Free cash flow remains highly volatile, swinging from a $704.1 million inflow in 2024Q1 to a $1.5 billion outflow in 2025Q2, largely driven by significant working capital requirements.
| Cash from Operations | -2.27B | -3.74B | -1.12B | -7.23B | -7.26B | -1.35B | -479.34M | -54.73M | 1.02B |
| Operating CF Margin % | - | -78.46% | -30.23% | -249.42% | -411.61% | -124.14% | -63.81% | -7.59% | 170.56% |
| Operating CF Growth % | -38.07% | -234.21% | 84.51% | 0.4% | -437.38% | -181.68% | -775.77% | -105.35% | - |
| Net Income | 576.93M | 481.32M | 498.67M | -300.74M | -320.41M | -483.94M | -224.05M | -239.7M | -252.4M |
| Depreciation & Amortization | 249.41M | 234.15M | 203.5M | 201.42M | 151.36M | 101.57M | 69.83M | 15.96M | 10.91M |
| Stock-Based Compensation | 198.3M | 262.06M | 246.15M | 271.22M | 305.99M | 239.01M | 99.87M | 61.42M | 43.46M |
| Deferred Taxes | 17.76M | 16.19M | -286.92M | -15.83M | -3.5M | 1.2M | -104.5M | 52K | -1.09M |
| Other Non-Cash Items | 1.21B | -297.74M | -168.34M | 249.97M | 106.26M | 137.25M | 76.85M | 37.5M | -5.74M |
| Working Capital Changes | -4.52B | -4.44B | -1.61B | -7.63B | -7.5B | -1.35B | -397.33M | 70.04M | 1.23B |
| Change in Receivables | -24.47M | -45.31M | 0 | 0 | 0 | 1.4M | 1.12M | -2.67M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -36.29M | 0 | 23.55M | 42.09M | 6.37M | -9.02M | 95.16M | 2.03M | 13.23M |
| Cash from Investing | -11.49B | -6.72B | -4.82B | -1.89B | -106.33M | 110.19M | 258.95M | 114.87M | -12.25M |
| Capital Expenditures | -261.8M | -242.44M | -154.26M | -111.41M | -93.2M | -52.26M | -24.55M | -37.59M | -13.73M |
| CapEx % of Revenue | 5.09% | 5.08% | 4.17% | 3.84% | 5.29% | 4.81% | 3.27% | 5.21% | 2.29% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - |
| Investments | 45.4B | 40.94B | 29.84B | 23.79B | 14.32B | 6.68B | 5.48B | 6.15B | -8.56B |
| Other Investing | -3.05B | -4.21B | -3.52B | -1.37B | -184.26M | 16.69M | -7.64M | -9.05M | 0 |
| Cash from Financing | 14.8B | 13.11B | 5.03B | 10.89B | 8.44B | 684.99M | 853.75M | 93.08M | -954.79M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 3.31B | -64.99M | -323.4M | 0 | 0 | -283.38M | 369.8M | 565.04M | 0 |
| Dividends Paid | 0 | 0 | -16.5M | -40.42M | -40.42M | -40.43M | -40.54M | -23.92M | 0 |
| Share Repurchases | -115K | -64.99M | 0 | 0 | 0 | -283.38M | -40K | -8.8M | 0 |
| Other Financing | 12.73B | 14.46B | 6.87B | 11.21B | 7.14B | 1.92B | -408K | -80.08M | -23.25M |
| Net Change in Cash | 1.05B | 2.65B | -906.22M | 1.77B | 1.08B | -554.99M | 633.22M | 153.2M | 56.25M |
| Free Cash Flow | -2.53B | -3.98B | -1.28B | -7.35B | -7.36B | -1.4B | -503.88M | -92.32M | 1.01B |
| FCF Margin % | -49.24% | -83.55% | -34.65% | -253.61% | -417.49% | -128.95% | -67.08% | -12.8% | 168.27% |
| FCF Growth % | -25.31% | -210.49% | 82.53% | 0.15% | -424.76% | -178.33% | -445.78% | -109.15% | - |
| FCF per Share | -1.84 | -3.18 | -1.17 | -7.78 | -8.17 | -2.66 | -4.34 | -0.79 | 8.69 |
| FCF Conversion (FCF/Net Income) | -4.39x | -7.78x | -2.25x | 24.03x | 22.65x | 2.79x | 2.14x | 0.23x | -4.05x |
| Interest Paid | 0 | 0 | 1.12B | 720.16M | 150.87M | 94.8M | 129.13M | 224.92M | 223.44M |
| Taxes Paid | 0 | 0 | 26.91M | 14.33M | 2.57M | 1.76M | 529K | 8K | 138K |
Working capital volatility
As reported in recent financial statements, the company's OCF/NI ratio has exhibited extreme volatility, ranging from -27.83 in 2024Q2 to 8.39 in 2024Q1, suggesting that GAAP net income is frequently decoupled from the actual cash generated by core lending and technology operations.
The persistent gap between net income and operating cash flow appears driven by significant non-cash adjustments and working capital swings inherent in the fair value accounting of loan portfolios. Investors should monitor whether this divergence represents temporary timing differences or a structural inability to convert accounting profits into tangible liquidity.
Based on quarterly data, free cash flow has fluctuated wildly between a peak of $704.1 million in 2024Q1 and a trough of -$1.5 billion in 2025Q2, indicating that the company's cash generation trajectory remains highly sensitive to loan origination cycles and balance sheet management.
The erratic FCF margins suggest that the business model is still maturing, with cash flow often failing to track the upward trend in reported net income. This inconsistency warrants caution, as it implies that the company's ability to self-fund growth remains unproven over a full credit cycle.
According to SEC filings, working capital changes have been a primary driver of cash flow instability, with a massive outflow of $1.6 billion in 2025Q2, highlighting the significant cash requirements needed to support the company's rapid expansion of its loan book and deposit base.
These large, periodic working capital outflows suggest that the company is aggressively deploying cash to fund loan originations, which may temporarily strain liquidity. Analysts should interpret these swings as a reflection of the company's capital-intensive transition toward a traditional banking model.
As indicated by the provided figures, the company maintains a consistent CapEx/Revenue ratio hovering around 5%, with quarterly expenditures reaching $68.8 million in 2026Q1, reflecting the ongoing necessity to invest in proprietary technology infrastructure to maintain its competitive moat.
The steady level of capital expenditure suggests that management views technology as a core asset rather than a secondary support function. While this investment is essential for product iteration, it represents a permanent cash drain that must be balanced against the company's broader profitability goals.
Data from recent filings reveals that stock-based compensation remains a consistent expense, reaching $68.6 million in 2025Q4, which, when combined with fair value accounting adjustments, complicates the assessment of the company's true underlying cash-generating capacity.
The reliance on equity-based compensation suggests that reported GAAP earnings may overstate the cash-based performance of the firm. Investors should be wary of these non-cash items, as they effectively mask the true cost of talent acquisition and the volatility inherent in the company's loan valuation models.
Quick answers to the most common questions about buying SOFI stock.
SoFi Technologies, Inc. (SOFI) generated $-3742.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SoFi Technologies, Inc. (SOFI) reported negative free cash flow of $3.98B in 2025, indicating capital requirements exceeded cash from operations.
SoFi Technologies, Inc. (SOFI) spent $242.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SoFi Technologies, Inc. (SOFI) spent $65.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.