Earnings

SoFi Technologies Q3 2025 Earnings — Core Brief Edition

Core-Brief

28 Oct 2025 — 2 min read

💳 SoFi Technologies Q3 2025 Earnings — Core Brief Edition

Headline:
SoFi posted another record quarter and raised full-year guidance, powered by strong member/product growth, a surge in fee-based and capital-light revenue, and accelerating product innovation across blockchain and AI.

Key Metrics (Q3 2025, YoY unless noted):

Adjusted net revenue: $950M (+38%).
Adjusted EBITDA: $277M (+~50%), 29% margin.
Adjusted net income: $139M, 14% margin; EPS $0.11.
Members: 12.6M total; record quarterly adds (≈0.9M).
Products: 18.6M total; 1.4M added in Q3; cross-buy at a post-2022 high (40% of new products from existing members).
Non-lending (Tech Platform + Financial Services) revenue: $534M (+57%), now ~56% of total.
Fee-based revenue: $409M (+50%), >$1.6B annualized.
Total originations: record $9.9B (Personal + Student + Home); Loan Platform Business (LPB) originations $3.4B for third parties.

Segment & Strategy Highlights:

Lending: Adjusted revenue growth +23%; record originations; capital-markets execution strong (sold/transferred $4.6B loans; PL sales ~106.4% execution; Home ~102.9%; Student ~105.9%; LPB ABS $466M at ~+98 bps spread).
Credit quality: Personal-loan NCO 2.6% (-20+ bps QoQ); Student-loan NCO 0.69% (-20+ bps). 90-day DQ: PL 43 bps, Student 14 bps. WA FICO: PL 745, Student 773; WA income ≈ $157k.
Financial Services & Tech Platform: Interchange up 55% YoY on ~$20B annualized spend; Tech Platform revenue $115M (+12%) with new wins and embedded-finance demand (incl. Southwest Rapid Rewards debit partnership; two more large consumer brands pending).

Product, Blockchain & AI:

SoFi Pay (launched): Layer-2 powered cross-border payments (U.S.→Mexico first; Europe & South America next), lower cost and faster settlement; roadmap includes SoFi USD stablecoin (target 2026), leveraging bank charter for reserve management.
Crypto (relaunching this quarter): Buy/sell/hold in-app with instant funding from FDIC-insured SoFi Money; wallet transfers and education built-in.
AI rollout:
- AI Support Chat live on Money/Card, rolling across platform.
- Cash Coach live—personalized, cross-account optimization prompts; SoFi Coach (2026) expands to holistic spend/borrow/invest guidance.
Invest: Level-1 options launched; access to selected IPOs; SoFi Agentic AI ETF; instant 24/7 transfers Money⇄Invest; improved rollover flow.
Money/Card: Deposits $32.9B; upcoming SoFi Smart Card (5% back on food, high APY, credit-builder).
Brand: NFL MVP Josh Allen campaign; unaided awareness 9.1% (record).

Balance Sheet & Capital:

NIM: 5.84% (-2 bps QoQ) with healthy asset yields and disciplined deposit beta.
Capital raise: $1.7B equity; reduced $1.2B higher-cost debt; cash $3.7B.
Reg. capital: Total capital ratio 20.2% (well above 10.5% min).
TBV: $7.2B; TBV/share $5.97 (≈+46% YoY).

2025 Outlook (raised):

Member adds: ~3.5M (≈+34% YoY).
Adjusted net revenue: ~$3.54B (↑ vs prior).
Adjusted EBITDA: ~$1.035B (29% margin).
Adjusted net income: ~$455M; Adj. EPS ~$0.37 (implies Q4 EPS ≈ $0.12, ~10% tax rate).
TBV growth: ~$2.5B for the year.

Bottom Line:
SoFi’s one-stop financial platform is scaling with a capital-light mix (non-lending > half of revenue), strong credit, and sticky cross-buy. Management is leaning into blockchain (SoFi Pay/stablecoin) and AI (Support Chat, Coaches) to deepen engagement and unlock durable growth into 2026–27.