Key Takeaways
- SoFi’s third-quarter revenue rose 44% to a record $1.4 billion, nearly matching Robinhood’s $1.42 billion, which grew just 12%.
- Lending drove most of the beat, with adjusted segment revenue up 68% and record personal loan originations of $12.6 billion.
- Sales and marketing expense rose 55%, and higher benchmark rates shrank the fair value premium on SoFi’s personal loans.
- SoFi’s 2026 guide implies a roughly flat fourth quarter, so the January report has to show growth restarting toward its $6.4 billion 2027 target.
SoFi Technologies (SOFI) just posted the kind of quarter investors usually pay up for. Third-quarter revenue rose 44% to a record $1.4 billion, and adjusted EPS of $0.18 beat the $0.16 consensus.
That top line now sits right next to Robinhood Markets (HOOD), which reported $1.42 billion the same day. Yet Robinhood grew 12%, and its net income fell 14%.
SoFi’s stock jumped 9% in premarket trading on the news. Still, it had hit a 52-week low of $13.86 on October 15, less than half its November 2025 peak.
So the market likes the quarter. It just isn’t sure how much of it lasts.
A record quarter on every line
Here’s what SoFi reported for the quarter ended September 30:
- Adjusted net revenue of $1.37 billion, ahead of the $1.25 billion analysts expected
- GAAP net income of $241 million, up 73%
- Members up 35% to 17.1 million, with a record 1.2 million added
Management also raised its 2026 revenue guide to $5.04 billion, up from $4.75 billion to $4.85 billion. It then gave a first look at 2027: about $6.4 billion of revenue and $0.90 of EPS.
Profit is growing far faster than revenue…
Revenue grew 44% while total noninterest expense rose 31%, and that gap is doing the work.
“Our conviction in the opportunity ahead has never been greater,” CEO Anthony Noto said in the earnings release.
Personal loans carry the load
Lending drove most of the beat. Adjusted segment revenue jumped 68% to $807 million, about 59% of the total.
Personal loan originations hit a record $12.6 billion, up 69%. Student loan volume nearly doubled to $2.9 billion, while total deposits grew $5.8 billion to $51.3 billion, which keeps funding cheap.
How does that growth stack up against Robinhood?
SoFi’s quarterly revenue has nearly caught up. However, Robinhood counts 14 business lines above $100 million in annualized revenue, and SoFi counts eight.
The other segments are slower. Financial Services revenue rose 25%, but its contribution margin slipped to 50% from 54%. Tech Platform revenue fell 24% after a large client left.
TIKR tracks 25 analysts on SoFi. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on SoFi, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See SoFi’s Analyst Ratings
Rates and spending test the guide
The harder questions sit under the headline. Sales and marketing expense rose 55% to $444 million, well ahead of revenue growth.
Rates are the bigger worry. The benchmark rate for personal loans rose 76 basis points in the quarter. As a result, the fair value premium on those loans over unpaid principal shrank to $1.02 billion from $1.22 billion.
Noto told analysts on the earnings call, “Today, we are positioned for two more rate hikes this year.”
Then there’s the guide itself. The new $5.04 billion target implies about $1.38 billion of fourth-quarter revenue, roughly flat with the third quarter.
Earnings tell a steadier story.
SoFi guides to $0.61 of EPS this year and $0.90 in 2027, a 48% jump.
My take: SoFi is growing like a fintech with bank funding behind it, and that combination is rare. But this quarter leaned heavily on personal loans in a rising rate market. I’d want proof that the slower segments can carry more of the load before calling October’s low a bottom.
The fourth-quarter report, expected in late January, will show whether that flat quarter was caution or the start of a slowdown.
So what is SoFi stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
