SoFi Technologies (NASDAQ: SOFI) beat on the top and bottom lines, then raised its full-year revenue guide. The raise came with a caveat: management held adjusted EBITDA and EPS targets unchanged. That signals incremental revenue is being reinvested rather than dropped to profit.
GAAP net revenue hit a record $1.22B in Q2 2026, up 43% year-over-year and 9% above the $1.11B consensus estimate. Adjusted net revenue rose 40% to $1.21B. Diluted EPS of $0.12 beat the $0.11 estimate, growing 50% from $0.08 a year ago. GAAP net income reached $156.6M, up 61%.
The engine was lending. Total loan originations hit a record $14.8B, up 69% year-over-year. Personal loans drove the bulk at $10.7B (up 54%), followed by student loans at $2.7B (up 170%) and home loans at $1.4B (up 74%). The Loan Platform Business contributed $3.1B of personal loan originations on behalf of third parties, adding $140.9M to adjusted net revenue. Net interest income rose 52% to $788.2M as average interest-earning assets grew 49% and the cost of funds fell 36bp year-over-year. Net interest margin of 5.98% expanded 4bp sequentially.
Fee-based revenue reached $472.3M, representing 39% of total revenue. Interchange revenue was up 55% year-over-year. Brokerage fee revenue nearly tripled. Crypto transaction revenue contributed a net $1.2M. The Financial Services segment generated $466.3M of net revenue, up 29%. The Technology Platform segment revenue fell 23% year-over-year to $84.5M, still absorbing the impact of a large client that transitioned off the platform late last year.
Member growth accelerated to 35% year-over-year, reaching 15.8M. Product additions hit a record 2.2M, up 42%. For the first time, SoFi added twice as many products as members in a single quarter. Cross-buy reached 51% of new products from existing members, up from 35% a year ago. Products per member hit an all-time high of 1.54. SoFi Plus paid subscribers surpassed 200K, and 25% of those who signed up added another product afterward.
Credit performance remained within expectations. The personal loan annualized net charge-off rate was 2.62%, down 21bp year-over-year and down from 3.03% in the prior quarter. Excluding late-stage delinquent loan sales, the all-in annualized net charge-off rate was approximately 3.7%, a 70bp improvement from Q1. Management reiterated its 7–8% maximum cumulative net loss assumption for personal loans.
Adjusted EBITDA was a record $357.8M, up 44%, with a 30% margin. The company achieved the Rule of 40 for the 19th consecutive quarter, with a score of 70. Tangible book value per share reached $7.34, up 56% year-over-year.
**The guidance raise is narrower than it looks.** Management raised full-year 2026 adjusted net revenue guidance to $4.75B–$4.85B, implying 32–35% growth. But it reiterated adjusted EBITDA of $1.6B, adjusted net income of $825M, and adjusted EPS of $0.60. The midpoint of the new revenue range ($4.8B) is about $100M above the prior midpoint, yet the profit targets are unchanged. That implies incremental revenue is being consumed by higher spending, likely in sales and marketing, which rose 48% year-over-year to $392.4M in Q2, rather than flowing through to the bottom line. Management is signalling that growth investment, not margin expansion, is the priority for the back half of the year.
The forward read is about whether the cross-buy acceleration can sustain the revenue trajectory without pressuring credit. The 51% cross-buy rate and record product additions suggest the "everything app" strategy is gaining traction. The deposit base ($45.5B, covering over 90% of average total liabilities) provides a low-cost funding advantage. But with personal loan originations growing 54% and student loans up 170%, the credit cycle will be the variable to watch. So far, the data supports management's 7–8% loss tolerance. The vintage performance gap, however, is narrowing, not widening. Newer cohorts are at 4.68% cumulative losses versus 6.43% for the 2017 vintage at the same point. That bears watching in the quarters ahead.