SoFi 2025-26: 1M Members Q4, FY26 EPS $0.60, FS Revenue 57%
FY25 revenue $4.77B (+29%); op income $1.68B (+621%); NI $481M; EPS $0.39. Q4 record: 1M new members (single quarter); 1.6M new products (40% to existing). Q4 adj net rev >$1B (+37% YoY). Financial Services + Tech +61% YoY (57% of total revenue). Lending +15% to $486M. SoFi Pay + Crypto + USD + Smart Card launched. FY26: adj net revenue $4.655B (+30%); adj EBITDA $1.6B / 34% margin; adj EPS $0.60.
Key takeaways
- Q4 1M new members single quarter — record. Plus 1.6M new products with 40% from existing members. The cross-sell engine is working. Brand awareness 9.6% (sports + music partnerships).
- Financial Services + Tech now 57% of revenue (+61% YoY). Mix shift away from pure lending. Lending +15% to $486M FY25. The diversification thesis is materializing.
- FY26 adj net revenue $4.655B (+30%); adj EBITDA $1.6B / 34% margin; adj EPS $0.60. Aggressive growth at scale. From 2025-2028: 30% CAGR adj net revenue + 38-42% CAGR adj EPS.
- Crypto + Pay + USD + Smart Card all launched FY25. Material product expansion: SoFi Pay (payments), SoFi Crypto, SoFi USD (stablecoin), SoFi Smart Card. Business banking rolling out 2026.
- Adj net rev >$1B Q4 alone — first time. +37% YoY Q4. Operating leverage at scale = path to $4.655B FY26.
Business
SoFi Technologies is a US digital financial services + lending company. Three reportable segments:
- Financial Services + Tech Platform (~57% of revenue, fastest growing). Banking + investing + credit cards + insurance + tech platform (Galileo + Technisys). Q4 +61% YoY. Cross-sell engine compounding.
- Lending (~43%). Personal loans + student loans + home loans. Q4 adj net rev +15% to $486M. Strong originations. The legacy core.
- Other. Smaller segments.
Strategic moves FY25:
- 1M new members Q4 (single quarter record)
- 1.6M new products Q4 (40% from existing members)
- SoFi Pay launched (payments)
- SoFi Crypto launched (crypto trading)
- SoFi USD launched (stablecoin)
- SoFi Smart Card introduced Q4
- Music + sports partnerships (brand awareness 9.6%)
- Business banking offering rollout 2026
- 30% CAGR adj net revenue 2025-2028 target
- 38-42% CAGR adj EPS 2025-2028
FY25 financial performance
| Metric (FY) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue ($B) | 1.76 | 2.90 | 3.70 | 4.77 |
| Revenue YoY | n/a | +64% | +28% | +29% |
| Op income ($M) | -319 | -301 | 233 | 1,682 |
| Op margin | -18.1% | -10.4% | 6.3% | 35.3% |
| Net income ($M) | -320 | -301 | 499 | 481 |
| Diluted EPS ($) | -0.40 | -0.36 | 0.39 | 0.39 |
| FCF ($B) | -7.36 | -7.35 | -1.28 | -3.98 |
| Capex ($M) | -104 | -121 | -164 | -242 |
| Total debt ($B) | 5.63 | 5.36 | 3.20 | 1.82 |
The earnings progression: revenue 4-yr CAGR ~38% — exceptional. Op income inflection from -$319M FY22 → +$1.68B FY25 (massive). EPS $0.39 stable Y/Y as op margin expanded but net income flat reflects share dilution + deposit growth funding.
FCF -$4.0B FY25 reflects deposit absorption + lending growth (typical for banking model — assets grow before income).
Total debt $1.82B (-43% YoY) — significantly de-levered.
Capital allocation
- Capex: $-242M FY25 (5% of revenue, +48% YoY).
- Dividends: $0 (no dividend).
- Buybacks: $-65M FY25 (modest).
- Debt: $1.82B (-43% YoY) — de-leveraging.
- FCF: -$4.0B (lending growth).
FY26-28 outlook (per Q4 2025 call, 2026-01-30)
| FY26 framework | Detail |
|---|---|
| Member growth | At least +30% YoY |
| Adj net revenue | ~$4.655B (+30% YoY) |
| Adj EBITDA | ~$1.6B (+30%+) |
| Adj EBITDA margin | ~34% |
| Adj net income | ~$825M |
| Adj EPS | $0.60 |
| LT (2025-2028) net revenue CAGR | ≥ 30% |
| LT (2025-2028) adj EPS CAGR | 38-42% |
The +30% revenue + 38-42% EPS CAGR outlook implies operating leverage materially expanding. Path-to-profitable-scale is the structural story.
Key risks
- Credit quality / loan losses. Lending segment subject to credit cycle. Personal loans + student loans pricing matters.
- Member growth durability. 30%+ CAGR depends on continued cross-sell + brand traction.
- Crypto / SoFi USD regulatory. Crypto + stablecoin businesses face regulatory uncertainty.
- Bank capital + funding costs. Bank holding company structure requires capital management.
- Competition. Robinhood + Cash App + traditional banks compete in digital banking.
- Product launch execution. Smart Card + Business Banking + Crypto products rolling out — execution risk.
- Deposit growth. $4B FCF outflow reflects deposit + lending growth — unprofitable at scale if not balanced.
Bottom line
SOFI FY25 is the inflection-to-profit-at-scale year: revenue +29%, op income $1.68B (vs $233M FY24, +621%), 1M new members Q4 record, FS+Tech 57% of revenue +61%. FY26 adj net revenue $4.655B (+30%) / adj EPS $0.60 / adj EBITDA $1.6B continues compounding. 2025-2028 30% revenue CAGR + 38-42% EPS CAGR. Risks are credit + member growth + regulatory + competition. Highest-quality digital fintech compounder mid-trajectory.
Citations
- SoFi Technologies, Inc. FY25 Form 10-K (filed February 2026, SEC EDGAR).
- SOFI Q4 2025 earnings call, 2026-01-30 — record Q4 1M new members; 1.6M new products (40% existing); Q4 adj net rev >$1B (+37%); FY26 guide (adj net revenue $4.655B / adj EBITDA $1.6B / adj EPS $0.60); 2025-2028 30% revenue CAGR + 38-42% EPS CAGR.
- SOFI Q3 2025 / Q2 2025 / Q1 2025 earnings calls — supporting growth + product launches (assumed in line with Q4 trajectory).
- Internal financial_statements view (consolidated annual + cash flow + capital structure).