SoFi Technologies, Inc.

Q2 adjusted net revenue increased 40% year over year to $1.2 billion. Adjusted EBITDA was $358 million, up 44% year over year, with a 30% margin; adjusted net income was $160 million and adjusted EPS was $0.12, which included about a $0.05 tax-rate headwind. Cash revenue was $1.2 billion, marking the third straight quarter above $1 billion. Lending adjusted net revenue was a record $712 million; total loan originations were a record $14.8 billion, including $10.7 billion of personal loans, $2.7 billion of student loans, and $1.4 billion of home loans. Full-year 2026 guidance is adjusted net revenue of $4.75 billion to $4.85 billion, adjusted EBITDA of about $1.6 billion, adjusted net income of about $825 million, and EPS of about $0.60; management said the revenue outlook implies roughly 32% to 35% growth, and the EPS guide reflects a 22% tax rate.

Anthony Noto framed the quarter as a clear inflection point for SoFi’s “everything app” strategy, saying products per member and cross-buy are accelerating and driving higher lifetime value. He highlighted SoFi Plus and SoFi Coach as key strategic products that deepen engagement, increase recurring revenue, and expand the company’s reach beyond lending. His tone was highly confident and expansive, repeatedly emphasizing that the model is increasingly difficult to replicate and that the long-term 20% to 30% ROTCE target is becoming visible.

Chris Lapointe focused on the durability of revenue and profitability, noting that SoFi generated $1.2 billion of cash revenue in Q2, including $790 million of net interest income and about $420 million from fee streams. He said the company exited Q2 with $3.6 billion of cash, $45.5 billion of deposits, a 5.98% net interest margin, and a total capital ratio of 18.8%, while also reiterating that SoFi expects NIM above 5% for the foreseeable future. He explained that management held EBITDA guidance steady because it sees too many attractive growth opportunities to pass up, and said the company expects to operate within its target capital range without raising capital.

Analysts focused on the loan platform business, asking about capacity in newer categories like SMB and home equity, the economics of those deals, and whether SoFi is purposely not filling all requested volume on personal loans. Management said the LPB strategy is evolving from referrals to a broader menu of asset types, with SMB partnerships totaling $3 billion over three years with Basepoint Capital plus another undisclosed partner, and home equity loans/HELOCs coming online soon. Other questions centered on whether SoFi should prioritize monetization over member growth, the competitive environment and CAC trends, and capital deployment; management said growth, monetization, and product expansion are all working together, CAC remains stable outside lending, and the company is comfortably self-funded under its current plan.