SoFi Technologies Q4 2025 Earnings Summary: Record Profitability, Accelerating Fee-Based Growth, and Expanding Financial Platform Momentum
Record Revenue, Expanding Margins, and Fee-Based Growth Signal a Structural Inflection
SoFi closed out 2025 with its strongest quarter and full-year performance in company history, delivering record revenue, profitability, and member growth. Q4 adjusted net revenue reached $1.01 billion (+37% y/y), marking SoFi’s first billion-dollar quarter, while adjusted EBITDA hit a record $318 million (+60% y/y) with margins expanding to 31%. Net income totaled $174 million, representing a 17% margin and the company’s ninth consecutive profitable quarter.
Member growth accelerated meaningfully, with 1 million net new members added in Q4, bringing total members to 13.7 million (+35% y/y). Product adoption also reached record levels, with 1.6 million new products added in the quarter, pushing total products above 20 million. Cross-buy activity remained strong, with 40% of new products opened by existing members, reinforcing SoFi’s one-stop-shop strategy.
Key Financial Highlights
Adjusted Net Revenue: $1.01B (+37% y/y)
Adjusted EBITDA: $318M (+60% y/y)
Adjusted EBITDA Margin: 31%
GAAP Net Income: $174M (17% margin)
EPS: $0.13
Total Loan Originations: $10.5B (record)
Total Members: 13.7M (+35% y/y)
Rule of 40 Score: 68%
Tangible Book Value: $8.9B (+$4B y/y)
Revenue Mix Shift: Capital-Light Growth Takes Center Stage
SoFi’s business mix continues to shift decisively toward more capital-light, fee-based revenue streams. Financial Services and the Technology Platform together generated $579 million in Q4 revenue (+61% y/y), representing 57% of total revenue. Total fee-based revenue reached a quarterly record of $443 million (+53% y/y), equating to nearly $1.8 billion on an annualized basis.
The Loan Platform Business (LPB) emerged as a major growth driver, generating $194 million in Q4 revenue, nearly 3x year-over-year, supported by strong partner demand and record loan sales and securitizations. This diversification continues to reduce balance-sheet intensity while improving return consistency.
Segment Performance
Financial Services delivered standout growth, with Q4 revenue of $457 million (+78% y/y) and contribution margin expanding to 51%. Non-interest income grew 2.6x, driven by interchange, referral fees, and brokerage revenue. Financial Services revenue per product rose to $104, up 29% year-over-year, highlighting improving monetization.
Lending remained a core earnings engine, with Q4 adjusted net revenue of $486 million (+15% y/y) and contribution margin of 54%. Personal loan originations reached $7.5 billion, student loans totaled $1.9 billion, and home loans hit a record $1.1 billion, reflecting broad-based demand. Credit performance remained strong, with trends improving on a risk-adjusted basis despite portfolio seasoning.
Technology Platform generated $122 million in Q4 revenue (+19% y/y) with contribution margins of 39%, positioning the segment for renewed growth as enterprise demand for embedded financial infrastructure and crypto-enabled services accelerates.
Product Innovation and Strategic Expansion
SoFi made meaningful progress across product innovation in Q4, particularly in crypto, payments, and investing. The launch of SoFi Pay, SoFi Crypto, and the SoFiUSD stablecoin positions the company as the first nationally chartered bank to offer a fully integrated crypto and blockchain-enabled ecosystem. Management highlighted long-term ambitions to expand into institutional crypto services, correspondent banking, and stablecoin-based settlement infrastructure.
In Invest, expanded access to private markets, IPOs, alternatives, and AI-powered products drove a 2.2x year-over-year increase in brokerage revenue, bringing the segment close to profitability.
Guidance and Outlook
For FY 2026, SoFi guided to:
Adjusted Net Revenue: ~$4.66B (+30% y/y)
Adjusted EBITDA: ~$1.6B (34% margin)
Adjusted Net Income: ~$825M
Adjusted EPS: ~$0.60
Management also reiterated its medium-term outlook for 30%+ compounded revenue growth and 38–42% compounded EPS growth through 2028, supported by continued member expansion, rising fee-based revenue, and operating leverage.
Here’s Our Take
SoFi’s Q4 results underscore a clear inflection point in the business model. The company is no longer just a high-growth fintech — it is increasingly demonstrating durable profitability, improving returns, and a structurally diversified revenue base. Record member growth, accelerating fee-based revenue, and expanding EBITDA margins validate the long-term viability of the one-stop-shop strategy.
While near-term guidance suggests some seasonal softness early in 2026, the broader trajectory remains compelling. Capital-light growth engines like the Loan Platform and Financial Services are scaling faster than lending, credit performance remains well controlled, and the balance sheet is exceptionally well-capitalized. With management targeting sustained 30% revenue growth and 40% EPS growth over the next several years, SoFi is increasingly positioned as a long-duration compounder rather than a cyclical lender — albeit one that still requires disciplined execution as it expands into crypto, business banking, and enterprise services.
For investors, the story continues to evolve from growth-at-all-costs to profitable scale with optionality, making SoFi one of the more differentiated platforms in consumer financial services today.
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