Revenue expansion is supported by structural gross margin improvements, which climbed from 68.7% in 2023Q4 to 77.5% in 2026Q1 as the company scales its proprietary technology platform.
| Sales/Revenue | 5.14B | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 3.91B | 3.58B | 2.58B | 2.05B | 1.52B | 977.3M | 565.53M | 442.66M | 269.4M |
| Gross Margin % | 76.02% | 75.12% | 69.68% | 70.86% | 86.18% | 89.85% | 75.29% | 61.39% | 44.9% |
| Gross Profit Growth % | - | 38.84% | 25.68% | 35.15% | 55.45% | 72.81% | 27.76% | 64.31% | - |
| Operating Expenses | 3.26B | 3.06B | 2.35B | 2.35B | 1.84B | 1.46B | 894.05M | 682.26M | 522.76M |
| OpEx % of Revenue | - | 64.1% | 63.38% | 81.26% | 104.26% | 134.09% | 119.03% | 94.62% | 87.13% |
| Selling, General & Admin | 1.94B | 1.8B | 1.4B | 1.23B | 1.12B | 925.41M | 513.96M | 418.47M | 334.55M |
| SG&A % of Revenue | - | 37.74% | 37.7% | 42.46% | 63.5% | 85.08% | 68.42% | 58.04% | 55.76% |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | 645.63M | 525.86M | 233.34M | -301.16M | -318.72M | -481.18M | -328.52M | -239.6M | -253.36M |
| Operating Margin % | 12.56% | 11.03% | 6.3% | -10.39% | -18.08% | -44.24% | -43.74% | -33.23% | -42.23% |
| Operating Income Growth % | - | 125.36% | 177.48% | 5.51% | 33.76% | -46.47% | -37.11% | 5.43% | - |
| EBITDA | 892.07M | 760.01M | 436.84M | -99.74M | -167.36M | -379.61M | -258.69M | -223.64M | -242.44M |
| EBITDA Margin % | 17.35% | 15.93% | 11.79% | -3.44% | -9.49% | -34.9% | -34.44% | -31.02% | -40.41% |
| EBITDA Growth % | 107.87% | 73.98% | 537.97% | 40.4% | 55.91% | -46.74% | -15.67% | 7.75% | - |
| D&A (Non-Cash Add-back) | 246.45M | 234.15M | 203.5M | 201.42M | 151.36M | 101.57M | 69.83M | 15.96M | 10.91M |
| EBIT | 645.63M | 525.86M | 233.34M | -301.16M | -318.72M | -481.18M | -328.52M | -239.6M | -253.36M |
| Net Interest Income | 2.41B | 2.22B | 1.72B | 1.26B | 584.1M | 252.24M | 177.93M | 329.83M | 259.06M |
| Interest Income | 3.61B | 3.38B | 2.81B | 2.05B | 773.37M | 355.02M | 363.54M | 608.19M | 589.62M |
| Interest Expense | 1.2B | 1.16B | 1.09B | 789.33M | 189.28M | 102.78M | 185.61M | 278.36M | 330.55M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | 645.63M | 525.86M | 233.34M | -301.16M | -318.72M | -481.18M | -328.52M | -239.6M | -253.36M |
| Pretax Margin % | 12.56% | 11.03% | 6.3% | -10.39% | -18.08% | -44.24% | -43.74% | -33.23% | -42.23% |
| Income Tax | 68.69M | 44.54M | -265.32M | -416K | 1.69M | 2.76M | -104.47M | 98K | -958K |
| Effective Tax Rate % | 10.64% | 8.47% | -113.7% | 0.14% | -0.53% | -0.57% | 31.8% | -0.04% | 0.38% |
| Net Income | 576.93M | 481.32M | 498.67M | -300.74M | -320.41M | -483.94M | -224.05M | -239.7M | -252.4M |
| Net Margin % | 11.22% | 10.09% | 13.46% | -10.38% | -18.18% | -44.49% | -29.83% | -33.24% | -42.07% |
| Net Income Growth % | 19.76% | -3.48% | 265.81% | 6.14% | 33.79% | -115.99% | 6.53% | 5.03% | - |
| Net Income (Continuing) | 576.93M | 481.32M | 498.67M | -300.74M | -320.41M | -483.94M | -224.05M | -239.7M | -252.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.42 | 0.39 | 0.39 | -0.36 | -0.40 | -1.00 | -2.73 | -2.27 | -2.17 |
| EPS Growth % | 5.33% | 0% | 208.33% | 10% | 60% | 63.37% | -20.29% | -4.45% | - |
| EPS (Basic) | - | 0.42 | 0.46 | -0.36 | -0.40 | -1.00 | -2.73 | -2.27 | -2.17 |
| Diluted Shares Outstanding | 1.38B | 1.25B | 1.1B | 945.02M | 900.89M | 526.73M | 116.15M | 116.15M | 116.15M |
| Basic Shares Outstanding | 1.28B | 1.15B | 1.05B | 945.02M | 900.89M | 526.73M | 116.15M | 116.15M | 116.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Credit cycle sensitivity
According to quarterly financial data, SoFi's revenue has demonstrated consistent upward momentum, climbing from $856.4 million in 2023Q4 to $1.4 billion by 2026Q1, suggesting that the company's strategy of cross-selling banking products to its existing member base is successfully driving top-line expansion.
The consistent revenue growth appears to be supported by the successful integration of the bank charter, which allows for more efficient funding of loan originations. Investors should monitor whether this growth trajectory remains durable as the company faces potential saturation in its core personal loan segment.
As reported in recent income statements, the company's gross margin has steadily improved from 68.7% in 2023Q4 to 77.5% in 2026Q1, reflecting a shift toward higher-margin interest income and the scaling of its proprietary technology platform infrastructure.
This margin expansion suggests that the company is successfully leveraging its vertical integration to reduce reliance on third-party capital providers. The trend warrants further investigation to determine if these gains are sustainable or if they are sensitive to fluctuations in interest rate environments.
Based on the provided financial figures, operating income has scaled from $51.2 million in 2023Q4 to $199.6 million in 2026Q1, indicating that the company is beginning to realize significant operating leverage as revenue growth outpaces the expansion of its SG&A cost base.
The ability to grow operating income while maintaining controlled SG&A suggests that the initial heavy investment phase in customer acquisition is yielding better returns. Analysts should assess whether this efficiency can be maintained if marketing costs rise to defend market share against traditional banking incumbents.
Data from recent filings reveals that stock-based compensation remains a persistent feature of the cost structure, with $68.6 million recorded in 2025Q4, which may suggest that reported GAAP net income figures are partially supported by non-cash equity-based incentives for personnel.
While the company has achieved GAAP profitability, the reliance on stock-based compensation warrants caution regarding the true economic earnings of the firm. Investors should distinguish between operational cash generation and accounting profits that may be influenced by these recurring equity-based charges.
Based on the company's reported figures, the use of fair value accounting for loan portfolios may introduce volatility, as evidenced by the significant quarterly fluctuations in net income that do not always align with the underlying cash flow performance of the lending business.
This accounting approach may mask underlying credit quality issues by relying on internal models for discount rates and default expectations. A shift in macro conditions could lead to sudden, non-cash downward adjustments to the loan portfolio, potentially impacting future earnings reports.
Quick answers to the most common questions about buying SOFI stock.
SoFi Technologies, Inc. (SOFI) is profitable, generating $481.3M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
SoFi Technologies, Inc. (SOFI) reported an operating income of $525.9M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SoFi Technologies, Inc. (SOFI) generated $3.58B in gross profit for the year, representing a gross profit margin of 75.1%. This demonstrates the company's core pricing power and production efficiency.