# SoFi Technologies Inc. (SOFI) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SOFI/thesis · /stocks/SOFI/memo

## Financial Snapshot

---
ticker: SOFI
step: 04
generated: 2026-05-13
source: quick-research
---

### SoFi Technologies, Inc. (SOFI) — Financial Snapshot

*Note: SoFi reports "Adjusted Net Revenue" (net interest income + non-interest income) as its primary revenue metric, distinct from GAAP gross revenue which includes gross interest income before loan funding costs.*

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Adjusted Net Revenue | ~$1.5B | ~$2.1B | $2.67B | +27% |
| Adjusted EBITDA Margin | ~10% | ~22% | ~26% | improving |
| GAAP Net Income | ~-$0.3B | ~-$0.3B | +$0.50B | profitable |
| Basic EPS | negative | negative | ~$0.55 | positive |

*FY2025: Adjusted Net Revenue tracking to ~$3.4B+ (Q1 $772M, Q2 ~$950M, Q3 $962M). Members 12.6M (+35% YoY), products 18.6M (+36% YoY). $26B in deposits. Financial Services segment (LPB + card + invest) growing 100%+ YoY. Q4 2025 profits "jumped significantly" per Reuters. SoFi achieved consecutive GAAP profitable quarters since Q4 2023 — a key milestone enabling S&P 500 inclusion eligibility.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Deposits | $26B (SoFi Bank) |
| Loan Portfolio | ~$20–22B (personal + student + home) |
| Total Assets | ~$35B (SoFi Bank) |
| Cash & Equivalents | ~$3–4B |
| Total Debt (corporate) | ~$2B (convertible notes) |
| GAAP Net Income | ~$498M |

*SoFi is now a fully chartered bank — its balance sheet carries deposit liabilities funding loan assets, standard for any bank. The bank charter dramatically lowered SoFi's funding cost: deposits (~4.6% APY paid) vs. warehouse lines (7%+) that SoFi previously relied on. The interest spread is the engine of profitability. Galileo technology platform is an off-balance-sheet value driver generating recurring fee revenue from 128M+ accounts.*

#### Key Ratios (approximate)
- P/E: ~30–50x (trailing; GAAP recently turned positive) | P/Adjusted Net Revenue: ~5–6x
- Revenue Growth (TTM): ~27–30% | Adjusted EBITDA Margin: ~26%

#### Growth Profile
SoFi grew adjusted net revenue from ~$1.5B (FY2022) to $2.67B (FY2024) — 1.8x in 2 years — with FY2025 tracking to 25–30% growth. The business transformation is real: fee-based revenue (Financial Services + LPB + Galileo) now represents ~41% of total revenue, up from near-zero in 2021. Personal loans +66% YoY in Q2 2025. Student loan refinancing rebound is a tailwind as federal forgiveness eligibility narrows. S&P 500 inclusion eligibility achieved (4+ consecutive GAAP profitable quarters, $18B+ market cap) — index inclusion would force passive buying of the stock.

#### Forward Estimates
- FY2025: Adjusted Net Revenue ~$3.4–3.5B (+27–30% YoY); GAAP EPS ~$0.70–0.75
- FY2026: Revenue ~$4.0–4.5B; fee-based revenue targeting >65% of total
- SoFiUSD stablecoin and crypto relaunch: incremental fee revenue catalyst
- Galileo recovery: technology platform accounts stabilizing after Q4 2025 decline
- Analyst avg PT: ~$22.94 (16 analysts, Buy consensus) vs. current ~$13–16

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SOFI/fundamental

## Navigation

- Overview: /stocks/SOFI
- Financials (this page): /stocks/SOFI/financials
- Thesis: /stocks/SOFI/thesis
- Investment Memo: /stocks/SOFI/memo
- Coverage universe: /stocks