SoFi Technologies Beats Q2 Estimates with Record Net Revenue and Member Growth

SOFI posted record second-quarter results and the stock fell about 10% to roughly $15.15. Adjusted net revenue reached $1.2 billion, up about 40% year over year and ahead of the roughly $1.11 billion consensus, while GAAP sales rose about 42% to $1.22 billion. Net income set a record at $157 million. Loan originations reached $14.8 billion, up 69% year over year, and deposits grew $5.3 billion in the quarter to $45.5 billion.

The gap between the results and the reaction sits entirely in guidance. SoFi raised its full-year 2026 adjusted net revenue outlook to $4.75 billion to $4.85 billion, above the roughly $4.7 billion consensus, but left its profitability guidance unchanged. A revenue raise unaccompanied by a corresponding earnings raise implies the incremental revenue is being absorbed by costs, and for a company whose equity story has shifted from growth toward durable profitability, that is the line investors were reading.

The underlying business metrics do not look like deceleration. Origination growth of 69% and a $5.3 billion deposit build in a single quarter are both strong, and the deposit funding base is what lowers SoFi's cost of funds over time. The tension is between a lending franchise scaling quickly and a margin structure that management has not yet guided higher. The marker for coming quarters is whether profitability guidance moves up once the origination cohorts season, or whether the unchanged outlook reflects a structural view of where incremental margin settles.

Related Stocks

• SOFI
• FDS