SoFi Reports Third Quarter 2025 with Record Net Revenue of $962 Million, Record Member and Product Growth, Net Income of $139 Million

SAN FRANCISCO--( BUSINESS WIRE)--SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its third quarter ended September 30, 2025.

“SoFi delivered an exceptional third quarter, fueled by the strength of our innovation and the power of our one-stop shop strategy,” said Anthony Noto, CEO of SoFi.

“We achieved record adjusted net revenue of $950 million and added a record 905,000 new members and 1.4 million new products. Our ability to consistently deliver durable growth, strong returns, and exceptional credit performance proves that our strategy is battle-tested and built to outperform. The opportunity before us is massive and SoFi is executing from a position of unparalleled strength. That’s why we're investing aggressively across the business and accelerating innovation in crypto, blockchain, and AI to help more members than ever before get their money right.”

Consolidated Results Summary

Three Months Ended

September 30,

% Change

Nine Months Ended

September 30,

% Change

($ in thousands, except per share amounts)

2025

2024

2025

2024

Consolidated – GAAP

Total net revenue

961,600

697,121

2,588,303

1,940,734

Net income

139,392

60,745

129

307,771

166,192

Net income attributable to common stockholders – diluted

139,738

58,059

141

308,807

88,928

247

Earnings per share attributable to common stockholders – diluted

0.11

0.05

120

0.25

0.08

213

Consolidated – Non-GAAP (1)

Adjusted net revenue

949,626

689,445

2,578,576

1,867,058

Adjusted EBITDA

276,881

186,237

736,301

468,523

Adjusted net income

139,392

60,745

129

307,771

166,192

Adjusted net income attributable to common stockholders – diluted

139,738

58,059

141

308,807

88,928

247

Adjusted earnings per share – diluted

0.11

0.05

120

0.26

0.08

225

(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 key financial achievements. For the third quarter of 2025, GAAP net revenue of $961.6 million increased 38% relative to the prior-year period's $697.1 million. Record adjusted net revenue of $949.6 million grew 38% from the corresponding prior-year period of $689.4 million.

For the third quarter of 2025, total fee-based revenue reached a record of $408.7 million, a year-over-year increase of 50%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $534.2 million of net revenue, an increase of 57% from the prior year period.

Third quarter record adjusted EBITDA of $276.9 million increased 49% from the prior year period's $186.2 million. This represents an adjusted EBITDA margin of 29%. All three segments delivered strong contribution profit, at attractive margins.

SoFi reported its eighth consecutive quarter of GAAP profitability. For the third quarter of 2025, GAAP net income reached $139.4 million and diluted earnings per share reached $0.11.

Equity grew by $1.9 billion during the quarter, ending at $8.8 billion and $7.29 of book value per share. Tangible book value grew by $1.9 billion during the quarter, ending the period at $7.2 billion. Tangible book value per share was $5.97 at quarter-end, up from $4.08 per share in the prior year period.

Net interest income of $585.1 million for the third quarter was up 36% year-over-year. This was driven by a 29% increase in average interest-earning assets and a 76 basis point decrease in cost of funds, partially offset by a 45 basis point decrease in average asset yields year-over-year. For the third quarter, net interest margin of 5.84% increased 27 basis points year-over-year from 5.57%.

The average rate on deposits in the third quarter was 190 basis points lower than that of warehouse facilities, which translates to approximately $627.1 million of annualized interest expense savings due to the successful remixing of our funding base.

Member and Product Growth

Continued growth in both total members and products in the third 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 905,000 members in the third quarter of 2025, bringing total members over 12.6 million, up 35% from 9.4 million at the end of the same prior year period.

SoFi also achieved record product additions of 1.4 million in the third quarter of 2025, bringing total products to nearly 18.6 million, up 36% from 13.7 million at the end of the same prior year period.

Financial Services products increased by 37% year-over-year to 16.1 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 88% of our total product growth.

Lending products increased by 30% year-over-year to 2.5 million, driven by continued demand for personal, student, and home loan products.

Technology Platform enabled accounts decreased 1% year-over-year to 158 million.

Financial Services Segment Results

For the third quarter of 2025, Financial Services segment net revenue of $419.6 million increased 76% from the prior year period. Net interest income of $203.7 million increased 32% year-over-year, primarily driven by growth in consumer deposits. Noninterest income of $216.0 million more than doubled year-over-year.

In the third quarter, SoFi's Loan Platform Business added $167.9 million to our consolidated adjusted net revenue. Of this, $164.9 million was driven by $3.4 billion of personal loans originated on behalf of third parties as well as referrals to third parties.

In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue in the third quarter, up 55% year-over-year, as a result of nearly $20 billion in total annualized spend in the quarter across SoFi Money and Credit Card.

Contribution profit for the third quarter of 2025 reached $225.6 million, a $125.8 million improvement from the prior year period, while contribution margin grew 12 percentage points year-over-year to 54%. This is a reflection of the strong operating leverage generated in the segment by net revenue growth of 76% with directly attributable expenses increasing only 39%.

Financial Services – Segment Results of Operations

Three Months Ended

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

% Change

2025

2024

% Change

Net interest income

203,660

154,143

570,181

413,085

Noninterest income

215,963

84,165

157

515,094

151,906

239

Total net revenue – Financial Services

419,623

238,308

1,085,275

564,991

Provision for credit losses

(9,199

)

(6,008

)

(24,869

)

(24,807

)

—

Directly attributable expenses

(184,867

)

(132,542

)

(498,285

)

(348,032

)

Contribution profit – Financial Services

225,557

99,758

126

562,121

192,152

193

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 4.3 million, or 37%, year-over-year, bringing the total to 16.1 million at quarter-end. SoFi Money reached 6.3 million products, Relay reached 6.0 million products and SoFi Invest reached 3.0 million products by the end of the third quarter.

Monetization continues to improve with annualized revenue per product of $104 during the third quarter, up 29% year-over-year.

In the third quarter of 2025, total deposits grew $3.4 billion to $32.9 billion, with nearly 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) coming from direct deposit members.

Financial Services – Products

September 30,

2025

2024

% Change

Money (1)

6,336,705

4,720,305

Invest

3,045,078

2,394,367

Credit Card

392,008

264,937

Referred loans (2)

135,535

73,090

Relay

6,033,791

4,199,602

At Work

147,348

107,668

Total financial services products

16,090,465

11,759,969

(1)

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

(2)

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

Technology Platform Segment Results

Technology Platform segment net revenue of $114.6 million for the third quarter of 2025 increased 12% year-over-year. Contribution profit of $32.4 million reflected a contribution margin of 28%.

Technology Platform – Segment Results of Operations

Three Months Ended

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

% Change

2025

2024

% Change

Net interest income

432

629

(31

1,111

1,685

(34

Noninterest income

114,146

101,910

326,727

290,658

Total net revenue – Technology Platform

114,578

102,539

327,838

292,343

Directly attributable expenses

(82,207

)

(69,584

)

(231,359

)

(197,495

)

Contribution profit

32,371

32,955

96,479

94,848

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 total enabled client accounts decreased 1% year-over-year, to 157.9 million, down from 160.2 million in the prior-year period.

Technology Platform

September 30,

2025

2024

% Change

Total accounts

157,859,670

160,179,299

Lending Segment Results

For the third quarter of 2025, Lending segment GAAP net revenue of $493.4 million increased 25% from the prior year period, while adjusted net revenue for the segment of $481.4 million increased 23% from the prior year period.

Lending segment performance in the third quarter was driven by net interest income, which rose 35% year-over-year, primarily driven by growth in average loan balances of 35%.

Lending segment third quarter contribution profit of $261.6 million was up 9% from $238.9 million in the corresponding prior-year period. Lending segment adjusted contribution margin was strong at 54%. This strong performance reflects our ability to capitalize on continued strong demand for our lending products.

Lending – Segment Results of Operations

Three Months Ended

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

% Change

2025

2024

% Change

Net interest income

427,973

316,268

1,161,269

862,016

Noninterest income

65,409

79,977

(18

188,998

205,410

Total net revenue – Lending

493,382

396,245

1,350,267

1,067,426

Servicing rights – change in valuation inputs or assumptions

(11,989

)

(4,362

)

175

(9,789

)

(11,242

)

(13

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

(25

Directly attributable expenses

(219,808

)

(152,964

)

(595,295

)

(411,682

)

Contribution profit – Lending

261,600

238,928

745,245

644,585

Contribution margin – Lending (1)

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

481,408

391,892

1,340,540

1,056,267

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

September 30, 2025

Unpaid principal

19,456,198

11,143,322

713,727

31,313,247

Accumulated interest

141,384

49,228

2,730

193,342

Cumulative fair value adjustments (1)

1,118,035

635,437

40,260

1,793,732

Total fair value of loans (2)(3)

20,715,617

11,827,987

756,717

33,300,321

June 30, 2025

Unpaid principal

18,416,674

10,099,685

359,360

28,875,719

Accumulated interest

132,100

57,581

895

190,576

Cumulative fair value adjustments (1)

1,055,163

584,375

17,137

1,656,675

Total fair value of loans (2)(3)

19,603,937

10,741,641

377,392

30,722,970

(1)

During the three months ended September 30, 2025, the cumulative fair value adjustments for personal loans were impacted by a higher unpaid principal balance and a lower weighted average discount rate, partially offset by a lower weighted average coupon, a higher weighted average conditional prepayment rate, and a higher weighted average annual default rate. The lower discount rate was primarily driven by a 10 basis point decrease in benchmark rates. The cumulative fair value adjustments for student loans were impacted by a higher unpaid principal balance, a lower weighted average discount rate, and a lower weighted average conditional prepayment rate, partially offset by lower weighted average coupon. The lower discount rate was driven by a 4 basis point decrease in benchmark rates.

(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

September 30, 2025

June 30, 2025

September 30, 2025

June 30, 2025

Weighted average coupon rate (1)

13.11

13.17

5.89

5.98

Weighted average annual default rate

4.33

4.28

0.67

Weighted average conditional prepayment rate

26.90

26.45

11.27

11.28

Weighted average discount rate

4.55

4.67

3.90

3.97

Benchmark rate (2)

3.39

3.49

3.35

3.39

(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 third quarter of 2025, record origination volume of $9.9 billion increased 57% 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 $7.5 billion in the third quarter of 2025 were up 53% year-over-year, inclusive of $3.4 billion originated on behalf of third parties through our Loan Platform Business. Third quarter student loan volume of $1.5 billion was up 58% year-over-year. Home equity loan originations were a record during the third quarter, accounting for one-third of total home loan volume. In total, home loan volume was $945 million, an increase of 93% year-over-year.

Capital markets activity in the third quarter of 2025 was very strong. Overall, SoFi sold, or transferred through our Loan Platform Business, more than $4.6 billion in total of personal loans, student loans, and home loans. In terms of personal loans, we closed $175.0 million of sales in whole loan form at a blended execution of 106.4%. In terms of student loans, we closed $376.5 million of sales in whole loan form at a blended execution of 105.9%. In terms of home loan sales, we closed $584.8 million at a blended execution of 102.9%.

In addition to our personal, student and home loan sales, SoFi executed a $466 million co-contributor securitization of loans previously originated through our Loan Platform Business. This was the third securitization 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 98 basis points.

Credit performance remained strong in the third quarter. The on-balance sheet 90-day delinquency rates for both personal loans and student loans were consistent with the prior quarter.

The personal loan annualized charge-off rate decreased to 2.60% from 2.83% in the prior quarter, including the impact of asset sales, new originations and delinquency sales in the quarter. Had SoFi not sold late stage delinquent loans, it is estimated that, including recoveries, the all-in annualized net charge-off rate for personal loans would have been approximately 4.2% versus 4.5% in the prior quarter.

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 the fourth quarter of 2024, have net cumulative losses of 4.40%, with 39% unpaid principal balance remaining. This is well below the 6.08% 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 29 basis points, after improving 19 basis points last quarter, demonstrating continued improvement.

Additionally, of the first quarter of 2020 through the second quarter of 2025 originations, 60% of principal has already been paid down, with 6.7% 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 40% of unpaid principal would need to be approximately 10%. This would be well above past levels, providing further confidence in achieving loss rates below our 8% tolerance.

Lending – Originations and Average Balances

Three Months Ended

September 30,

% Change

Nine Months Ended

September 30,

% Change

2025

2024

2025

2024

Origination volume ($ in thousands, during period)

Personal loans (1)

7,488,879

4,892,040

19,994,466

12,363,036

Student loans

1,491,724

943,584

3,676,513

2,431,782

Home loans

944,651

489,767

2,261,290

1,242,851

Total

9,925,254

6,325,391

25,932,269

16,037,669

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

Personal loans

25,964

25,063

Student loans

42,211

42,713

Home loans

254,660

283,948

(10

(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

September 30,

2025

2024

% Change

Personal loans (1)

1,791,918

1,305,246

Student loans

622,840

551,838

Home loans

47,830

33,677

Total lending products

2,462,588

1,890,761

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

Guidance and Outlook

Given the strong performance through the first three quarters of the year, management is increasing its 2025 guidance issued in our second quarter earnings.

For the full year 2025, management now expects to add at least 3.5 million new members, which represents approximately 34% growth from 2024 levels. Management expects to deliver adjusted net revenue of approximately $3.54 billion, which is $165 million higher than the prior guidance of $3.375 billion. This implies approximately 36% annual growth versus 30% in our prior guidance. Management expects adjusted EBITDA of approximately $1.035 billion, above prior guidance of $960 million. This represents an EBITDA margin of 29%. SoFi expects adjusted net income of approximately $455 million, above prior guidance of $370 million. Lastly, SoFi expects adjusted EPS of approximately $0.37 cents per share, above prior guidance of $0.31 cents per share.

Management expects growth in tangible book value of approximately $2.5 billion for the year, above our prior guidance of $640 million.

Management will further address full-year 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 full year 2025 adjusted net revenue, annual growth rate, adjusted EBITDA, adjusted EBITDA margin, GAAP net income, GAAP EPS, tangible book value, and new members, our expectations regarding our ability to continue to grow our business, build our brand and launch new business lines and products, including our plans to launch blockchain, crypto and AI related services, 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 a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 12.6 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across 157.9 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

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Interest income

Loans and securitizations

830,156

671,976

2,281,894

1,913,265

Other

61,405

51,398

165,884

150,615

Total interest income

891,561

723,374

2,447,778

2,063,880

Interest expense

Securitizations and warehouses

29,849

31,093

87,643

89,376

Deposits

264,901

248,292

723,532

691,558

Corporate borrowings

11,595

12,871

34,527

36,307

Other

102

108

399

327

Total interest expense

306,447

292,364

846,101

817,568

Net interest income

585,114

431,010

1,601,677

1,246,312

Noninterest income

Loan origination, sales, securitizations and servicing

65,431

80,012

189,091

205,517

Technology products and solutions

89,707

90,896

266,940

262,434

Loan platform fees

164,897

55,641

385,052

78,373

Other

56,451

39,562

145,543

148,098

Total noninterest income

376,486

266,111

986,626

694,422

Total net revenue

961,600

697,121

2,588,303

1,940,734

Provision for credit losses

9,199

6,013

24,912

24,835

Noninterest expense

Technology and product development

167,144

139,714

475,496

402,801

Sales and marketing

286,878

214,904

789,798

567,032

Cost of operations

161,423

123,714

447,380

333,478

General and administrative

188,405

148,921

510,192

439,167

Total noninterest expense

803,850

627,253

2,222,866

1,742,478

Income before income taxes

148,551

63,855

340,525

173,421

Income tax expense

(9,159

)

(3,110

)

(32,754

)

(7,229

)

Net income

139,392

60,745

307,771

166,192

Earnings per share

Earnings per share – basic

0.12

0.06

0.27

0.14

Earnings per share – diluted

0.11

0.05

0.25

0.08

Weighted average common stock outstanding – basic

1,171,205

1,071,160

1,125,670

1,037,579

Weighted average common stock outstanding – diluted

1,291,011

1,104,450

1,220,053

1,078,402

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

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

2025

2024

Total net revenue (GAAP)

961,600

697,121

2,588,303

1,940,734

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

(11,989

)

(4,362

)

(9,789

)

(11,242

)

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

Gain on extinguishment of debt (3)

—

(3,323

)

—

(62,517

)

Adjusted net revenue (non-GAAP)

949,626

689,445

2,578,576

1,867,058

(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.

(3)

Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

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

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

2025

2024

Lending

Total net revenue – Lending (GAAP)

493,382

396,245

1,350,267

1,067,426

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

(11,989

)

(4,362

)

(9,789

)

(11,242

)

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

Adjusted net revenue – Lending (non-GAAP)

481,408

391,892

1,340,540

1,056,267

(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

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

2025

2024

Noninterest income (GAAP)

376,486

266,111

986,626

694,422

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

(11,989

)

(4,362

)

(9,789

)

(11,242

)

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

Gain on extinguishment of debt (3)

—

(3,323

)

—

(62,517

)

Adjusted noninterest income (non-GAAP)

364,512

258,435

976,899

620,746

(1)

(2)

(3)

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

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

2025

2024

Lending

Noninterest income – Lending (GAAP)

65,409

79,977

188,998

205,410

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

(11,989

)

(4,362

)

(9,789

)

(11,242

)

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

Adjusted noninterest income – Lending (non-GAAP)

53,435

75,624

179,271

194,251

(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

September 30,

2025 vs 2024

Nine Months Ended

September 30,

2025 vs 2024

($ in thousands)

2025

2024

$ Change

2025

2024

$ Change

Lending

Contribution profit – Lending (GAAP)

261,600

238,928

22,672

745,245

644,585

100,660

Net revenue – Lending (GAAP)

493,382

396,245

97,137

1,350,267

1,067,426

282,841

Contribution margin – Lending (GAAP) (1)

Incremental contribution margin – Lending (GAAP) (1)

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

481,408

391,892

89,516

1,340,540

1,056,267

284,273

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) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) 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

September 30,

2025 vs 2024

Nine Months Ended

September 30,

2025 vs 2024

($ in thousands)

2025

2024

$ Change

2025

2024

$ Change

Net income (GAAP)

139,392

60,745

78,647

307,771

166,192

141,579

Non-GAAP adjustments:

Interest expense – corporate borrowings (1)

11,595

12,871

(1,276

)

34,527

36,307

(1,780

)

Income tax expense (2)

9,159

3,110

6,049

32,754

7,229

25,525

Depreciation and amortization

59,245

51,791

7,454

171,271

149,953

21,318

Share-based expense

66,469

63,646

2,823

193,481

179,785

13,696

Restructuring charges (3)

1,275

(1,234

)

928

1,275

(347

)

Foreign currency impact of highly inflationary subsidiaries (4)

2,954

475

2,479

5,296

843

4,453

Transaction-related expense (5)

—

615

(615

)

Servicing rights – change in valuation inputs or assumptions (6)

(11,989

)

(4,362

)

(7,627

)

(9,789

)

(11,242

)

1,453

Residual interests classified as debt – change in valuation inputs or assumptions (7)

(21

)

Gain on extinguishment of debt (8)

—

(3,323

)

3,323

—

(62,517

)

62,517

Total adjustments

137,489

125,492

11,997

428,530

302,331

126,199

Adjusted EBITDA (non-GAAP)

276,881

186,237

90,644

736,301

468,523

267,778

Total net revenue (GAAP)

961,600

697,121

264,479

2,588,303

1,940,734

647,569

Net income margin (GAAP)

Incremental net income margin (GAAP)

Adjusted net revenue (non-GAAP) (9)

949,626

689,445

260,181

2,578,576

1,867,058

711,518

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 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter.

(3)

Restructuring charges in the three and nine months ended September 30, 2025 relate to legal entity restructuring.

(4)

Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.

(5)

Transaction-related expense in the 2024 periods included financial advisory and professional services costs associated with our acquisition of Wyndham.

(6)

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.

(7)

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.

(8)

(9)

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

Tangible Book Value and Tangible Book Value per Common Share

Beginning in the fourth quarter of 2024, the Company modified the presentation of its tangible book value and tangible book value per share, which are non-GAAP measures. 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)

September 30,

2025

September 30,

2024

Permanent equity (GAAP)

8,779,963

6,121,481

Non-GAAP adjustments:

Goodwill

(1,393,505

)

(1,393,505

)

Intangible assets

(247,845

)

(314,959

)

Related deferred tax liabilities

48,141

15,654

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

7,186,754

4,428,671

Common stock outstanding (as of period end)

1,204,570

1,084,137

Book value per common share (GAAP)

7.29

5.65

Tangible book value per common share (non-GAAP)

5.97

4.08

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, 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, 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 shares to offset dilution.

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.

Three Months Ended

September 30,

2025 vs 2024

Nine Months Ended

September 30,

2025 vs 2024

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

2025

2024

$ Change

2025

2024

$ Change

Net income (GAAP)

139,392

60,745

78,647

307,771

166,192

141,579

Adjusted net income (non-GAAP)

139,392

60,745

78,647

307,771

166,192

141,579

Numerator:

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

139,738

58,059

308,807

88,928

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

139,738

58,059

308,807

88,928

Denominator:

Weighted average common stock outstanding – diluted

1,291,011

1,104,450

1,220,053

1,078,402

Non-GAAP adjustments:

Dilutive impact of convertible notes (3)

(20,630

)

—

(25,614

)

—

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

1,270,381

1,104,450

1,194,439

1,078,402

Earnings per share – diluted (GAAP) (2)

0.11

0.05

0.25

0.08

Impact of adjustments per share

—

0.01

—

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

0.11

0.05

0.26

0.08

Net income margin (GAAP)

Adjusted net revenue (non-GAAP) (4)

949,626

689,445

2,578,576

1,867,058

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)

September 30,

2025

December 31,

2024

Assets

Cash and cash equivalents

3,246,351

2,538,293

Restricted cash and restricted cash equivalents

500,096

171,067

Investment securities (includes available-for-sale securities of $2,393,242 and $1,804,043 at fair value with associated amortized cost of $2,375,811 and $1,807,686, as of September 30, 2025 and December 31, 2024, respectively)

2,512,437

1,895,689

Loans held for sale (includes $21.5 billion and $17.7 billion at fair value, as of September 30, 2025 and December 31, 2024, respectively)

21,587,350

17,684,892

Loans held for investment, at fair value

11,827,987

8,597,368

Loans held for investment, at amortized cost (less allowance for credit losses of $50,634 and $46,684, as of September 30, 2025 and December 31, 2024, respectively)

1,483,950

1,246,458

Servicing rights

383,526

342,128

Property, equipment and software

386,629

287,869

Goodwill

1,393,505

Intangible assets

247,845

297,794

Operating lease right-of-use assets

79,419

81,219

Other assets (less allowance for credit losses of $3,120 and $2,444, as of September 30, 2025 and December 31, 2024, respectively)

1,644,355

1,714,669

Total assets

45,293,450

36,250,951

Liabilities and permanent equity

Liabilities:

Deposits:

Interest-bearing deposits

32,805,663

25,861,400

Noninterest-bearing deposits

140,736

116,804

Total deposits

32,946,399

25,978,204

Accounts payable, accruals and other liabilities

759,612

556,923

Operating lease liabilities

93,004

97,389

Debt

2,713,942

3,092,692

Residual interests classified as debt

530

609

Total liabilities

36,513,487

29,725,817

Commitments, guarantees, concentrations and contingencies

Permanent equity:

Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,204,569,655 and 1,095,357,781 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

120

109

Additional paid-in capital

9,768,122

7,838,988

Accumulated other comprehensive income (loss)

9,548

(8,365

)

Accumulated deficit

(997,827

)

(1,305,598

)

Total permanent equity

8,779,963

6,525,134

Total liabilities and permanent equity

45,293,450

36,250,951

Table 4

SoFi Technologies, Inc.

Average Balances and Net Interest Earnings Analysis

(Unaudited)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

($ 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

3,193,611

30,623

3.80

2,593,113

29,353

4.50

Investment securities

2,473,653

32,193

5.16

1,596,756

23,894

5.95

Loans

34,060,743

828,745

9.65

26,589,180

670,127

10.03

Total interest-earning assets

39,728,007

891,561

8.90

30,779,049

723,374

9.35

Total noninterest-earning assets

4,106,272

3,291,442

Total assets

43,834,279

34,070,491

Liabilities, Temporary Equity and Permanent Equity

Interest-bearing liabilities:

Demand deposits

2,379,703

2,855

0.48

2,189,118

11,489

2.09

Savings deposits

27,293,558

249,208

3.62

19,534,413

213,760

4.35

Time deposits

1,174,096

12,838

4.34

1,847,094

23,043

4.96

Total interest-bearing deposits

30,847,357

264,901

3.41

23,570,625

248,292

4.19

Warehouse facilities

2,089,297

27,965

5.31

1,789,921

28,773

6.40

Securitization debt

58,783

523

3.53

117,172

1,031

3.50

Other debt

1,758,756

13,058

2.95

1,798,092

14,268

3.16

Total debt

3,906,836

41,546

4.22

3,705,185

44,072

4.73

Residual interests classified as debt

540

—

688

—

Total interest-bearing liabilities

34,754,733

306,447

3.50

27,276,498

292,364

4.26

Total noninterest-bearing liabilities

928,670

794,151

Total liabilities

35,683,403

28,070,649

Total temporary equity

—

Total permanent equity

8,150,876

5,999,842

Total liabilities, temporary equity and permanent equity

43,834,279

34,070,491

Net interest income

585,114

431,010

Net interest margin

5.84

5.57

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

($ 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

2,897,624

81,696

3.77

2,841,537

101,616

4.78

Investment securities

2,260,530

88,415

5.23

1,281,815

54,761

5.71

Loans

31,131,974

2,277,667

9.78

24,803,612

1,907,503

10.27

Total interest-earning assets

36,290,128

2,447,778

9.02

28,926,964

2,063,880

9.53

Total noninterest-earning assets

3,959,529

3,110,508

Total assets

40,249,657

32,037,472

Liabilities, Temporary Equity and Permanent Equity

Interest-bearing liabilities:

Demand deposits

2,194,369

7,922

0.48

2,166,523

36,928

2.28

Savings deposits

25,430,891

692,273

3.64

17,267,554

565,816

4.38

Time deposits

676,466

23,337

4.61

2,355,079

88,814

5.04

Total interest-bearing deposits

28,301,726

723,532

3.42

21,789,156

691,558

4.24

Warehouse facilities

2,075,066

82,229

5.30

1,586,955

76,731

6.46

Securitization debt

64,912

1,658

3.41

223,034

6,517

3.90

Other debt

1,757,225

38,682

2.94

1,792,464

42,762

3.19

Total debt

3,897,203

122,569

4.20

3,602,453

126,010

4.67

Residual interests classified as debt

558

—

3,059

—

Total interest-bearing liabilities

32,199,487

846,101

3.51

25,394,668

817,568

4.30

Total noninterest-bearing liabilities

901,605

747,999

Total liabilities

33,101,092

26,142,667

Total temporary equity

—

160,187

Total permanent equity

7,148,565

5,734,618

Total liabilities, temporary equity and permanent equity

40,249,657

32,037,472

Net interest income

1,601,677

1,246,312

Net interest margin

5.90

5.76

Table 5

Company Metrics

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,

2023

Members

12,642,375

11,745,572

10,915,811

10,127,323

9,372,615

8,774,236

8,131,720

7,541,860

6,957,187

Total Products

18,553,053

17,142,041

15,915,425

14,745,435

13,650,730

12,776,430

11,830,128

11,142,476

10,447,806

Total Products — Lending segment

2,462,588

2,280,368

2,129,833

2,010,354

1,890,761

1,786,580

1,705,155

1,663,006

1,593,906

Total Products — Financial Services segment

16,090,465

14,861,673

13,785,592

12,735,081

11,759,969

10,989,850

10,124,973

9,479,470

8,853,900

Total Accounts — Technology Platform segment

157,859,670

160,046,369

158,432,347

167,713,818

160,179,299

158,485,125

151,049,375

145,425,391

136,739,131

Total Products, excluding digital assets (1)

18,553,053

17,142,041

15,915,425

14,745,435

13,650,730

12,776,430

11,830,128

10,876,881

9,984,685

Total Products, excluding digital assets — Financial Services segment (1)

16,090,465

14,861,673

13,785,592

12,735,081

11,759,969

10,989,850

10,124,973

9,213,875

8,390,779

SoFi Invest, excluding digital assets (1)

3,045,078

2,853,416

2,684,658

2,525,059

2,394,367

2,332,045

2,224,705

2,115,046

2,001,951

(1)

In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024.

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 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 and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types 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)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,

2023

Lending

Net interest income

427,973

372,675

360,621

345,210

316,268

279,212

266,536

262,626

265,215

Total noninterest income

65,409

70,837

52,752

72,586

79,977

61,493

63,940

90,500

83,758

Total net revenue

493,382

443,512

413,373

417,796

396,245

340,705

330,476

353,126

348,973

Adjusted net revenue – Lending (1)

481,408

446,798

412,334

422,783

391,892

339,052

325,323

346,541

342,481

Contribution profit – Lending (2)

261,600

244,710

238,935

245,958

238,928

197,938

207,719

226,110

203,956

Technology Platform

Net interest income

432

266

413

473

629

555

501

941

573

Total noninterest income

114,146

109,567

103,014

102,362

101,910

94,883

93,865

95,966

89,350

Total net revenue (2)

114,578

109,833

103,427

102,835

102,539

95,438

94,366

96,907

89,923

Contribution profit – Technology Platform

32,371

33,195

30,913

32,107

32,955

31,151

30,742

30,584

32,191

Financial Services

Net interest income

203,660

193,322

173,199

160,337

154,143

139,229

119,713

109,072

93,101

Total noninterest income

215,963

169,211

129,920

96,183

84,165

36,903

30,838

30,043

25,146

Total net revenue

419,623

362,533

303,119

256,520

238,308

176,132

150,551

139,115

118,247

Contribution profit (loss) – Financial Services (2)

225,557

188,232

148,332

114,855

99,758

55,220

37,174

25,060

3,260

Corporate/Other

Net interest income (expense)

(46,951

)

(48,426

)

(35,507

)

(35,851

)

(40,030

)

(6,412

)

15,968

17,002

(13,926

)

Total noninterest income (loss)

(19,032

)

(12,508

)

(12,653

)

(7,175

)

(7,245

)

53,634

9,254

(6,008

)

Total net revenue (loss) (2)

(65,983

)

(60,934

)

(48,160

)

(43,026

)

(39,971

)

(13,657

)

69,602

26,256

(19,934

)

Consolidated

Net interest income

585,114

517,837

498,726

470,169

431,010

412,584

402,718

389,641

344,963

Total noninterest income

376,486

337,107

273,033

263,956

266,111

186,034

242,277

225,763

192,246

Total net revenue

961,600

854,944

771,759

734,125

697,121

598,618

644,995

615,404

537,209

Adjusted net revenue (1)

949,626

858,230

770,720

739,112

689,445

596,965

580,648

594,245

530,717

Net income (loss)

139,392

97,263

71,116

332,473

60,745

17,404

88,043

47,913

(266,684

)

Adjusted EBITDA (1)

276,881

249,083

210,337

197,957

186,237

137,901

144,385

181,204

98,025

(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

September 30,

Nine Months Ended

September 30,

($ in thousands)

2025

2024

2025

2024

Loan platform fees

146,890

42,358

324,797

42,508

Referrals, loan platform business

18,007

13,283

60,255

35,865

Total Loan platform fees

164,897

55,641

385,052

78,373

Referrals, other

3,695

1,960

8,813

5,732

Interchange

29,089

18,771

78,403

45,230

Brokerage

12,257

5,651

26,784

15,645

Loan origination fees

104,995

98,501

327,751

270,286

Technology services

88,023

89,432

263,585

259,551

Other

5,720

2,128

11,223

5,593

Total fee-based revenue

408,676

272,084

1,101,611

680,410

Table 8

Analysis of Charge-Offs

(Unaudited)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

($ in thousands)

Average Loans

Net Charge-offs

Ratio

Average Loans

Net Charge-offs

Ratio

Personal loans

20,963,542

137,342

2.60

16,680,744

147,554

3.52

Student loans

11,185,653

19,534

0.69

7,508,433

12,963

0.69

Home loans

536,756

—

78,320

—

Secured loans

821,851

—

1,896,354

—

Credit card

387,664

6,398

6.55

273,947

9,481

13.77

Commercial and consumer banking

165,277

0.01

151,382

0.06

Total loans

34,060,743

163,279

1.90

26,589,180

170,019

2.54

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

($ in thousands)

Average Loans

Net Charge-offs

Ratio

Average Loans

Net Charge-offs

Ratio

Personal loans

19,339,051

417,386

2.89

16,106,495

433,775

3.60

Student loans

10,117,039

53,878

0.71

7,152,682

34,384

0.64

Home loans

393,050

—

65,465

—

Secured loans

782,713

—

1,065,438

—

Credit card

341,725

20,953

8.20

273,103

31,061

15.19

Commercial and consumer banking

158,396

0.01

140,429

0.05

Total loans

31,131,974

492,226

2.11

24,803,612

499,270

2.69

Table 9

Regulatory Capital

(Unaudited)

September 30, 2025

September 30, 2024

($ in thousands)

Amount (1)

Ratio (1)

Amount

Ratio

Required Minimum (2)

SoFi Technologies

CET1 risk-based capital

6,719,666

20.0

4,263,249

16.2

7.0

Tier 1 risk-based capital

6,719,666

20.0

4,263,249

16.2

8.5

Total risk-based capital

6,770,083

20.2

4,311,370

16.3

10.5

Tier 1 leverage

6,719,666

16.1

4,263,249

13.2

4.0

Risk-weighted assets

33,522,251

26,379,209

Quarterly adjusted average assets

41,783,596

32,219,128

(1)

Estimated.

(2)

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