SoFi Stock Posts Strong Q3 Profit, Yet a Revenue Question Persists

TLDR

• SoFi added a record 1.2 million members in Q3, bringing its customer base to 17.1 million.
• Financial Services revenue per product fell to $90 from $104 a year earlier.
• Total products increased 44% to 26.7 million as customers added more financial services.
• Adjusted quarterly revenue climbed 44% to $1.4 billion, while adjusted net income rose 74%.
• Management raised its 2026 adjusted revenue forecast to $5.04 billion and projected $6.4 billion for 2027.

SoFi Technologies, Inc. (SoFi) stock investors received mixed growth figures after SoFi Technologies reported third-quarter earnings on Tuesday. The company added a record 1.2 million members, taking its total to 17.1 million, but annualized revenue per Financial Services product remained below last year’s level.

SoFi Technologies, Inc., SOFI

SoFi added 2.2 million products during the quarter. Its total reached 26.7 million, up 44% from a year earlier. Membership increased 35%, meaning product accounts grew faster than the customer base.

Financial Services Brings in $90 Per Product

SoFi generated about $90 in annualized Financial Services revenue per product, down from $104 a year earlier but up from $88 in the second quarter. The measure includes savings, investing, credit cards and other services, not revenue earned per customer.

A recent report on Mastercard’s stablecoin plans named SoFiUSD among the payment company’s proposed settlement options. The report said wider access remains subject to regulatory requirements.

Financial Services revenue increased 25% to $525.1 million. Products reached 23.2 million, up 44%. Products per member rose to 1.56 from 1.47. Existing customers opened 51% of new products during the quarter. The Financial Services contribution margin was 50%, down four percentage points from a year earlier.

Spending and Lending Add to Revenue

Payments and investing generated higher fees. SoFi said interchange revenue from customer spending increased 77% year over year. Brokerage fee revenue rose 47%, while annualized spending through SoFi Money and credit cards reached $31 billion.

A report on Circle’s revenue outlook described how analysts considered SoFi savings accounts as an alternative to stablecoins. The research concerned Circle’s business, not SoFi’s earnings.

SoFi originated $16.9 billion in loans. Adjusted lending revenue rose to $807.4 million. Adjusted revenue per lending product climbed to $942 from $782 a year earlier, moving in the opposite direction from the Financial Services measure.

Deposits and Future Revenue Targets

SoFi ended September with $51.3 billion in deposits, up $5.8 billion during the quarter. Other banks reported different trends. Bank of Hawaii’s latest earnings report showed deposits falling 3.3% during the first nine months of 2026.

SoFi stock investors saw adjusted quarterly revenue climb 44% to $1.4 billion and adjusted net income rise 74% to $243 million. Management raised its 2026 adjusted revenue target to $5.04 billion and projected $6.4 billion for 2027. The company set no revenue-per-product target in its outlook.

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