SoFi Technologies, Inc. Q2 FY26 Earnings Analysis

- Expecting full-year 2026 adjusted net revenue growth of approximately 30%. (Page 8) - Lending adjusted net revenue growth anticipated to be at least 30% for 2026. (Page 9) - Tech platform net revenue forecasted at approximately $325 million for 2026, aiming to accelerate growth beyond 12% year-over-year. (Page 12-13) - Financial Services adjusted net revenue growth expected to be at least 40% for 2026. (Page 9) - Record personal loan originations of $8.3 billion in Q1; continued strong demand expected. (Page 6) - Student loan originations up 2.2x YoY; home loan originations up 2.4x YoY with ongoing innovation in home lending. (Pages 5-6) - Tech platform expects growth with new partners and product launches including crypto services and SoFi Bank platform refresh. (Page 12-13) - Non-lending businesses are scaling rapidly, contributing meaningfully to long-term growth and profitability. (Page 14)

- SoFi expects 30% adjusted net revenue growth for Q2 2026 (~$1.115 billion). - Adjusted EBITDA margin projected at ~30% (~$330 million) for Q2 2026. - Adjusted net income margin expected between 12%-13%, equating to $0.10-$0.11 EPS in Q2 2026. - For full year 2026, lending adjusted net revenue growth forecasted at least 30%. - Tech platform net revenue targeted at approximately $325 million for 2026. - Financial Services adjusted net revenue growth anticipated at least 40% for 2026. - Corporate revenue expected to remain in line with 2025 levels. - Medium-term guidance remains unchanged with continued revenue and earnings growth. - SoFi aims for durable growth fueled by innovation, brand building, and expanding diverse revenue streams.

- SoFi is investing aggressively in product innovation to drive long-term growth and profitability. - Significant investments are being made in home loans to optimize operations and meet member needs. - Prioritizing M&A in technology space, especially in revolving credit processing and core banking system. - Launching SoFi Bank on a new modern core and ledger system on July 1, unlocking new capabilities. - Building infrastructure for crypto and blockchain services, including staking, stablecoins, and wallet as a service. - Accelerating marketing expenses in the first half of 2026 to drive growth. - Investments aimed at strengthening brand building, sports marketing, and member engagement. - Developing SoFi Plus premium membership with enhanced benefits to scale product adoption. - Focus on technology-driven capabilities, enabling scalability and product innovation.

- No explicit mention of current or planned new fundraising through debt or equity in the provided pages. - The company raised capital opportunistically in 2025, which was deployed across various growth opportunities. - They emphasized strong capital ratios and ample capital on the balance sheet to meet demand and support growth. - Regulatory capital ratios are strong, with a total capital ratio of 21% at quarter end, well above regulatory minimums. - The focus remains on organic growth and disciplined M&A primarily in technology, not on additional capital raises. - Loan platform business and balance sheet lending are balanced to optimize returns without the need for immediate capital raises.

- In Q1, SoFi had exceptional demand from members, reflected in record personal loan originations of $8.3 billion. - Total loan originations included $2.6 billion in student loans (2.2x YoY growth) and $1.2 billion in home loans (2.4x YoY growth). - Approximately $3 billion of personal loans were originated through the Loan Platform Business (LPB), up 90% YoY. - The company had significant demand from LPB partners exceeding contractual commitments but intentionally limited volume to balance credit and capital considerations. - $3.6 billion of new commitments were added with three new partners in the loan platform business during the quarter. - SoFi sold or transferred $3.8 billion of personal and home loans to the loan platform business this quarter. - SoFi has various options between balance sheet lending and loan platform sales to optimize capital and revenue.