Net income rose 134% year-over-year to $166.7 million, while loan originations hit a record $12.2 billion
SoFi Technologies reported first-quarter revenue of $1.1 billion, up 43% from the same period a year earlier, as net income more than doubled to $166.7 million.
Diluted earnings per share came in at $0.12, up from $0.06 a year ago. Adjusted EBITDA reached $340 million, a 62% increase year-over-year, with an adjusted EBITDA margin of 31%, the company said.
The company's membership base expanded to 14.7 million, a 35% increase from the prior year, driven in part by a record 1.055 million new members joining during the quarter. Total products grew 39% to 22.2 million, with 43% of new products coming from existing members.
A record $12.2 billion in loans were originated during the quarter, reflecting a 68% jump compared with the same period last year. Personal loan originations totaled a record $8.3 billion, up 51%, while student loan originations hit $2.6 billion, up 119%, and home loan originations reached $1.2 billion, up 137%.
On the income side, $693 million came from net interest income, a 39% gain, as fee-based revenue climbed 23% to reach $386.8 million. Total deposits expanded by $2.7 billion over the course of the quarter to $40.2 billion.
The lending segment posted GAAP net revenue of $642.4 million, up 55% year-over-year, while the financial services segment brought in $428.5 million, up 41%. The technology platform segment saw revenue fall 27% to $75.1 million, a decline the company attributed to a large client that fully transitioned off the platform before the end of 2025.
Speaking to Reuters, CEO Anthony Noto said, "The health of our consumer base remains strong. We saw record loan growth in the first quarter with strong demand expected for the second quarter." In a statement, Noto said members grew 35% and products increased 39%, with more customers choosing SoFi "as their trusted partner for major financial decisions."
For the full year 2026, SoFi projected adjusted net revenue of about $4.655 billion, adjusted EBITDA of about $1.6 billion, and adjusted net income of about $825 million, the company said. It forecast total member growth of at least 30% for the year.
The quarter marked SoFi's 10th consecutive quarter of GAAP profitability and its 18th consecutive quarter exceeding the Rule of 40, with a score of 72%.
