SoFi Technologies (SOFI)·Q4 2025 Earnings Summary

SoFi Crushes Q4 as Revenue Tops $1B for First Time, Stock Jumps 4%

January 30, 2026 · by Fintool AI Agent

SoFi Technologies (SOFI) delivered a blowout Q4 2025, crossing the $1 billion quarterly revenue mark for the first time in company history. The fintech beat on both revenue (+3.1%) and EPS (+18.2%), extending its beat streak to eight consecutive quarters. Shares rose 4.3% in after-hours trading.

Did SoFi Beat Earnings?

Yes — and it wasn't close. SoFi crushed expectations across every major metric:

This marks SoFi's ninth consecutive quarter of GAAP profitability and extends an impressive beat streak — the company has beaten EPS estimates 75% of the time and revenue estimates 100% of the time over the last two years.

Key records set in Q4 2025:

• First-ever $1B+ quarterly revenue
• Record 1 million new members added (single quarter)
• Record adjusted EBITDA of $318M
• Record fee-based revenue of $443M (+53% YoY)
• Record loan originations of $10.5B (+46% YoY)

How Did the Stock React?

SoFi shares jumped 4.3% in after-hours trading to $25.40, rebounding from a 2% decline during the regular session. The stock had pulled back ~9% over the past month ahead of earnings due to concerns about the recent $1.5B equity raise and dilution.

Stock context:

• 52-week range: $8.60 - $32.73
• Current P/E: Elevated given growth profile
• YTD performance: +52% heading into Q4 earnings

The positive reaction reflects relief that SoFi's growth story remains intact despite macro headwinds (rising Treasury yields, concerns about personal loan demand) and validates management's capital allocation strategy.

What Changed From Last Quarter?

Several key developments differentiated Q4 from Q3 2025:

1. Crossed $1B revenue milestone

• Q3 2025: $950M adjusted revenue
• Q4 2025: $1.013B adjusted revenue (+6.7% sequential)

2. Crypto and blockchain launch

• SoFi Crypto (November): First nationally chartered bank to launch crypto trading — members buy from FDIC-insured deposit accounts earning up to 4% APY while waiting
• SoFi USD stablecoin (December): First national bank to issue stablecoin on public permissionless blockchain, backed 1:1 by cash in Fed master account (no credit/liquidity/duration risk)
• SoFi Pay (October): Blockchain-powered international payments using Lightning Network, now live in 30+ countries including Mexico, India, Philippines, Brazil, and Europe
• 2026 roadmap: Secured lending against crypto collateral, institutional crypto trading, correspondent payments settlement via stablecoins, potential global expansion of SoFi Pay

3. Capital raise deployed

• $1.5B equity offering completed in Q4
• Used portion to fully pay down warehouse facilities
• Tangible book value grew $1.7B to $8.9B ($7.01/share)

4. Loan Platform Business acceleration

• LPB revenue reached $194M (+15% sequential, +190% YoY)
• Now running at annualized pace of $15B originations
• Annualized revenue run rate of $775M

How Are the Business Segments Performing?

Lending Segment

Origination breakdown:

• Personal loans: $7.5B (+43% YoY) — includes $3.7B for third parties via LPB
• Student loans: $1.9B (+38% YoY)
• Home loans: $1.1B (+95% YoY) — home equity nearly 1/3 of volume

Credit quality remains stable: Personal loan annualized charge-off rate was 2.80% vs 3.37% a year ago. Management reiterated confidence in the 7-8% maximum cumulative loss assumption.

Financial Services Segment

The Financial Services segment is now nearly as large as Lending and growing much faster. Key drivers:

• SoFi Money: 6.8M products
• Relay: 6.7M products
• SoFi Invest: 3.2M products
• Interchange revenue: +66% YoY on $22B+ annualized card spend

New Product Launches:

• SoFi Smart Card: All-in-one card earning 5% unlimited cash back at grocery stores, industry-leading APY, and credit score building — built and launched in just 4.5 months
• SoFi Invest enhancements: Access to private companies (SpaceX, Epic Games), alternative investments (Cashmere, Fundrise), IPO access (Klarna, Gemini, Figma, StubHub), Level One Options, SoFi Agentic AI ETF
• Brokerage revenue grew 2.2x YoY with Invest approaching full profitability in 2026

Technology Platform (Galileo)

The account decline reflects a large client that fully transitioned off the platform. Despite this headwind, the segment grew revenue and expanded margins.

What Did Management Guide?

FY 2026 Guidance

Q1 2026 Guidance

Segment-Level 2026 Guidance

Medium-Term Outlook (2025-2028)

Management issued a bold medium-term outlook:

• Revenue CAGR: 30%+ from 2025 to 2028
• EPS CAGR: 38-42% from 2025 to 2028

This guidance assumes no meaningful changes in the macroeconomic environment and no significant new business launches or acquisitions.

Key Management Quotes

"2025 was a tremendous year and the fourth quarter was nothing short of exceptional, delivering more than $1 billion in quarterly revenue for the first time in our history." — Anthony Noto, CEO

"Our one-stop shop is scaling exactly as intended and delivering a winning combination of growth and returns." — Anthony Noto, CEO

"This combination of scale, innovation, and profitability positions SoFi to drive durable, compounding growth, and deliver superior financial returns in 2026 and for years to come." — Anthony Noto, CEO

Q&A Highlights

On brand awareness and marketing ROI (Andrew Jeffrey, William Blair):

Noto reported unaided brand awareness reached an all-time high of 9.6% in Q4, up from ~2% when he joined. He emphasized the goal is mid-20s awareness (top 10 financial institution). The 40% cross-buy rate is up ~10 percentage points YoY. Management is focused on driving "escape velocity" where product quality drives virality and lowers customer acquisition costs.

On deposit strategy and beta (Kyle Peterson, Needham):

SoFi has maintained a 60-70% deposit beta since launching the bank. Noto highlighted the competitive moat: "We have a large and profitable lending business — we can use those profit pools to give a rate that's unmatched." Nearly 97% of deposits are from direct deposit customers, indicating high-quality primary account relationships.

On Loan Platform Business allocation (Dan Dolev, Mizuho):

LPB just signed a new partner this week with "several partners at final term sheet stages." Management has optionality to either drive capital-light fee revenue through LPB or retain loans on balance sheet for higher returns. At $14.5B annualized volume, LPB has been diversified to 44% of revenue from fees.

On crypto and tech platform opportunities (Reggie Smith, JP Morgan):

Noto said demand for blockchain/stablecoin services from tech platform partners has "increased quite meaningfully" since OCC permissibility guidance. He sees strong interest from LatAm companies launching stablecoin-backed debit products, with potential to spill over to U.S. clients. Management hopes the CLARITY Act will codify crypto permissibility into law.

On M&A appetite (Noah Katz, Citizens):

Noto described the M&A bar as "really high" but outlined priority targets:

• Tech platform capabilities: Wallets, custody-as-a-service, stablecoin-as-a-service, market exchange infrastructure
• International expansion: Licenses in target countries to accelerate SoFi Pay
• Revolving credit card processing: Could acquire vs. build for tech platform
• Big business banking dismissed for acquisition — will build internally

"We feel really good about having optionality on our balance sheet. I don't feel good about finding stuff at the price that we want." — Anthony Noto, CEO

On long-term ROE targets (Jill Shea, UBS):

Management reiterated 20-30% ROE/ROTCE long-term targets but emphasized they won't under-invest in growth to hit those numbers sooner. The plan is to maintain 30% incremental EBITDA margins until revenue growth naturally decelerates below 15% — at which point meaningful margin expansion will kick in.

What Should Investors Watch?

Positives:

• Eight consecutive quarters of beats with consistent upside surprises
• Financial Services segment now approaching Lending in size with higher margins
• Loan Platform Business providing fee-based revenue diversification
• First-mover advantage in bank-grade crypto/blockchain products
• Strong credit performance despite macro concerns
• Aggressive medium-term growth targets (30%+ revenue CAGR)

Risks to Monitor:

• Rising Treasury yields could pressure personal loan demand
• Technology Platform lost a major client (-23% accounts YoY)
• Recent equity raise created shareholder dilution
• Elevated valuation multiples require continued execution
• Management guidance assumes stable macro — any deterioration is risk

Rule of 40 Performance

SoFi achieved a Rule of 40 score of 68% in Q4 2025, calculated as:

• 37% YoY adjusted revenue growth + 31% adjusted EBITDA margin = 68%

This significantly exceeds the 40% benchmark and demonstrates the company's ability to deliver both growth and profitability.

Bottom Line

SoFi delivered a landmark Q4, crossing $1B in quarterly revenue while beating on every metric. The 30%+ growth guidance for 2026 and medium-term outlook of 38-42% EPS CAGR through 2028 represent ambitious targets, but management has consistently under-promised and over-delivered. The key question is whether the Financial Services segment and Loan Platform Business can continue their torrid growth rates as the company scales.

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For more details, see SoFi's Q4 2025 earnings transcript and full company profile.