SoFi Technologies Q1 2026: Record Revenue of $1.1B, Stock Slides 9% on Flat Guidance

SoFi Technologies posted record Q1 2026 revenue of $1.1 billion, up 43% year-over-year, but SOFI shares tumbled roughly 9% after EPS came in flat and full-year guidance held unchanged.

SoFi Technologies (NASDAQ: SOFI) delivered a landmark first quarter for fiscal year 2026, posting record-breaking revenue, loan originations, and membership growth, yet shares fell sharply on Wednesday, April 29, as investors focused on an in-line earnings-per-share print and unchanged full-year guidance. SOFI stock opened near $16.80, down roughly 9% from Tuesday's close of $18.36, placing it on track for its steepest single-day decline of the year. The stock has now retreated approximately 30% year-to-date entering the session.

Record Financials Headline the Quarter

SoFi's first-quarter 2026 financials marked a series of new highs across virtually every key metric. GAAP net revenue of $1.1 billion climbed 43% from $771.8 million in the year-ago period, while adjusted net revenue of $1.087 billion advanced 41% year-over-year. Adjusted EBITDA of $339.9 million surged 62% from $210.3 million, translating to an adjusted EBITDA margin of 31%.

GAAP net income reached $166.7 million, up 134% year-over-year and marking the company's tenth consecutive quarter of GAAP profitability. Diluted earnings per share came in at $0.12, doubling from $0.06 in Q1 2025 but matching — rather than beating — the Wall Street consensus estimate of $0.12, ending a prolonged streak of headline EPS beats that had included a 34% beat in Q3 2025 and an 18% beat in Q4 2025. Net interest income of $693 million rose 39% year-over-year, driven by a 41% increase in average interest-earning assets. Net interest margin came in at 5.94%, up 22 basis points from the prior quarter, even as average asset yields compressed 63 basis points year-over-year.

Lending Engine Fires on All Cylinders

The lending segment was the standout performer of the quarter, with total loan originations hitting a record $12.2 billion — up 68% year-over-year and nearly $1.7 billion above the prior quarter. Personal loan originations reached a record $8.3 billion, up 51%, including $3.0 billion originated on behalf of third parties through the Loan Platform Business. Student loan originations of $2.6 billion surged 119% year-over-year, the highest quarterly total in company history. Home loan originations of $1.2 billion soared 137%.

Lending segment GAAP net revenue of $642.4 million grew 55% year-over-year, with a contribution profit of $382.4 million and an adjusted contribution margin of 61%. Total deposits grew $2.7 billion to $40.2 billion during the quarter, now funding over 90% of average total liabilities — a structural funding advantage that saved approximately $621.8 million in annualized interest expense compared to warehouse financing. Personal loan annualized net charge-offs came in at 3.03%, down 28 basis points year-over-year but up from 2.80% in the prior quarter, a sequential drift that drew scrutiny from market participants. Management reiterated that the data continues to support a 7–8% maximum cumulative net loss assumption, with recent vintages tracking at 4.64% — well below historical stress levels.

Galileo Headwind Weighs on Technology Platform

The Technology Platform segment remained the most visible pressure point. Galileo revenue fell 27% year-over-year to $75.1 million, the direct result of the previously disclosed full exit of Chime — one of the platform's largest clients — which fully transitioned off SoFi's infrastructure before December 31, 2025. Technology Platform-enabled accounts declined 16% to 132.9 million. Contribution margin for the segment collapsed from 30% a year ago to just 16%.

To address this structural headwind, SoFi announced the pending launch of a new unified enterprise brand, SoFi Technology Solutions, offering products across four platform businesses: Processing, Banking Core Ledgers & Services, Payment Hub, and Risk & Fraud. The company added 4 million Technology Platform accounts sequentially in the quarter, signaling early stabilization.

Member Growth and Product Expansion Hit Records

On the membership front, SoFi added a record 1.055 million new members in Q1 2026, bringing total membership to 14.7 million, up 35% year-over-year — marking the third consecutive quarter at that growth rate. Total products reached 22.2 million, up 39%, with 43% of new product additions sourced from existing members, reflecting deepening cross-sell penetration.

Financial Services segment net revenue of $428.5 million climbed 41% year-over-year. Interchange fee revenue surged 54% year-over-year on nearly $25 billion in annualized card spend. Brokerage fee revenue more than doubled. SoFi also launched SoFiUSD, a U.S. dollar-reserved stablecoin, and unveiled Big Business Banking, extending the platform to enterprise clients and further diversifying its infrastructure revenue base.

SoFi also ranked #1 in the J.D. Power 2026 U.S. Investor Satisfaction Study for DIY investing and was named the #1 U.S. Bank in Forbes' World's Best Banks list.

Guidance Holds Firm; Market Reacts Negatively

Management reaffirmed full-year 2026 guidance across all key metrics: adjusted net revenue of approximately $4.655 billion (implying ~30% annual growth), adjusted EBITDA of approximately $1.6 billion (34% margin), adjusted net income of approximately $825 million, and adjusted EPS of approximately $0.60. The revenue guidance figure arrived just $4 million above the Street consensus of $4.651 billion — a margin considered insufficient to drive optimism.

For Q2 2026, management guided to approximately 30% adjusted net revenue growth, an adjusted EBITDA margin of approximately 30%, and an adjusted net income margin of approximately 12–13% — both figures coming in below Street expectations on a sequential basis.

The combination of an in-line EPS print and unchanged guidance reignited the company's familiar sell-on-beat pattern: SOFI closed lower after Q4 2025's 18% EPS beat, and lower again after Q3 2025's 34% beat. Retail sentiment turned sharply negative, with bearish threads circulating on social platforms before the open.

Analyst Consensus and Insider Activity Remain Constructive

Despite the session's sharp decline, Wall Street's consensus price target on SOFI sits at $23.48, representing a significant premium to current levels. CEO Anthony Noto personally purchased 56,000 shares at $17.88 on March 2, 2026, with the net direction across 54 recent insider transactions tilted toward buying — a signal that internal confidence in the long-term trajectory remains intact.

Tangible book value per share stood at $7.21 at quarter-end, up 57% year-over-year, while total equity grew by $322.1 million in the quarter to $10.8 billion. The company delivered its 18th consecutive quarter exceeding the Rule of 40, posting a composite score of 72%.

Outlook: Proving Wall Street Right Takes More Than One Quarter

SoFi's Q1 2026 results present a firm that is scaling rapidly across lending, financial services, and digital infrastructure — yet whose market narrative remains challenged by the Galileo revenue contraction, an in-line earnings print, and guidance that leaves little room for upside surprise. The immediate focus for the market shifts to the pace of new Galileo client wins, trajectory of personal loan charge-offs, and whether Q2 2026 results can finally break the sell-on-beat cycle and re-establish upside conviction among institutional holders.

Mentioned tickers: SOFI