SoFi Technologies, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest Expense
The following table presents the components of our total noninterest expense:
| Three Months EndedMarch 31, · 2026 vs 2025 | ||||
|---|---|---|---|---|
| ($ in thousands) | 2026 | 2025 | $ Change | % Change |
| Technology and product development | $187,675 | $156,206 | $31,469 | 20% |
| Sales and marketing | 335,539 | 238,176 | 97,363 | 41% |
| Cost of operations | 171,123 | 135,520 | 35,603 | 26% |
| General and administrative | 197,584 | 156,397 | 41,187 | 26% |
| Total noninterest expense | $891,921 | $686,299 | $205,622 | 30% |
Total noninterest expense increased by $205.6 million, or 30%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, as described below.
Technology and product development
Technology and product development expenses increased by $31.5 million, or 20%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. 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
Sales and marketing expenses increased by $97.4 million, or 41%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was driven by: (i) increases in advertising and marketing expenditures, (ii) higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings, and (iii) higher employee compensation and benefits attributable to increases in headcount to support our growth.
Cost of operations
Cost of operations expenses increased by $35.6 million, or 26%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and loan origination and servicing expenses.
General and administrative
General and administrative expenses increased by $41.2 million, or 26%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, tools and subscriptions costs reflective of continued investments in technology, as well as transaction-related expenses of $0.9 million in the first quarter of 2026.
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