SoFi Technologies (NASDAQ:SOFI) executives highlighted record quarterly revenue, member growth, and profitability in the company’s fourth-quarter and full-year 2025 earnings call, while outlining an outlook for continued expansion in 2026 and ambitious medium-term growth targets. CEO Anthony Noto and CFO Chris Lapointe emphasized SoFi’s “one-stop-shop” strategy, rising fee-based revenue, and a strengthened capital position that management said provides significant flexibility for growth initiatives.
Record member growth and first $1 billion revenue quarter
Noto said SoFi added a record 1 million members in the fourth quarter, bringing total members to 13.7 million, up 35% year-over-year. The company also added a record 1.6 million products in the quarter, lifting total products to more than 20 million, up 37% year-over-year. Cross-buy remained a key focus, with management noting that 40% of new products were opened by existing members, a rate that increased by 7 percentage points over the past year.
Profitability milestones and growing fee-based revenue mix
Lapointe said adjusted EBITDA was $318 million in the fourth quarter, up 60% year-over-year, with an adjusted EBITDA margin of 31%. Net income in the quarter was $174 million, a 17% margin, and earnings per share were $0.13. For the full year 2025, adjusted EBITDA was $1.1 billion, up 58% year-over-year, with a 29% margin; net income was $481 million, a 13% margin, and EPS was $0.39. Lapointe noted the fourth quarter was SoFi’s ninth consecutive profitable quarter.
Management repeatedly pointed to a shift toward more capital-light and fee-based revenue. Noto said quarterly total fee-based revenue hit a record $443 million, up more than 50% from the prior year; Lapointe put the year-over-year increase at 53%. Executives cited contributions from the Loan Platform Business (LPB), referral fees, interchange revenue, and brokerage fee revenue.
In the fourth quarter, SoFi’s financial services and technology platform segments combined generated $579 million of revenue, up 61% year-over-year and representing 57% of total revenue, Noto said.
Segment performance: financial services, LPB, tech platform, and lending
Financial services revenue for 2025 exceeded $1.5 billion, up 88% from the prior year, Lapointe said. In the fourth quarter, financial services net revenue was $457 million, up 78% year-over-year. Contribution profit was $231 million with a contribution margin of 51%, up from 45% in the prior year period. Lapointe said annualized financial services revenue per product was $104 in the fourth quarter, up from $81 a year ago.
SoFi’s Loan Platform Business was described as a major driver of fee-based growth. Lapointe said LPB generated $194 million of adjusted net revenue in the fourth quarter—an annualized pace of $775 million—nearly three times higher than the same period last year. The company exited 2025 at about $14.5 billion in annualized LPB originations, and executives said they continue to see strong demand from existing and new partners, including a newly signed partner and several others in “final term sheet stages.”
The tech platform business posted net revenue of $122 million in the fourth quarter, up 19% year-over-year, with contribution profit of $48 million and a 39% contribution margin. Lapointe noted this included remaining revenue earned from a large client that fully transitioned off the platform prior to year-end; later in the Q&A, management said the company assumes no revenue from that client in 2026.
In lending, adjusted net revenue was $486 million in the fourth quarter, up 15% year-over-year, while full-year lending adjusted net revenue exceeded $1.8 billion, up 24% year-over-year. Lapointe said fourth-quarter net interest income in lending increased 29% year-over-year to $445 million.
Originations, credit trends, and capital markets activity
Total fourth-quarter loan originations were a record $10.5 billion, up 46% year-over-year, according to Lapointe, including $7.5 billion in personal loans, $1.9 billion in student loans, and a record $1.1 billion in home loans (nearly double year-over-year). Noto said SoFi originated more than $36 billion of loans in 2025 and highlighted record combined originations including LPB activity.
Lapointe described capital markets activity as “very strong” in the quarter. The company sold and transferred $4.5 billion of personal and home loans through LPB, executed a $692 million home loan sale at a blended execution of 102.3%, and completed a $463 million securitization of LPB-originated loans with a weighted average spread of 101 basis points. Executives also discussed selling $90 million of late-stage delinquent personal loans, citing improved recoveries and continued servicing.
On credit performance, management said results remained in line with expectations. Lapointe said SoFi’s personal loan borrowers had weighted average income of $158,000 and weighted average FICO of 746, and student loan borrowers had weighted average income of $149,000 and weighted average FICO of 765. The annualized personal loan charge-off rate was 280 basis points, up 20 basis points sequentially but down more than 50 basis points year-over-year. Lapointe attributed the sequential increase to portfolio mix and seasoning due to retaining fewer new loans on the balance sheet amid increased LPB activity, rather than credit deterioration.
Crypto initiatives, new products, and 2026 guidance
Noto detailed several crypto-related launches following regulatory developments, including SoFi Pay (a blockchain-based international payments product expanded to more than 30 countries), SoFi Crypto (allowing members to invest in “dozens of tokens” in-app), and the launch of SoFi USD, which he said made SoFi the first national bank to issue a stablecoin on a public permissionless blockchain. Noto said SoFi USD would be backed by cash in the company’s Fed master account and could position SoFi as an “infrastructure provider” for banks, fintechs, and enterprise platforms. He also outlined future plans, including secured lending by cryptocurrencies, institutional trading, correspondent payments, and settlement via stablecoins, as well as a business banking offering planned to begin launching in 2026.
SoFi also launched the SoFi Smart Card in the fourth quarter, which management described as an all-in-one card and account that sets aside purchase amounts in real time and offers unlimited 5% cash back at grocery stores, while helping members build credit scores.
For 2026, Lapointe guided to:
- Member growth: at least 30% year-over-year
- Adjusted net revenue: approximately $4.655 billion (about 30% growth)
- Adjusted EBITDA: approximately $1.6 billion (about a 34% margin)
- Adjusted net income: approximately $825 million (about an 18% margin)
- Adjusted EPS: approximately $0.60
For the first quarter of 2026, the company expects adjusted net revenue of about $1.04 billion, adjusted EBITDA of about $300 million, adjusted net income of about $160 million, and adjusted EPS of about $0.12. Lapointe said the outlook assumes two rate cuts to a 3.0%–3.25% Fed funds exit rate in 2026, real GDP growth of about 2.5%, and unemployment of 4.5%–5%.
In Q&A, management also provided segment growth expectations for 2026: financial services revenue growth of 40% or more, lending revenue growth of approximately 23%, and tech platform revenue growth of approximately 20% when normalized for the loss of the large client. Executives reiterated medium-term targets of at least 30% compounded annual adjusted net revenue growth from 2025 to 2028 and 38%–42% compounded annual adjusted EPS growth over the same period.
On capital allocation, executives said SoFi raised $3.2 billion of new capital in 2025, including a $1.5 billion common equity raise in December. Lapointe said SoFi ended the quarter with total deposits of $37.5 billion and total company-wide cash of $5.4 billion, while remaining “very well capitalized” with a total capital ratio of 22.9%. Noto said the bar for M&A remains “really high,” but pointed to potential interest in acquisitions that could accelerate technology platform capabilities, international expansion, and certain processing capabilities, if priced attractively versus building internally.
About SoFi Technologies (NASDAQ:SOFI)
SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.
SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.
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