SoFi raised its full-year 2026 guidance after posting record third-quarter revenue, citing resilient growth despite an interest-rate environment that differed from its assumptions at the start of the year. Investors are also watching whether rapid growth in personal-loan originations can continue as large banks and credit-card issuers potentially step up competition.
Revenue climbs 44% as customer base reaches 17.1 million
The online-lending platform turned bank reported adjusted net revenue of about $1.4 billion for the third quarter, up 44% from a year earlier. CEO Anthony Noto said the company’s customer base grew 35% year over year to 17.1 million, including 1.2 million new customers added during the quarter.
CFO Chris Lapointe said on the earnings call that SoFi is focused on growing its member base, increasing the number of products each member uses and raising revenue per product. He said all three measures performed strongly in the third quarter.
Research firm William Blair noted that SoFi accelerated revenue growth and expanded its net interest margin despite higher interest rates. The firm said the results strengthened its confidence in the company’s longer-term prospects for organic revenue, EBITDA and return on tangible common equity (ROTCE) growth.
SoFi lifts all four full-year forecasts
SoFi raised its forecast for full-year total net revenue growth to 40%, from the 32% to 35% range it gave last quarter. That implies revenue of about $5.04 billion. The company lifted its adjusted EBITDA forecast to $1.66 billion from $1.6 billion, adjusted net income to $840 million from $825 million, and earnings per share to $0.61 from $0.60.
Noto said the actual environment in 2026 had diverged significantly from the assumptions behind the company’s initial outlook. That forecast assumed two Federal Reserve rate cuts. By the time SoFi reported results, the Fed had raised rates once this year, while markets expected rates to remain unchanged or rise again before year-end. Noto said the company was now prepared for two more rate hikes this year and was no less confident in sustaining growth in a higher-rate environment than in a lower-rate one.
He said SoFi’s performance so far this year had addressed questions raised earlier. Management pointed to customer and product growth, alongside revenue gains, as key reasons for raising its full-year targets.
Personal loans drive growth as competition looms
Truist analysts said much of the quarter’s strong performance came from a rapid increase in personal-loan originations. Higher volume boosted loan origination fees and helped improve the net interest margin quarter over quarter. The analysts said management was positive about fourth-quarter originations, but that sustaining the current pace of market-share gains remained a key question.
Truist estimated that SoFi’s share of the U.S. personal-loan origination market had exceeded 25%. The analysts cited the company’s ability to expand its reach and growing brand recognition, while noting that large banks and credit-card issuers could intensify competition as SoFi scales up in personal lending.
SoFi launches tokenized deposit product
A week before reporting earnings, SoFi launched SoFi Earn, a tokenized deposit product. The company said deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and earn an annual percentage yield of 4.4%. Customers can convert deposits into digital tokens and later redeem them for the SoFiUSD stablecoin, which can be used to buy crypto assets or send transactions over blockchain networks.
Noto said SoFi is the only nationwide bank that issues both a payment stablecoin and tokenized deposits. The company aims to grow its membership to 50 million by 2030; Noto said reaching that goal will require broader technology capabilities and continued innovation. He also described artificial intelligence and blockchain as important parts of a new technology cycle. The product launch and membership target form part of SoFi’s growth strategy, while the third-quarter results and higher guidance primarily reflect the performance of its existing business.