SoFi Technologies capped 2025 with its first-ever billion-dollar quarter, a symbolic and strategic milestone that underscores how far the digital bank has come in broadening beyond its lending roots. Released on January 30, 2026, the company’s fourth-quarter scorecard tightened the operating screws across revenue, profitability, and user growth, while also laying out an ambitious—but internally consistent—guide for 2026.
The headline numbers
Adjusted net revenue in Q4 2025 landed at roughly $1.013 billion, up 37% year over year, with adjusted EBITDA of about $318 million—a 60% jump—translating to a 31% adjusted EBITDA margin. GAAP net income registered $173.5 million (diluted EPS $0.13), marking the company’s ninth straight GAAP-profitable quarter. Full-year 2025 adjusted net revenue reached $3.59 billion and adjusted EBITDA $1.05 billion, reflecting consistent operating leverage throughout the year.
Beneath the consolidated lines, the fee-based revenue engine—the heart of SoFi’s diversification thesis—accelerated. Q4 fee-based revenue climbed to $443 million, up 53% year over year, powered by the Loan Platform Business (LPB), interchange, brokerage and technology-services contributions. Management highlighted an implied annualized run-rate near $1.8 billion for fee-based revenue, signaling deeper mix-shift resilience should lending cycles turn.
Engagement flywheel: more members, more products, more cross-buy
User momentum remains a key differentiator. SoFi added a record ~1.0 million new members in the quarter, taking total members to 13.7 million (+35% y/y). Total products climbed to 20.2 million (+37% y/y). Importantly, ~40% of new products were opened by existing members, up nearly 7 percentage points year over year—evidence that the “one-stop shop” strategy is pushing deeper wallet share rather than just widening the funnel.
That engagement shows up in unit economics: the more members adopt deposit, invest, card and now crypto functionality, the lower SoFi’s blended customer acquisition costs and the higher the lifetime value. The FSPL (Financial Services Productivity Loop) is working as intended—membership growth feeds product adoption, which in turn drives lower funding costs and higher contribution margins.
Lending: scale, funding mix, and credit
Lending stayed robust without outrunning risk. Total originations hit a record ~$10.5 billion in Q4 (+46% y/y) with personal loans at $7.5B (+43%), student loans $1.9B (+38%), and home loans ~$1.1B (nearly 2x y/y). Net interest income increased 31% y/y to ~$617 million, supported by a 35% rise in average interest-earning assets and a 50 bpsdecline in cost of funds; net interest margin printed 5.72%.
On funding, SoFi continues to benefit from its bank charter and deposit remixing. The average rate paid on deposits was 181 bps lower than warehouse funding in Q4, a spread that management quantifies as roughly $680 million of annualized interest-expense savings. The firm also used proceeds from a public offering to fully pay down warehouse lines during the quarter, strengthening the balance sheet into 2026.
Credit metrics remained within expectations. For Q4, personal-loan charge-offs were 2.80% versus 3.37% a year ago; across the broader book, management reiterated a 7–8% maximum cumulative net loss tolerance on personal loans, with recent vintages tracking comfortably below the 2017 cohort at comparable seasoning. That cushion matters if labor markets cool or if consumer delinquencies re-accelerate from current levels.
The fee-based flywheel: LPB, interchange, brokerage, tech services
If 2023–2024 were about proving that non-lending businesses could matter, 2025 was about making them count. In Q4, fee-based revenue rose to $443 million, with the Loan Platform Business generating ~$194 million in adjusted net revenue—~3x the prior-year level—on an annualized pace of ~$15B originations and ~$775 million of high-margin revenue. That scale, together with increasing interchange and brokerage take, is pushing consolidated margins higher even as SoFi invests in brand and product expansion.
Beyond the headline numbers, there are two quiet but meaningful implications. First, fee-based growth dampens earnings volatility by leaning less on spread income and more on activity-driven flows. Second, the expanding third-party origination platform positions SoFi as infrastructure, not merely a direct-to-consumer brand. In practical terms, that means more ways to monetize a consumer or partner relationship even when credit cycles wobble.
New vectors: crypto and payments, with bank-grade guardrails
SoFi quietly turned a strategic corner in Q4 by becoming the first nationally chartered bank to launch consumer crypto trading and its own SoFiUSD stablecoin, alongside blockchain-powered international remittances across 30+ countries. The point here isn’t speculative revenue; it’s feature-depth. By integrating low-cost, programmable money rails under a chartered bank umbrella, SoFi aims to improve money movement, keep users in-ecosystem, and eventually monetize via interchange, spreads, and premium services—without sacrificing compliance or risk standards.
It is early days, but the roadmap fits SoFi’s long-held thesis: broaden the financial hub, deepen daily engagement, and use those interactions to lower funding costs and raise monetization per user. If executed with prudent controls, crypto-adjacent payments can be less about asset price exposure and more about better throughput, lower friction, and stickier deposits.
Capital & profitability: cushions for the next leg
SoFi exited Q4 with strengthened regulatory capital ratios and a larger equity base after raising capital during the quarter. Tangible book value per share increased meaningfully year over year, and management emphasized that all three segments delivered strong contribution profit at attractive margins. With nine straight GAAP-profitable quarters, the company now has the freedom to prioritize mix-improving growth and selective reinvestment while compounding operating leverage.
The balance-sheet clean-up—paying down warehouse lines and remixing toward low-cost deposits—also gives SoFi room to navigate macro cross-currents. Should the rate environment normalize in 2026, deposit betas will matter, but so will the breadth of fee income and the ability to securitize or distribute loans at attractive levels. The current posture suggests management is preparing for both growth and resilience.
2026 guidance and the medium-term arc
For 2026, management guides to ~$4.655 billion in adjusted net revenue (roughly 30% growth), ~$1.6 billion in adjusted EBITDA (about 34% margin), and ~$825 million in adjusted net income (about 18% margin). The medium-term outlook calls for ≥30% CAGR in adjusted net revenue and ~38–42% CAGR in adjusted EPS from 2025 to 2028, assumptions that exclude major M&A and assume no sharp macro shock. The bar is high—but notably, it’s set atop a base that now includes fee-based momentum and structurally lower funding costs.
Investors should read the guide less as a victory lap and more as a capacity statement. It implies continued scaling of LPB, steady cross-sell on the consumer side, and sustained discipline on credit and cost of funds. The path is narrow—consumer credit cycles and deposit dynamics can shift quickly—but the levers are clearer than they were two years ago.
How to frame the stock from here
With the “$1B quarter” badge earned, the debate pivots to durability: can SoFi keep compounding fee-based revenue, protect credit quality through a late-cycle patch, and maintain funding cost advantages as deposit betas evolve? If management executes even close to plan, 2026 math implies material operating cash generation and optionality for further balance-sheet de-risking or targeted growth investment. Conversely, any negative surprise on consumer credit, deposit growth, or regulatory posture around crypto rails would dent the margin expansion narrative just as it’s inflecting.
The strategic setup isn’t risk-free, but it is considerably stronger than it was during SoFi’s SPAC-era adolescence. The company has a bank charter, a scaled deposit base, multiple fee engines, and a growing infrastructure business alongside consumer finance. That is a sturdier stool—one that should, over time, compress volatility and improve quality of earnings.
Bottom line
SoFi’s Q4 2025 print validates the multi-year transition from mono-line lender to diversified, deposit-funded financial platform. The company is leaning into engagement (more members, more products), monetization (fee-based growth), and efficiency (lower funding costs, higher margins) all at once. The 2026 guide is assertive, but it no longer feels theoretical; it’s grounded in operating metrics that scaled meaningfully in 2025. Execution risk remains, yet the flywheel is turning—and it’s turning faster.
FAQ
What exactly crossed $1 billion—GAAP or adjusted revenue?
Adjusted net revenue topped ~$1.013 billion in Q4; GAAP total net revenue was about $1.025 billion. Adjusted EBITDA was ~$318 million.
Is SoFi still GAAP-profitable?
Yes. Q4 2025 marked the ninth consecutive GAAP-profitable quarter, with GAAP net income of ~$173.5 million and diluted EPS of $0.13.
Where did the biggest growth come from?
Fee-based revenue rose ~53% to ~$443 million, led by the Loan Platform Business, interchange, brokerage, and tech services, while lending originations also hit record levels.
What’s the 2026 outlook?
Management guides to ~$4.655B adjusted net revenue, ~$1.6B adjusted EBITDA (~34% margin), and ~$825M adjusted net income (~18% margin). Medium-term, SoFi targets ≥30% revenue CAGR and ~38–42% adjusted EPS CAGR through 2028.
How risky are credit trends?
Personal-loan charge-offs improved year over year and recent cohorts are pacing below the stress-case tolerance, but consumer credit is cyclical; a labor-market shock would pressure loss rates and funding spreads.
Disclaimer
This article is for informational purposes only and does not constitute investment advice, an offer, solicitation, or recommendation to buy or sell any security. Investing in equities involves risk, including possible loss of principal. Do your own research, consider your financial circumstances and risk tolerance, and consult a licensed financial advisor before making investment decisions. All figures referenced are based on the company’s reported results for the quarter and fiscal year ended December 31, 2025, and on management’s public guidance for 2026, as of January 30, 2026. Past performance is not indicative of future results.
