SoFi Raises 2026 Revenue Forecast to $5.04 Billion After 44% Quarterly Growth
Key Facts
SoFi raised its 2026 adjusted net revenue forecast to $5.04 billion, equivalent to annual growth of 40%, after reporting third-quarter results on October 27 for the period ended September 30. The company said GAAP net revenue was $1.385 billion, up 44% from $961.6 million a year earlier, while net income rose 73% to about $241 million. Results topped analyst estimates, with quarterly revenue of $1.39 billion versus an estimate of $1.25 billion. The new 2026 guidance also exceeded analysts’ consensus of $4.88 billion. The stock rose 6.22% in premarket trading after the results were announced.
On the company’s adjusted basis, net revenue was $1.371 billion, compared with $949.6 million in the third quarter of the previous year. Adjusted earnings before interest, taxes, depreciation and amortization rose 70% to $469.8 million from $276.9 million, with a margin of 34%. GAAP net income was about $241 million, while diluted earnings per share on the same basis rose to $0.18 from $0.11, an increase of 64%. These figures distinguish GAAP results from the adjusted measures the company uses to present its performance. SoFi estimated adjusted revenue for the current year at $5.04 billion, with adjusted earnings before interest, taxes, depreciation and amortization of $1.66 billion, net income of $840 million and earnings per share of $0.61.
Lending was a key driver of activity, with loan originations reaching a record $16.9 billion in the quarter. Lending products rose 39% year over year to 3.4 million, while the company described credit performance as strong and in line with expectations. The loan platform contributed $153.4 million to consolidated adjusted net revenue, of which $151.2 million was tied to $3.8 billion in loans originated for third parties and referrals to them. Fee-based revenue totaled $570.6 million, or 42% of total quarterly revenue, up 21% from the previous quarter. The company said net interest income rose 59% year over year to $929.5 million, driven by a 51% increase in average interest-earning assets and a 38-basis-point decline in the cost of funds; net interest margin was 6.14%.
SoFi’s segments posted mixed performance: financial services revenue rose 25% year over year to $525.1 million. Interest income in the segment increased 38% to $281.3 million, while non-interest income rose 13% to $243.8 million, with the company citing a contribution from growth in consumer deposits. By contrast, technology platform revenue declined. SoFi said revenue would have risen 18% year over year if the impact of a large client transitioning entirely off the platform before December 31, 2025, were excluded. The number of accounts supported by the platform fell 11% to 140 million, also affected by that client’s departure. The comparison highlights the reliance of financial services growth on broader banking activity alongside a shrinking account base on the technology platform.
The company expanded its user base alongside growth in loans and revenue, adding a record 1.2 million members in the quarter to bring the total up 35% year over year to 17.1 million. The number of products rose 44% to 26.7 million. Average products per member reached 1.56, compared with 1.47 a year earlier, while existing members opened 51% of new products. Chief Executive Anthony Noto said: "We are adding more members, who use more products and generate more revenue per product." The company added that it has 8 businesses each generating more than $100 million in revenue on an annualized basis.
SoFi provided an initial outlook for 2027 that includes adjusted net revenue of about $6.4 billion, with expected growth of about 27%. The forecast includes adjusted earnings before interest, taxes, depreciation and amortization of $2.24 billion, net income of $1.28 billion and earnings per share of $0.90. For 2026, the company expects total member growth of at least 30% compared with the previous year. Over a longer horizon, it plans to reach 100 million products by 2030 and expand 5 businesses so that each generates more than $1 billion in revenue. These targets link product-base growth with the company’s path to higher revenue in the coming years.