$SOFI · SoFi Technologies, Inc.
SoFi Technologies filed its Q3 2026 10-Q, reporting net revenue of $1.385B (+44% YoY), GAAP net income of $241M (+73% YoY), and diluted EPS of $0.18. The Lending segment drove performance with $821.3M in revenue (+66% YoY) and $454.9M contribution profit (+74% YoY). Financial Services contributed $261M in profit (+16% YoY), while the Technology Platform segment weakened with revenue down 24% to $87.4M and contribution profit halved to $14.2M.
- Q3 net revenue of $1.385B, up 44% YoY from $961.6M
- GAAP net income of $241M, up 73% YoY from $139.4M; diluted EPS $0.18 vs $0.11
- Lending segment contribution profit surged 74% YoY to $454.9M on 66% revenue growth
- Technology Platform revenue fell 24% YoY to $87.4M; contribution profit down 56%
- Total deposits reached $51.3B, up 37% from $37.5B at year-end 2025; members hit 17M (+35% YoY)
Extended-hours trading shows SOFI at $15.89, down 0.94% from the regular close of $16.04, despite strong headline beats. The after-hours dip may reflect concern over the Technology Platform segment's 24% revenue decline and 56% contribution profit drop, or broader macro pressure given the 7.71% regular-session selloff.
SoFi delivered its strongest quarterly net income ever at $241M with 44% revenue growth, but the Technology Platform segment's accelerating decline raises questions about diversification beyond lending.
SoFi's 44% revenue growth and 73% net income expansion far outpace traditional banks and most fintech peers, driven by the Lending segment's 66% revenue surge. The Technology Platform decline mirrors broader fintech infrastructure spending pullbacks, while the $51.3B deposit base and 17M members underscore SoFi's growing consumer franchise.
Technology Platform segment revenue declined 24% YoY to $87.4M with contribution profit down 56%, signaling persistent weakness in a key diversification pillar. Provision for credit losses rose 60% YoY to $14.7M, though remains modest relative to the loan portfolio. Accumulated other comprehensive loss widened by $112.8M due to unrealized losses on AFS securities.