SoFi Q3 2026: revenue up 44% to $1.39B and net income up 73% to $241M, as originations hit $16.9B

SoFi runs three businesses under a bank charter: Lending (personal, student and home loans), Financial Services (checking and savings, investing, credit cards and other member products) and a Technology Platform that provides its technology as a service to other financial companies. Deposits are its main funding source, averaging 90% of total liabilities in Q3, and net interest income is its largest revenue line.

The question for SoFi is less whether it grows than what the growth costs. In Q3 the lending side carried the quarter, a fee business that originates loans for third parties added more than $150 million of revenue, and the July revenue target for the year was raised by about $240 million at the midpoint (our arithmetic). The sections below look at where the revenue came from, what it cost to win, and what the new targets say about Q4.

SoFi Q3 2026 results at a glance

$ millions, except per share and %	Q3 2026	Q2 2026	Q3 2025
Total net revenue	1,385	1,219	962
Adjusted net revenue	1,371	1,206	950
Net interest income	929	788	585
Total noninterest expense	1,053	1,001	804
Net income	241	157	139
Diluted EPS	$0.18	$0.12	$0.11
Adjusted EBITDA	470	358	277
Members (millions)	17.1	15.8	12.6

Adjusted net revenue removes fair-value changes in servicing rights and residual interests. Total net revenue rose about 14% from Q2 and net income about 54% (our arithmetic).

Revenue: lending did most of the work

Segment, $ millions	Q3 2026	Q3 2025	Change
Lending net revenue	821.3	493.4	+66%
Financial Services net revenue	525.1	419.6	+25%
Technology Platform net revenue	87.4	114.6	−24%

Lending revenue rose 66%. Net interest income in the segment grew 57%, and loan origination fees 158%. Originations reached a record $16.9 billion, up 71%: $12.6 billion of personal loans (including $3.6 billion originated on behalf of third parties), $2.9 billion of student loans, almost double a year earlier, and $1.4 billion of home loans. The Loan Platform Business, which originates loans for other lenders and refers members to them, added $153.4 million to adjusted net revenue. Lending contribution margin was 55%.

Financial Services revenue rose 25%, slower than its 44% product growth, so revenue per product fell to $90 from $104 a year earlier, though it edged up from $88 in Q2. Its contribution margin fell to 50% from 54%. The Technology Platform’s revenue fell 24%, a figure that includes the effect of a large client that left before the end of 2025; the release says that excluding the client, segment revenue grew 18%. The crypto business, relaunched in late 2025, booked $161.6 million of gross transaction revenue against $160.0 million of cost, so it added only $1.6 million net.

The cost of growth: marketing up 55%

Total noninterest expense rose about 31% to $1,053 million (our arithmetic), slower than revenue, which is why pre-tax income more than doubled to $318 million (our arithmetic: up about 114%). But one line grew faster than revenue: sales and marketing rose about 55% to $444 million, about 32% of total net revenue against about 30% a year earlier (our arithmetic). SoFi added a record 1.2 million members and 2.2 million products in the quarter, and the release says 51% of new products were opened by existing members.

Tax also takes a bigger share than a year ago. Income tax expense was $76.8 million, about 24% of pre-tax income, against $9.2 million, about 6%, in Q3 2025 (our arithmetic). That is why net income grew 73% while pre-tax income rose about 114% (our arithmetic).

Funding, credit and the loan marks

Net interest income rose 59% to $929.5 million, on a 51% increase in average interest-earning assets and a 38 basis point drop in the cost of funds. Net interest margin was 6.14%, 16 basis points higher than in Q2. Total deposits rose $5.8 billion in the quarter to $51.3 billion, and averaged 90% of average total liabilities.

Credit numbers were steady. The personal loan annualized net charge-off rate was 2.26%, down 34 basis points from a year earlier, though the release notes that figure is affected by loan sales; excluding late-stage delinquent loan sales, SoFi estimates the rate at about 3.4%. Student loans charged off at 0.63%.

The fair-value premium on the loan book shrank. SoFi carries personal and student loans at fair value, and the cumulative fair-value adjustment on those two books fell to about $1.37 billion at September 30 from about $1.93 billion at June 30 (our arithmetic), even as unpaid principal grew. The release attributes the personal-loan change partly to a higher discount rate, driven mainly by a 76 basis point rise in benchmark rates, and a higher assumed default rate (5.10% against 4.77%). Capital stayed well above minimums, with a CET1 ratio of 16.9%, down from 20.0% a year earlier as risk-weighted assets grew.

The new targets imply a flat Q4

SoFi now expects 2026 adjusted net revenue of about $5.04 billion, about 40% growth, against $4.75–4.85 billion in its July release; adjusted EBITDA of about $1.66 billion, against about $1.6 billion; adjusted net income of about $840 million and adjusted EPS of about $0.61. The October release says it “continues to expect” those last two, although the July release printed about $825 million and about $0.60, so they are best read as unchanged rather than raised. Through nine months adjusted net revenue was $3,664 million, so the new full-year figure implies about $1,376 million for Q4, roughly level with Q3’s $1,371 million (our arithmetic). Adjusted net income would need to be about $270 million in Q4 (our arithmetic: $840 million less the nine-month $570 million).

For 2027, SoFi gives about $6.4 billion of adjusted net revenue (about 27% growth), about $2.24 billion of adjusted EBITDA, about $1.28 billion of adjusted net income and about $0.90 of adjusted EPS. These are SoFi’s targets, not reported results; the release does not reconcile them to GAAP.

What to watch in Q4

• Q4 revenue against Q3. The 2026 target implies roughly flat adjusted net revenue from Q3. Q4 revenue is the first check on whether that implied level holds.
• Marketing. Sales and marketing grew 55% in Q3. Whether members and products keep growing if that spending slows is the test of the cost of growth.
• Loan marks. The fair-value premium on personal and student loans fell by about $0.56 billion in the quarter (our arithmetic). Benchmark rates and default assumptions drive it.
• Financial Services revenue per product. $90 against $104 a year earlier; whether new products monetize like old ones.
• The Technology Platform. Revenue rose 3% from Q2 after the client loss. The release says growth excluding that client was 18%.

Quick answers

What was SoFi’s revenue in Q3 2026?

Total net revenue was $1,385 million, up 44% from $962 million a year earlier, and adjusted net revenue was $1,371 million, also up 44%. Net income was $241 million, or $0.18 per diluted share.

What is SoFi’s 2026 guidance?

About $5.04 billion of adjusted net revenue (about 40% growth), about $1.66 billion of adjusted EBITDA, about $840 million of adjusted net income and about $0.61 of adjusted EPS. In July the revenue outlook was $4.75–4.85 billion.

How many members does SoFi have?

17.1 million at September 30, 2026, up 35% from 12.6 million a year earlier, after a record 1.2 million added in the quarter. Products reached 26.7 million.

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Sources and method. Every company figure — the income statement, non-GAAP reconciliations, segment results, members and products, originations, the Loan Platform Business, net interest margin, deposits, loan fair-value inputs, charge-offs, capital ratios and the 2026 and 2027 outlook — is SoFi’s own disclosure in Exhibit 99.1 to the Form 8-K filed 2026-10-27 (accession 0001818874-26-000065) for the quarter ended 2026-09-30, read directly from SEC EDGAR and linked above. The filing was accepted at 07:02 ET on 2026-10-27 (EDGAR filing index), before the US market opened. The July outlook and Q2 comparatives come from the second-quarter release (accession 0001818874-26-000050). The release also sets its outlook against third-party forecasts; those comparisons are not used here.

No consensus estimate is included, so this piece makes no claim that the quarter beat or missed expectations; the only comparisons are with SoFi’s own outlook and with prior periods. This piece makes no claim about the share-price reaction.

Our arithmetic, labelled as such: revenue growth of about 14% and net income growth of about 54% from Q2; noninterest expense up about 31% and pre-tax income up about 114%; sales and marketing up about 55% and at about 32% and 30% of total net revenue; effective tax rates of about 24% and 6% (income tax over pre-tax income); the cumulative fair-value adjustment on personal and student loans of about $1.37 billion ($1,024 million + $349 million) against about $1.93 billion ($1,223 million + $705 million) and the ~$0.56 billion decline; the implied Q4 adjusted net revenue of about $1,376 million ($5,040 million less $3,664 million) and adjusted net income of about $270 million; and the roughly $240 million raise at the midpoint of the revenue target ($5.04 billion against the $4.80 billion midpoint of $4.75–4.85 billion). These are approximations built on the disclosed figures, not reported numbers. The growth rates for segments, originations, members, products and net interest income are as printed in the release. The interpretation — that lending drove the quarter, that marketing grew faster than revenue, and that the raised target implies a flat Q4 — is our analysis, not a company statement, and is not a forecast.

Related: JPMorgan Chase Q3 2026 and Bank of America Q3 2026, two large deposit-funded lenders reporting the same quarter.