SoFi Technologies closed at $16.76 on Tuesday, April 28, 2026, down 8.71 percent on the day, in a broad market selloff the day before the company was scheduled to report first quarter earnings.
Pre-market trading on Wednesday, April 29, has the stock up approximately 1 percent to $18.54 after SoFi released Q1 results before the market open this morning that set records across nearly every metric the company tracks.
If the pre-market move holds when the market opens Wednesday morning, SoFi will recover most of its Tuesday losses on the back of an earnings report that beat revenue expectations by a meaningful margin and delivered the company’s tenth consecutive quarter of GAAP profitability.
Here is what the numbers say.
How Did SoFi Perform In Q1?
SoFi reported GAAP net revenue of $1.1 billion for Q1 2026 — up 43 percent year-over-year from $771.8 million in Q1 2025 and a record for any quarter in the company’s history.
Adjusted net revenue came in at $1.087 billion, up 41 percent year-over-year, beating analyst consensus estimates that had been centered around $1.04 to $1.05 billion.
GAAP net income was $166.7 million, up 134 percent from $71.1 million in the prior year period.
Diluted earnings per share came in at $0.12, matching the analyst consensus estimate. Adjusted EBITDA reached $339.9 million, up 62 percent year-over-year, for an adjusted EBITDA margin of 31 percent.
Those are the headline numbers. The context that makes them more meaningful. SoFi has now been GAAP profitable for ten consecutive quarters, which matters because the company spent years burning cash while building its platform and the transition to sustained profitability has been one of the central investment debates around the stock.
Ten straight profitable quarters is not an accident. It is a pattern.
CEO Anthony Noto called it “an excellent Q1” in his opening statement and attributed the results to what he described as the company’s “relentless focus on innovation and brand building.”
His specific language was:
“Members grew 35% and products increased 39%, with 43% of new products coming from existing members, as more people choose SoFi as their trusted partner for major financial decisions and all the days in between.”
The Records
The word “record” appears throughout this earnings release with notable frequency and the frequency is earned.
Total loan originations hit $12.2 billion in Q1, up 68 percent year-over-year and a new quarterly record. The components of that number were individually record-setting.
Personal loan originations reached $8.3 billion, up 51 percent year-over-year. Student loan originations hit $2.6 billion, the highest quarter of student loan volume in SoFi’s history, up 119 percent year-over-year.
Home loan originations reached $1.2 billion, up 137 percent year-over-year. The Loan Platform Business, where SoFi originates loans on behalf of third-party capital partners rather than holding them on its own balance sheet, grew 90 percent year-over-year, and the company added $3.6 billion in new commitments from three new partners during the quarter.
Member growth continued at the same pace that has characterized the past several quarters.
SoFi added 1.055 million new members in Q1, another record for a single quarter, bringing the total to 14.7 million members, up 35 percent year-over-year.
The company noted this marked the third consecutive quarter of 35 percent year-over-year member growth.
Total products hit 22.2 million, up 39 percent year-over-year, with 1.8 million new products added in Q1, also a record.
The cross-buy rate, the percentage of new products purchased by existing members rather than new ones, reached 43 percent.
That figure matters because it indicates the platform is getting stickier. Members who already have one SoFi product are increasingly adding a second or third, which is a sign that the company’s ambition to be a one-stop financial services destination for its members is translating into actual behavior.
The Three Segments SoFi Builds Their Business Around
SoFi operates three business segments, and they tell three different stories in Q1.
Lending is the core business and it was the strongest performer in the quarter.
The segment generated $642.4 million in GAAP revenue, up 55 percent year-over-year, with a contribution profit of $382.4 million and a contribution margin of 60 percent.
Net interest income rose 39 percent driven by a 40 percent increase in average loan balances.
Capital markets activity was robust, SoFi sold or transferred more than $3.8 billion in personal and home loans during the quarter and executed a $919 million securitization of loans previously originated through the Loan Platform Business.
Credit performance held firm. Personal loan annualized net charge-offs decreased 28 basis points year-over-year.
Financial Services, the banking and investment products side of the business, generated $428.5 million in revenue, up 41 percent year-over-year.
The 19.3 million total financial services products represent the growing mass of the platform.
Interchange fee revenue was up 54 percent year-over-year, driven by nearly $25 billion in annualized spend across SoFi Money and its credit card.
The Loan Platform Business contributed $140.8 million to adjusted net revenue in this segment.
Total deposits grew $2.7 billion during the quarter to $40.2 billion, an important number because SoFi’s funding costs are significantly lower when it can fund loans from member deposits rather than wholesale borrowing.
Net interest margin improved to 5.94 percent, up 22 basis points from the prior quarter.
Technology Platform, the Galileo payment infrastructure and Technisys banking core businesses, was the weak spot in the quarter. Revenue fell 27 percent year-over-year to $75.1 million, contribution profit declined 61 percent to $12 million, and Technology Platform accounts fell 16 percent to 133 million.
The company has been transparent that these declines are driven almost entirely by a large client that fully transitioned off the platform before December 31, 2025.
Excluding that client, the underlying business performed more in line with prior trends, and total accounts increased by 4 million from the prior quarter, suggesting the attrition from the large client is absorbed and the base is growing again.
SoFi said it is launching a new unified brand called SoFi Technology Solutions in 2026, offering enterprise clients four platform businesses. Processing, Banking Core Ledgers and Services, Payment Hub, and Risk and Fraud.
What Is SoFi Building Now?
Beyond the financial results, the Q1 report included several developments that speak to where SoFi is trying to go over the next several years.
The most notable is the stablecoin. During Q1 2026, SoFi began minting SoFiUSD, its own US dollar reserve stablecoin.
It is also developing settlement capabilities and working on interoperability between digital assets and traditional currency through a partnership with Mastercard, which will allow SoFiUSD to settle across global payments networks.
SoFi’s return to crypto investing in late 2025, after exiting the market earlier, produced 239,509 crypto product accounts by the end of Q1, up from zero a year ago.
In April, after the quarter ended, SoFi relaunched its SoFi Plus premium membership with enhanced benefits including a 4.5 percent APY on deposits up to $20,000 and a 1 percent match on SoFi Invest and crypto purchases.
The company also deployed an AI-powered Personal Loan Doc Coach to streamline loan applications and launched an end-to-end home equity line of credit experience directly within its platform.
The company reached an unaided brand awareness score of 10 percent, an all-time high, and was ranked No. 1 in the J.D. Power 2026 U.S. Investor Satisfaction Study for DIY investing.
Forbes named it the No. 1 U.S. Bank in its World’s Best Banks list.
How Has SoFi Performed In Recent History?
SOFI has had a volatile 2026. The stock hit a 52-week high of $32.73 and has pulled back substantially from that peak.
As of Tuesday’s close at $16.76, the stock was down roughly 28 percent year-to-date heading into this earnings report, despite the underlying business posting record after record.
The Q4 2025 earnings report in January, which was also strong by conventional metrics, was met with a 17.76 percent post-earnings decline as investors reacted to net interest margin compression and rising charge-offs.
The Q1 2026 report addresses both of those concerns directly. Net interest margin improved 22 basis points from the prior quarter.
Personal loan charge-offs decreased 28 basis points year-over-year. The results should provide cleaner talking points for the bull case than Q4 did.
Whether that translates into a sustained recovery in the stock price is a separate question.
The average analyst price target heading into this report was approximately $23.48. Pre-market trading on Wednesday puts the stock at $18.54, still meaningfully below the average target.
Whether the market ultimately rewards ten consecutive quarters of GAAP profitability, record loan originations, 35 percent member growth and a stablecoin launch depends on factors that extend beyond any single quarter’s results, including the broader macro environment, interest rate trajectory, and whether investors are willing to re-rate a fintech company that has demonstrably delivered on its growth commitments.
What the Q1 report shows is that the delivery continues.
