Research · Sep 3, 2026
[SOFI] SoFi Technologies Thesis 2026: Financial Services Revenue Majority Signals Business Model Shift
SoFi Technologies 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% from existing). Q4 adj net rev >$1B (+37% YoY). Financial Services + Tech Platform +61% YoY (57% of total revenue). Lending segment adj net rev +15% to $486M. Brand awareness 9.6% (music + sports partnerships). Product launches FY25: SoFi Pay + SoFi Crypto + SoFi USD + SoFi Smart Card. Business banking rollout 2026. FY26 guide: adj net revenue $4.655B (+30%); adj EBITDA $1.6B / 34% margin; adj net income $825M; adj EPS $0.60. LT 2025-2028: ≥30% revenue CAGR + 38-42% adj EPS CAGR.