SoFi Technologies, Inc.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Financial Services Segment
Financial Services Segment Results of Operations
The following table presents the measure of contribution profit (loss) for the Financial Services segment.
| Year Ended December 31, · 2025 vs. 2024 · 2024 vs. 2023 | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 | $ Change | % Change | $ Change | % Change |
| Net interest income | $777,991 | $573,422 | $334,847 | $204,569 | 36% | $238,575 | 71% |
| Noninterest income | 764,025 | 248,089 | 101,668 | 515,936 | 208% | 146,421 | 144% |
| Total net revenue | 1,542,016 | 821,511 | 436,515 | 720,505 | 88% | 384,996 | 88% |
| Provision for credit losses | (30,329) | (31,659) | (54,945) | 1,330 | (4)% | 23,286 | (42)% |
| Directly attributable expenses: | |||||||
| Compensation and benefits | (181,356) | (137,097) | (125,143) | (44,259) | 32% | (11,954) | 10% |
| Member incentives | (77,488) | (80,837) | (54,616) | 3,349 | (4)% | (26,221) | 48% |
| Product fulfillment | (86,411) | (73,194) | (49,829) | (13,217) | 18% | (23,365) | 47% |
| Lead generation | (161,896) | (50,325) | (36,447) | (111,571) | 222% | (13,878) | 38% |
| Direct advertising | (33,323) | (36,729) | (44,347) | 3,406 | (9)% | 7,618 | (17)% |
| Intercompany technology platform expenses | (46,890) | (23,924) | (12,961) | (22,966) | 96% | (10,963) | 85% |
| Professional services | (30,245) | (22,972) | (12,719) | (7,273) | 32% | (10,253) | 81% |
| Other(1) | (101,169) | (57,767) | (45,770) | (43,402) | 75% | (11,997) | 26% |
| Directly attributable expenses | (718,778) | (482,845) | (381,832) | (235,933) | 49% | (101,013) | 26% |
| Contribution profit (loss) | $792,909 | $307,007 | $(262) | $485,902 | 158% | $307,269 | n/m |
(1)Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions and marketing expenses.
2025 vs. 2024. Net interest income in our Financial Services segment increased by $204.6 million, or 36%, for the year ended December 31, 2025 compared to 2024, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.
2024 vs. 2023. Net interest income in our Financial Services segment increased by $238.6 million, or 71%, for the year ended December 31, 2024 compared to 2023, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.
The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers tototal noninterest incomefor the Financial Services segment.
| Year Ended December 31, · 2025 vs. 2024 · 2024 vs. 2023 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | $ Change | % Change | $ Change | % Change | |
| Referrals, loan platform business(1) | $79,985 | $52,129 | $33,602 | $27,856 | 53% | $18,527 | 55% |
| Referrals, other(2) | 12,454 | 8,197 | 4,841 | 4,257 | 52% | 3,356 | 69% |
| Interchange(2) | 114,315 | 66,829 | 35,247 | 47,486 | 71% | 31,582 | 90% |
| Brokerage(2) | 39,666 | 21,494 | 21,127 | 18,172 | 85% | 367 | 2% |
| Other(2)(3) | 12,141 | 2,797 | 2,647 | 9,344 | 334% | 150 | 6% |
| Total revenue from contracts with customers(4) | 258,561 | 151,446 | 97,464 | 107,115 | 71% | 53,982 | 55% |
| Loan platform business, other(1) | 495,926 | 89,479 | — | 406,447 | 454% | 89,479 | n/m |
| Other sources of revenue(5) | 9,538 | 7,164 | 4,204 | 2,374 | 33% | 2,960 | 70% |
| Total Financial Services noninterest income | $764,025 | $248,089 | $101,668 | $515,936 | 208% | $146,421 | 144% |
(1)Presented within noninterest income—loan platform feesin the consolidated statements of operations and comprehensive income (loss).
(2)Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss).
(3)Includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions, and equity capital markets services.
(4)See Note 3. Revenue to the Notes to Consolidated Financial Statements for additional information.
(5)Presented within noninterest income—other andnoninterest income—loan origination, sales, securitizations and servicing in theconsolidated statements of operations and comprehensive income (loss).
2025 vs. 2024. Noninterest income in our Financial Services segment increased by $515.9 million, or 208%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) growth in our Loan Platform Business of $434.3 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $47.5 million, which coincided with increased credit card and debit card transactions.
2024 vs. 2023. Noninterest income in our Financial Services segment increased by $146.4 million, or 144%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) growth in our Loan Platform Business of $108.0 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $31.6 million, which coincided with increased credit card and debit card transactions.
Provision for credit losses
2025 vs. 2024. Provision for credit losses in our Financial Services segment decreased by $1.3 million, or 4%. The allowance increase of $4.3 million during 2025 primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. Net charge-offs decreased primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 3.5% as of December 31, 2025, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions.
2024 vs. 2023. Provision for credit losses in our Financial Services segment decreased by $23.3 million, or 42%, primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, and improved credit quality of the portfolio, including higher borrower FICO scores.
2025 vs. 2024. Financial Services directly attributable expenses increased by $235.9 million, or 49%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our Loan Platform Business and our SoFi Money product; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount and increases in average compensation in 2025 to support growth in the Financial Services segment; and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.
2024 vs. 2023. Financial Services directly attributable expenses increased by $101.0 million, or 26%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product; (ii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product; (iii) an increase in compensation and benefits expense, which reflected an increase in allocated compensation and related benefits to support growth in the Financial Services segment, in addition to increases in average compensation in 2024; and (iv) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2024 period.
In the table below, we present the total products metric related to our Financial Services segment:
| December 31, · 2025 vs. 2024 · 2024 vs. 2023 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | $ Change | % Change | $ Change | % Change | |
| Total products | 17,534,956 | 12,735,081 | 9,479,470 | 4,799,875 | 38% | 3,255,611 | 34% |
Total products in our Financial Services segment is a subset of our total products metric. See“Key Business Metrics” and Part I, Item 1. “Our Reportable Segments” for a further discussion of this measure as it relates to our Financial Services segment.
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