SoFi Technologies, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Technology Platform Segment
Technology Platform Segment Results of Operations
The following table presents the measure of contribution profit for the Technology Platform segment:
| Three Months EndedSeptember 30, · 2025 vs 2024 · Nine Months EndedSeptember 30, · 2025 vs 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change |
| Net interest income | $432 | $629 | $(197) | (31)% | $1,111 | $1,685 | $(574) | (34)% |
| Noninterest income | 114,146 | 101,910 | 12,236 | 12% | 326,727 | 290,658 | 36,069 | 12% |
| Total net revenue | 114,578 | 102,539 | 12,039 | 12% | 327,838 | 292,343 | 35,495 | 12% |
| Directly attributable expenses: | ||||||||
| Compensation and benefits | (48,520) | (38,127) | (10,393) | 27% | (137,174) | (109,814) | (27,360) | 25% |
| Product fulfillment | (15,909) | (15,501) | (408) | 3% | (45,121) | (44,077) | (1,044) | 2% |
| Tools and subscriptions | (9,207) | (7,757) | (1,450) | 19% | (26,785) | (20,739) | (6,046) | 29% |
| Professional services | (4,171) | (3,663) | (508) | 14% | (10,747) | (9,585) | (1,162) | 12% |
| Other(1) | (4,400) | (4,536) | 136 | (3)% | (11,532) | (13,280) | 1,748 | (13)% |
| Directly attributable expenses | (82,207) | (69,584) | (12,623) | 18% | (231,359) | (197,495) | (33,864) | 17% |
| Contribution profit | $32,371 | $32,955 | $(584) | (2)% | $96,479 | $94,848 | $1,631 | 2% |
(1)Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.
Net interest income in our Technology Platform segment of $0.4 million and $1.1 million for the three and nine months ended September 30, 2025, respectively, and $0.6 million and $1.7 million for the three and nine months ended September 30, 2024, respectively, relates to interest income earned on segment cash balances.
Three Months. Noninterest income in our Technology Platform segment increased by $12.2 million, or 12%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily attributable to an increase in intercompany revenue of $14.0 million, primarily attributable to increased usage of technology platform services during the 2025 periods by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Nine Months. Noninterest income in our Technology Platform segment increased by $36.1 million, or 12%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily attributable to an increase in intercompany revenue of $33.1 million, primarily attributable to increased usage of technology platform services during the 2025 periods by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Three Months. Technology Platform segment directly attributable expenses increased by $12.6 million, or 18%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected an increase in headcount and increases in average compensation in 2025.
Nine Months. Technology Platform segment directly attributable expenses increased by $33.9 million, or 17%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected an increase in headcount and increases in average compensation in 2025.
Total Accounts
In the table below, we present the total accounts metric related to Galileo within our Technology Platform segment:
| September 30, 2025 | September 30, 2024 | Change | % Change | |
|---|---|---|---|---|
| Total accounts | 157,859,670 | 160,179,299 | (2,319,629) | (1)% |
See “Key Business Metrics” and “Business Overview” for further discussion of this measure as it relates to our Technology Platform segment.
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