SoFi Technologies, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 2026
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Noninterest Expense
The following table presents the components of our total noninterest expense:
| Three Months EndedSeptember 30, · 2026 vs 2025 · Nine Months EndedSeptember 30, · 2026 vs 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change |
| Technology and product development | $197,656 | $167,144 | $30,512 | 18% | $576,607 | $475,496 | $101,111 | 21% |
| Sales and marketing | 444,015 | 286,878 | 157,137 | 55% | 1,171,951 | 789,798 | 382,153 | 48% |
| Cost of operations | 209,740 | 161,423 | 48,317 | 30% | 581,002 | 447,380 | 133,622 | 30% |
| General and administrative | 201,118 | 188,405 | 12,713 | 7% | 615,502 | 510,192 | 105,310 | 21% |
| Total noninterest expense | $1,052,529 | $803,850 | $248,679 | 31% | $2,945,062 | $2,222,866 | $722,196 | 32% |
Total noninterest expense increased by $248.7 million, or 31%, and $722.2 million, or 32%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, as described below.
Technology and product development
Three Months. Technology and product development expenses increased by $30.5 million, or 18%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily driven by higher amortization of internally-developed software and tools and subscription expense reflective of continued investments in technology.
Nine Months. Technology and product development expenses increased by $101.1 million, or 21%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily driven by higher amortization of internally-developed software, higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and tools and subscription expense reflective of continued investments in technology.
Sales and marketing
Three Months. Sales and marketing expenses increased by $157.1 million, or 55%, for the three months ended September 30, 2026 compared to the three months ended September 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.
Nine Months. Sales and marketing expenses increased by $382.2 million, or 48%, for the nine months ended September 30, 2026 compared to the nine months ended September 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.
Cost of operations
Three Months. Cost of operations expenses increased by $48.3 million, or 30%, for the three months ended September 30, 2026 compared to the three months ended September 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.
Nine Months. Cost of operations expenses increased by $133.6 million, or 30%, for the nine months ended September 30, 2026 compared to the nine months ended September 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.
General and administrative
Three Months. General and administrative expenses increased by $12.7 million, or 7%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and tools and subscriptions costs reflective of continued investments in technology.
Nine Months. General and administrative expenses increased by $105.3 million, or 21%, for the nine months ended September 30, 2026 compared to the nine months ended September 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 related to the acquisitions of Composer and Peach.
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