SoFi Technologies, Inc. (SOFI) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights strong financial performance, including record high revenue and significant growth in tangible book value. Optimistic guidance and strategic plans for international expansion and product innovation further support a positive outlook. Despite some unclear responses, the Q&A section revealed confidence in sustained growth and strategic capital allocation, which should positively impact the stock price over the next two weeks.
Key Financial Performance
Adjusted Net Revenue (Q4 2025) $1.013 billion, up 37% year-over-year. Growth driven by strong member and product growth.
Adjusted Net Revenue (Full Year 2025) $3.6 billion, up 38% year-over-year. Growth attributed to increased contribution from capital-light, non-lending, and fee-based revenue sources.
Adjusted EBITDA (Q4 2025) $318 million, up 60% year-over-year. Margin of 31%, exceeding long-term margin goal of 30%.
Adjusted EBITDA (Full Year 2025) $1.1 billion, up 58% year-over-year. Margin of 29%, marking the first time surpassing $1 billion of EBITDA.
Net Income (Q4 2025) $174 million, margin of 17%. Earnings per share were $0.13.
Net Income (Full Year 2025) $481 million, margin of 13%. Earnings per share were $0.39, up 2.1x excluding one-time items from the prior year.
Fee-Based Revenue (Q4 2025) $443 million, up 53% year-over-year. Driven by loan platform business, referral fees, interchange revenue, and brokerage fee revenue.
Financial Services Revenue (Q4 2025) $457 million, up 78% year-over-year. Contribution margin increased to 51% from 45% last year.
Tech Platform Revenue (Q4 2025) $122 million, up 19% year-over-year. Contribution margin was 39%.
Lending Segment Revenue (Q4 2025) $486 million, up 15% year-over-year. Driven by 29% growth in net interest income.
Loan Originations (Q4 2025) $10.5 billion, up 46% year-over-year. Personal loan originations were $7.5 billion, up 43% year-over-year. Student loan originations were $1.9 billion, up 38% year-over-year. Home loan originations were $1.1 billion, nearly 2x year-over-year.
Tangible Book Value (End of 2025) $8.9 billion, up $4 billion year-over-year. Tangible book value per share increased to $7.01 from $4.47, a 57% increase.
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Operating Highlights
SoFi Pay: Launched as the first payment product leveraging blockchain technology for fast, seamless, low-cost, and safe international payments. Expanded to over 30 countries including Mexico, India, and much of Europe.
SoFi Crypto: Introduced crypto trading for consumers, allowing members to invest in dozens of tokens directly in the SoFi App. Funds are insured and earn interest.
SoFi USD Stablecoin: Launched as the first national bank-issued stablecoin on public blockchain, backed by cash in the Fed master account. Enables infrastructure for banks, fintechs, and enterprises.
SoFi Smart Card: Introduced an all-in-one card offering 5% cashback at grocery stores, real-time payment tracking, and credit score growth.
Brand Awareness: Increased unaided brand awareness to 9.6%, up 33% year-over-year, supported by partnerships with NFL MVP Josh Allen and CMA Fest.
Global Expansion: Plans to expand SoFi Pay internationally, allowing non-US users to send, receive, and hold money.
Member Growth: Added 1 million new members in Q4 2025, reaching 13.7 million total members, a 35% year-over-year increase.
Product Growth: Added 1.6 million new products in Q4 2025, totaling over 20 million products, a 37% year-over-year increase.
Revenue Growth: Achieved record adjusted net revenue of $1.013 billion in Q4 2025, up 37% year-over-year.
Loan Originations: Originated $10.5 billion in loans in Q4 2025, including $7.5 billion in personal loans, a 46% year-over-year increase.
Crypto and AI Super Cycles: Positioned to leverage crypto and AI technologies with a tech-driven culture and a large member base.
Business Banking: Plans to launch business banking in 2026, offering services like crypto trading, stablecoin as a service, and digital asset custody.
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Risk or Challenges
Macroeconomic Conditions: The company acknowledges risks and uncertainties related to macroeconomic conditions, including interest rate fluctuations, GDP growth, and unemployment rates, which could impact financial performance and strategic objectives.
Regulatory Risks: The company faces potential regulatory hurdles, particularly in the crypto space, as it expands its offerings like SoFi Pay and SoFi USD. Compliance with evolving regulations could pose challenges.
Credit Performance: There is a risk of increased charge-off rates and delinquencies in personal and student loans, which could impact profitability. The company notes a slight increase in charge-off rates and delinquency rates due to portfolio seasoning.
Competition: The company operates in a highly competitive fintech and financial services market, which could pressure margins and limit growth opportunities.
Supply Chain and Operational Risks: The company’s ambitious plans for product launches and global expansion, including SoFi Pay and SoFi USD, could face operational challenges and delays.
Market Adoption of New Products: The success of new products like SoFi USD and SoFi Pay depends on market adoption, which is uncertain and could impact revenue growth.
Funding and Capital Risks: The company raised $1.5 billion in new capital, but reliance on external funding could pose risks if market conditions change or if the cost of capital increases.
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Guidance & Outlook
Revenue Growth: For the full year 2026, SoFi expects adjusted net revenue of approximately $4.655 billion, representing a year-over-year growth of approximately 30%. For Q1 2026, adjusted net revenue is projected to be approximately $1.04 billion, a 35% year-over-year increase.
Adjusted EBITDA: SoFi projects adjusted EBITDA of approximately $1.6 billion for 2026, equating to an EBITDA margin of approximately 34%. For Q1 2026, adjusted EBITDA is expected to be approximately $300 million, with a margin of 29%.
Adjusted Net Income: The company expects adjusted net income of approximately $825 million for 2026, equating to a margin of approximately 18%. For Q1 2026, adjusted net income is projected to be approximately $160 million, with a margin of 15%.
Adjusted EPS: SoFi anticipates adjusted EPS of approximately $0.60 per share for 2026. For Q1 2026, adjusted EPS is expected to be approximately $0.12, double the $0.06 delivered in the same period last year.
Member Growth: SoFi expects to increase total members by at least 30% year-over-year in 2026.
Medium-Term Revenue and EPS Growth: From 2025 to 2028, SoFi expects to deliver compounded annual adjusted net revenue growth of at least 30% and compounded annual adjusted earnings per share growth of 38% to 42%.
Macroeconomic Assumptions: The 2026 guidance assumes an interest rate outlook consistent with the Fed funds futures, with two rate cuts leading to a 3.0% to 3.25% exit rate in 2026, real GDP growth of approximately 2.5%, and an unemployment rate in the 4.5% to 5% range.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Can you break down the consolidated guidance at the segment level?
A:Chris Lapointe provided details: For 2026, overall revenue growth is expected to be 30% year-over-year. Financial Services segment revenue is expected to grow 40% or more, Lending segment revenue by approximately 23%, and Tech Platform revenue (normalized for a large client transition) by approximately 20%. Corporate segment revenue should align with 2025 levels. Medium-term expectations include 30% annual revenue growth compounded between 2025-2028 and 38%-42% annual compounded EPS growth.
Q:Can you elaborate on the acceleration in KPI growth and whether it is sustainable?
A:Anthony Noto explained that unaided brand awareness has grown from 2% to 9.6%, with a goal to reach mid-20s. He highlighted the effectiveness of branded and performance-based advertising, celebrity partnerships, and SoFi Stadium sponsorship. He emphasized the focus on product quality to drive virality and reduce customer acquisition costs. The company has achieved consistent 30% member growth over 8 years and 40% cross-buy growth year-over-year.
Q:How do you think about originations and allocation to LPB versus other areas?
A:Chris Lapointe stated that 2025 saw record originations fueled by strong borrower demand. For 2026, total originations are expected to grow strongly year-over-year. The company has flexibility to drive capital-light fee-based revenue through the loan platform business or keep higher-returning assets on the balance sheet. The allocation will balance serving members and maximizing shareholder returns.
Q:Is deposit growth still largely coming from member deposits, and what is the recent downward beta?
A:Anthony Noto confirmed that 97% of deposits are from direct deposit customers, which are high-quality primary account relationships. The company offers competitive APY and other services. Chris Lapointe added that the downward beta has been roughly 60%-70% since the bank's launch and is expected to remain consistent.
Q:Could innovation in fintech spur more interest in demand from tech platform customers?
A:Anthony Noto noted increased interest in blockchain, stablecoins, and wallets among tech platform partners, especially in LatAm countries. He highlighted the potential for crypto and blockchain to drive growth and innovation across products, adding a new dimension of growth for the tech platform.
Q:Can you provide a capital markets update and implications for personal loan competition?
A:Chris Lapointe reported robust capital markets activity and demand, with $3.7 billion of loans transferred in Q4 2025. Personal loan originations reached a record $7.5 billion in Q4, with strong momentum expected to continue in 2026. The company plans to grow the balance sheet in double-digit billions, consistent with 2025.
Q:What is the contribution from the loan platform business in the 2026 guide?
A:Chris Lapointe stated that while specific origination volumes or LTV volumes for 2026 are not guided, the company exited 2025 with $3.65 billion in quarterly originations, annualizing to $14.5 billion. The allocation between the loan platform business and balance sheet will balance shareholder value maximization.
Q:What is the expectation for segment growth rate on the Tech Platform business?
A:Anthony Noto clarified that the 20% growth outlook for the Tech Platform is apples-to-apples without the large customer in both years. The large customer contract ended in Q4 2025, and revenue from that customer was equal to the average of the last 6 quarters.
Q:What is the long-term outlook for profitability and ROE?
A:Anthony Noto reiterated the goal of achieving 20%-30% ROE over the long term. The company prioritizes a 30% incremental EBITDA margin while continuing to invest in growth opportunities. He emphasized the importance of balancing growth and profitability.
Q:How should we think about capital allocation and appetite for M&A?
A:Chris Lapointe highlighted a strong capital position with 23% capital ratios, allowing for balance sheet growth and strategic opportunities. Anthony Noto mentioned a high bar for M&A, focusing on technology platform capabilities, international expansion, and infrastructure to accelerate growth. Organic growth remains the primary focus.
Q:Review of Unclear Management Responses
A:Management avoided providing specific guidance on origination volumes or LTV volumes for 2026, only stating general expectations. Additionally, they did not provide granular details on the Tech Platform's large customer revenue impact beyond stating it was equal to the average of the last 6 quarters.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Airlines
Full Conference
Invest
Lending segment
NFL
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SoFi Pay
SoFi USD
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area crypto
base home
card debt
compounding
cryptocurrencies
enterprise
fiat
fintechs
focus
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loan member
market opportunity
member base
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model
national
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product technology
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return moment
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service SoFi
set
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SOFI Transcript
SoFi Technologies, Inc. (SOFI) Q4 2025 Earnings Call Transcript
Positive1-30
The earnings call highlights strong financial performance, including record high revenue and significant growth in tangible book value. Optimistic guidance and strategic plans for international expansion and product innovation further support a positive outlook. Despite some unclear responses, the Q&A section revealed confidence in sustained growth and strategic capital allocation, which should positively impact the stock price over the next two weeks.
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Neutral12-3
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Neutral11-11
SoFi Technologies, Inc. (SOFI) Q3 2025 Earnings Call Transcript
Positive10-28
The earnings call highlights record high personal and home loan originations, strong net interest income, and a significant increase in deposits. Positive developments in student loan refinancing and membership growth, along with strategic focus on AI and blockchain, further bolster optimism. Despite some vague responses in the Q&A, the overall sentiment remains positive due to strong financial performance and optimistic guidance, suggesting a likely stock price increase of 2% to 8% over the next two weeks.
SOFI Slides
SOFI Report
Frequently Asked Questions
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