SAN FRANCISCO, April 29, 2026, 04:09 PDT
- SoFi reported record first-quarter net revenue of $1.1 billion and net income of $166.7 million as loan demand and member growth hit new highs. (SoFi)
- The report gives investors a fresh test after a sharp 2026 pullback, valuation concerns and a short-seller dispute put the fintech under heavier scrutiny. (24/7 Wall St.)
- Options traders had braced for a 10.55% move in SoFi shares after the report, above the stock’s recent average post-earnings swing. (TipRanks)
SoFi Technologies reported record first-quarter revenue on Wednesday, with profit more than doubling from a year earlier, giving the digital bank a stronger-than-expected growth print at a time when investors have been questioning how much execution is already priced into the stock. (SoFi)
The San Francisco-based firm said GAAP net revenue rose 43% to $1.10 billion in the quarter ended March 31. Adjusted net revenue, a company measure that strips out some items, rose 41% to $1.087 billion, while diluted earnings per share doubled to 12 cents. (SoFi)
That matters now because SoFi’s stock had already given back a large part of last year’s run. 24/7 Wall St. said on Tuesday the shares were down 28.34% year to date and put a $19 price target on the stock with a hold view, saying the valuation left limited room for error. (24/7 Wall St.)
The quarter also arrived after Muddy Waters Research took a short position in March and alleged SoFi had at least $312 million of unrecorded debt. SoFi called the report “factually inaccurate and misleading” and said it could consider legal action, Reuters reported. (Reuters)
Chief Executive Anthony Noto called it an “excellent Q1,” saying member growth and product growth showed that more customers were using SoFi for major financial decisions as well as day-to-day money needs. Members rose 35% to 14.7 million, while products climbed 39% to 22.2 million. (SoFi)
Loan originations reached $12.2 billion, up 68% from a year earlier. Personal loans accounted for $8.34 billion, student loans for $2.61 billion and home loans for $1.22 billion, showing SoFi is still leaning hard on lending even as it builds more fee and banking revenue. (SoFi)
Adjusted EBITDA — earnings before interest, taxes, depreciation and amortization, with certain items excluded — rose 62% to $339.9 million. SoFi said its adjusted EBITDA margin was 31%, a sign that revenue growth again outpaced operating costs. (SoFi)
The funding picture also improved. Net interest income rose 39% to $693.0 million, and net interest margin, the spread between what a lender earns on assets and pays for funding, increased to 5.94% from the prior quarter. Deposits grew by $2.7 billion to $40.2 billion. (SoFi)
Not every line moved in the same direction. The Technology Platform segment, which includes SoFi’s Galileo business, posted a 27% drop in net revenue to $75.1 million because of a large client that had already moved off the platform. Lending net revenue rose 55% to $642.4 million, while Financial Services revenue climbed 41% to $428.5 million. (SoFi)
The fintech backdrop remains uneven. Robinhood shares were under pressure in premarket trading after weaker crypto-trading revenue, Barron’s reported, a reminder that app-based finance names are still being judged on how much of their growth is durable and how much depends on markets, trading or credit cycles. (Barron’s)
SoFi kept its full-year outlook, saying it expects 2026 adjusted net revenue of about $4.655 billion, adjusted EBITDA of about $1.6 billion and adjusted EPS of about 60 cents. For the second quarter, management expects adjusted net revenue growth of about 30%. (SoFi)
The risk is that strong growth may not settle the argument. Personal loan losses, the tech platform’s client transition and the short-seller allegations remain live questions for investors, even if the quarter showed no break in customer growth. Fortune reported that Mizuho analyst Don Dolev said the Muddy Waters report had “an impressive amount of detail and analysis” but misunderstood or mischaracterized key facts. (Fortune)
The next test comes on the earnings call at 8 a.m. Eastern time. Investors will likely press management on credit performance, deposit costs, loan sales and how quickly newer areas such as digital assets can add revenue without adding more volatility. (SoFi)
