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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Noninterest Expense
The following table presents the components of our total noninterest expense:
| Year Ended December 31, · 2025 vs. 2024 · 2024 vs. 2023 | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 | $ Change | % Change | $ Change | % Change |
| Technology and product development | $648,332 | $551,787 | $511,419 | $96,545 | 17% | $40,368 | 8% |
| Sales and marketing | 1,095,412 | 796,293 | 719,400 | 299,119 | 38% | 76,893 | 11% |
| Cost of operations | 608,998 | 461,633 | 379,998 | 147,365 | 32% | 81,635 | 21% |
| General and administrative | 704,436 | 600,089 | 511,011 | 104,347 | 17% | 89,078 | 17% |
| Goodwill impairment | — | — | 247,174 | — | n/m | (247,174) | (100)% |
| Total noninterest expense | $3,057,178 | $2,409,802 | $2,369,002 | $647,376 | 27% | $40,800 | 2% |
Total noninterest expense increased by $647.4 million, or 27%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.
Technology and product development
2025 vs. 2024. Technology and product development expenses increased $96.5 million, or 17% for the year ended December 31, 2025 compared to the year ended December 31, 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.
2024 vs. 2023. Technology and product development expenses increased $40.4 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher amortization of purchased and internally developed software, and tools and subscriptions costs reflective of continued investments in technology.
Sales and marketing
2025 vs. 2024. Sales and marketing expenses increased $299.1 million, or 38%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by increases in advertising and marketing expenditures, as well as higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
2024 vs. 2023. Sales and marketing expenses increased $76.9 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in direct member incentives, advertising and marketing expenditures, and lead generation costs primarily related to our Lending and Financial Services segments.
Cost of operations
2025 vs. 2024. Cost of operations expenses increased $147.4 million, or 32%, for the year ended December 31, 2025 compared to the year ended December 31, 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 costs.
2024 vs. 2023. Cost of operations expenses increased $81.6 million, or 21%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in professional services costs and an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform.
General and administrative
2025 vs. 2024. General and administrative expenses increased $104.3 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.
2024 vs. 2023. General and administrative expenses increased $89.1 million, or 17%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, increases in professional services costs and amortization of premiums on a credit default swap related to our student loans during the 2024 period.
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