SoFi Revenue Hits Record $1.2 Billion as Profit Growth Cools
SoFi Technologies posted record adjusted net revenue of $1.2 billion, up 40% year over year, even as GAAP net income fell for a third straight quarter.
SoFi Technologies (SOFI) reported record adjusted net revenue of $1.2 billion for the second quarter of 2026, up 40% year over year. The figure extended a run of 37% to 41% year-over-year growth stretching back three quarters, even as the pace of profitability gains began to slow.
Adjusted EBITDA also reached a record, $357.8 million, up 44% year over year. That represented a deceleration from 62% growth in the first quarter and 60% growth in the fourth quarter of 2025, even as the dollar figure kept climbing. GAAP net income told a starker story: it fell to $156.6 million from $166.7 million in the prior quarter and $173.5 million in the quarter before that, marking three consecutive quarters of sequential decline despite the record top line.
Lending activity drove much of the growth. Total loan originations hit a record $14.8 billion, up 69% year over year and up $2.6 billion sequentially from $12.2 billion in the first quarter, a faster pace of sequential expansion than the $1.7 billion added the prior quarter. Net interest margin expanded to 5.98%, up 4 basis points sequentially, as the cost of funds fell 36 basis points year over year. Credit quality improved alongside the growth: the personal-loan annualized charge-off rate dropped to 2.62% from 3.03% in the first quarter, and the student-loan charge-off rate eased to 61 basis points from 65.
Member growth held at 35% year over year for a third straight quarter, reaching 15.8 million members, while product growth accelerated to 42% from 39% in the prior quarter. Cross-buy, the share of new products opened by existing members, jumped to 51% from 43% in the first quarter and 40% in the fourth quarter of 2025, an 11-point move over two quarters. For the first time, SoFi added twice as many new products, 2.2 million, as new members, 1.1 million, in a single quarter. Fee-based revenue reached $472.3 million, or 39% of total revenue, up 22% sequentially.
Not every segment kept pace. Technology Platform revenue fell 23% year over year to $84.5 million after a large client fully transitioned off the platform before the end of 2025, though revenue rose 13% sequentially and enabled accounts grew 2 million sequentially after falling 16% year over year, pointing to stabilization following the client loss. Contribution margin in that segment compressed to 14% from 30% a year earlier. The Financial Services segment posted 13% contribution-profit growth but saw its contribution margin narrow to 46% from 52%.
SoFi raised its full-year 2026 adjusted net revenue guidance to a range of $4.75 billion to $4.85 billion, implying growth of 32% to 35%, while holding adjusted EBITDA guidance at roughly $1.6 billion and adjusted net income guidance at about $825 million. The company's Rule of 40 streak reached 19 consecutive quarters, though its composite score slipped to 70 from 72 in the first quarter.
SoFi Plus, relaunched during the quarter as a paid subscription model, surpassed 200,000 paid subscribers.