Key Stats
- Current Price: $16 (April 30, 2026)
- Q1 2026 Revenue: $1.09B, up ~42% YoY
- Q1 2026 Adjusted EPS: $0.12, up ~91% YoY
- Q1 2026 Adjusted EBITDA: $340M, up 62% YoY, 31% margin
- Q1 2026 Net Income: $167M, 15% margin
- Q2 2026 Revenue Guidance: ~$1.115B (~30% YoY growth)
- Q2 2026 EPS Guidance: $0.10 to $0.11
- Full-Year 2026 Revenue Guidance: Unchanged (implies ~30% growth)
- Full-Year 2026 EPS Guidance: $0.50
- TIKR Model Price Target: $38
- Implied Upside: ~133%
SoFi Technologies Stock Posts 41% Revenue Growth in Q1 2026
SoFi Technologies stock (SOFI) delivered $1.09B in adjusted net revenue for Q1 2026, up 41% year-over-year and ahead of its own guidance range.
Adjusted EPS came in at $0.12, doubling from $0.06 in the prior-year quarter.
The Lending segment was the headline driver, generating $629M in adjusted net revenue, up 53% year-over-year, according to CFO Chris Lapointe on the Q1 earnings call.
Total loan originations hit $12.2B for the quarter, a record across all three categories: personal loans reached $8.3B, student loans hit $2.6B (up 2.2x year-over-year), and home loans came in at $1.2B (up 2.4x year-over-year), according to Lapointe on the Q1 earnings call.
Financial Services contributed $429M in adjusted net revenue, also up 41% year-over-year, with interchange revenue growing 54% and brokerage fee revenue more than doubling over the past year, according to Lapointe on the Q1 earnings call.
The Technology Platform segment posted $75M in net revenue, reflecting the previously disclosed exit of a large customer; on a like-for-like basis, the segment grew approximately 12% year-over-year, according to CEO Anthony Noto on the Q1 earnings call.
Adjusted EBITDA reached $340M at a 31% margin, and SoFi Technologies reported its tenth consecutive profitable quarter with net income of $167M.
Member growth accelerated to 1.1 million new members in Q1, bringing the total to 14.7 million — up 35% year-over-year — while total products grew 39% to 22.2 million.
For Q2 2026, management guided for adjusted net revenue of approximately $1.115B and EPS of $0.10 to $0.11, reflecting planned acceleration of marketing spend in the first half and seasonal payroll tax headwinds, with full-year 2026 guidance of $0.50 EPS left unchanged.
Management also confirmed it now expects no Fed rate cuts in 2026, operating under a rate outlook consistent with Fed funds futures.
SoFi Technologies Stock: What the Financials Show
The Q1 2026 income statement tells a clear operating leverage story: SoFi Technologies has scaled revenue fast enough that each incremental dollar is now dropping through at a materially higher rate than a year ago.
Net interest income grew from $500M in Q1 2025 to $690M in Q1 2026, a 39% increase, with the sequential trajectory running from $410M in Q2 2024 through $430M, $470M, $500M, $520M, $590M, $620M and now $690M.
Total revenues reached $1.09B in Q1 2026, up 42% year-over-year from $770M, and up sequentially from $1.02B in Q4 2025.
Operating income was $200M in Q1 2026, up 150% year-over-year from $80M in Q1 2025.
Operating margin expanded to 18% in Q1 2026, up from 10% in Q1 2025, continuing a consistent multi-quarter climb: 3% in Q2 2024, 9% in Q3 2024, 8% in Q4 2024, 10% in Q1 2025, 13% in Q2 2025, 16% in Q3 2025, 18% in Q4 2025, and now 18% again in Q1 2026.
Total operating expenses grew to $890M from $690M a year ago, a 29% increase that meaningfully lagged the 42% revenue growth rate, which is what produced the margin expansion.
What Does the Valuation Model Say?
The TIKR model prices SoFi Technologies stock at $37.57, implying approximately 133% upside from the current price of $16.10.
The mid-case assumptions underlying that target are a revenue CAGR of 16.8% through 2035 and a net income margin of 19.4%, both of which look achievable given the trajectory Q1 2026 just established: 41% revenue growth and a net income margin already at 15% in a single quarter.
The Q1 result strengthens the investment case in a specific way: the margin expansion is happening faster than the model’s base assumptions require, and it is being driven by structural operating leverage rather than one-time items.
SoFi Technologies stock is trading at roughly $16, against a model target that requires execution the company is already demonstrating.
The debate for SoFi Technologies stock is whether the Lending segment’s record originations represent a durable run rate or a peak driven by favorable credit conditions.
Bull Case
- Lending adjusted net revenue of $629M in Q1 2026 came with a 61% contribution margin, confirming that volume gains are dropping through profitably, not just lifting the top line
- Personal loan net charge-offs, excluding delinquent loan sales, held at 4.4% — flat quarter-over-quarter and down roughly 40 basis points from Q1 2025, with recent vintages tracking well below the 7% to 8% tolerance
- Loan platform business added $3.6B in new partner commitments in Q1 alone, with demand from partners exceeding contractual obligations, providing a capital-light volume channel that expands the origination ceiling
- Financial Services noninterest income grew 55% year-over-year, and the SoFi Plus relaunch in April is generating cross-buy from the majority of new paying subscribers, adding a recurring revenue stream the model does not yet fully reflect
Bear Case
- Q2 2026 guidance of $0.10 to $0.11 EPS is sequentially lower than Q1’s $0.12, with management citing accelerated marketing spend and seasonal payroll taxes as deliberate headwinds through mid-year
- The Technology Platform segment is guiding to only $325M for the full year, with Q1’s $75M run rate implying a segment that is still absorbing the revenue hole from the large customer exit
- Net interest margin of 5.94% depends on a no-rate-cut environment; with management now baking in zero Fed cuts for 2026, any macro reversal that pressures benchmark rates could compress NII faster than origination growth can offset
- Tangible book value per share of $7.21 against a stock price of $16.10 means SoFi Technologies stock is trading at a 2.2x price-to-tangible-book multiple, leaving limited margin of safety if credit performance deteriorates in the back half of 2026
Should You Invest in SoFi Technologies, Inc.?
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