SoFi Technologies NASDAQ: SOFI reported first-quarter 2026 results that management said reflected accelerating growth, expanding profitability, and continued member and product momentum, while also providing a detailed look at how the company is thinking about “cash revenue” and the balance between holding loans on its balance sheet versus distributing them through its Loan Platform Business (LPB).
First-quarter financial performance and “cash revenue” disclosure
CEO Anthony Noto said SoFi delivered its “18th consecutive quarter of the Rule of 40,” posting a score of 72 based on 41% revenue growth and 31% EBITDA margins. Adjusted net revenue came in at $1.1 billion, up 41% year-over-year, while adjusted EBITDA rose 62% to $340 million. Net income was $167 million, representing a 15% margin, and earnings per share were $0.12 (or $0.13 on a constant stock price basis, according to management).
A key theme of the call was the company’s first-time disclosure of “cash revenue.” Noto said SoFi generated more than $1 billion in cash revenue in the quarter, consisting of roughly $690 million of cash revenue from net interest income and about $390 million from interchange fees, brokerage fees, technology and loan platform fees, and loan origination fees. CFO Chris Lapointe emphasized that cash revenue was “nearly equivalent” to reported adjusted net revenue in the quarter and said SoFi is highlighting it because of differing accounting treatments across companies.
Lapointe added that in 2024 and 2025, 100% of adjusted net revenue was cash revenue, attributing this to the “scale and seasoning” of SoFi’s loan portfolio and the way fair value accounting effects balance out over time.
Member and product growth, plus brand recognition
SoFi reported 1.1 million new members in Q1, bringing total members to 14.7 million, up 35% year-over-year, according to Noto. The company also added a record 1.8 million products in the quarter, lifting total products to 22.2 million, up 39% year-over-year. Noto said 43% of new products were opened by existing members, up from 40% in the prior quarter and 36% in the year-ago period.
Noto also highlighted third-party recognition, including SoFi ranking No. 1 in the J.D. Power 2026 U.S. Investor Satisfaction Study for do-it-yourself investing and being named the No. 1 U.S. bank by Forbes in its World’s Best Banks ranking. He said unaided brand awareness rose to an all-time high of 10%, up 300 basis points from a year earlier.
Lending strength, record originations, and LPB strategy
SoFi’s lending segment produced $629 million of adjusted net revenue, up 53% year-over-year, according to management. Noto said total loan originations were a quarterly record at $12.2 billion, including $9.2 billion for the lending segment and $3 billion for LPB.
By product, the company reported record originations across personal, student, and home loans:
- Personal loans: $8.3 billion
- Student loans: $2.6 billion (up 2.2x year-over-year)
- Home loans: $1.2 billion (up 2.4x year-over-year)
In Q&A, Noto explained the company’s decision-making process for allocating personal loans between the balance sheet and LPB, describing it as a trade-off between capital usage and credit risk versus upfront, capital-light fee income. “I wouldn’t think about it as maximizing near-term revenue,” Noto said, calling it “a balance between near-term and longer-term revenue.” Lapointe added that in Q1 the company placed about $5.4 billion of personal loans on its balance sheet and approximately $3 billion through LPB, noting the decision was influenced by strong capital ratios.
Lapointe said the company added $3.6 billion of new LPB commitments with three new partners, including “a leading global bank, a prominent insurance group, and a top five global private asset management firm.” He described demand from capital partners as “extremely robust,” adding that SoFi has seen partners extend contracts when they come up for renewal.
Credit metrics, capital markets activity, and balance sheet trends
Management said credit performance remained strong and in line with expectations. Lapointe reported that personal loan borrowers had a weighted average income of $154,000 and weighted average FICO score of 745, while student loan borrowers had weighted average income of $161,000 and weighted average FICO score of 767.
For personal loans, the estimated all-in annualized net charge-off rate excluding delinquent loan sales was 4.4%, flat sequentially and down about 40 basis points from Q1 2025. Including delinquent loan sales, the net charge-off rate was 3.03%. The on-balance sheet 90-day delinquency rate for personal loans was 47 basis points, down 5 basis points from the prior quarter. For student loans, the annualized charge-off rate was 65 basis points, and the 90-day delinquency rate was 10 basis points.
SoFi also detailed capital markets activity during the quarter, including selling or transferring $3.8 billion of personal and home loans via loan sales and LPB. In home loan sales, Lapointe said the company closed $765 million at a blended execution of 102.1%. The company also completed a $919 million securitization of loans originated on behalf of LPB partners, which Lapointe said achieved the firm’s “best execution” to date with a weighted average spread of 86 basis points.
On the balance sheet, Lapointe said total assets rose $3 billion in the quarter, driven by $4.1 billion of loan growth. Deposits increased $2.7 billion to $40.2 billion. Net interest margin was 5.94%, up 22 basis points sequentially, and Lapointe said the company expects net interest margin “above 5% for the foreseeable future.” SoFi’s total capital ratio was 21%, which Lapointe said was well above the regulatory minimum of 10.5%.
Product and platform initiatives: stablecoin, business banking, and tech rebrand
Noto highlighted crypto-related initiatives, including SoFiUSD, which he said made SoFi “the first national bank to launch its own stablecoin on a public permissionless blockchain.” He said the company began minting SoFiUSD in Q1 and announced a partnership with Mastercard to enable SoFiUSD settlement across Mastercard’s global payments network.
He also said SoFi officially launched “big business banking” earlier in April, offering business deposit accounts, API-driven real-time payments, and fiat/crypto conversion through SoFiUSD mint and burn capabilities, starting with crypto and crypto-adjacent companies.
Within the technology platform, Noto said SoFi will roll out a unified brand later this year: SoFi Technology Solutions. He outlined four platform areas—processing, core banking ledgers and services, Payment Hub, and risk and fraud—and said the company expects to complete implementation of its new core platform with SoFi Bank this summer. Lapointe reported tech platform net revenue of $75 million, which he said reflected the loss of a large client that transitioned off the platform before year-end.
Looking ahead, Lapointe guided for Q2 2026 adjusted net revenue of roughly $1.115 billion (about 30% growth year-over-year), adjusted EBITDA margin of approximately 30% (about $330 million), and adjusted net income margin of 12% to 13%, equating to $0.10 to $0.11 in EPS. He said the outlook assumes an interest rate path consistent with Fed funds futures and “no rate cuts in 2026,” and noted seasonal payroll taxes and accelerated marketing expenses in the first half of the year.
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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