 46%.

Financial Services – Segment Results of Operations

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

% Change

2026

2025

% Change

Net interest income

249,052

193,322

476,792

366,521

Noninterest income

217,226

169,211

418,029

299,131

Total net revenue – Financial Services

466,278

362,533

894,821

665,652

Provision for credit losses

(13,756

)

(10,031

)

(22,646

)

(15,670

)

Directly attributable expenses

(239,846

)

(164,270

)

(463,915

)

(313,418

)

Contribution profit – Financial Services

212,676

188,232

408,260

336,564

Contribution margin – Financial Services (1)

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

By continuously innovating with new and relevant offerings, features and rewards for members, SoFi grew total Financial Services products by 6.4 million, or 43%, year-over-year, bringing the total to 21.3 million at quarter-end. SoFi Money reached 7.9 million products, Relay reached 8.0 million products, SoFi Invest reached 3.9 million products, Crypto reached 388 thousand products and SoFi Plus reached 206 thousand products by the end of the second quarter.

In the second quarter of 2026, total deposits grew $5.3 billion to $45.5 billion, which included strong growth in member deposits.

Financial Services – Products

June 30,

2026

2025

% Change

Money (1)

7,888,387

5,887,669

Invest (2)

3,931,718

2,853,416

Credit Card (3)

509,825

344,469

Referred loans (4)

180,443

122,580

Crypto (5)

388,336

—

n/m

SoFi Plus (3)

206,000

—

n/m

At Work

189,078

127,224

Relay

7,993,828

5,526,315

Total financial services products

21,287,615

14,861,673

(1)

Includes checking and savings accounts held at SoFi Bank, and cash management accounts.

(2)

Beginning in the first quarter of 2026, we updated our SoFi Invest product metric to reflect four products. Prior to this, our SoFi Invest service was composed of two products, self-directed accounts and robo-advisory accounts. Self-directed accounts were previously referred to as active investing accounts. The impact to prior periods was determined to be immaterial, and prior periods were not recast.

(3)

Beginning in the second quarter of 2026, we updated our Financial Services products to include (i) SoFi Plus, which we relaunched during the quarter with significantly enhanced benefits, while fully transitioning the product to a paid subscription model; and (ii) Smart Card, our recently launched secured card (presented above within Credit Card). The impact to prior periods was determined to be immaterial, and prior periods were not recast.

(4)

Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.

(5)

During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto.

Technology Platform Segment Results

Technology Platform segment net revenue of $84.5 million for the second quarter of 2026 increased 13% from the prior quarter. Compared to the prior year period, segment revenue decreased 23%. This includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Contribution profit of $11.8 million reflected a contribution margin of 14%.

Technology Platform – Segment Results of Operations

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

% Change

2026

2025

% Change

Net interest income

1,022

266

284

1,377

679

103

Noninterest income

83,483

109,567

(24

158,214

212,581

(26

Total net revenue – Technology Platform

84,505

109,833

(23

159,591

213,260

(25

Directly attributable expenses

(72,733

)

(76,638

)

(135,820

)

(149,152

)

Contribution profit

11,772

33,195

(65

23,771

64,108

(63

Contribution margin – Technology Platform (1)

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

Technology Platform enabled accounts increased 2 million from the prior quarter. Technology Platform-enabled accounts decreased 16% year-over-year to 135 million.

During the second quarter, SoFi launched a new unified brand, SoFi Tech Solutions, offering enterprise clients products and services across one integrated platform serving four key areas: Processing, Banking Core Ledgers & Services, Payment Hub, and Risk & Fraud. SoFi also added new platform capabilities across credit cards, lines of credit, buy now, pay later, and installment lending.

Technology Platform

June 30,

2026

2025

% Change

Total accounts

134,804,238

160,046,369

(16

Lending Segment Results

For the second quarter of 2026, Lending segment GAAP net revenue of $724.8 million increased 63% from the prior year period, while adjusted net revenue for the segment of $711.7 million increased 59% from the prior year period.

Lending segment performance in the second quarter was driven by net interest income, which rose 54% year-over-year. The balance of the growth was primarily driven from loan origination fees which increased 64% from the prior year.

Lending segment second quarter contribution profit of $399.0 million was up 63% from $244.7 million in the corresponding prior-year period. Lending segment adjusted contribution margin was strong at 56%. This strong performance reflects our ability to capitalize on continued strong demand for our lending products.

Lending – Segment Results of Operations

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

% Change

2026

2025

% Change

Net interest income

573,298

372,675

1,073,529

733,296

Noninterest income

151,500

70,837

114

293,689

123,589

138

Total net revenue – Lending

724,798

443,512

1,367,218

856,885

Servicing rights – change in valuation inputs or assumptions

(13,142

)

3,274

n/m

(26,305

)

2,200

n/m

Residual interests classified as debt – change in valuation inputs or assumptions

Directly attributable expenses

(312,639

)

(202,088

)

(559,537

)

(375,487

)

Contribution profit – Lending

399,033

244,710

781,419

483,645

Contribution margin – Lending (1)

Adjusted net revenue – Lending (non-GAAP) (2)

711,672

446,798

1,340,956

859,132

Adjusted contribution margin – Lending (non-GAAP) (2)

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue.

(2)

For more information and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Lending – Loans At Fair Value

($ in thousands)

Personal Loans

Student Loans

Home Loans

Total

June 30, 2026

Unpaid principal

26,101,759

16,134,415

2,067,122

44,303,296

Accumulated interest

180,704

81,501

9,450

271,655

Cumulative fair value adjustments (1)

1,222,827

704,648

99,586

2,027,061

Total fair value of loans (2)(3)

27,505,290

16,920,564

2,176,158

46,602,012

March 31, 2026

Unpaid principal

22,317,947

14,510,630

1,562,339

38,390,916

Accumulated interest

161,450

69,285

6,945

237,680

Cumulative fair value adjustments (1)

1,203,024

756,905

78,724

2,038,653

Total fair value of loans (2)(3)

23,682,421

15,336,820

1,648,008

40,667,249

(1)

During the three months ended June 30, 2026, the cumulative fair value adjustments for personal loans were impacted by a higher unpaid principal balance, offset by a higher weighted average conditional prepayment rate, a higher weighted average discount rate, lower weighted average coupon, and a higher weighted average annual default rate. The higher discount rate was primarily driven by a 37 basis point increase in benchmark rates. The cumulative fair value adjustments for student loans were impacted by a higher unpaid principal balance and a lower weighted average conditional prepayment rate, partially offset by a lower weighted average coupon, higher weighted average discount rate, and higher weighted average default rate.

(2)

Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.

(3)

Student loans are classified as loans held for investment, and personal loans and home loans are classified as loans held for sale.

The following table summarizes the significant inputs to the fair value model for personal and student loans:

Personal Loans

Student Loans

June 30, 2026

March 31, 2026

June 30, 2026

March 31, 2026

Weighted average coupon rate (1)

12.89

12.96

5.89

5.91

Weighted average annual default rate

4.77

4.57

0.73

0.69

Weighted average conditional prepayment rate

25.77

25.55

10.99

11.15

Weighted average discount rate

4.97

4.61

4.29

4.05

Benchmark rate (2)

3.99

3.62

3.90

3.59

(1)

Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.

(2)

Corresponds with two-year SOFR for personal loans, and four-year SOFR for student loans.

For the second quarter of 2026, record origination volume of $14.8 billion increased 69% year-over-year. This was a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners.

Record personal loan originations of $10.7 billion in the second quarter of 2026 were up 54% year-over-year, inclusive of $3.1 billion originated on behalf of third parties through our Loan Platform Business. SoFi's multichannel strategy continues to allow us to serve more members and provide revenue diversification.

Second quarter student loan volume of $2.7 billion was up 170% year-over-year. This marked the highest quarter of student loan originations in SoFi's history.

Home loan volume was $1.4 billion, an increase of 74% year-over-year. Home equity loan originations were strong during the second quarter, accounting for one-third of total home loan volume.

Capital markets activity in the second quarter of 2026 was strong. Overall, SoFi sold, or transferred through our Loan Platform Business, more than $4.1 billion in total of personal loans and home loans. In terms of home loan sales, we closed $833.7 million at a blended execution of 101.6%.

During the quarter, SoFi executed two co-contributor securitizations of loans previously originated through our Loan Platform Business, totaling $1.4 billion. These marked the sixth and seventh securitizations of new collateral under our SoFi Consumer Loan Program (SCLP) since 2021 using collateral originated in the Loan Platform Business. Importantly, this channel provides our partners with meaningful liquidity to support their ongoing investment in the Loan Platform Business. The transaction priced at industry-leading cost-of-funds levels, with a weighted average spread of 91 basis points and 86 basis points, respectively.

Credit performance for personal loans remained strong in the second quarter, in line with expectations. Excluding the impact of late stage delinquent loan sales, it is estimated that, including recoveries, the all-in annualized net charge-off rate for personal loans would have been approximately 3.7%, a 70 basis point improvement from the prior quarter and an 80 basis point improvement from the prior year period, driven by an improvement in the underlying performance as well as strong growth in average loans.

The personal loan annualized charge-off rate decreased 21 basis points year-over-year to 2.62%, which includes the impact of asset sales, new originations and delinquency sales in the quarter. The annualized charge-off rate decreased from 3.03% in the prior quarter. The student loan annualized charge-off rate decreased to 61 basis points from 65 basis points in the prior quarter.

The on-balance sheet 90-day delinquency rates for both personal loans and student loans were consistent with the prior year.

The data continues to support a 7–8% maximum cumulative net loss assumption for personal loans, in line with SoFi's underwriting tolerance.

Recent vintages, originated from the fourth quarter of 2022 to third quarter of 2025 have net cumulative losses of 4.68%, with 35% unpaid principal balance remaining. This is well below the 6.43% observed at the same point in time for the 2017 vintage which is the last vintage that approached our 7-8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve improved by 15 basis points, after improving 9 basis points last quarter, demonstrating continued improvement.

Additionally, of the first quarter of 2020 through the first quarter of 2026 originations, 62% of principal has already been paid down, with 6.8% in net cumulative losses. Therefore, for life-of-loan losses on this entire cohort of loans to reach 8%, the charge-off rate on the remaining 38% of unpaid principal would need to be approximately 10%. This would be well above past levels, providing us further confidence in achieving loss rates below our 8% tolerance.

Lending – Originations and Average Balances

Three Months Ended

June 30,

% Change

Six Months Ended

June 30,

% Change

2026

2025

2026

2025

Origination volume ($ in thousands, during period)

Personal loans (1)

10,718,359

6,968,746

19,058,608

12,505,587

Student loans

2,686,760

993,326

170

5,300,468

2,184,789

143

Home loans

1,393,375

798,881

2,618,049

1,316,639

Total

14,798,494

8,760,953

26,977,125

16,007,015

Average loan balance ($, as of period end) (2)

Personal loans

25,361

25,758

Student loans

45,905

43,209

Home loans

232,271

270,540

(14

(1)

Inclusive of origination volume related to our Loan Platform Business.

(2)

Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on our balance sheet, as well as transferred loans and referred loans with which SoFi has continuing involvement through our servicing agreements.

Lending – Products

June 30,

2026

2025

% Change

Personal loans (1)

2,325,262

1,641,340

Student loans

703,081

596,351

Home loans

65,016

42,677

Total lending products

3,093,359

2,280,368

(1)

Includes loans which we originate as part of our Loan Platform Business.

Guidance and Outlook

For the full year, management increases its revenue outlook. Management now expects to deliver adjusted net revenue of approximately $4.75 billion to $4.85 billion which implies approximately 32% to 35% annual adjusted net revenue growth year-over-year. Management continues to expect adjusted EBITDA of approximately $1.6 billion, which equates to an annual adjusted EBITDA margin of approximately 33% to 34%. Management also continues to expect adjusted net income of approximately $825 million, which equates to a margin of approximately 17%, and adjusted EPS of approximately 60 cents per share. This assumes an effective tax rate of approximately 22% for the full year 2026.

For 2026, management continues to expect to increase total members by at least 30% year-over-year.

Management will further address guidance on the quarterly earnings conference call. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures. This is because the company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

Earnings Webcast

SoFi’s executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for the full year 2026 adjusted net revenue, annual growth rate, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, and new members, our expectations regarding launching a unified brand across our technology platform businesses, our expectations regarding the revenue diversification benefits of our multichannel personal loan origination and sale strategy, our expectations regarding our ability to continue to grow our business, deliver superior financial returns, build our brand and launch new business lines and products, our ability to continue to drive momentum, deepen member engagement, and increase cross-buy, our expectations regarding the size of our market opportunity, our ability to continue to attract and execute deals, our ability to continue to improve our financials and increase our member, product and total accounts count, our ability to achieve diversified and more durable growth, including our ability to continue to grow our Loan Platform Business, our ability to continue the momentum seen in prior financial periods, our ability to have loss rates below 8%, our ability to navigate the macroeconomic, geopolitical and regulatory environment, any changes in demand for our products, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “achieve”, “believe”, “continue”, “expect”, “capable”, “future”, “growth”, “may”, “opportunity”, “plan”, “potential”, “strategy”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and our ability to respond and adapt to changing market and economic conditions, including economic downturns, fluctuating inflation and interest rates, and volatility from macroeconomic, global, and political events, including announced or planned tariffs; (ii) our ability to maintain net income profitability, continue to increase fee-based revenue streams, continue to grow across our segments in the future, as well as our ability to meet our guidance; (iii) the impact on our business of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment; (iv) our ability to realize the benefits of being a bank holding company and operating SoFi Bank, including continuing to grow high quality deposits and our rewards program for members; (v) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (vi) our ability to vertically integrate our businesses and accelerate the pace of innovation of our financial products; (vii) our ability to manage our growth effectively; (viii) our ability to access sources of capital on acceptable terms or at all; (ix) the success of our continued investments in our business; (x) our ability to expand our member base, increase our product adds and increase cross-buy; (xi) our ability to maintain our leadership position in certain categories of our business and to grow market share in existing markets or any new markets we may enter; (xii) our ability to cater to a broad range of clients and continue to execute deals with current or future business partners; (xiii) our ability to develop new products, features and functionality that are competitive and meet market needs; (xiv) our ability to realize the benefits of our strategy, including what we refer to as our FSPL; (xv) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xvi) our ability to establish and maintain an effective system of internal controls over financial reporting; (xvii) our ability to maintain the security and reliability of our products; and (xviii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last annual report on Form 10-K, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

This press release presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). Our management and Board of Directors uses these non-GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.

About SoFi

SoFi Technologies (NASDAQ: SOFI) is the everything app for digital financial services on a mission to help people achieve financial independence to realize their ambitions. 15.8 million members trust SoFi to borrow, save, spend, invest, and protect their money and buy, sell and hold their crypto – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Banks, fintechs, and brands use innovative capabilities from SoFi Tech Solutions to serve over 134 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website ( https://www.sofi.com), the investor relations website ( https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SOFI-F

FINANCIAL TABLES

(Unaudited)

Table 1

SoFi Technologies, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(In Thousands, Except for Per Share Data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Interest income

Loans and securitizations

1,067,894

738,862

2,000,078

1,451,738

Other

72,634

53,543

141,446

104,479

Total interest income

1,140,528

792,405

2,141,524

1,556,217

Interest expense

Securitizations and warehouses

18,779

29,650

28,830

57,794

Deposits

320,463

233,232

607,692

458,631

Corporate borrowings

10,675

11,504

21,326

22,932

Other

2,416

182

2,493

297

Total interest expense

352,333

274,568

660,341

539,654

Net interest income

788,195

517,837

1,481,183

1,016,563

Noninterest income

Loan origination, sales, securitizations and servicing

150,407

70,855

292,616

123,660

Technology products and solutions

52,459

90,796

101,810

177,233

Loan platform fees

140,930

127,405

279,185

220,155

Crypto transaction revenue

134,267

—

255,860

—

Cost of crypto transaction revenue

(133,084

)

—

(253,825

)

—

Net crypto transaction revenue

1,183

—

2,035

—

Other

85,502

48,051

162,215

89,092

Total noninterest income

430,481

337,107

837,861

610,140

Total net revenue

1,218,676

854,944

2,319,044

1,626,703

Provision for credit losses

13,755

10,035

22,650

15,713

Noninterest expense

Technology and product development

191,276

152,146

378,951

308,352

Sales and marketing

392,397

264,744

727,936

502,920

Cost of operations

200,139

150,437

371,262

285,957

General and administrative

216,800

165,390

414,384

321,787

Total noninterest expense

1,000,612

732,717

1,892,533

1,419,016

Income before income taxes

204,309

112,192

403,861

191,974

Income tax expense

(47,717

)

(14,929

)

(80,538

)

(23,595

)

Net income

156,592

97,263

323,323

168,379

Earnings per share

Earnings per share – basic

0.12

0.09

0.25

0.15

Earnings per share – diluted

0.12

0.08

0.24

0.14

Weighted average common stock outstanding – basic

1,284,303

1,107,006

1,280,338

1,102,525

Weighted average common stock outstanding – diluted

1,351,990

1,182,877

1,364,978

1,184,197

Table 2

Non-GAAP Financial Measures

(Unaudited)

Adjusted Net Revenue

Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

2026

2025

Total net revenue (GAAP)

1,218,676

854,944

2,319,044

1,626,703

Servicing rights – change in valuation inputs or assumptions (1)

(13,142

)

3,274

(26,305

)

2,200

Residual interests classified as debt – change in valuation inputs or assumptions (2)

Adjusted net revenue (non-GAAP)

1,205,550

858,230

2,292,782

1,628,950

(1)

Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)

Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

The following table reconciles adjusted net revenue for the Lending segment to total net revenue, the most directly comparable GAAP measure for the Lending segment:

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

2026

2025

Lending

Total net revenue – Lending (GAAP)

724,798

443,512

1,367,218

856,885

Servicing rights – change in valuation inputs or assumptions (1)

(13,142

)

3,274

(26,305

)

2,200

Residual interests classified as debt – change in valuation inputs or assumptions (2)

Adjusted net revenue – Lending (non-GAAP)

711,672

446,798

1,340,956

859,132

(1)

See footnote (1) to the table above.

(2)

See footnote (2) to the table above.

Adjusted Noninterest Income

Adjusted noninterest income is a non-GAAP measure. Adjusted noninterest income is defined as noninterest income, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust noninterest income to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations.

The following table reconciles adjusted noninterest income to noninterest income, the most directly comparable GAAP measure:

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

2026

2025

Noninterest income (GAAP)

430,481

337,107

837,861

610,140

Servicing rights – change in valuation inputs or assumptions (1)

(13,142

)

3,274

(26,305

)

2,200

Residual interests classified as debt – change in valuation inputs or assumptions (2)

Adjusted noninterest income (non-GAAP)

417,355

340,393

811,599

612,387

(1)

(2)

The following table reconciles adjusted noninterest income for the Lending segment to noninterest income, the most directly comparable GAAP measure for the Lending segment:

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

2026

2025

Lending

Noninterest income – Lending (GAAP)

151,500

70,837

293,689

123,589

Servicing rights – change in valuation inputs or assumptions (1)

(13,142

)

3,274

(26,305

)

2,200

Residual interests classified as debt – change in valuation inputs or assumptions (2)

Adjusted noninterest income – Lending (non-GAAP)

138,374

74,123

267,427

125,836

(1)

See footnote (1) to the table above.

(2)

See footnote (2) to the table above.

Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending

Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See ‘Adjusted Net Revenue’ above for a reconciliation of Lending segment adjusted net revenue.

Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.

The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:

Three Months Ended

June 30,

2026 vs 2025

Six Months Ended

June 30,

2026 vs 2025

($ in thousands)

2026

2025

$ Change

2026

2025

$ Change

Lending

Contribution profit – Lending (GAAP)

399,033

244,710

154,323

781,419

483,645

297,774

Net revenue – Lending (GAAP)

724,798

443,512

281,286

1,367,218

856,885

510,333

Contribution margin – Lending (GAAP) (1)

Incremental contribution margin – Lending (GAAP) (1)

Adjusted net revenue – Lending (non-GAAP) (2)

711,672

446,798

264,874

1,340,956

859,132

481,824

Adjusted contribution margin – Lending (non-GAAP)

Incremental adjusted contribution margin – Lending (non-GAAP)

(1)

Contribution margin is defined for each of our reportable segments as contribution profit divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit divided by change in net revenue.

(2)

Refer to ‘Adjusted Net Revenue’ above for reconciliation of this non-GAAP measure.

Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin

Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) foreign currency impacts related to operations in highly inflationary countries, (vi) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (vii) restructuring charges, (viii) transaction-related expenses, and (ix) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.

Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.

The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:

Three Months Ended

June 30,

2026 vs 2025

Six Months Ended

June 30,

2026 vs 2025

($ in thousands)

2026

2025

$ Change

2026

2025

$ Change

Net income (GAAP)

156,592

97,263

59,329

323,323

168,379

154,944

Non-GAAP adjustments:

Interest expense – corporate borrowings (1)

10,675

11,504

(829

)

21,326

22,932

(1,606

)

Income tax expense (2)

47,717

14,929

32,788

80,538

23,595

56,943

Depreciation and amortization

73,106

56,743

16,363

140,684

112,026

28,658

Share-based expense

76,865

63,256

13,609

148,877

127,012

21,865

Foreign currency impact of highly inflationary subsidiaries (3)

926

2,066

(1,140

)

1,337

2,342

(1,005

)

Servicing rights – change in valuation inputs or assumptions (4)

(13,142

)

3,274

(16,416

)

(26,305

)

2,200

(28,505

)

Residual interests classified as debt – change in valuation inputs or assumptions (5)

)

Restructuring charges (6)

682

646

2,642

887

1,755

Transaction-related expense (7)

4,384

—

4,384

5,257

—

5,257

Total adjustments

201,229

151,820

49,409

374,399

291,041

83,358

Adjusted EBITDA (non-GAAP)

357,821

249,083

108,738

697,722

459,420

238,302

Total net revenue (GAAP)

1,218,676

854,944

363,732

2,319,044

1,626,703

692,341

Net income margin (GAAP)

Incremental net income margin (GAAP)

Adjusted net revenue (non-GAAP) (8)

1,205,550

858,230

347,320

2,292,782

1,628,950

663,832

Adjusted EBITDA margin (non-GAAP)

Incremental adjusted EBITDA margin (non-GAAP)

(1)

Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes.

(2)

The income tax expense recognized in both periods was primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter.

(3)

Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment.

(4)

Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(5)

Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(6)

Restructuring charges in the 2026 periods included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment, which do not reflect expected future operating expenses and are not indicative of our core operating performance. Restructuring charges in 2025 relate to legal entity restructuring.

(7)

Transaction-related expenses in 2026 periods primarily included financial advisory and professional services costs associated with our acquisitions of Composer and Peach.

(8)

Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.

Tangible Book Value and Tangible Book Value per Common Share

Tangible book value is defined as permanent equity, adjusted to exclude goodwill and intangible assets, net of related deferred tax liabilities. Tangible book value per common share represents tangible book value at period-end divided by common stock outstanding at period-end. Prior periods were revised to conform with this presentation.

These measures are utilized by management in assessing our use of equity and capital adequacy. We believe that tangible book value presents a meaningful measure of net asset value, and tangible book value per share provides additional useful information to investors to assess capital adequacy.

The following table reconciles tangible book value to permanent equity, the most directly comparable GAAP measure, and presents the computation of permanent equity per common share and tangible book value per common share for the periods presented:

($ and shares in thousands, except per share amounts)

June 30,

2026

June 30,

2025

Equity (GAAP)

11,076,227

6,860,580

Non-GAAP adjustments:

Goodwill

(1,425,015

)

(1,393,505

)

Intangible assets

(226,528

)

(263,522

)

Related deferred tax liabilities

45,536

51,322

Tangible book value (as of period end) (non-GAAP)

9,470,220

5,254,875

Common stock outstanding (as of period end)

1,290,312

1,113,443

Book value per common share (GAAP)

8.58

6.16

Tangible book value per common share (non-GAAP)

7.34

4.72

Adjusted Net Income, Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS

Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.

Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. The exclusions of transaction-related expense and restructuring charges were effective beginning in the second quarter of 2026. The impact to prior periods was determined to be immaterial, and therefore prior periods were not recast.

Adjusted net income margin is computed as adjusted net income divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income, divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.

Management believes adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non cash items and charges to present a comparable view for period over period comparisons of our business.

The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.

($ and shares in thousands, except per share amounts) (1)

Three Months Ended

June 30,

2026 vs 2025

Six Months Ended

June 30,

2026 vs 2025

2026

2025

$ Change

2026

2025

$ Change

Net income (GAAP)

156,592

97,263

59,329

323,323

168,379

154,944

Non-GAAP adjustments:

Restructuring charges

682

—

682

—

682

Transaction-related expense

4,384

—

4,384

—

4,384

Tax impacts from adjustments

(1,252

)

—

(1,252

)

(1,252

)

—

(1,252

)

Adjusted net income (non-GAAP)

160,406

97,263

63,143

327,137

168,379

158,758

Numerator:

Net income attributable to common stockholders – diluted (GAAP) (2)

156,645

97,614

323,720

169,069

Non-GAAP adjustments:

Restructuring charges

682

—

682

—

Transaction-related expense

4,384

—

4,384

—

Tax impacts from adjustments

(1,252

)

—

(1,252

)

—

Adjusted net income attributable to common stockholders – diluted (non-GAAP)

160,459

97,614

327,534

169,069

Denominator:

Weighted average common stock outstanding – diluted

1,351,990

1,182,877

1,364,978

1,184,197

Non-GAAP adjustments:

Dilutive impact of convertible notes (3)

(27,412

)

(25,857

)

(24,722

)

(28,635

)

Adjusted weighted average common stock outstanding — diluted (non-GAAP)

1,324,578

1,157,020

1,340,256

1,155,562

Earnings per share – diluted (GAAP) (2)

0.12

0.08

0.24

0.14

Impact of adjustments per share

—

0.01

Adjusted earnings per share – diluted (non-GAAP) (2)

0.12

0.08

0.24

0.15

Net income margin (GAAP)

Adjusted net revenue (non-GAAP) (4)

1,205,550

858,230

2,292,782

1,628,950

Adjusted net income margin (non-GAAP)

Incremental adjusted net income margin (non-GAAP)

(1)

Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.

(2)

Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(3)

This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

(4)

Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.

Table 3

SoFi Technologies, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In Thousands, Except for Share Data)

June 30,

2026

December 31,

2025

Assets

Cash and cash equivalents

3,126,237

4,929,452

Restricted cash and restricted cash equivalents

439,322

427,321

Investment securities (includes available-for-sale securities of $3,993,310 and $2,454,453 at fair value with associated amortized cost of $3,993,321 and $2,434,627, as of June 30, 2026 and December 31, 2025, respectively)

4,225,652

2,575,607

Loans held for sale (includes $29.7 billion and $22.7 billion at fair value, as of June 30, 2026 and December 31, 2025, respectively)

29,737,289

22,862,749

Loans held for investment, at fair value

16,920,564

13,657,578

Loans held for investment, at amortized cost (less allowance for credit losses of $56,459 and $50,934, as of June 30, 2026 and December 31, 2025, respectively)

1,275,529

1,516,736

Servicing rights

364,318

378,178

Property, equipment and software

496,712

416,448

Goodwill

1,425,015

1,393,505

Intangible assets

226,528

231,919

Operating lease right-of-use assets

86,149

93,941

Other assets (less allowance for credit losses of $2,557 and $2,998, as of June 30, 2026 and December 31, 2025, respectively)

2,624,233

2,177,044

Total assets

60,947,548

50,660,478

Liabilities and equity

Liabilities:

Deposits:

Interest-bearing deposits

45,416,257

37,387,350

Noninterest-bearing deposits

126,903

118,045

Total deposits

45,543,160

37,505,395

Accounts payable, accruals and other liabilities

923,024

743,716

Operating lease liabilities

104,083

106,190

Debt

3,300,544

1,815,162

Residual interests classified as debt

510

520

Total liabilities

49,871,321

40,170,983

Commitments, guarantees, concentrations and contingencies

Equity:

Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,290,312,404 and 1,270,568,878 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

128

126

Additional paid-in capital

11,589,035

11,302,668

Accumulated other comprehensive income (loss)

(11,981

)

10,979

Accumulated deficit

(500,955

)

(824,278

)

Total equity

11,076,227

10,489,495

Total liabilities and equity

60,947,548

50,660,478

Table 4

SoFi Technologies, Inc.

Average Balances and Net Interest Earnings Analysis

(Unaudited)

Three Months Ended

June 30, 2026

Three Months Ended

June 30, 2025

($ in thousands)

Average Balances

Interest Income/Expense

Average Yield/Rate

Average Balances

Interest Income/Expense

Average Yield/Rate

Assets

Interest-earning assets:

Interest-bearing deposits with banks

3,790,852

32,430

3.43

2,811,423

25,086

3.58

Investment securities

3,688,523

42,129

4.58

2,277,616

29,878

5.26

Loans

45,380,080

1,065,969

9.42

30,331,237

737,441

9.75

Total interest-earning assets

52,859,455

1,140,528

8.65

35,420,276

792,405

8.97

Total noninterest-earning assets

4,376,513

3,944,524

Total assets

57,235,968

39,364,800

Liabilities and Equity

Interest-bearing liabilities:

Demand deposits

3,644,040

10,336

1.14

2,063,657

2,696

0.52

Savings deposits

36,059,867

289,065

3.22

25,264,749

226,394

3.59

Time deposits

2,212,570

21,062

3.82

487,916

4,142

3.40

Total interest-bearing deposits

41,916,477

320,463

3.07

27,816,322

233,232

3.36

Warehouse facilities

1,475,784

17,039

4.63

2,137,160

27,874

5.23

Securitization debt

49,800

529

4.26

62,432

554

3.56

Other debt

1,979,602

14,302

2.90

1,757,224

12,908

2.95

Total debt

3,505,186

31,870

3.65

3,956,816

41,336

4.19

Residual interests classified as debt

518

—

561

—

Total interest-bearing liabilities

45,422,181

352,333

3.11

31,773,699

274,568

3.47

Total noninterest-bearing liabilities

1,181,640

919,349

Total liabilities

46,603,821

32,693,048

Total equity

10,632,147

6,671,752

Total liabilities and equity

57,235,968

39,364,800

Net interest income

788,195

517,837

Net interest margin

5.98

5.86

Six Months Ended

June 30, 2026

Six Months Ended

June 30, 2025

($ in thousands)

Average Balances

Interest Income/Expense

Average Yield/Rate

Average Balances

Interest Income/Expense

Average Yield/Rate

Assets

Interest-earning assets:

Interest-bearing deposits with banks

4,139,321

70,179

3.42

2,751,678

51,073

3.74

Investment securities

3,208,207

74,869

4.71

2,153,794

56,222

5.26

Loans

42,916,601

1,996,476

9.38

29,608,981

1,448,922

9.87

Total interest-earning assets

50,264,129

2,141,524

8.59

34,514,453

1,556,217

9.09

Total noninterest-earning assets

4,354,094

3,902,786

Total assets

54,618,223

38,417,239

Liabilities, Temporary Equity and Permanent Equity

Interest-bearing liabilities:

Demand deposits

3,528,845

18,731

1.07

1,964,252

5,067

0.52

Savings deposits

34,709,922

557,367

3.24

24,484,120

443,065

3.65

Time deposits

1,613,710

31,593

3.95

557,151

10,499

3.80

Total interest-bearing deposits

39,852,477

607,691

3.07

27,005,523

458,631

3.42

Warehouse facilities

1,103,425

25,338

4.63

2,063,312

54,264

5.30

Securitization debt

51,423

918

3.60

68,034

1,135

3.36

Other debt

1,871,195

26,394

2.84

1,756,459

25,624

2.94

Total debt

3,026,043

52,650

3.51

3,887,805

81,023

4.20

Residual interests classified as debt

514

—

568

—

Total interest-bearing liabilities

42,879,034

660,341

3.11

30,893,896

539,654

3.52

Total noninterest-bearing liabilities

1,200,999

885,613

Total liabilities

44,080,033

31,779,509

Total equity

10,538,190

6,637,730

Total liabilities and equity

54,618,223

38,417,239

Net interest income

1,481,183

1,016,563

Net interest margin

5.94

Table 5

Company Metrics

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

Members

15,814,418

14,706,040

13,651,002

12,642,375

11,745,572

10,915,811

10,127,323

9,372,615

8,774,236

Total Products

24,380,974

22,159,146

20,168,142

18,553,053

17,142,041

15,915,425

14,745,435

13,650,730

12,776,430

Total Products — Lending segment

3,093,359

2,831,352

2,633,186

2,462,588

2,280,368

2,129,833

2,010,354

1,890,761

1,786,580

Total Products — Financial Services segment

21,287,615

19,327,794

17,534,956

16,090,465

14,861,673

13,785,592

12,735,081

11,759,969

10,989,850

Total Accounts — Technology Platform segment

134,804,238

132,874,105

128,461,873

157,859,670

160,046,369

158,432,347

167,713,818

160,179,299

158,485,125

Members

We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.

Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.

Total Products

Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.

In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.

In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including Smart Card accounts and accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date, as well as active SoFi Plus subscriptions as of the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed.

Technology Platform Total Accounts

In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Table 6

Segment Financials

(Unaudited)

Quarter Ended

($ and shares in thousands)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

Lending

Net interest income

573,298

500,231

444,763

427,973

372,675

360,621

345,210

316,268

279,212

Total noninterest income

151,500

142,189

53,919

65,409

70,837

52,752

72,586

79,977

61,493

Total net revenue

724,798

642,420

498,682

493,382

443,512

413,373

417,796

396,245

340,705

Adjusted net revenue – Lending (1)

711,672

629,284

486,466

481,408

446,798

412,334

422,783

391,892

339,052

Contribution profit – Lending (2)

399,033

382,386

271,655

261,600

244,710

238,935

245,958

238,928

197,938

Technology Platform

Net interest income

1,022

355

394

432

266

413

473

629

555

Total noninterest income

83,483

74,731

121,979

114,146

109,567

103,014

102,362

101,910

94,883

Total net revenue (2)

84,505

75,086

122,373

114,578

109,833

103,427

102,835

102,539

95,438

Contribution profit – Technology Platform

11,772

11,999

47,934

32,371

33,195

30,913

32,107

32,955

31,151

Financial Services

Net interest income

249,052

227,740

207,810

203,660

193,322

173,199

160,337

154,143

139,229

Total noninterest income

217,226

200,803

248,931

215,963

169,211

129,920

96,183

84,165

36,903

Total net revenue

466,278

428,543

456,741

419,623

362,533

303,119

256,520

238,308

176,132

Contribution profit – Financial Services (2)

212,676

195,584

230,788

225,557

188,232

148,332

114,855

99,758

55,220

Corporate/Other

Net interest income (expense)

(35,177

)

(35,338

)

(35,688

)

(46,951

)

(48,426

)

(35,507

)

(35,851

)

(40,030

)

(6,412

)

Total noninterest income (loss)

(21,728

)

(10,343

)

(17,057

)

(19,032

)

(12,508

)

(12,653

)

(7,175

)

(7,245

)

Total net revenue (loss) (2)

(56,905

)

(45,681

)

(52,745

)

(65,983

)

(60,934

)

(48,160

)

(43,026

)

(39,971

)

(13,657

)

Consolidated

Net interest income

788,195

692,988

617,279

585,114

517,837

498,726

470,169

431,010

412,584

Total noninterest income

430,481

407,380

407,772

376,486

337,107

273,033

263,956

266,111

186,034

Total net revenue

1,218,676

1,100,368

1,025,051

961,600

854,944

771,759

734,125

697,121

598,618

Adjusted net revenue (1)

1,205,550

1,087,232

1,012,835

949,626

858,230

770,720

739,112

689,445

596,965

Net income

156,592

166,731

173,549

139,392

97,263

71,116

332,473

60,745

17,404

Adjusted EBITDA (1)

357,821

339,901

317,597

276,881

249,083

210,337

197,957

186,237

137,901

(1)

Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For additional information on these measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

(2)

Technology Platform segment total net revenue includes intercompany fees. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses represent a reconciling item of segment contribution profit (loss) to consolidated income (loss) before income taxes.

Table 7

Fee-Based Revenue

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

($ in thousands)

2026

2025

2026

2025

Loan platform fees

116,572

104,857

235,550

177,907

Referrals, loan platform business

24,358

22,548

43,635

42,248

Total Loan platform fees

140,930

127,405

279,185

220,155

Referrals, other

3,701

2,588

7,457

5,118

Interchange

44,128

26,502

79,329

49,314

Brokerage

18,127

7,542

33,231

14,527

Loan origination fees

198,505

120,758

336,783

222,756

Technology services

50,512

89,574

99,296

175,562

Net crypto transaction revenue (1)

1,183

—

2,035

—

Other

15,236

3,136

21,766

5,503

Total fee-based revenue

472,322

377,505

859,082

692,935

(1)

In the fourth quarter of 2025, the Company launched SoFi Crypto, which gives members the ability to buy, sell and hold digital assets. Net crypto transaction revenue primarily consists of transaction fees earned from facilitating member buy and sell orders on our platform.

Table 8

Analysis of Charge-Offs

(Unaudited)

Three Months Ended

June 30, 2026

Three Months Ended

June 30, 2025

($ in thousands)

Average Loans

Net Charge-offs

Ratio

Average Loans

Net Charge-offs

Ratio

Personal loans

26,183,468

171,015

2.62

18,414,581

129,970

2.83

Student loans

15,971,158

24,266

0.61

10,107,155

23,747

0.94

Home loans

1,886,768

—

540,994

—

Secured loans

674,915

—

770,154

—

Credit card

483,283

9,212

7.65

342,051

6,565

7.70

Commercial and consumer banking

180,488

0.04

156,302

—

Total loans

45,380,080

204,511

1.81

30,331,237

160,283

2.12

Six Months Ended

June 30, 2026

Six Months Ended

June 30, 2025

($ in thousands)

Average Loans

Net Charge-offs

Ratio

Average Loans

Net Charge-offs

Ratio

Personal loans

24,667,205

341,836

2.79

18,345,733

280,044

3.08

Student loans

15,211,161

47,185

0.63

9,579,563

34,344

0.72

Home loans

1,646,192

—

447,541

—

Secured loans

739,993

—

762,819

—

Credit card

473,699

16,859

7.18

318,436

14,555

9.22

Commercial and consumer banking

178,351

266

0.31

154,889

0.01

Total loans

42,916,601

406,146

1.91

29,608,981

328,947

2.24

Table 9

Regulatory Capital

(Unaudited)

June 30, 2026

June 30, 2025

($ in thousands)

Amount (1)

Ratio (1)

Amount

Ratio

Required Minimum (2)

SoFi Technologies

CET1 risk-based capital

9,112,891

18.7

4,804,043

14.3

7.0

Tier 1 risk-based capital

9,112,891

18.7

4,804,043

14.3

8.5

Total risk-based capital

9,169,159

18.8

4,851,605

14.4

10.5

Tier 1 leverage

9,112,891

16.5

4,804,043

12.9

4.0

Risk-weighted assets

48,682,417

33,579,874

Quarterly adjusted average assets

55,260,718

37,311,694

(1)

Estimated.

(2)

Required minimums presented for risk-based capital ratios include the required capital conservation buffer.