SoFi Technologies, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Noninterest Expense
The following table presents the components of our total noninterest expense:
| Three Months EndedSeptember 30, · 2025 vs 2024 · Nine Months EndedSeptember 30, · 2025 vs 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change |
| Technology and product development | $167,144 | $139,714 | $27,430 | 20% | $475,496 | $402,801 | $72,695 | 18% |
| Sales and marketing | 286,878 | 214,904 | 71,974 | 33% | 789,798 | 567,032 | 222,766 | 39% |
| Cost of operations | 161,423 | 123,714 | 37,709 | 30% | 447,380 | 333,478 | 113,902 | 34% |
| General and administrative | 188,405 | 148,921 | 39,484 | 27% | 510,192 | 439,167 | 71,025 | 16% |
| Total noninterest expense | $803,850 | $627,253 | $176,597 | 28% | $2,222,866 | $1,742,478 | $480,388 | 28% |
Total noninterest expense increased by $176.6 million, or 28%, and $480.4 million, or 28%, for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, as described below.
Technology and product development
Three Months. Technology and product development expenses increased by $27.4 million, or 20%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software.
Nine Months. Technology and product development expenses increased by $72.7 million, or 18%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software.
Sales and marketing
Three Months. Sales and marketing expenses increased by $72.0 million, or 33%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
Nine Months. Sales and marketing expenses increased by $222.8 million, or 39%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
Cost of operations
Three Months. Cost of operations expenses increased by $37.7 million, or 30%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, and (iii) higher employee compensation and benefits attributable to increases in headcount to support our growth.
Nine Months. Cost of operations expenses increased by $113.9 million, or 34%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, and (iv) professional services expense.
General and administrative
Three Months. General and administrative expenses increased by $39.5 million, or 27%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.
Nine Months. General and administrative expenses increased by $71.0 million, or 16%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.
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