EARNINGS RESULTS · Q2 2026

SoFi Q2 2026: Net Revenue Up 42.54%, Pre-Tax Margin 16.76%

Results for the quarter ended 2026-06-30 show how revenue and credit risk affected earnings. The dated assessment on 2026-10-08 was wait at a reference price of $15.66.

SoFi · SOFIPublished October 8, 2026Quarter ended June 30, 2026

Q2 2026: What the Quarter Delivered

Total net revenue: $1.22 bn
Revenue growth YoY: 42.5%
Pre-tax profit: $0.2 bn
Pre-tax margin: 16.8%
Diluted EPS, GAAP: $0.12

SoFi reported $1.22 bn of total net revenue in Q2 2026. Total net revenue rose 42.54% from the comparable prior-year quarter. Pre-tax profit was $0.2 bn, with a pre-tax margin of 16.76%. Funding costs and credit-loss provisions are already included. Reported diluted EPS was $0.12.

SoFi’s latest quarter strengthened the case that its growing business can earn meaningful profit. Net revenue, which already subtracts deposit and borrowing interest, rose from the comparable fiscal quarter, and pre-tax profit improved.

How Net Revenue Reached Pre-Tax Profit

The quarter's pre-tax margin was 16.76%. That is $16.76 of pre-tax profit for every $100 of total net revenue. Funding costs and credit-loss provisions are already included.

The longer profit trend is encouraging, but the latest margin decline is the pressure point. Noninterest expenses—costs beyond funding interest—absorbed more of net revenue, while credit-loss provisions also rose. Growth alone did not protect the margin.

What the Reported Earnings Include

Other non-operating income: —
GAAP net income: $0.16 bn
Diluted weighted-average shares: 1.35 bn shares

Q2 2026 GAAP net income was $0.16 bn.

Dilution also matters. The latest diluted share count was below the preceding quarter but above the comparable fiscal quarter. Our valuation assumes continuing dilution rather than allowing all future profit growth to flow unchanged into earnings per share.

Cash and Lending Activity

Operating cash flow, including loan movements: -$8.5 bn

Operating cash flow was -$8.5 bn over the twelve months ended 2026-06-30. Loan originations, loan sales and banking balance-sheet movements affect operating cash flow. This is not cash available to distribute to shareholders.

SoFi’s reported operating cash flow is negative, but it includes loan originations and sales.

Reading it as ordinary industrial cash burn would obscure the economics rather than clarify them.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $15.66 dated 2026-10-07. This assessment relates to the Q2 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Revenue growth translating into a higher pre-tax margin after funding costs and credit provisions.
Confirmation to watch: Deposit funding remaining stable without pricing increases that erode lending profits.
Confirmation to watch: Services growth and tighter expense growth supporting earnings per share despite dilution.
Risk to this assessment: Credit deterioration persistently consuming the gains from revenue growth.
Risk to this assessment: Deposit repricing or weaker retention materially reducing lending economics.
Risk to this assessment: Expense growth and share dilution preventing business growth from reaching shareholders.

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Verdict: Invest