SoFi Technologies, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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.
Jun 30, 2026 · Filed Aug 6, 2026
SOFI$16.21+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001818874-26-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewBusiness HighlightsNon-GAAP Financial MeasuresKey Business MetricsKey Factors Affecting Operating ResultsConsolidated Results of OperationsNet Interest IncomeNoninterest IncomeProvision for Credit LossesNoninterest ExpenseIncome TaxesSummary Results by SegmentLending SegmentTechnology Platform SegmentFinancial Services SegmentCorporate/Other SegmentConsolidated Balance Sheet AnalysisLiquidity and Capital ResourcesCritical Accounting EstimatesRecent Accounting Standards Issued, But Not Yet AdoptedCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001818874-26-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewBusiness HighlightsNon-GAAP Financial MeasuresKey Business MetricsKey Factors Affecting Operating ResultsConsolidated Results of OperationsNet Interest IncomeNoninterest IncomeProvision for Credit LossesNoninterest ExpenseIncome TaxesSummary Results by SegmentLending SegmentTechnology Platform SegmentFinancial Services SegmentCorporate/Other SegmentConsolidated Balance Sheet AnalysisLiquidity and Capital ResourcesCritical Accounting EstimatesRecent Accounting Standards Issued, But Not Yet AdoptedThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 398 previous paragraphs and 428 current paragraphs.
299 unchanged; 90 reworded; 28 added; 8 removed; 1 previous and 11 current paragraphs rearranged.
Tables are not compared: 45 previous and 46 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
•SoFi Plus: A premium membership product through which we provide expanded benefits across the SoFi ecosystem to help our members maximize their money, including our highest APY on checking and savings, discounted loan rates, and additional cash back rewards for members. At the start of the second quarter, we relaunched SoFi Plus with significantly enhanced benefits in our products, while fully transitioning the product to a paid subscription model.
Current report
•SoFi Smart Card: Our recently launched secured charge card product, linked directly to a member’s SoFi Checking and Savings account, that offers better choice and control over spending, attractive rewards, a way to build credit history, and high interest on savings balances.
Current report
(7)Transaction-related expenses in 2026 periods primarily included financial advisory and professional services costs associated with our acquisitions of Composer and Peach.
Current report
(3)Beginning in the second quarter of 2026, we updated our Financial Services products to include (i) SoFi Plus, which we relaunched during the quarter with significantly enhanced benefits, while fully transitioning the product to a paid subscription model; and (ii) Smart Card, our recently launched secured card (presented above within Credit Card). The impact to prior periods was determined to be immaterial, and prior periods were not recast.
Current report
The U.S. economic environment continues to be influenced by evolving monetary policy, inflation trends, labor market conditions and broader geopolitical developments. While inflation has moderated from peak levels, uncertainty regarding its future path remains elevated, particularly as fluctuations in global energy prices, supply chain dynamics and trade policy continue to influence inflation expectations. Geopolitical developments, including ongoing conflict and changing prospects for peace in the Middle East, have contributed to volatility in oil prices and broader financial markets. Sustained increases in energy prices or renewed inflationary pressures could adversely affect consumer purchasing power, economic growth and financial market conditions.
Current report
In May 2026, Kevin Warsh became Chair of the Federal Reserve and has emphasized a data-driven approach to monetary policy, indicating that future policy decisions will depend on incoming economic data. While the direction and timing of future interest rate changes remain uncertain, the Federal Reserve has continued to emphasize its commitment to restoring price stability while balancing broader economic conditions. As a result, expectations regarding monetary policy have remained subject to changing inflation, employment and economic data, contributing to continued volatility in benchmark interest rates, credit spreads and capital markets.
Current report
Changes in interest rates and broader macroeconomic conditions directly influence consumer spending, saving, borrowing and investing behavior. Elevated interest rates have reduced demand for refinancing products and may continue to affect demand across certain lending products. Interest rate volatility also influences the economics of our capital markets activities, including loan pricing, funding costs, gain-on-sale margins and investor demand for consumer credit assets. In addition, changes in benchmark interest rates, inflation expectations and credit spreads may affect the pricing, execution and liquidity of loan sales and securitization transactions.
Current report
Our results of operations have historically demonstrated relative resilience during periods of economic stress, supported by our diversified business model. However, our future operating results and cash flows remain dependent upon the strength of the overall economy, consumer financial health, the condition and liquidity of the capital markets and our ability to continue executing our business strategy.
Current report
Six Months. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, net interest income increased by $464.6 million, or 46%, while net interest margin was flat. Average interest-earning assets increased by 46%, and average yields decreased by 50 bps, while average interest-bearing liabilities increased by 39% and the average cost of interest-bearing liabilities decreased by 41 bps.
Current report
Total noninterest income increased by $93.4 million, or 28%, and $227.7 million, or 37%, for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025.
Current report
These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($281.2 million) and (ii) net higher loan write-offs ($41.4 million) driven by balance sheet growth.
Current report
These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($504.8 million) and (ii) net higher loan write-offs ($74.4 million) driven by balance sheet growth.
Current report
Six Months. Technology products and solutions decreased by $75.4 million, or 43%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. These results reflected the exit of a large client who fully transitioned off our platform in 2025.
Current report
Six Months. Loan platform fees and related servicing increased by $57.4 million, or 25%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was driven by an increase of $2.0 billion of Loan Platform Business originations.
Current report
Six Months. The provision for credit losses was $22.7 million for the six months ended June 30, 2026, reflecting net charge-offs of $17.1 million and an allowance increase of $5.5 million. Net charge-offs of $17.1 million increased $2.6 million compared to the six months ended June 30, 2025, driven by higher average credit card balances. The allowance increase of $5.5 million primarily reflected growth in the credit card portfolio balances, partially offset by continued strength in credit quality of the portfolio.
Current report
The prior year provision for the six months ended June 30, 2025 was $15.7 million, reflecting net charge-offs of $14.6 million and an allowance increase of $1.2 million.
Current report
Six Months. Technology and product development expenses increased by $70.6 million, or 23%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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, tools and subscription expense reflective of continued investments in technology, and professional services expense.
Current report
Six Months. Sales and marketing expenses increased by $225.0 million, or 45%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by increases in lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings, advertising and marketing expenditures, member incentive expenses and employee compensation and benefits attributable to increases in headcount to support our growth.
Current report
Six Months. Cost of operations expenses increased by $85.3 million, or 30%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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 driven by increased loan originations during the period.
Current report
Six Months. General and administrative expenses increased by $92.6 million, or 29%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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 $5.3 million in the first six months of 2026 related to the acquisitions of Composer and Peach.
Current report
Three Months. The increase in loan origination, sales, securitizations and servicing income of $80.7 million, or 114%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by: (i) gains ($294.9 million) during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans as rates shifted during the period, (ii) higher origination fees ($77.7 million) primarily driven by increased originations compared to the year ago quarter, and (iii) net fair value gains on home loans ($8.9 million) primarily impacted by increased home loan origination volume.
Current report
These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($280.1 million) and (ii) net higher loan write-offs ($41.4 million) driven by balance sheet growth.
Current report
Six Months. The increase in income of $170.1 million, or 138%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by (i) gains ($577.6 million) during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans as rates shifted during the period, (ii) higher origination fees ($114.0 million) primarily driven by increased personal loans originations compared to the year ago quarter, and (iii) net fair value gains on home loans ($20.5 million) primarily impacted by increased home loan origination volume.
Current report
These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($503.7 million) and (ii) net higher loan write-offs ($74.4 million) driven by balance sheet growth.
Current report
Three Months. Noninterest income in our Financial Services segment increased by $48.0 million, or 28%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to: (i) an increase in interchange fees of $14.6 million, which coincided with increased debit card and credit card transactions; (ii) an increase in Loan Platform Business revenue of $13.5 million, primarily driven by higher loan platform fees from increased third-party loan originations for subsequent sale and higher revenue from pre-qualified borrower referrals as we continued to increase partner volume; and (iii) an increase in brokerage fees of $10.6 million reflecting both growing engagement and stronger monetization from our SoFi Invest product.
Current report
Six Months. Noninterest income in our Financial Services segment increased by $118.9 million, or 40%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) growth in our Loan Platform Business revenue of $59.0 million primarily driven by higher loan platform fees from increased third-party loan originations for subsequent sale and higher revenue from pre-qualified borrower referrals as we continued to increase partner volume; (ii) an increase in interchange fees of $26.9 million, which coincided with increased debit card and credit card transactions; and (iii) an increase in brokerage fees of $18.7 million reflecting both growing engagement and stronger monetization from our SoFi Invest product.
Current report
Six Months. Financial Services directly attributable expenses increased by $150.5 million, or 48%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our Money and Invest products, and Loan Platform Business; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount in 2026 to support growth in the Financial Services segment; (iii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our Money product; and (iv) an increase in member incentives utilized to drive adoption and usage of our Financial Services products.
Current report
For the six months ended June 30, 2025, net cash used in investing activities was primarily driven by growth in our loans and investment portfolios, including $2.5 billion of loan originations, $896.8 million of loan purchases and $905.4 million of investment purchases, as well as net outflows related to credit cards of $100.2 million. These outflows were partially offset by $891.2 million of proceeds from loan repayments and recoveries as well as $204.8 million of investment sales and $247.3 million of investment payments and maturities.
Removed paragraphs (8)
Previous report
(7)Transaction-related expenses in the 2026 period reflect costs associated with strategic evaluations and related activities.
Previous report
The Federal Reserve adjusts monetary policy in response to evolving macroeconomic conditions, including inflation, labor market dynamics, and broader economic indicators. The timing and extent of policy changes remain uncertain and may be influenced by economic data and Federal Reserve leadership considerations. Persistent inflation may reduce consumer purchasing power and real wages, adversely affecting the credit profile of our members and demand for our lending and investment products. Elevated or rising interest rates, including in response to inflation, have adversely impacted and may continue to adversely impact demand for refinancing products. Additionally, rapid increases in interest rates or deterioration in macroeconomic conditions could negatively affect economic growth, consumer financial health, and overall market conditions.
Previous report
Our results of operations have historically demonstrated relative resilience during economic downturns; however, future performance remains dependent on the strength of the overall economy and key drivers such as unemployment, inflation, asset prices, and consumer spending. Changes in economic conditions influence disposable income, which in turn affects consumer spending, saving, borrowing, and investing behaviors. Interest rates, monetary policy, market volatility, consumer confidence, and expectations regarding inflation or deflation may further impact these behaviors. The liquidity and condition of capital markets may also affect benchmark interest rates and credit spreads, influencing consumer demand and financial activity.
Previous report
Global geopolitical conditions, including conflicts in the Middle East and other regions, may contribute to volatility in energy markets, including oil prices, and broader global economic instability. Such developments may exacerbate inflationary pressures, disrupt supply chains, and increase market volatility, which could adversely affect economic growth and consumer financial conditions.
Previous report
These increases were partially offset by (i) net fair value losses on personal loans and lower fair value gains on student loans driven by weighted average mark decreases ($223.6 million), (ii) net higher loan write-offs ($33.1 million) driven by balance sheet growth and (iii) unfavorable changes in home loan and student loan commitments ($13.2 million).
Previous report
These increases were partially offset by (i) net fair value losses on personal loans and lower fair value gains on student loans driven by weighted average mark decreases ($223.6 million), (ii) net higher loan write-offs ($33.1 million) driven by balance sheet growth and (iii) unfavorable changes in home loan and student loan commitments ($13.2 million).
Previous report
Three Months. Noninterest income in our Financial Services segment increased by $70.9 million, or 55%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to: (i) growth in our Loan Platform Business of $45.5 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 $12.4 million, which coincided with increased credit card and debit card transactions.
Previous report
For the three months ended March 31, 2025, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment.
Reworded paragraphs (90)
Previous wording
In order to help achieve our mission, we are a member-centric, everything app for digital financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients” as defined under “Key Business Metrics”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer.
Current wording
In order to help achieve our mission, we are a member-centric, everything app for digital financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients” as defined under “Key Business Metrics”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership product that provides benefits that span our offerings and brings together all we have to offer. At the start of the second quarter, we relaunched SoFi Plus with significantly enhanced benefits in our other products, including Money at 4.5% interest and Invest with a 1% match on all deposits, while fully transitioning the product to a paid subscription model.
Previous wording
(1)Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, and (iv) servicing rights assumed from third parties. Refer to “Our Reportable Segments—Financial Services Segment” and “Our Reportable Segments—Lending Segment” for more information.
Current wording
(1)Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, (iv) servicing rights assumed from third parties, and (v) beginning in the second quarter of 2026, SoFi branded small business loans. Refer to “Our Reportable Segments—Financial Services Segment” and “Our Reportable Segments—Lending Segment” for more information.
Previous wording
Home Loans. We originate agency, non-agency, and certain government loan products (including FHA and VA loans) to members who are purchasing a home, refinancing an existing mortgage, or obtaining a home equity loan. Across our home loan products, we provide competitive rates, flexible down payment options as low as 3% (or 0% for VA loans), a close-on-time guarantee, and educational tools and calculators to support members throughout the borrowing process. When a member’s credit profile or other risk attributes do not align with our underwriting guidelines or risk appetite, we may broker home equity loans and home equity lines of credit to a third-party wholesale lender to help meet the member’s financing needs. We originate loans in accordance with applicable loan limits and program requirements, including Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) conforming limits and FHA and VA program limits, with FHA and VA loan amounts capped at $1,500,000. We also offer jumbo loans with loan amounts up to $3,000,000 and fixed-rate home equity loans up to $750,000. Our fixed-rate home loans generally have terms of 10, 15, 20, 25 or 30 years. We also offer adjustable-rate mortgage products for conforming and jumbo loans, with an initial fixed-rate period of 5, 7 or 10 years, followed by rate adjustments every six months for the remaining term. For FHA and VA loans, we offer adjustable-rate products with a fixed rate for five years followed by rate adjustments every year for the remainder of the term. We regularly update the annual percentage rates offered on our home loans.
Current wording
Home Loans. We originate agency, non-agency, and certain government loan products (including FHA and VA loans) to members who are purchasing a home, refinancing an existing mortgage, or obtaining a home equity loan. Across our home loan products, we provide competitive rates, flexible down payment options as low as 3% (or 0% for VA loans), a close-on-time guarantee, and educational tools and calculators to support members throughout the borrowing process. When a member’s credit profile or other risk attributes do not align with our underwriting guidelines or risk appetite, we may broker home equity loans and home equity lines of credit to a third-party wholesale lender to help meet the member’s financing needs. During the second quarter of 2026, we launched the SoFi HELOC, a solution for members that want the flexibility to utilize the equity in their primary residence for debt consolidation, emergencies, or any other purpose, with competitive rates, expansive underwriting guidelines, and a fast close. We originate loans in accordance with applicable loan limits and program requirements, including Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) conforming limits and FHA and VA program limits, with FHA and VA loan amounts capped at $1,500,000. We also offer jumbo loans with loan amounts up to $3,000,000 and fixed-rate home equity loans up to $750,000. Our fixed-rate home loans generally have terms of 10, 15, 20, 25 or 30 years. We also offer adjustable-rate mortgage products for conforming and jumbo loans, with an initial fixed-rate period of 5, 7 or 10 years, followed by rate adjustments every six months for the remaining term. For FHA and VA loans, we offer adjustable-rate products with a fixed rate for five years followed by rate adjustments every year for the remainder of the term. We regularly update the annual percentage rates offered on our home loans.
Previous wording
We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. Our customers and partners include financial institutions, government entities and non-financial institutions primarily in North America and Latin America. We earn technology product and solutions fee-based revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms. We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers. We continue to leverage investments made to integrate our services and offerings to position the Technology Platform segment for diversified durable growth.
Current wording
We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. Our customers and partners include financial institutions, government entities and non-financial institutions primarily in North America and Latin America. We earn technology product and solutions fee-based revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms. We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers. We continue to leverage investments made to integrate our services and offerings to position the Technology Platform segment for diversified durable growth. Our acquisition of Peach, a cloud-native, API-first loan management and servicing platform, in the second quarter of 2026, is intended to further expand our enterprise technology capabilities.
Previous wording
A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory. Our interactive investing experience fosters engagement by allowing members to view and monitor other investors’ activity on the platform. Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds, to engage in options trading, to participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account. Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner. Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience.
Current wording
A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory. Our interactive investing experience fosters engagement by allowing members to view and monitor other investors’ activity on the platform. Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds, to engage in options trading, to participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account. Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner. Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience. Our acquisition of Composer, an AI- powered investing platform, in the second quarter of 2026 is intended to advance our strategy of making advanced investing tools more accessible for our members.
Previous wording
In December 2025, we also launched SoFiUSD, our proprietary stablecoin issued on a public, permissionless blockchain, which represented an additional step in expanding our digital asset capabilities. SoFiUSD is intended to support faster, lower-cost and more efficient movement of funds across payment ecosystems. During the first quarter of 2026, we began minting SoFiUSD and entered into a partnership with Mastercard to support future settlement capabilities across its global payments network. These initiatives are intended to enhance interoperability between digital assets and fiat currencies and, over time, facilitate more continuous transaction settlement capabilities.
Current wording
In December 2025, we also launched SoFiUSD, our proprietary stablecoin issued on a public, permissionless blockchain, which represented an additional step in expanding our digital asset capabilities. SoFiUSD is intended to support faster, lower-cost and more efficient movement of funds across payment ecosystems. During the first quarter of 2026, we began minting SoFiUSD and started working with Mastercard to support future settlement capabilities across its global payments network. In the second quarter of 2026, we launched SoFiUSD for members, and entered into agreements with third parties to support the distribution of SoFiUSD. These initiatives are intended to enhance interoperability between digital assets and fiat currencies and, over time, facilitate more continuous transaction settlement capabilities.
Previous wording
We provide lending related services to a broader set of members through our platform of enterprise partners. Revenue from the Loan Platform Business is fee-based. This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and (iii) activity related to certain loans associated with our Lantern financial services marketplace platform. In addition, we offer loan servicing support through our lending business. See “Lending Segment” for more information.
Current wording
We provide lending related services to a broader set of members through our platform of enterprise partners. Revenue from the Loan Platform Business is fee-based. This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) activity related to certain loans associated with our Lantern financial services marketplace platform, and (iv) beginning in the second quarter of 2026, small business loans. In addition, we offer loan servicing support through our lending business. See “Lending Segment” for more information.
Previous wording
•SoFi Relay: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors. SoFi Relay also provides us with unified intelligence about our members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members.
Current wording
•SoFi Relay: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors. This foundation of comprehensive financial data also powers SoFi Coach, an interactive experience that delivers personalized guidance to help members track, budget, and invest across their entire financial ecosystem. Together, these products provide us with unified intelligence about our members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members.
Previous wording
•Loan Platform Business, other fees: Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and recognition of servicing assets. These fees accounted for 59% of our total Financial Services noninterest income for the three months ended March 31, 2026.
Current wording
•Loan Platform Business, other fees: Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and recognition of servicing assets. These fees accounted for 56% of our total Financial Services noninterest income for the six months ended June 30, 2026.
Previous wording
•Referral fees: Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 11% of our total Financial Services noninterest income for the three months ended March 31, 2026.
Current wording
•Referral fees: Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 12% of our total Financial Services noninterest income for the six months ended June 30, 2026.
Previous wording
•Interchange fees: We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 18% of our total Financial Services noninterest income for the three months ended March 31, 2026.
Current wording
•Interchange fees: We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 18% of our total Financial Services noninterest income for the six months ended June 30, 2026.
Previous wording
•Brokerage fees: We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 8% of our total Financial Services noninterest income for the three months ended March 31, 2026.
Current wording
•Brokerage fees: We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 8% of our total Financial Services noninterest income for the six months ended June 30, 2026.
Previous wording
SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building led to the strongest financial performance in the history of the company, fueling significant member and product growth and paving the way for future growth. We reported a number of key financial achievements in the three months ended March 31, 2026, including total net revenue of $1.1 billion, representing an increase of 43% over total net revenue in the same period of 2025. For the first quarter of 2026, total fee-based revenue reached $386.8 million, compared to $315.4 million in the same period of 2025, a year-over-year increase of 23%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three months ended March 31, 2026 was $0.12 compared to diluted EPS of $0.06 in the same period of 2025.
Current wording
SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building delivered the strongest financial performance in company history, fueling significant member and product growth and paving the way for future growth. Key financial achievements for the three and six months ended June 30, 2026, include total net revenue of $1.2 billion and $2.3 billion, respectively, both up 43%, compared to the same periods of 2025. For the three and six months ended June 30, 2026, net interest income increased 52% and 46%, respectively, compared to the same periods of 2025, as we increased loan originations for our balance sheet. Total fee-based revenue for the three and six months ended June 30, 2026 reached $472.3 million and $859.1 million, respectively, compared to $377.5 million and $692.9 million in the same 2025 periods, driven by loan originations, interchange and brokerage fee revenue, as well as continued strong Loan Platform Business performance. Diluted EPS for the three and six months ended June 30, 2026 was $0.12 and $0.24, respectively, compared $0.08 and $0.14 in the same 2025 periods.
Previous wording
Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 14.7 million as of March 31, 2026, a 35% increase from the prior year period, while total products reached nearly 22.2 million as of March 31, 2026, a 39% year-over-year increase.
Current wording
Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 15.8 million as of June 30, 2026, a 35% increase from the prior year period, while total products reached nearly 24.4 million as of June 30, 2026, a 42% year-over-year increase.
Previous wording
Lending segment contribution profit increased 60% to $382.4 million for the three months ended March 31, 2026 at a segment contribution margin of 60% as compared to the respective 2025 period, which had a segment contribution margin of 58%. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances.
Current wording
Lending segment contribution profit was $399.0 million and $781.4 million for the three and six months ended June 30, 2026, respectively, at a segment contribution margin of 55% and 57%. This represents a slight improvement compared to the respective 2025 periods, which had a segment contribution margin of 55% and 56%, respectively. Lending segment performance was driven by growth in net interest income and loan origination fees driven by an increase in loan originations for our balance sheet.
Previous wording
Origination volume for our Lending products increased 68% for the three months ended March 31, 2026 as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $3.8 billion in total of personal loans and home loans during the three months ended March 31, 2026. We believe that the demand for the Loan Platform Business continues to be strong across a diverse set of partners.
Current wording
Origination volume for our Lending products increased 69% for both the three and six months ended June 30, 2026, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold or transferred through our Loan Platform Business, more than $4.1 billion and $7.9 billion in personal loans and home loans during the three and six months ended June 30, 2026, respectively. Continued strong demand from our diverse Loan Platform Business partners has allowed us to meet incremental personal loan demand from our members.
Previous wording
Technology Platform segment contribution profit of $12.0 million for the three months ended March 31, 2026 decreased 61% over the respective 2025 period, and total net revenue of $75.1 million for the three months ended March 31, 2026 decreased 27% over the respective 2025 period. Technology Platform total enabled client accounts was 133 million, down from 158 million in the prior year period. These results reflected the exit of a large client that fully transitioned off our platform prior to December 31, 2025.
Current wording
Technology Platform segment contribution profit of $11.8 million and $23.8 million for the three and six months ended June 30, 2026, respectively, decreased 65% and 63% over the respective 2025 periods, and total net revenue of $84.5 million and $159.6 million for the three and six months ended June 30, 2026, respectively, decreased 23% and 25% over the respective 2025 periods. Technology Platform total enabled client accounts were 135 million, down from 160 million in the prior year period. These results reflected the exit of a large client that fully transitioned off our platform prior to December 31, 2025.
Previous wording
Within our Financial Services segment, contribution profit of $195.6 million for the three months ended March 31, 2026, increased 32% compared to the respective 2025 period. Total net revenue of $428.5 million for the three months ended March 31, 2026 increased 41% over the respective 2025 period. In the first quarter of 2026, we generated $138.3 million in loan platform fees, driven by $3.0 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $2.6 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $140.8 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the first quarter of 2026, up 54% year-over-year, driven by increased spend across Money and Credit Card as well as increased brokerage fee revenue, which was up 116% year-over-year. These results support our ongoing efforts to increase fee-based revenue.
Current wording
Within our Financial Services segment, contribution profit of $212.7 million and $408.3 million for the three and six months ended June 30, 2026, respectively, increased 13% and 21% compared to the respective 2025 periods. Total net revenue of $466.3 million and $894.8 million for the three and six months ended June 30, 2026, respectively, increased 29% and 34% over the respective 2025 periods. For the second quarter of 2026, net interest income increased 29% year-over-year, to $249.1 million, primarily driven by growth in consumer deposits. In the second quarter of 2026, we generated $140.9 million in loan platform fees, driven by $3.1 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $2.4 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $143.3 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the second quarter of 2026, up 55% year-over-year, driven by increased spend across Money and Credit Card. Brokerage fee revenue also continues to see strong growth, increasing 140% year-over-year. These results reflect our successful and ongoing efforts to increase fee-based revenue.
Previous wording
We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $40.2 billion of total deposits as of March 31, 2026, allowing us to maintain access to diversified sources of funding. Total deposit funds grew nearly $2.7 billion during the quarter. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.
Current wording
We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $45.5 billion of total deposits as of June 30, 2026, allowing us to maintain access to diversified sources of funding. Total deposit funds grew nearly $5.3 billion during the quarter. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.
Previous wording
The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility.
Current wording
The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles and economic disruptions. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility.
Previous wording
(6)Restructuring charges in the 2026 period included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment, which do not reflect expected future operating expenses and are not indicative of our core operating performance. Restructuring charges in 2025 relate to legal entity restructuring.
Current wording
(6)Restructuring charges in the 2026 periods included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment, which do not reflect expected future operating expenses and are not indicative of our core operating performance. Restructuring charges in 2025 relate to legal entity restructuring.
Previous wording
Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.
Current wording
Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.
Previous wording
Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.
Current wording
Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, transaction-related expense, restructuring charges, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. The exclusions of transaction-related expense and restructuring charges were effective beginning in the second quarter of 2026. The impact to prior periods was determined to be immaterial, and therefore prior periods were not recast.
Previous wording
Since our inception through March 31, 2026, we have served approximately 14.7 million members who have used approximately 22.2 million products on the SoFi platform.
Current wording
Since our inception through June 30, 2026, we have served approximately 15.8 million members who have used approximately 24.4 million products on the SoFi platform.
Previous wording
In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under“Members” above, the member’s associated products are also removed.
Current wording
In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including Smart Card accounts and accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date, as well as active SoFi Plus subscriptions as of the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under“Members” above, the member’s associated products are also removed.
Previous wording
Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop.
Current wording
Product growth is generally an indicator of future revenue, but is generally not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop.
Previous wording
(3)Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.
Current wording
(4)Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.
Previous wording
(4)During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto.
Current wording
(5)During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto.
Previous wording
We have continued to experience strong demand for our deposit products, driven in part by competitive interest rates and access to expanded FDIC insurance coverage through our Insured Deposit Program. Our credit trends continued to be strong in the first quarter of 2026 after seeing delinquencies peak over two years ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality. These trends, together with the macroeconomic and geopolitical factors described above, may impact demand for our products, our cost structure, and our liquidity, results of operations, and financial condition.
Current wording
We have continued to experience strong demand for our deposit products, driven in part by competitive interest rates and access to expanded FDIC insurance coverage through our Insured Deposit Program. Our credit trends continued to be strong through the first half of 2026 after seeing delinquencies peak over two years ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across our portfolios, reflecting improvements in overall credit quality. These trends, together with the macroeconomic and geopolitical factors described above, may impact demand for our products, our cost structure, and our liquidity, results of operations, and financial condition.
Previous wording
As of the first quarter of 2026 relative to the fourth quarter of 2025, we observed the following trends:
Current wording
As of the second quarter of 2026 relative to the first quarter of 2026, we observed the following trends:
Previous wording
•Personal loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate which was due to a higher benchmark rate, as well as a modest decline in weighted average coupon rate and a modest increase in the weighted average annual default rate assumption. These changes were partially offset by a modest decrease in the weighted average prepayment rate.
Current wording
•Personal loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate which was due to a higher benchmark rate, as well as a modest decline in weighted average coupon rate and modest increases in the weighted average annual default rate assumption and weighted average prepayment rate.
Previous wording
•The personal loan annualized charge-off rate increased to 3.03% from 2.80% in the prior quarter, including the impact of asset sales, new originations and delinquency sales in the quarter. This was primarily a function of maintaining consistent delinquent loan sales as the balance sheet has grown.
Current wording
•The personal loan annualized charge-off rate decreased to 2.62% from 3.03% in the prior quarter, including the impact of asset sales, new originations and delinquency sales in the quarter. This was a reflection of our members as well as strong growth in personal loans.
Previous wording
•Student loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate due to a higher benchmark rate, and was partially offset by a modest decrease in the weighted average prepayment rate. The weighted average coupon rate and weighted average default rate assumptions remained relatively consistent with the fourth quarter.
Current wording
•Student loan marks were down from the prior quarter, driven by an increase in the weighted average discount rate due to a higher benchmark rate, and was partially offset by a modest decrease in the weighted average prepayment rate. The weighted average coupon rate and weighted average default rate assumptions remained relatively consistent with the first quarter.
Previous wording
•The student loan annualized charge-off rate decreased to 65 basis points from 76 basis points in the prior quarter, driven by seasonality and the impact from a student loan repurchase that concluded during the fourth quarter.
Current wording
•The student loan annualized charge-off rate decreased to 61 basis points from 65 basis points in the prior quarter, driven by continued strong credit quality.
Previous wording
The combination of these and other factors, including in period originations, resulted in fair value losses and gains recognized on our personal and student loans portfolios, respectively, during the first quarter of 2026.
Current wording
The combination of these and other factors, including in period originations, resulted in fair value losses recognized on our personal and student loans portfolios, respectively, during the second quarter of 2026.
Previous wording
Changes in demand and loan volume for our student loan refinancing product and our in-school student loans will likely be affected by a variety of factors affecting students, including the overall interest rate environment, employment market, school tuition and admissions, executive actions by the U.S. presidential administration related to federal student loans, and how competitive our student loan refinancing products are compared to our competitors and other macroeconomic factors.
Current wording
Changes in demand and loan volume for our student loan refinancing product and our in-school student loans could be affected by a variety of factors affecting students, schools, and the overall economy, including the overall interest rate environment, employment market, school tuition and admissions, executive actions by the U.S. presidential administration related to federal student loans, how competitive our student loan products are compared to our competitors and other macroeconomic factors.
Previous wording
For the three months ended March 31, 2026 compared to the three months ended March 31, 2025, net interest income increased by $194.3 million, or 39%, and net interest margin decreased by 7 bps. Average interest-earning assets increased by 41%, and average yields decreased by 63 bps, while average interest-bearing liabilities increased by 34% and the average cost of interest-bearing liabilities decreased by 48 bps.
Current wording
Three Months. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, net interest income increased by $270.4 million, or 52%, and net interest margin increased by 12 bps. Average interest-earning assets increased by 49%, and average yields decreased by 32 bps, while average interest-bearing liabilities increased by 43% and the average cost of interest-bearing liabilities decreased by 36 bps.
Previous wording
The $194.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $219.0 million, which was primarily a function of an increase in origination volume, (ii) lower interest expense on warehouse facilities of $18.1 million as we continued to rely less on our warehouse facilities for our funding needs and were fully paid down by the end of the quarter, (iii) higher interest income from interest-bearing deposits with banks of $11.8 million driven by an increase in average deposits and the proceeds from the common stock offerings that we completed in the third and fourth quarters of 2025, and (iv) higher interest income from investment securities of $6.4 million primarily attributable to an increase in average balances.
Current wording
The $270.4 million increase in net interest income was primarily driven by (i) higher interest income on loans of $328.5 million, which was primarily a function of an increase in origination volume for our balance sheet, (ii) higher interest income from investment securities of $12.3 million primarily attributable to an increase in average balances, (iii) lower interest expense on warehouse facilities of $10.8 million as we continued to rely less on our warehouse facilities for our funding needs, and (iv) higher interest income from interest-bearing deposits with banks of $7.3 million driven by an increase in average deposits.
Previous wording
These items were partially offset by higher interest expense on interest-bearing deposits of $61.8 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings and time deposits.
Current wording
These items were partially offset by higher interest expense on interest-bearing deposits of $87.2 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings deposits.
Previous wording
The increase in loan origination, sales, securitizations and servicing of $89.4 million, or 169%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by (i) gains during the 2026 period compared losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans ($282.7 million), (ii) higher origination fees ($36.3 million) primarily driven by increased originations compared to the year ago quarter , and (iii) net fair value gains on home loans ($11.6 million) primarily impacted by increased home loan origination volume.
Current wording
Three Months. The increase in loan origination, sales, securitizations and servicing of $79.6 million, or 112%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by (i) gains during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans reflecting hedging benefits as rates shifted during the period, ($294.9 million), (ii) higher origination fees ($77.7 million) primarily driven by increased originations compared to the year ago quarter , and (iii) net fair value gains on home loans ($8.9 million) primarily impacted by increased home loan origination volume.
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Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
The $464.6 million increase in net interest income was primarily driven by (i) higher interest income on loans of $547.6 million, which was primarily a function of an increase in origination volume for our balance sheet, (ii) lower interest expense on warehouse facilities of $28.9 million as we continued to rely less on our warehouse facilities for our funding needs, (iii) higher interest income from interest-bearing deposits with banks of $19.1 million driven by an increase in average deposits, and (iv) higher interest income from investment securities of $18.6 million primarily attributable to higher average balances.
Current report — wording carried from elsewhere
These items were partially offset by higher interest expense on interest-bearing deposits of $149.1 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings deposits.
Current report — wording carried from elsewhere
Six Months. Net crypto revenue was $2.0 million for the six months ended June 30, 2026, driven by the launch of SoFi Crypto in the fourth quarter of 2025.
Current report — wording carried from elsewhere
Six Months. Other noninterest income increased by $73.1 million, or 82%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by higher interchange income as a result increased spending volumes across SoFi Money and Credit Card and higher brokerage income reflecting growing engagement and higher monetization.
Current report — wording carried from elsewhere
For the three months ended June 30, 2026, the total net charge-off ratio was 1.81%, a decrease of 31 bps compared with the three months ended June 30, 2025, and total net charge-offs were $204.5 million, an increase of $44.2 million over the comparable period. The decrease in the total net charge-off ratio was primarily due a lower student loan charge-off ratio primarily driven by the repurchase of seasoned loans during 2025 that had a higher charge-off rate as well as higher average student loan balances. Additionally, a lower personal loan charge-off ratio contributed to the decrease, reflecting higher average personal loan balances and steady delinquency rates compared to the year ago period (total personal loan delinquency rate was 40 bps, down approximately 2 bps from the comparative period).
Current report — wording carried from elsewhere
The increase in total net charge-offs was $44.2 million, driven by higher personal loan net charge-offs of $41.0 million primarily reflecting an increase in average loans.
Current report — wording carried from elsewhere
Six Months. Net interest income in our Lending segment increased by $340.2 million, or 46%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $5.9 billion (34%) and $5.3 billion (59%), respectively, partially offset by lower weighted average interest rates on personal and student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume for our balance sheet.
Current report — wording carried from elsewhere
Six Months. Lending segment directly attributable expenses increased by $184.1 million, or 49%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in expense related to personal loan lead generation channels, and (iii) an increase in allocated compensation and related benefits, which reflected increases in headcount and salary in 2026 to support growth in the Lending segment.
Current report — wording carried from elsewhere
Six Months. Noninterest income in our Technology Platform segment decreased by $54.4 million, or 26%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a decline in technology services fees of $76.3 million. These results reflected the exit of a large client who fully transitioned off our platform in 2025. This was partially offset by an increase in intercompany revenue of $18.2 million, primarily attributable to increased usage of technology platform services during the 2026 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Current report — wording carried from elsewhere
Six Months. Technology Platform segment directly attributable expenses decreased by $13.3 million, or 9%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to a decrease in product fulfillment costs, primarily related to payment processing network association fees associated with decreased activity on the platform.
Current report — wording carried from elsewhere
Annual Report on Form 10-K for the year ended December 31, 2025. Further persistence of the aforementioned conditions and these other factors could result in impairment charges in future periods.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Total noninterest income increased by $134.3 million, or 49%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.