Q1 2026 Earnings — Reported April 29, 2026 · 10th Consecutive GAAP Profitable Quarter
Record Revenue $1.1B (+43%) · EBITDA +62% · 14.7M Members · Loans +68%
SoFi delivered its 10th consecutive GAAP profitable quarter with record results across every key metric. Adjusted net revenue grew 41% to $1.1B, beating estimates by 4.76%. Adjusted EBITDA surged 62% to $340M with a 31% margin. Net income more than doubled to $167M. Record loan originations of $12.2B (+68% YoY). Members grew 35% to 14.7M with a record 1.055M new members in Q1. Stock fell ~9.6% pre-market on Technology Platform revenue decline and macro rate sensitivity concerns despite the record-breaking operational performance.
Key Metrics — Q1 2026 Actuals (Official 8-K Filing)
Adj. Net Revenue
$1.10B
+41% YoY · record
GAAP Net Revenue
$1.10B
+43% YoY · record
Adj. EBITDA
$340M
+62% YoY · 31% margin
GAAP Net Income
$167M
+2.3x YoY · 10th consec. qtr
Total Members
14.7M
+35% YoY · record
Loan Originations
$12.2B
+68% YoY · record
Diluted EPS
$0.12
vs $0.06 Q1 2025 · +100% YoY
Net Interest Margin
5.94%
Strong banking segment NIM
Total Products
22.2M
+39% YoY · 43% from existing members
Tangible Book Value/Share
$7.21
+57% YoY from $4.58 per share
Beat / Miss Matrix
Beats
Adj. Net RevenueEst. ~$1.05B$1.10B (+4.76%)
Adj. EBITDA~$280–300M est.$340M (+62% YoY)
Loan Originations—$12.2B (+68% YoY)
Personal Loan Originations—$8.3B (+51% YoY)
New Members (Q1)—1.055M · record
Lending Contribution Profit—$382.4M (+60% YoY)
Concerns
Technology Platform RevenueExpected flat/growth$75.1M (−27% YoY)
Stock ReactionBeat expected−9.59% pre-market
Large Tech Platform ClientOngoingFully transitioned off in 2025
Net Charge-Off Rate~2.0% target2.04% · on the edge
Rate Sensitivity—NIM exposure if Fed cuts rates
EPS vs. Some Ests.Some ests. $0.13–$0.14$0.12 · at consensus
P&L Summary — Q1 2026 vs Q1 2025 (Official 8-K)
Select Financial Results — Three Months Ended March 31, 2026
GAAP Net Revenue$1,104M$771.8M+43%
Net Interest Income$693.0M—Dominant driver
Fee-Based Revenue (total)$386.8M—+23% YoY
Lending Segment Revenue$642.4M—+55% YoY
Lending Contribution Profit$382.4M—+60% YoY
Financial Services Revenue$428.5M—+41% YoY
Tech Platform Revenue$75.1M—−27% YoY
Fin. Services + Tech Platform$503.6M—+24% YoY
Adj. EBITDA$340M$210M+62%
Adj. EBITDA Margin31%—Expanding
GAAP Net Income$166.7M$71.0M+135%
Diluted EPS$0.12$0.06+100%
Equity (book value)$10.8B—+$322M in Q1
Tangible Book Value / Share$7.21$4.58+57% YoY
Segment Detail & CEO Quote
Lending Segment — $642.4M (+55%)
Total Loan Originations$12.2B (+68% YoY) · record
Personal Loans$8.3B (+51% YoY) · record
Student Loans$2.6B YoY growth
Home LoansIncluded in total
Contribution Profit$382.4M (+60% YoY)
Annualized NCO Rate2.04% — manageable
Net Interest Margin5.94%
Financial Services & Tech Platform
Financial Services Revenue$428.5M (+41% YoY)
SoFi Plus relaunch (Apr 1)4.5% APY · $10/month
Jingyan AI agentStrong initial subscriber growth
Tech Platform Revenue$75.1M (−27% YoY)
Tech Platform decline reasonLarge client exited end-2025
New Tech Platform clients (Q1)13 new revenue-generating clients
SoFi Technology SolutionsNew brand — 4 platform products
"We had an excellent Q1 delivering another quarter of durable growth and strong returns, fueled by our relentless focus on innovation and brand building. We delivered record adjusted net revenue, record adjusted EBITDA, record loan originations, and record member and product growth. The health of our consumer base remains strong. We saw record loan growth in the first quarter with strong demand expected for the second quarter. Members grew 35% and more customers are choosing SoFi as their trusted partner for major financial decisions."
Anthony Noto, CEO · Q1 2026 Earnings Call, April 29, 2026
FY 2026 Guidance & Forward Targets
Management Guidance — Full Year 2026 & Q2 2026
FY 2026 Adj. Net Revenue
$4.655B
~30% YoY
FY 2026 Adj. EBITDA
~$1.6B
~34% margin
FY 2026 Adj. Net Income
~$825M
FY 2026
FY 2026 Adj. EPS
~$0.60
FY 2026
Q2 2026 Adj. Net Revenue
~30% YoY growth
Q2 2026
Q2 2026 Adj. EBITDA Margin
~30%
Q2 2026
Member Growth Target
≥30% YoY
Ongoing
GAAP Profitability
10 qtrs ✓
Ongoing
Positives & Concerns
Positives
▲10th consecutive GAAP profitable quarter — net income more than doubled to $167M (+135% YoY). The business has fully transitioned from a growth-at-all-costs fintech to a profitable financial institution with a 31% adjusted EBITDA margin expanding consistently.
▲Record loan originations of $12.2B (+68% YoY), including record personal loans of $8.3B (+51%), confirm that demand for SoFi's lending products is accelerating — not plateauing. Lending contribution profit of $382.4M (+60%) shows strong unit economics.
▲Tangible book value per share grew 57% YoY to $7.21 — a structural measure of intrinsic value accumulation. Equity grew $322M in a single quarter to $10.8B, demonstrating that retained earnings are compounding meaningfully.
▲SoFi Plus relaunch (April 1) with 4.5% APY, 1% deposit/crypto matches, and unlimited financial planning creates a subscription flywheel that improves product cross-sell and member stickiness — 43% of new products in Q1 came from existing members.
▲Brand recognition reached all-time highs: ranked #1 in J.D. Power 2026 U.S. Investor Satisfaction Study for DIY investing and #1 U.S. Bank in Forbes' World's Best Banks list — institutional validation that reduces future customer acquisition cost.
Concerns
▼Technology Platform revenue declined 27% YoY to $75.1M — driven by the loss of a large client that fully transitioned off the platform before end-2025. While 13 new clients were added in Q1, the platform revenue recovery is a multi-quarter process that creates near-term segment drag.
▼Stock fell ~9.6% pre-market despite record results — reflecting elevated investor expectations and sensitivity to the Technology Platform revenue miss. At higher valuation levels, any segment-level weakness creates outsized negative market reactions.
▼Net interest margin of 5.94% and the lending-heavy revenue mix create meaningful rate sensitivity. If the Federal Reserve cuts interest rates in H2 2026, SoFi's NIM compression could directly impact both revenue and earnings forecasts.
▼Total annualized net charge-off rate of 2.04% — while described as manageable — is at the upper end of historical guidance ranges. In a deteriorating consumer credit environment, NCO escalation is the primary balance sheet risk for SoFi's lending portfolio.
▼FY 2026 guidance of $4.655B adjusted net revenue implies significant H2 acceleration from Q1's ~$1.1B run rate. The guidance requires continued strong loan demand and Technology Platform recovery simultaneously — execution risk is meaningful if either leg underperforms.
Analyst Coverage — Post Q1 2026
Wall Street Ratings — Post April 29, 2026
| Firm / Metric | Rating | Price Target / Level | Note |
|---|
| Bull Case | Overweight / Buy | $20–25 | Full platform + diversified fintech thesis; FY26 EPS $0.60 = strong compounding |
| Consensus | Buy | ~$15–17 | Tech platform recovery + lending normalization scenario |
| Cautious | Hold / Neutral | ~$10–12 | Rate sensitivity + NCO risk; premium valuation vs. banks |
| FY 2026 EPS Guidance | Management | ~$0.60 | Adj. EPS · confirmed April 29, 2026 |
| FY 2026 Adj. EBITDA | Management | ~$1.6B | ~34% margin · Q1 already at 31% |
| Q1 2027 Revenue Target | Management | ~$1.3B | ~18% acceleration from Q1 2026's $1.1B |
Earnings Verdict
Record Everything — Tech Platform Drag Creates Buying Opportunity
SoFi's Q1 2026 was operationally exceptional across every metric that matters for a maturing fintech-bank hybrid: 10th consecutive GAAP profitable quarter, 43% revenue growth, 62% EBITDA growth, record loan originations of $12.2B, and a 57% YoY increase in tangible book value per share. The 9.6% pre-market drop reflects the Technology Platform revenue decline (−27% YoY) and macro rate sensitivity concerns — not a deterioration in the core business. The Tech Platform loss of a large client is a known, transitory event; 13 new clients were added in Q1. Management's full-year 2026 guidance of $4.655B revenue with $1.6B adj. EBITDA and ~$0.60 EPS represents a structurally compelling compounding story for a company trading at a fraction of traditional bank multiples. The key watch for Q2: whether loan demand sustains the record pace, Technology Platform revenue stabilizes, and SoFi Plus subscription conversion accelerates after the April 1 relaunch. Next earnings August 4, 2026.