SoFi reported adjusted net revenue of $1.013 billion for the fourth quarter of 2025, a 37% year-over-year increase. Quarterly net income reached $174 million, translating to adjusted earnings of $0.13 per share, versus consensus estimates of $0.11. Adjusted EBITDA climbed 60% to $318 million, achieving a 31% margin, while fee-based revenue surged 53% to $443 million, driven by strong growth in lending and payments services.

The company added a record 1 million new members in Q4, lifting total membership to 13.7 million, a 35% rise year-over-year. Product adoption remains robust, with 1.6 million net new products opened during the quarter—40% of which were taken by existing members—bringing the total number of active products across the platform to 20.2 million. Cross-selling efforts deepened relationships: 97% of deposit customers use direct deposit, and cross-buy rates improved by 7 percentage points compared to Q4 2024.

SoFi raised full-year 2026 guidance, projecting adjusted net revenue of approximately $4.655 billion—above Wall Street consensus of $4.592 billion—and adjusted EBITDA of $1.6 billion, compared with analysts’ $1.39 billion estimate. For the first quarter of 2026, management guided adjusted net revenue to roughly $1.04 billion, in line with consensus, and expects further margin expansion as fee-based services and technology offerings contribute an increasing share of overall results.

Despite the beat-and-raise quarter, SoFi’s stock declined 5% in morning trading following investor concerns about dilution. The company completed $3.2 billion in equity raises over the past two quarters—including a $1.5 billion offering in December—and questions remain regarding capital allocation between organic growth initiatives and potential acquisitions. Profit-taking also factored in after a 70% share price gain in 2025, as investors weigh valuation premium against the risk of slower lending momentum in a stable rate environment.