SoFi Reports Third Quarter 2025 with Record Net Revenue of $962 Million, Record Member and Product Growth, Net Income of $139 Million

Adjusted Net Revenue up 38% to a record $950 million
Adjusted EBITDA up 49% to a record $277 million
Fee-based Revenue up 50% to a record $409 million
Member growth up 35% to a record 12.6 million members
Product growth up 36% to a record 18.6 million products
Management Raises 2025 Guidance

SAN FRANCISCO: SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its third quarter ended September 30, 2025.

“SoFi delivered an exceptional third quarter, fueled by the strength of our innovation and the power of our one-stop shop strategy,” said Anthony Noto, CEO of SoFi.

“We achieved record adjusted net revenue of $950 million and added a record 905,000 new members and 1.4 million new products. Our ability to consistently deliver durable growth, strong returns, and exceptional credit performance proves that our strategy is battle-tested and built to outperform. The opportunity before us is massive and SoFi is executing from a position of unparalleled strength. That’s why we're investing aggressively across the business and accelerating innovation in crypto, blockchain, and AI to help more members than ever before get their money right.”

Product Highlights

• Set New Records in Members and Products. A record 905,000 new members joined SoFi in the quarter, up 35% from the prior year to 12.6 million. SoFi added a record 1.4 million new products, up 36% from the prior year to 18.6 million products.

• Delivering Results with SoFi’s One-Stop Shop. SoFi’s integrated financial services model drove strong product adoption across the business. Cross-buy hit its highest level since 2022, with approximately 40% of new products opened by existing SoFi members. This growth was fueled by SoFi’s industry-leading products designed to deliver exceptional value and a seamless experience for members. Innovations including Cash Coach, Level 1 Options, expanded access to alternative investments, and the increasing benefits of SoFi Plus are expected to continue driving momentum and deepen member engagement.

• Demonstrating Successful Diversification and Durable Growth with Record Fee‑Based Revenue. Total fee-based revenue across the business achieved a record $408.7 million, up 50% from the prior year, now generating over $1.6 billion on an annualized basis. This was driven by strong performance from our Loan Platform Business (LPB), which originated $3.4 billion in loans on behalf of third parties in the third quarter and generated $167.9 million in revenue, up 29% from the second quarter and 2.75x from the prior year. LPB is now running at an annualized pace of over $13 billion of originations and $660 million of high-margin, high-return, fee-based revenue.

• Accelerating Loan Originations to Record-Highs. SoFi achieved record total loan originations of $9.9 billion this quarter, up 57% year-over-year, reflecting strong demand across personal, student, and home loans. Personal loan originations reached an all-time high of $7.5 billion while student loan originations increased 58% to $1.5 billion. Home lending set a new record with nearly $945 million in originations, including a record $352 million in home equity loans. This performance was fueled by continuous innovations, including the introduction of interest-only periods for Personal Loans, new step-up repayment options for student loans, and home equity loans.

• Transforming the Future of Finance with Crypto and AI. SoFi launched fast, low-cost international remittances through the blockchain with SoFi Pay. SoFi Crypto will launch later this year and will allow members to buy, sell, and hold dozens of tokens directly in the app. SoFi launched its AI-powered Cash Coach to help members optimize their cash, with further innovations planned in 2026.

• Strengthened Brand Awareness to Attract More Members to SoFi’s Ecosystem. With continued investment to build SoFi into a trusted household name, unaided brand awareness accelerated to an all-time high of 9.1% – an increase of over 4x in just four years.

• Continuing Strength in Credit Performance. SoFi’s annualized charge-off rate decreased by more than 20-basis points for both personal loans and student loans compared to the prior quarter, with personal loan net charge-offs reaching their lowest level in over 2 years. The on-balance sheet 90-day delinquency rate for both personal loans and student loans remained consistent with the prior quarter, increasing just one basis point in the third quarter.

Consolidated Results

SoFi reported a number of key financial achievements. For the third quarter of 2025, GAAP net revenue of $961.6 million increased 38% relative to the prior-year period's $697.1 million. Record adjusted net revenue of $949.6 million grew 38% from the corresponding prior-year period of $689.4 million.

For the third quarter of 2025, total fee-based revenue reached a record of $408.7 million, a year-over-year increase of 50%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $534.2 million of net revenue, an increase of 57% from the prior year period.

Third quarter record adjusted EBITDA of $276.9 million increased 49% from the prior year period's $186.2 million. This represents an adjusted EBITDA margin of 29%. All three segments delivered strong contribution profit, at attractive margins.

SoFi reported its eighth consecutive quarter of GAAP profitability. For the third quarter of 2025, GAAP net income reached $139.4 million and diluted earnings per share reached $0.11.

Equity grew by $1.9 billion during the quarter, ending at $8.8 billion and $7.29 of book value per share. Tangible book value grew by $1.9 billion during the quarter, ending the period at $7.2 billion. Tangible book value per share was $5.97 at quarter-end, up from $4.08 per share in the prior year period.

Net interest income of $585.1 million for the third quarter was up 36% year-over-year. This was driven by a 29% increase in average interest-earning assets and a 76 basis point decrease in cost of funds, partially offset by a 45 basis point decrease in average asset yields year-over-year. For the third quarter, net interest margin of 5.84% increased 27 basis points year-over-year from 5.57%.

The average rate on deposits in the third quarter was 190 basis points lower than that of warehouse facilities, which translates to approximately $627.1 million of annualized interest expense savings due to the successful remixing of our funding base.

Member and Product Growth

Continued growth in both total members and products in the third quarter is the result of our continued investments in innovation and brand building and reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.

SoFi added a record 905,000 members in the third quarter of 2025, bringing total members over 12.6 million, up 35% from 9.4 million at the end of the same prior year period.

SoFi also achieved record product additions of 1.4 million in the third quarter of 2025, bringing total products to nearly 18.6 million, up 36% from 13.7 million at the end of the same prior year period.

Financial Services products increased by 37% year-over-year to 16.1 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 88% of our total product growth.

Lending products increased by 30% year-over-year to 2.5 million, driven by continued demand for personal, student, and home loan products.

Technology Platform enabled accounts decreased 1% year-over-year to 158 million.

Financial Services Segment Results

For the third quarter of 2025, Financial Services segment net revenue of $419.6 million increased 76% from the prior year period. Net interest income of $203.7 million increased 32% year-over-year, primarily driven by growth in consumer deposits. Noninterest income of $216.0 million more than doubled year-over-year.

In the third quarter, SoFi's Loan Platform Business added $167.9 million to our consolidated adjusted net revenue. Of this, $164.9 million was driven by $3.4 billion of personal loans originated on behalf of third parties as well as referrals to third parties.

In addition to our Loan Platform Business, SoFi continued to see healthy growth in interchange fee revenue in the third quarter, up 55% year-over-year, as a result of nearly $20 billion in total annualized spend in the quarter across SoFi Money and Credit Card.

Contribution profit for the third quarter of 2025 reached $225.6 million, a $125.8 million improvement from the prior year period, while contribution margin grew 12 percentage points year-over-year to 54%. This is a reflection of the strong operating leverage generated in the segment by net revenue growth of 76% with directly attributable expenses increasing only 39%.