SoFi Technologies (NASDAQ:SOFI) reported third-quarter 2026 results marked by accelerating revenue growth, record profitability metrics and continued expansion in members and products, while raising its full-year outlook and providing preliminary 2027 guidance.
Chief Executive Officer Anthony Noto said adjusted net revenue reached $1.4 billion, up 44% from the prior-year quarter, while adjusted earnings per share were $0.18. The company added a record 1.2 million members during the quarter, ending with 17.1 million members, up 35% year over year. Total products rose 44% to 26.7 million, including a record 2.2 million net product additions.
“The third quarter demonstrated the continued strength of our strategy,” Noto said, pointing to a Rule of 40 score of 79, based on 44% revenue growth and a 34% adjusted EBITDA margin. SoFi said it has exceeded the Rule of 40 threshold for 20 consecutive quarters.
Guidance Raised for 2026, Initial 2027 Outlook Issued
SoFi increased its full-year 2026 guidance, now expecting adjusted net revenue of $5.04 billion, representing 40% year-over-year growth. That compares with its previous outlook of $4.75 billion to $4.85 billion. The company forecast adjusted EBITDA of $1.66 billion, implying a 33% margin, adjusted net income of $840 million and adjusted EPS of $0.61.
For the fourth quarter, SoFi expects approximately $1.375 billion in adjusted net revenue, $492 million in adjusted EBITDA, $276 million in adjusted net income and adjusted EPS of $0.19.
The company also introduced preliminary 2027 guidance for adjusted net revenue of $6.4 billion, up 27% year over year. It expects adjusted EBITDA of $2.24 billion, representing an approximately 35% margin, as well as adjusted net income of $1.28 billion, a roughly 20% net-income margin, and adjusted EPS of $0.90.
Chief Financial Officer Chris Lapointe said the 2027 outlook assumes two rate hikes during the year and a 24% effective tax rate. He said the company expects lending revenue to grow 25% in 2027, financial services revenue to rise 35%, and technology platform revenue to return to 25% growth.
Members, Products and Revenue Per Product Drive Results
Noto said SoFi will increasingly frame its performance around three metrics: members, products per member and revenue per product. Products per member increased to approximately 1.56 from 1.47 a year earlier, while 51% of new products opened during the quarter were opened by existing members. The company said 37% of members now use two or more products, compared with 33% a year ago.
Adjusted EBITDA reached a record $470 million, up 70% year over year, while adjusted net income increased 74% to a record $243 million. Fee-based revenue totaled $571 million, or 42% of overall revenue, compared with 39% in the preceding quarter.
SoFi’s lending segment generated about $807 million in adjusted net revenue. Lending net interest income increased to $670 million, and consolidated net interest margin rose 16 basis points sequentially to 6.14%. Total loan originations reached a record $16.9 billion, including $12.6 billion in personal loans, $2.9 billion in student loans and $1.4 billion in home loans.
The Loan Platform Business originated approximately $3.8 billion of loans for partners, producing $153 million in revenue from originations, referrals and servicing. Lapointe said the company does not intend to manage to a fixed mix between balance-sheet lending and Loan Platform Business activity, instead allocating originations based on risk-adjusted returns, market conditions and partner demand.
SoFi reported that its core personal loan product generated an approximately 7.6% risk-adjusted margin in the quarter. The company’s all-in annualized personal-loan net charge-off rate was արվել 3.4%, excluding the effect of delinquent loan sales, down about 80 basis points from a year earlier.
Financial Services Growth and Technology Platform Transition
Financial Services revenue increased 25% year over year to approximately $525 million, while products in the segment rose 44% to 23.2 million. SoFi Money and Relay each surpassed 8 million products, while Invest products rose 37% to more than 4 million. Credit card products climbed 67% to about 656,000.
Annualized financial services revenue per product increased to approximately $90 from $88 in the second quarter. The company cited stronger monetization from credit cards and SoFi Crypto, along with deposits, spending, brokerage activity, lending referrals and subscriptions.
SoFi ended the quarter with more than 500,000 SoFi Crypto products and approximately 275,000 SoFi Plus subscribers. Noto said the company remains focused on reaching more than 1 million SoFi Plus members by the end of 2027, although third-quarter growth was affected by changes the company made in response to “nefarious actors.” He said growth had reaccelerated in the fourth quarter.
Technology platform revenue was $87 million, down year over year due primarily to the transition of a large client. Excluding that client’s revenue in both periods, the segment grew 18%. The company added nine technology platform clients year to date and said it remains confident it can return the segment to 25% growth in a steady state.
Capital Position and Longer-Term Targets
Total deposits rose $5.8 billion during the quarter to $51.3 billion, while total assets increased $6.8 billion. SoFi reported a total capital ratio of 17%, above the 10.5% regulatory minimum. Lapointe said the company’s existing capital and expected organic capital generation are sufficient to fund its 2027 plan without raising additional capital.
SoFi generated $1.4 billion in cash revenue during the quarter, including $927 million in net interest income. The company reported $9.7 billion in tangible book value, up $2.5 billion from a year earlier, and tangible book value per share of $7.48, up 25% year over year.
Looking further ahead, Noto reiterated SoFi’s objective of reaching 100 million products by the end of 2030, roughly four times its current total. The company also outlined ambitions for five businesses generating at least $1 billion in revenue, five generating at least $500 million and another five generating at least $100 million.
About SoFi Technologies (NASDAQ:SOFI)
SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.
SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.
