SoFi stock swings after SoFi earnings deliver first $1 billion quarter

SoFi stock turned volatile Friday after SoFi earnings posted a milestone quarter—more than $1 billion in adjusted net revenue—but investors still sold shares amid a risk-off tape and questions about how much of the growth is cyclical lending strength versus durable, fee-based expansion. By 12:17 p.m. ET, SoFi was trading at $23.12, down about 5.1% on the session after ranging from $26.33 to $22.82.

The results capped a breakout year for the fintech and online bank, with management pointing to faster member growth, record loan originations, and a rising share of revenue coming from non-lending businesses.

SoFi stock: volatile reaction after the print

The market’s reaction looked less like a verdict on the quarter and more like a reset of expectations. Shares jumped early in premarket trading, then faded and slid into the red as the session progressed, despite headline beats and upbeat guidance.

Two factors stood out. First, the stock has had a strong run into earnings, raising the bar for what qualifies as “good enough” news. Second, the broader market’s tone Friday pushed investors toward profit-taking in higher-beta names, which can overwhelm even solid fundamentals on the day.

SoFi earnings hit a revenue milestone

SoFi said Q4 2025 adjusted net revenue rose 37% year over year to $1.013 billion, the first time the company has crossed the $1 billion quarterly mark on that measure. On a GAAP basis, total net revenue was $1.025 billion.

Profitability improved sharply on an adjusted basis, with adjusted EBITDA up 60% to $318 million. The company reported adjusted earnings per share of $0.13, up from $0.05 a year earlier, alongside GAAP net income of $174 million.

A key operating signal was continued scale: SoFi ended the quarter with 13.7 million members (up 35% year over year) and 20.2 million products (up 37%), helped by cross-selling that pushed more existing users to add additional services.

Key Q4 2025 scorecard (USD)

Financial services growth drives the mix shift

One of the most closely watched themes in this report was mix. SoFi has been working to reduce reliance on spread-based lending by growing products that generate fees and recurring engagement.

The quarter showed progress: fee-based revenue climbed 53% year over year to $443 million, with the company highlighting continued traction in its financial services segment (including offerings such as credit card, investing, and other consumer products). The business model pitch is straightforward—more members, more products per member, and a bigger share of revenue that doesn’t depend directly on interest-rate swings.

Lending still matters, and it was strong. Total loan originations reached a record $10.5 billion, up 46% from a year earlier, with personal loans leading the mix. SoFi also pointed to a rebound in student and home lending, helping expand total origination volume.

Guidance points to 2026 acceleration

SoFi’s outlook was another major driver of attention. For Q1 2026, the company guided to about $1.04 billion in adjusted net revenue and about $0.12 in adjusted EPS, essentially telling investors the momentum is expected to carry into the new year.

For full-year 2026, SoFi’s guidance centered on a step up in scale and profitability, including approximately $4.655 billion in adjusted net revenue and about $0.60 in adjusted EPS, alongside an emphasis on margin expansion and continued product investment. Management also reiterated ambitions for continued member growth, leaning on the “one-stop-shop” strategy: borrow, save, spend, invest, and protect—inside one app and one ecosystem.

What investors watch next

After the initial headline read, the next debate is about quality and durability:

• Credit performance as originations grow, especially in personal loans

• Fee-based momentum—how quickly financial services revenue can become a larger share of the whole

• Funding and margin sensitivity as the market recalibrates expectations for 2026 rate cuts

• Execution on new products, including crypto-related offerings that can drive engagement but also bring regulatory and reputational scrutiny

For now, the quarter confirmed SoFi’s ability to scale rapidly. The stock’s choppy response suggests investors are demanding not just growth, but clearer proof that the mix shift toward steadier revenue streams can keep compounding through 2026.

Sources consulted: SoFi Technologies earnings release and investor presentation; Nasdaq; Reuters; Barron’s; MarketWatch.