SoFi Q1 Revenue Beats Estimates, Shares Drop 13%

SoFi Technologies reported record first-quarter net revenue of $1.1 billion on April 29, 2026, surpassing Wall Street estimates of $1.05 billion by about 5 percent, though the company held its full-year guidance unchanged amid expectations of persistent high interest rates, sending shares down more than 13 percent in midday trading.

The online lender and digital bank posted adjusted net revenue of $1.087 billion, a 41 percent increase from the year-earlier period. Net income reached $166.7 million, or 12 cents per share, matching analyst expectations and doubling from the prior year's 6 cents per share. Adjusted EBITDA rose 62 percent to $340 million. Total assets stood at $53.7 billion, up 42 percent year over year.

Loan originations hit a quarterly record of $12.2 billion, up 68 percent, fueled by gains in personal loans at $8.3 billion, student loans at $2.6 billion and home loans at $1.2 billion. Lending revenue climbed 55 percent to $642.4 million, while net interest income increased 39 percent to $693 million. Deposits grew to more than $40 billion, comprising over 90 percent of liabilities and helping lower funding costs. Membership expanded 35 percent to 14.7 million,...