Track market-moving stories before they get noisy

It's been a tough year for shareholders of online bank SoFi Technologies (SOFI +2.66%). This stock is down more than 50% from last November's peak, recently reaching a new 52-week low.

Yet it's understandable. The company lost a key technology platform customer at the beginning of this year, resulting in a $28 million, 27% year-over-year decrease in this segment's first-quarter revenue. SoFi also raised its full-year sales outlook with July's Q2 report to a new range of between $4.75 billion and $4.85 billion, but rattled investors by not also upping its profit guidance. The economic backdrop and weak market environment aren't helping matters either.

Image source: Getty Images.

Just don't lose sight of the bigger picture. Earnings are still growing, as is SoFi's customer headcount. And all three measures have only scratched the surface of their potential. Indeed, given SoFi Technologies' plausible future, its stock could be at least 50% higher than it is now by the end of 2030. Here's the math.

It's not not growing
The headlines have admittedly given the pessimists plenty of fodder to work with of late. While the loss of one technology platform customer (Chime) isn't catastrophic, it could be a sign that others might soon follow. The overall lending market and credit quality in general are also deteriorating. The American Bankers Association's Credit Conditions Index has now been below the pivotal 50 level for seven consecutive quarters.

Now take a step back and look at the bigger picture. SoFi's second-quarter revenue still grew 40% year over year to $1.2 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) still improved by 44%. Its total customer count reached a record-breaking 15.8 million in Q2 as well, extending a long-standing trend, with a 35% increase from Q2 2025's headcount.

Analysts don't expect this growth to slow down anytime soon, either. All told, Morningstar expects this fiscal year's projected per-share profit of $0.62 to reach $0.82 next year, en route to $1.35 in 2029 before reaching $1.71 per share in 2030.

Data source: Morningstar. Chart by author.

That's the crux of the long-term bullish argument here. Even assuming a modest valuation of, say, 15 times 2030's expected per-share profit of $1.71 would put the stock somewhere just above a price of $25 apiece. That's nearly 80% better than this ticker's present price. Let's think conservatively, though.

Be ready to give it time
The challenge here is doubt -- most investors aren't convinced this company will continue growing as it has up until this point. Recent headlines haven't exactly inspired confidence either.

SOFI SoFi Technologies$14.68+$0.38 (+2.66%)

NASDAQ · As of 4:00 PM ET 10/20/26

Just recognize this stock's recent weakness may be more market-related and cyclical, and less an indictment of the company's plausible future. To this end, the American Bankers Association's 2025 look at U.S. consumer opinions of digital banking indicates that 54% of respondents (of all ages) preferred mobile apps to handle banking matters, while the next-most-popular means of banking is a traditional computer, at 22%. A company like SoFi Technologies, which built its tech from the ground up with this shift in mind, stands ready to benefit from the continued mainstreaming of online banking.

Just understand that SoFi shares aren't going to make a straight line to $25. They could move lower before moving higher again.

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Debit spending increased 7.4% from Q2 and grew in every tracked category as people absorbed higher prices on utilities and other essentials, while still finding room for experiences

SALT LAKE CITY--(BUSINESS WIRE)--As prices on many goods and services continued to climb, people kept spending through the end of summer, according to the Q3 2026 SoFi Tech Solutions Debit Spend Index. Debit spend rose 7.4% and transactions rose 5.9% from Q2 to Q3, and every recurring category grew on both measures. More than 62% of debit transactions in the quarter were digital.

Consumers kept spending in Q3 as bills grew. SoFi Tech Solutions’ Debit Spend Index shows spending rose 7.4% from Q2, with utility spending up 20.7%.

Share The Q3 Debit Spend Index gives a snapshot of how spending played out for the quarter across five key categories including everyday essentials, subscriptions, the experience economy, travel and back to school.

A warm summer lifted utility bills, gas pump prices climbed 10.7% between July and September, and back to school spending hit its peak. Over the quarter, households put more money toward recurring costs like utilities and fuel and cut back on discretionary spending such as dining out and entertainment.

“Spending patterns reveal the real choices and tradeoffs that people face as budget and price pressures persist,” said Kathleen Pierce-Gilmore, president of SoFi Tech Solutions. “Fintechs, banks and brands that use data to deeply understand people’s needs can help customers do more with their money.”

Q3 Debit Spend Index Trends

Essential bills outgrew everything else
Utility spend rose 20.7% quarter over quarter on 10.8% more transactions, and the average utility payment climbed every month after June to finish 17.2% above that floor, as summer cooling bills stretched budgets. Fuel spend rose 9.9% and fuel continues to take a larger share of debit dollars than groceries, 6.3% against 5.6%.

Price, more than volume, drove growth in recurring billing and subscriptions
Many subscriptions and recurring charges got more expensive, and debit spend grew 9.7% on only 1.3% more transactions, pushing average transaction spend up 8.3%. Telecom led the way, with spend up 18.1% and the average telecom transaction spend 6.5% above Q2. Subscriptions’ share of all debit transactions slipped for a third straight quarter from 16.1 to 15.4%.

Experiences drew more visits with smaller tickets
Experience transactions grew 12.9%, more than double the total debit transaction growth in the index, while the average experience transaction spend fell 4.5% and declined in 11 of 14 subcategories. Higher-priced outings gave up the most, and sports ticketing began ramping up in September as October’s “sports equinox” draws closer.

Back-to-school needs drove a seasonal spending increase on a two-phase trend
Back-to-school and college-related spending rose 40.3% on 21.2% more transactions quarter over quarter. Spending increased 80.5% from July to August – especially on bigger ticket items while September recorded the most transactions of any month in the quarter and the lowest average transaction amount.

View the full Q3 2026 SoFi Tech Solutions Debit Spend Index.

About the SoFi Tech Solutions Debit Spend Index
The SoFi Tech Solutions Debit Spend Index is based on anonymized, aggregated debit transaction data processed through the SoFi Technology Solutions platform during Q3 2026 (July, August and September). Data covers transactions across 300+ Merchant Category Code (MCC) classifications. Quarter-over-quarter comparisons measure Q3 2026 aggregate against Q2 2026 aggregate. Monthly comparisons measure the specified individual months. Average transaction amounts reflect total spending divided by transactions and can change with prices or purchase mix. No individual cardholder data is identifiable.

About SoFi Tech Solutions
SoFi Tech Solutions is the financial technology provider connecting banks, fintechs, and enterprises with innovative banking and processing capabilities to help people get their money right. This division of SoFi delivers modern digital solutions that are cloud-native, developer-friendly and regulation-ready powering exceptional, customer-centric financial experiences across North and Latin America.

©2026 SoFi Tech Solutions, LLC. All rights reserved. SoFi Tech Solutions, LLC is a technology company, not a bank. SoFi Tech Solutions partners with many issuing banks to provide banking services in North and Latin America.

More News From SoFi Tech Solutions, LLC

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SoFi Technologies, Inc. (SOFI - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this company have returned -10.7% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Financial - Miscellaneous Services industry, to which SoFi Technologies belongs, has lost 5.4% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, SoFi Technologies is expected to post earnings of $0.17 per share, indicating a change of +54.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.8% over the last 30 days.

The consensus earnings estimate of $0.6 for the current fiscal year indicates a year-over-year change of +53.9%. This estimate has changed -0.7% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.81 indicates a change of +36.1% from what SoFi Technologies is expected to report a year ago. Over the past month, the estimate has changed +0.4%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for SoFi Technologies.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of SoFi Technologies, the consensus sales estimate of $1.25 billion for the current quarter points to a year-over-year change of +31.1%. The $4.87 billion and $5.85 billion estimates for the current and next fiscal years indicate changes of +35.5% and +20.2%, respectively.

Last Reported Results and Surprise HistorySoFi Technologies reported revenues of $1.21 billion in the last reported quarter, representing a year-over-year change of +40.5%. EPS of $0.12 for the same period compares with $0.08 a year ago.

Compared to the Zacks Consensus Estimate of $1.11 billion, the reported revenues represent a surprise of +8.33%. The EPS surprise was +9.09%.

Over the last four quarters, SoFi Technologies surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

SoFi Technologies is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about SoFi Technologies. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Rising long-term interest rates are overwhelming a fresh buy initiation from StoneX on SoFi Technologies (NASDAQ:SOFI | SOFI Price Prediction) and sending SoFi stock sharply lower. SoFi stock is at $14.36, down 6% in morning trading, extending a brutal run…

Rising long-term interest rates are overwhelming a fresh buy initiation from StoneX on SoFi Technologies (NASDAQ:SOFI | SOFI Price Prediction) and sending SoFi stock sharply lower. SoFi stock is at $14.36, down 6% in morning trading, extending a brutal run that leaves it down 45% so far this year. The selloff arrives one day after the initiation, setting a cheap-stock argument against a tougher environment for lending.

Meanwhile, shares of Affirm Holdings (NASDAQ:AFRM) are at $70.99, down 9%, falling harder than SoFi stock. Additionally, shares of Robinhood Markets (NASDAQ:HOOD) are at $104.25, down 6%, tracking the slide in SoFi stock closely.

Fintech as a group is holding up better, with the ARK Blockchain & Fintech Innovation ETF (CBOE:ARKF) down 2%. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.7%. That gap shows the selloff landing hardest on individual lenders and brokers while the broad market gives up far less ground.

StoneX Bull Case Meets a Hotter Inflation Report
StoneX initiated coverage of SoFi with a buy rating on October 13, arguing that the valuation had become attractive against stronger operating performance. September inflation came in above forecasts a day later, and long-term interest rates climbed in response. Higher long-term rates cut into what a consumer lender earns on the spread between its funding costs and its loan yields, and that gap drives a large share of SoFi’s profit.

That sequence puts SoFi’s valuation case and its earnings case in direct tension. The initiation leans on a share price that had fallen well behind the company’s operating gains, while higher rates threaten the lending margin that produces them, and a cheaper multiple on SoFi stock offers less comfort when the earnings it’s applied to could come under pressure.

Deposits Set SoFi Apart From Affirm and Robinhood
SoFi runs a digital bank that originates personal, student and home loans and holds customer deposits, giving it cheaper and steadier funding than wholesale markets. What remains open is whether those deposit costs stay low enough to protect its lending margin if long-term rates hold at this level. On October 8, SoFi Tech Solutions, the company’s software-licensing arm, announced a partnership with Orbi to launch a crypto-linked card in Mexico, its first such program in Latin America.

Affirm, by contrast, funds its installment loans in capital markets, while Robinhood’s revenue comes from trading activity. Customer deposits separate SoFi from both, and that’s the piece of its model the rate debate now tests most directly.

SoFi’s Rate Test Runs Through Funding Costs
SoFi’s upside argument rests on an initiation that sees value in SoFi stock after a steep decline, paired with a bank model that can lean on deposits when outside funding gets expensive. The bear case, however, holds that higher long-term rates squeeze the gap between what SoFi pays depositors and what it collects on loans, which could weigh on the earnings that support the valuation argument. Both arguments can hold at once, which helps explain why SoFi stock is falling with a bullish call fresh on the record.

SoFi’s next move hinges on whether long-term rates hold or ease after the inflation surprise. A decline in yields could let the valuation argument confirm itself, while a further climb would test how much margin SoFi’s deposit advantage can defend, so investors should weigh that rate risk when setting their exposure.

Contact [email protected] for any questions or corrections.

SummarySoFi Technologies remains a Strong Buy with a $22–$26 fair value, reflecting 39%–65% upside from current levels.SOFI’s differentiated business segments are variably exposed to higher rates, with deposit funding protected by the bank charter and loan platform fees pressured by term premiums.Retaining most loan originations increases balance sheet risk but supports net interest margin, contingent on stable rates and sustained buyer demand for loan sales.Key risks include achieving the second-half earnings step-up, fair-value marks on $29.7B held-for-sale loans, and potential fee margin fluctuations amid a higher-for-longer rate environment. alexsl/iStock via Getty Images

I maintain my Strong Buy rating and my $22 to $26 fair value range on SoFi Technologies (SOFI), implying 39% to 65% upside from the $15.80 close on 9 October, even as the 10-year Treasury yield

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of SOFI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways SoFi Technologies, Orbi and Mastercard are launching cards that let Orbi users spend crypto or fiat balances.SoFi Tech Solutions will provide BIN sponsorship, card issuance, processing and compliance for Orbi.SoFi's MxDS link to support card purchases and ATM withdrawals; partners plan to explore SoFiUSD transfers. SoFi Technologies’ (SOFI - Free Report) business arm, SoFi Tech Solutions, has partnered with Mexican fintech Orbi and Mastercard to launch a crypto-linked card in Mexico. The program will allow Orbi customers to spend either traditional money or cryptocurrency balances wherever Mastercard is accepted, with merchants receiving fiat currency after conversion at checkout.

Under the agreement, SoFi Tech Solutions, formerly Galileo, will provide bank identification number (BIN) sponsorship alongside card issuance, transaction authorization, processing and compliance technology. Orbi will be its first cryptocurrency-focused customer under the Mastercard BIN sponsorship program in Mexico. Both physical and virtual cards will be supported.

SoFi Tech Solutions’ connection to Mastercard’s Mexico Domestic Switch (MxDS) will support card purchases and ATM withdrawals. The partners also plan to explore stablecoin-based cross-border transfers using SoFiUSD. Demand for dollar-linked stablecoins is growing in Latin America. Bitso said stablecoins accounted for 40% of its users’ crypto purchases across Mexico, Argentina, Brazil, and Colombia in 2025, compared with 18% for bitcoin.

The expansion follows SoFi’s September announcement that SoFiUSD settlement has gone live for SoFi Bank’s debit and credit card transactions on Mastercard's global payments network. SoFi Bank is migrating its entire card program to blockchain-based settlement using SoFiUSD. The stablecoin is redeemable one-for-one for U.S. dollars and backed by reserves consisting primarily of cash.

On the financial front, SoFi’s Technology Platform segment reported mixed results in the second quarter of 2026. The segment generated revenues of $84.5 million, down 23% year over year, although it increased 13% sequentially. The platform supported about 135 million accounts at quarter-end. While the partnership may not immediately reverse the segment’s revenue decline, it could support longer-term Tech Solutions growth.

How Are Competitors Faring?Robinhood Markets (HOOD - Free Report) is accelerating its cryptocurrency expansion through targeted acquisitions. In June 2026, it completed the purchase of Canada's WonderFi, gaining two regulated trading platforms and strengthening its position in Canada. The deal builds on its earlier Bitstamp acquisition, adding international scale. WonderFi's purchase consideration totaled approximately $178 million.

PayPal Holdings (PYPL - Free Report) is rapidly expanding its stablecoin ecosystem through strategic partnerships. In September 2026, it joined M0 and MoonPay to launch PYUSDx, enabling businesses to create customized stablecoins backed by PayPal USD. This initiative broadens PayPal's reach beyond consumer payments. The platform reported approximately $100 million in processed volume.

SOFI’s Price Performance, Valuation and EstimatesShares of SOFI have decreased 15.3% in the past three months, underperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 20.61X, well above the industry’s 15.15X. It carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for full-year 2026 EPS remained unchanged at 60 cents over the past two months.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SoFi Technologies (SOFI +1.22%) is a fast-growing online bank, and despite demonstrating outstanding growth so far in 2026, its share price has fallen 41% this year. It seems that each quarter, while the general trajectory is fantastic, something the market didn't like has sent the stock down.

The next update comes on Oct. 27 when SoFi releases third-quarter earnings. Here's what to expect.

The cross-selling strategy is working SoFi is an all-digital bank aiming to become one of the largest banks in the U.S. Its core business is lending, but it offers a wide range of financial products and services, and its strategy involves cross-selling products to deepen engagement. Today, its repertoire includes basic banking products such as savings accounts and credit cards, as well as innovative offerings such as blockchain-based international wire transfers and a SoFi U.S.-dollar-backed stablecoin.

Image source: Getty Images.

The strategy is starting to take off. Products per member as a metric has accelerated over the last two quarters, and for the first time, products added were twice the number of members added in Q2. That's quite a feat, especially since it added so many new members -- 1.1 million, a 35% increase year over year. "We are starting to hit escape velocity on our path to be the winner that takes most in digital financial services," said CEO Anthony Noto.

Cross-buy is also increasing at 51% of new products coming from existing members, up from 43% in the previous quarter. Investors should take note of product growth relative to member growth in the Q3 update.

Much of market sentiment will hinge on interest rates SoFi is a growing fintech company, but it's also a bank, which means it moves with traditional bank stocks in some ways. It's highly exposed to interest rates, like any bank stock, and it's been moving lower as the Federal Reserve implies a coming rate hike. Its credit metrics have been improving, with a 3.7% personal loan charge-off rate in Q2, 0.7 percentage points lower than the prior quarter, and a 0.61% student loan charge-off rate, down 0.04 percentage points from the prior year. This is also an important metric to track in Q3.

Management didn't provide an outlook for Q3, but Wall Street is expecting $1.26 billion in revenue, a 32.7% increase over last year, and $0.17 in earnings per share (EPS), up from $0.10 last year.

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It's really anyone's guess how the stock will react. If credit metrics get worse or results don't meet expectations, the stock is likely to drop again. However, at the current, lower price, the stock can absorb some news the market doesn't like if the report is solid.

Long term, SoFi has a clear path toward continued growth, and if you can hold for a few years, this could be a good time to buy the stock.

Key Takeaways SoFi launched SMB loans in Q2 2026, targeting underserved entrepreneurs with fast funding and pricing.A $3 billion Basepoint deal and another partnership provide capacity as SMB loan volumes scale.SoFi may eventually retain SMB loans, creating a path to recurring net interest income. SoFi Technologies (SOFI - Free Report) is widening its lending reach with small-business loans. The company launched SMB loans in the second quarter of 2026, targeting entrepreneurs who are often underserved by banks and charged high rates by newer lenders, according to management. SoFi is positioning the product around quick eligibility decisions, fast funding and competitive pricing through its digital-first platform.

The initial strategy is capital-light. SoFi said it is originating SMB loans through its Loan Platform Business rather than placing them on its balance sheet. Management disclosed a three-year, $3 billion agreement with Basepoint Capital and another partnership worth several hundred million dollars, providing capacity as volumes begin to scale.

That approach builds on momentum visible in the Loan Platform Business. In the second quarter, the platform generated $143.3 million of adjusted net revenues, supported mainly by $3.1 billion of personal loans originated for third parties and referrals. Expanding the platform into SMB lending gives SoFi another source of fee income while broadening the asset choices offered to capital partners.

Management said SMB application demand was considerable and expects the economics to be similar to or slightly better than those of its existing Loan Platform Business levels. Over time, SoFi may also retain some SMB loans on its balance sheet, creating a path to recurring net interest income.

The launch also comes during a strong second quarter for lending. Total originations reached a record $14.8 billion, up 69% year over year. Personal loans totaled $10.7 billion, followed by student loans at $2.7 billion and home loans at $1.4 billion, indicating firm member demand across SoFi’s core lending products.

How Are Competitors Faring?Capital One (COF - Free Report) competes with SoFi across consumer banking, lending and deposits while serving small businesses through financing solutions. It offers business lines of credit, real estate term loans and SBA 7(a), 504 and Express loans and lines for expansion and other financing needs. Real estate loans and business lines of credit are available up to $5 million.

American Express (AXP - Free Report) competes with SoFi in consumer financial services and extends its reach into small-business financing through its Business Line of Credit. The product gives businesses flexible access to capital through installment draws, transparent monthly fees and no application or origination fees. AXP offers business lines of credit ranging from $2,000 to $250,000.

SOFI’s Price Performance, Valuation and EstimatesShares of SOFI have decreased 12.2% in the past three months, underperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 20.61X, well above the industry’s 15.45X. It carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for full-year 2026 EPS remained unchanged at 60 cents over the past two months.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of SoFi Technologies Inc. (NASDAQ:SOFI) are trading flat Wednesday afternoon as investors weigh recent insider selling pressure against a major institutional milestone in the digital asset space.

Here’s what investors need to know.

SoFi Technologies stock is showing downward bias. Where are SOFI shares going? Historic Mastercard Stablecoin IntegrationOn Sept. 22, SoFi expanded its digital payment capabilities by becoming the first OCC-regulated national bank to go live with stablecoin settlement across Mastercard’s global payments network. The integration effectively shifts an annualized $25 billion card program onto stablecoin rails, utilizing the bank’s proprietary SoFiUSD token.

Because SoFiUSD is issued directly by SoFi Bank and backed one-to-one by cash reserves, the backend migration allows the company to streamline cross-border settlement, free up trapped liquidity, and cut transaction latency. Crucially, the technology operates entirely beneath the swipe, meaning retail consumers and merchants do not need to hold digital assets, build new blockchain infrastructure, or alter their everyday payment habits.

"In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses," said Anthony Noto, CEO of SoFi. "Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost. That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank."

Moving forward, the companies plan to pursue additional SoFiUSD applications across the Mastercard ecosystem, specifically targeting cross-border payments and remittances. Furthermore, SoFi indicated it intends to offer these stablecoin settlement capabilities to external financial companies through its Galileo technology platform.

Payward Alliance Deepens Crypto FootprintThe Mastercard integration followed another corporate milestone earlier in the month. On Sept. 3, SoFi announced a strategic partnership with Payward Inc., the parent company of cryptocurrency exchange Kraken, to connect banking and digital asset markets.

Under the agreement, Payward joined the SoFi Exchange Network to list SoFiUSD on its multi-asset trading platform. Simultaneously, SoFi tapped Kraken Prime to serve as its primary engine for institutional digital asset trade execution. The dual-sided integration broadens SoFi’s liquidity pool and strengthens its footprint within the regulated digital asset ecosystem.

SOFI Stock Pauses Wednesday AfternoonSOFI Price Action: SoFi Technologies shares were down 0.57% at $15.82 at the time of publication on Wednesday, according to Benzinga Pro data.

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Image: Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

SoFi's stock sits just above a 52-week low while one Citigroup analyst refuses to budge from a target that would nearly double your money, even as half of Wall Street rates the digital bank a Hold.

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SoFi Technologies (NASDAQ:SOFI | SOFI Price Prediction) currently trades at $15.93. The average analyst price target is $20.35, which implies 27.7% upside.

SoFi is a nationally chartered digital bank offering personal, student and home loans, checking, investing, credit cards and crypto through one app, plus the Galileo technology platform. Membership reached 15.8 million, up 35% year over year. Yet the stock has fallen 43.07% over the past year.

The gap matters because one bull has stayed put. Citigroup (NYSE:C) analyst Peter Christiansen maintained a Buy rating with a $30.00 target. That target implies 88.3% upside, so it sits close to a double.

Profit Guidance Stalled as Rate Cuts Turned Into Rate Hikes Earnings power stalled as revenue sped up. SoFi raised full-year adjusted net revenue guidance to $4.75 to $4.85 billion but held adjusted EPS at roughly 60 cents. The tax rate came in at 22%, roughly 700 basis points above plan, and management reinvested gains instead of lifting EBITDA guidance. Management also models one to two hikes in 2026. The original plan assumed two cuts, which hurts a lender whose loan fair values move with benchmark rates.

Shares traded at $29.505 around Q3 2025, $22.94 at Q4, $18.47 at Q1 and $16.75 at Q2. Technology Platform revenue fell 23% after a large client left. Estimates for full-year 2026 EPS drew five cuts against two increases over 30 days. With a beta of 2.208, SoFi moves far more than the market in both directions.

Citi’s $30 Thesis Rests on Deposits and Cross-Selling The bull case rests on three pillars: network effects lowering customer acquisition costs, Galileo and Technisys adding high-margin fee revenue, and cheap deposit funding widening margins. Deposits grew to $45.5 billion, saving an estimated $712.6 million annually versus warehouse funding. Net interest margin reached 5.98%, and loan originations hit a record $14.80 billion.

EPS of $0.12 beat the $0.11 estimate for the fifth straight beat. Revenue of $1.22B also exceeded expectations. Existing members opened 51% of new products, indicating cross-selling momentum. The CEO targeted 1 million SoFi Plus members generating $120 million annual revenue within 12 months.

Estimates are moving in the right direction too. The 2027 EPS consensus rose to $0.8240 from $0.8115 90 days ago, and the forward P/E is about 21. Still, Citi’s target is an outlier, since the consensus sits roughly $10 below it.

Upstart Fell Further, While Affirm Barely Slipped Upstart (NASDAQ:UPST) has dropped 59.84% over the past year. At $23.03 against a $40 target, it implies 73.7% upside. Ratings break down to eight Buy or Strong Buy, six Hold and one Strong Sell, stronger than SoFi.

Affirm (NASDAQ:AFRM) is down only 11.6% over the year. At $67.21 against a $99.09 target, it implies 47.4% upside. Of 33 analysts, 24 rate it Buy or Strong Buy, and none rate it Sell.

On consensus targets, Upstart has the largest expected upside and SoFi the lowest. Only Citi’s $30 call puts SoFi near the top of the group.

A 39% Loss This Year While the S&P 500 Gained SoFi trades at $15.93, compared with a $20.35 consensus target and expected upside of 27.7%. It sits just above its 52-week low of $14.88 and far below its high of $32.73. Shares have fallen 39.15% year to date and 11.79% over the past month. Over the same periods, the S&P 500 rose 12.27% year to date and 15.68% over the past year.

Here is how the 24 covering analysts rate the stock:

Strong Buy: 3 Buy: 5 Hold: 12 Sell: 2 Strong Sell: 2 Half the coverage has a Hold rating, so Wall Street as a whole is far more cautious than Citi.

SoFi Looks Cheap, but Rates Will Decide the Rebound SoFi looks cheap if deposit growth keeps net interest margin above management’s 5% floor, SoFi Plus moves toward 1 million members and the tax rate normalizes. If that happens, 2027 earnings power would make $30 reachable. But the risk grows if rate hikes hit loan valuations, credit losses rise or Technology Platform shrinks further. In that case, the Hold-heavy consensus would prove right.

The bull case looks more compelling. A company raising revenue guidance while trading just above its 52-week low offers a real margin of safety. Even so, the realistic target is the $20.35 consensus, and Citi’s near double is a periods goal.

Contact [email protected] for any questions or corrections.

As we enter the last week of September, it's time to look ahead to third quarter earnings season, and more specifically, banks -- the first major group to report earnings every quarter.

Banks have had a good year so far, in general, but the third quarter has been a bit rocky. The record pace of investment banking in the first half has slowed, and banks are expecting lower investment banking fees. In addition, the Federal Reserve raised interest rates for the first time in three years at its September meeting, which hurts banks as they may be faced with higher deposit costs and reduced loan activity.

One bank to watch this earnings season is SoFi Technologies (SOFI +1.51%). Here's why.

Image source: Getty Images.

Explosion in new members SoFi is not your typical bank stock; it's a fintech that got a bank charter in 2022 through the acquisition of a small bank, Golden Pacific.

Having a bank charter has allowed SoFi to take deposits and fund its own loans. Previously, it had to work with third-party banks on loans, paying a fee to the partner bank and splitting some of the interest income. This created a drag on revenue and earnings.

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So now, SoFi can reduce fees and expenses, which allows it to offer better rates on both loans and deposits.

As an online lender, it doesn't have the physical assets and overhead of traditional brick-and-mortar banks. However, it does have higher marketing and customer acquisition costs, as well as high technology spending, which keeps its margins lower than traditional banks. But its operating margin is improving. In Q2, it was 16.9%, up from 13.1% a year ago this quarter, so that should continue as it matures. The trailing 12-month operating margin was 13.22%, which is also improving.

The better rates and high marketing spend has helped SoFi experience an explosion in new members (customers) and in the products they use. In the most recent quarter, members jumped by 35% to a record 15.8 million members, while products increased 42% to a record 24.4 million.

That kind of growth is hard to match by traditional lenders. That growth could accelerate in the coming quarters as SoFi's widening deposit rate gap could help it attract new customers. On the other hand, higher rates could slow down its loan activity, even though SoFi will likely be able to offer more attractive rates.

A buy leading up to Oct. 27? SoFi reports its third-quarter earnings results on Oct. 27, and it may be agood idea to add some shares before that date.

One reason is its cheap price. SoFi stock, after three years of major gains, has hit a wall this year, with its stock price down 34% year to date. Part of that was its high valuation, but it also suffered revenue declines within one of the banking-as-a-service tech platforms that it sells to other fintechs to create their own banking operations.

At the end of last year, it lost a major client, Chime (CHYM +2.31%), which recently applied for its own bank charter. That caused a revenue hit and contributed to the sell-off.

But SoFi stock is now much cheaper, at 21 times forward earnings, and it raised its revenue guidance for the fiscal year, implying 32% to 35% growth. However, it did not raise its earnings outlook, which caused some concern that expenses may be elevated.

SoFi stock could surge leading up to the earnings date, given its valuation, but then drop as investors sell the news. Investors should proceed accordingly. But I do generally see SoFi as a long-term buy, particularly at this lower valuation. It's just a matter of when to buy.

Key Takeaways SoFi's loan originations surged 69% year over year to $14.8 billion in the second quarter of 2026.Personal-loan charge-offs fell, while 90-day delinquencies improved to 40 basis points.SoFi maintains a 7-8% maximum loss assumption as recent loan vintages continue to season. SoFi Technologies’ (SOFI - Free Report) credit performance holds up even as lending activity reached record levels. In the second quarter of 2026, total loan originations climbed 69% year over year to $14.8 billion. Personal loans accounted for $10.7 billion, while student and home loan originations reached $2.7 billion and $1.4 billion, respectively.

The key question is whether credit quality can remain steady as those volumes rise. Excluding the impact of delinquent loan sales, SoFi estimated that the all-in annualized personal-loan net charge-off rate would have been approximately 3.7%, improving 70 basis points (bps) from the previous quarter and 80 bps from a year earlier. Including the impact of delinquent-loan sales, the reported personal loan annualized net charge-off rate fell to 2.62% from 3.03% in the prior quarter.

Delinquency trends also remained controlled. Personal-loan 90-day delinquency stood at 40 bps, down seven bps sequentially, while the student-loan rate was only 11 bps. The student-loan annualized charge-off rate declined to 61 bps from 65 bps in the prior quarter.

SoFi’s lending economics continue to provide room for credit costs. Management said its core personal-loan portfolio generated an approximately 6.1% risk-adjusted margin in the second quarter, based on a 12.9% weighted-average coupon, 3.1% funding cost and 3.7% annualized losses. Lending-adjusted net revenues rose 59% year over year to $712 million.

Still, loan growth means credit trends remain important to watch. SoFi continues to support a 7-8% maximum cumulative net loss assumption for personal loans. Vintages originated from the fourth quarter of 2022 through the third quarter of 2025 had net cumulative losses of 4.68%, with 35% of unpaid principal still outstanding, giving investors another measure to track as the portfolio seasons.

How Are Competitors Faring?Happen Inc. (HAPN - Free Report) competes with SoFi in digital consumer lending, particularly in unsecured personal loans and debt consolidation. Its credit performance has remained resilient, supported by disciplined underwriting and improving loss trends. In the second quarter of 2026, Happen’s net charge-off ratio on total loans and leases held for investment improved to 3.2% from 3.8% a year earlier, reflecting stronger credit performance.

Ally Financial (ALLY - Free Report) competes with SoFi across digital banking and consumer lending, led by its auto-finance platform. Improving delinquencies, lower charge-offs and disciplined underwriting indicate resilient borrower performance, while its scale provides diversification across credit cycles. In second-quarter 2026, Ally’s consumer auto net charge-off ratio was 1.6%, versus 1.7% a year earlier.

SOFI’s Price Performance, Valuation and EstimatesShares of SOFI have gained 0.7% in the past six months, underperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.45X, well above the industry’s 15.63X. It carries a Value Score of F.

Image Source: Zacks Investment Research

SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past two months.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways SOFI's cross-buy rate rose to 51%, up from 43% in the prior quarter and 35% a year earlier.SOFI added 1.1 million members and 2.2 million products, lifting totals to 15.8 million and 24.4 million.SoFi Plus surpassed 200,000 paid subscribers, while fee-based revenues reached $472.3 million. SoFi Technologies’ (SOFI - Free Report) cross-buy momentum strengthened in the second quarter of 2026, with 51% of new products opened by existing members. That was up from 43% in the prior quarter and 35% a year earlier, showing that more customers are adding products after joining the platform.

The trend came alongside record member and product growth. SoFi added 1.1 million members in the second quarter, lifting total members to 15.8 million, up 35% year over year. Product additions reached a record 2.2 million, pushing total products to 24.4 million, up 42%.

Products per member also rose to an all-time high of 1.54 compared with 1.51 in the first quarter. Management linked the improvement to broader awareness of SoFi’s product range and stronger use of its Financial Services Productivity Loop, which is designed to deepen engagement across the platform.

SoFi Plus is playing a larger role in that strategy. The company surpassed 200,000 paid subscribers after relaunching the service with enhanced benefits. Among existing members who signed up for SoFi Plus, 25% added another product, while management said Invest saw the strongest follow-on demand.

Higher engagement is also supporting revenue diversification. Financial Services products reached 21.3 million, up 43% year over year, and represented 87% of total products. Fee-based revenues climbed to $472.3 million or 39% of total revenues, aided by loan platform fees, interchange, brokerage and origination fees. The company also reported $28 billion in annualized spending across SoFi Money and Credit Card, helping interchange revenues rise 55% year over year in the second quarter.

How Are Competitors Faring?Robinhood Markets (HOOD - Free Report) is emerging as a formidable SoFi competitor by expanding beyond trading into banking, retirement, advisory, crypto and private markets. Its June 2026 acquisition of WonderFi added Canadian digital-asset capabilities and further broadened international reach. Funded customers reached a record 28.4 million in second-quarter 2026, up 1.9 million year over year.

Chime Financial, Inc. (CHYM - Free Report) is intensifying competition with SoFi by deepening its primary-account relationship and expanding into investing, lending and employer-linked financial services. In second-quarter 2026, Chime Enterprise signed Allied Universal and another national retailer as employer partners. Active Members rose 20% year over year to 10.4 million, adding 1.7 million net members.

SOFI’s Price Performance, Valuation and EstimatesShares of SOFI have declined 1.7% in the past six months, underperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.36X, well above the industry’s 15.56X. It carries a Value Score of F.

Image Source: Zacks Investment Research

SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past two months.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CPI Comes In Cool: Why It Could Revive These 3 Rate-Sensitive StocksSoFi Technologies NASDAQ: SOFI CFO Chris Lapointe said the financial-services company entered the second half of 2026 with continued revenue growth, expanding product adoption and a mix of newer businesses that remain in earlier stages of development.

Speaking at an investor conference, Lapointe said SoFi generated approximately 40% year-over-year revenue growth in each of the first two quarters of 2026 and adjusted EBITDA margins of roughly 30%. He characterized the resulting “Rule of 40” score—revenue growth plus adjusted EBITDA margin—at about 70.

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Block’s Pivot to Profits and AI Is Turning HeadsLapointe said the company has exceeded a Rule of 40 score of 40 for 20 consecutive quarters. Since 2022, SoFi’s members, products and revenue have each compounded at more than 30% annually, he said.

Product Adoption and Cross-Buy Growth SoFi added 1.1 million members and 2.2 million products during the most recent quarter, marking the first time product additions were twice as high as member additions, according to Lapointe. Cross-buy reached 51%, meaning existing members accounted for 51% of newly opened products.

Robinhood, SoFi, and Webull Are Telling Very Different StoriesLapointe said members often enter the platform through broadly appealing offerings such as SoFi Money and SoFi Relay, then add products including credit cards and investing accounts. He said the company focuses on average revenue per product rather than average revenue per user. Excluding Relay, which does not generate revenue, average revenue per product rose 60% over the past two years, he said.

The company’s SoFi Plus subscription offering, launched April 1, had surpassed 200,000 paying subscribers at the end of the second quarter, representing $24 million in annualized revenue, Lapointe said. He added that 85% of new paid subscribers were existing SoFi members, while 25% added another product after becoming subscribers.

Balance Sheet, Capital and Lending Lapointe said SoFi has not shifted away from third-party Loan Platform Business, or LPB, partners, stating that demand from those partners exceeded the loans the company fulfilled during each of the past two quarters.

Instead, he said management is weighing risk-adjusted returns, borrower demand, capital-markets demand and the durability of revenue in determining which loans to retain on its balance sheet and which to distribute through LPB partners.

During the second quarter, SoFi originated $10.7 billion in personal loans. Of that total, $7.6 billion was held on the balance sheet and $3.1 billion moved through its LPB business.

Deposits account for 93% of SoFi’s funding stack, Lapointe said, with more than 90% of member deposits coming from direct-deposit relationships. The company also has unused warehouse-line capacity and access to securitizations and whole-loan sales, he said.

SoFi’s total risk-based capital ratio stood at 18.8%, compared with a 10.5% regulatory minimum. Lapointe said SoFi aims to operate in the low- to mid-teens over the long term and does not expect to need to raise equity capital under its current operating plan.

On personal lending, Lapointe described refinancing prime revolving credit-card debt as the company’s largest opportunity. He said prime borrowers with revolving debt carrying interest rates around 25% could potentially refinance into lower-rate fixed personal loans. He said SoFi’s growth plans do not depend on moving to lower-quality credit borrowers.

Guidance and Consumer Credit Lapointe said SoFi’s 2026 guidance now assumes one to two interest-rate hikes, compared with the two rate cuts assumed when the company initially issued its outlook. He said the company has raised its full-year revenue guidance while maintaining profitability expectations, despite higher expected rates and a higher effective tax rate.

The company’s ability to meet its second-half outlook does not require a favorable macroeconomic change, Lapointe said. He cited execution, continued member and product growth, and credit performance that remains in line with or better than expectations as key factors.

SoFi reported 90-day delinquencies of 40 basis points in the second quarter, down sequentially, and net charge-offs of 3.7%, down 70 basis points from the first quarter. Annualized spending across its debit and credit products reached $28 billion, and Lapointe said spending had not shown signs of slowing in the third quarter.

Technology, Crypto and AI Initiatives Lapointe said SoFi expects LPB volume growth in the second half as it expands beyond unsecured personal loans. The company announced a $3 billion funding arrangement for small-business loans and has begun distributing closed-end second mortgages through the platform.

He also highlighted SoFi’s consumer crypto trading platform and SoFiUSD stablecoin as complementary opportunities. While crypto trading broadens the company’s investing products, Lapointe said SoFiUSD is intended primarily as payments infrastructure that can support around-the-clock settlement. He said SoFi is already settling crypto trades through SoFiUSD.

SoFi’s Big Business Banking platform enables businesses to hold deposits, move funds through application programming interfaces and convert between fiat currency and digital assets within a regulated banking environment, Lapointe said. He said the business could generate both fee income and net interest income.

For SoFi Technology Solutions, Lapointe said 2026 is a transition and investment year ahead of expected stronger growth in 2027. The business includes banking core and ledger systems, payment processing, payments, risk and fraud offerings, and expanded into lending and servicing through the acquisition of Peach Finance.

Lapointe also said SoFi Coach, its artificial-intelligence financial guidance tool, had generated nearly 500,000 conversations since launch and received an approval rating above 90%. He said the company currently views the product primarily as a way to support engagement, retention, cross-buy and member lifetime value, though paid value-added services could be considered over time.

About SoFi Technologies (NASDAQ:SOFI)SoFi Technologies, Inc NASDAQ: SOFI is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company's core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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SoFi Technologies, Inc. (NASDAQ: SOFI), the everything app for digital financial services, and Payward, a unified financial infrastructure platform, today announced a strategic partnership designed to enhance banking, payments, liquidity, and digital asset markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903466285/en/

Through the partnership, Payward will leverage SoFi’s Big Business Banking capabilities, join the SoFi Exchange Network (SEN) and list SoFiUSD on its multi-asset trading platform. SoFi will also use Kraken Prime, Payward’s full-service prime brokerage solution, as an additional source of digital asset liquidity, with qualified custody capabilities available as the relationship expands.

By joining SEN, SoFi’s real-time settlement network, Payward unlocks new pathways for institutional clients to clear and settle U.S. dollar transactions 24 hours a day, seven days a week. Extending settlement beyond traditional banking hours also enhances the money movement process, allowing clients to move money and manage liquidity on an always-on schedule.

The partnership also connects Kraken, one of the world’s largest digital asset platforms, to SEN. Kraken institutional clients will be able to use SEN’s real-time settlement rails to move USD and manage liquidity across both networks at any hour, extending settlement beyond traditional banking hours for entities that already operate around the clock.

“The financial system should not shut down when markets stay open,” said Anthony Noto, CEO of SoFi. “SoFi is building the trusted financial infrastructure for an always-on economy, combining the strength of a nationally chartered bank with technology that allows money to move seamlessly and efficiently. Our partnership with Payward is a powerful validation of that strategy and an important step toward a financial system where businesses can move money across networks and, over time, across borders without the delays and fragmentation of legacy infrastructure.”

“Money and markets are converging into a new financial paradigm, and the infrastructure underneath has to catch up,” said David Ripley, Co-CEO of Payward. “Collaborating with SoFi lets us close that gap, and it works in both directions. Millions of people will buy their first cryptoasset inside the app they already use for their paycheck, and the infrastructure behind that experience should connect them to deep, liquid markets built to operate at scale.”

Kraken Prime, one of the industry's leading prime brokerages, will serve as an additional source of liquidity behind SoFi's crypto offering. SoFi members can buy and sell crypto inside the SoFi app; Kraken Prime will enable better pricing for SoFi members on trades they already make on the app.

Payward will also list SoFiUSD on Kraken, expanding access to SoFi’s bank-issued stablecoin for millions of retail, professional and institutional clients using one of the world’s leading digital asset platforms. SoFiUSD is redeemable one-to-one for U.S. dollars and is designed to combine the utility of blockchain technology with the safeguards of a regulated financial institution.

SoFi launched Big Business Banking in April to bring its enterprise banking and digital asset capabilities together in one offering. The partnership with Payward puts that model to work at scale and creates a foundation for the companies to expand their work together across payments, treasury, lending and digital assets over time.

About SoFi

SoFi Technologies (NASDAQ: SOFI) is the everything app for digital financial services on a mission to help people achieve financial independence to realize their ambitions. 15.8 million members trust SoFi to borrow, save, spend, invest, and protect their money and buy, sell and hold their crypto – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Banks, fintechs, and brands use innovative capabilities from SoFi Tech Solutions to serve over 134 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

©2026 SoFi Technologies, Inc. All rights reserved.

About Payward

Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.

At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.

Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:

One global liquidity poolOne unified risk and margin engineOne collateral and settlement systemOne compliance and licensing frameworkThis shared architecture allows Payward to scale efficiently, launch new products at low marginal cost, and serve diverse global markets while maintaining consistent risk management, regulatory integrity, and operational resilience.

Disclosure:

Availability of Other Information About SoFi

Investors and others should note that SoFi communicates with investors and the public using its website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding expectations for the partnership between SoFi and Payward, as well as the roll-out of future products, SoFi’s ability to navigate the regulatory environment related to the products it launches, demand for SoFi and Payward products, expectations regarding the future of financial services and the adoption of digital assets, and the financial position, business strategy and plans and objectives of management for SoFi’s and Payward’s future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “expect”, “could”, “continue”, “future”, “may”, “plan”, “will”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the impact on each of SoFi’s and Payward’s business as a result of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment; (ii) SoFi’s and Payward’s ability to continue to drive brand awareness and realize the benefits of their respective marketing and advertising campaigns; (iii) SoFi’s and Payward’s ability to manage planned products and expectations regarding the development and expansion of its business effectively; (iv) SoFi’s and Payward’s ability to predict the demand for new products and the future of the financial services industry; (v) SoFi’s and Payward’s ability to develop new products, features and functionality that are competitive and meet market needs; (vi) SoFi’s and Payward’s ability to maintain the security and reliability of their respective products; and (vii) the outcome of any legal or governmental proceedings instituted against SoFi or Payward. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in SoFi’s last annual report on Form 10-K as filed with the Securities and Exchange Commission, and those that are included in any future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing SoFi’s or Payward’s views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOFI-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20260903466285/en/

Canada Pension Plan Investment Board acquired a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 273,500 shares of the company’s stock, valued at approximately $4,904,000.

Several other hedge funds have also made changes to their positions in the business. Brighton Jones LLC grew its stake in shares of SoFi Technologies by 2.0% in the 4th quarter. Brighton Jones LLC now owns 719,288 shares of the company’s stock valued at $11,077,000 after purchasing an additional 14,281 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of SoFi Technologies during the 1st quarter valued at approximately $129,000. Empowered Funds LLC boosted its position in SoFi Technologies by 5.2% during the first quarter. Empowered Funds LLC now owns 33,126 shares of the company’s stock worth $385,000 after purchasing an additional 1,631 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of SoFi Technologies by 23.2% during the 2nd quarter. Franklin Resources Inc. now owns 13,796 shares of the company’s stock worth $251,000 after buying an additional 2,596 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in SoFi Technologies in the 2nd quarter valued at about $4,633,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies News Roundup Here are the key news stories impacting SoFi Technologies this week:

Positive Sentiment: Strong post-earnings momentum: SoFi’s shares have outperformed since its latest earnings report, which showed $1.21 billion in revenue and $0.12 in adjusted earnings per share, both ahead of consensus estimates. Revenue increased 42.5% year over year, supporting the bullish case for continued operating growth. SoFi Technologies Up 16.5% Since Last Earnings Report Positive Sentiment: SoFi Plus could add recurring revenue: Early traction for the company’s paid membership program may increase customer engagement, cross-selling and adoption of additional financial products. Investors are watching whether membership growth can diversify revenue and support longer-term margins. SoFi Technologies’ SoFi Plus Neutral Sentiment: Analyst consensus remains cautious: SoFi has received a consensus “Hold” recommendation, suggesting analysts see a balanced risk-reward profile following the rebound rather than an unambiguously attractive entry point. SoFi Receives Consensus Hold Recommendation Neutral Sentiment: Relative-value debate: Comparisons with Sezzle highlight differing growth models, diversification and risk profiles. The discussion does not provide a direct SOFI catalyst but may influence fintech-sector positioning. Sezzle Versus SoFi Negative Sentiment: Profit-taking and valuation concerns: After the recent rebound and move back above key moving averages, some investors may be locking in gains. A bearish analysis argues that even strong execution is not enough to justify a more aggressive position, while the stock’s elevated growth expectations leave it vulnerable to pullbacks. SoFi Everything Went Right and I’m Still Cutting to Hold Analyst Ratings Changes Several equities analysts have weighed in on the company. Piper Sandler started coverage on SoFi Technologies in a research report on Monday, August 17th. They set an “overweight” rating and a $22.00 price target for the company. Citigroup dropped their price target on shares of SoFi Technologies from $37.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, May 4th. Wells Fargo & Company cut their price objective on SoFi Technologies from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, July 30th. Truist Financial raised their target price on shares of SoFi Technologies from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Eight investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.42. Check Out Our Latest Stock Analysis on SoFi Technologies

Insider Buying and Selling In other news, CTO Jeremy Rishel sold 102,123 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.78, for a total transaction of $1,815,746.94. Following the sale, the chief technology officer directly owned 895,089 shares in the company, valued at approximately $15,914,682.42. This represents a 10.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kelli Keough sold 11,286 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total value of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at $6,415,956. The trade was a 3.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 136,505 shares of company stock worth $2,418,096 over the last quarter. Insiders own 2.50% of the company’s stock.

SoFi Technologies Price Performance NASDAQ:SOFI opened at $18.06 on Monday. SoFi Technologies, Inc. has a one year low of $14.88 and a one year high of $32.73. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.10 and a current ratio of 0.74. The company has a market capitalization of $23.33 billion, a price-to-earnings ratio of 37.62 and a beta of 2.17. The stock has a 50-day simple moving average of $17.84 and a 200 day simple moving average of $17.54.

SoFi Technologies (NASDAQ:SOFI – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.01. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.11 billion. SoFi Technologies had a return on equity of 6.22% and a net margin of 14.78%.The business’s revenue was up 42.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. Sell-side analysts predict that SoFi Technologies, Inc. will post 0.61 EPS for the current fiscal year.

SoFi Technologies Profile (Free Report)

SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.

Further Reading Five stocks we like better than SoFi Technologies Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?

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Key Takeaways SoFi began settling trading in SoFiUSD as Big Business Banking enabled 24/7 transactions on its network.About $300 million of SoFiUSD was in circulation, creating an initial liquidity pool for the ecosystem.Fee-based revenue reached $472 million, as payments and technology services could support further growth. SoFi Technologies’ (SOFI - Free Report) stablecoin strategy is moving from product launch to real-world payments. During the second quarter of 2026, SoFi began settling its trading business in SoFiUSD, while Big Business Banking began processing transactions on the SoFi Exchange Network. That gives commercial clients the ability to move money in real time, 24/7, within SoFi’s regulated banking environment.

SoFiUSD is backed by cash at the Federal Reserve, giving it zero credit, liquidity or duration risk. The company also describes SoFiUSD as the first stablecoin issued by a nationally chartered bank on a public, permissionless blockchain. Together, those features give SOFI a regulated base as it tried to build faster and lower-cost payment rails.

The strategy becomes more interesting when combined with Big Business Banking. Commercial clients can hold funds in insured business deposit accounts, move fiat and digital assets through API-driven payments and convert between them on one platform. Roughly $300 million of SoFiUSD was already in circulation at the end of the quarter, providing the ecosystem with an initial pool of liquidity.

For SOFI, the key question is whether payments can become a meaningful fee-based business. In second-quarter 2026, fee-based revenues reached $472 million or 39% of adjusted net revenues, up 22% from the prior quarter. Financial Services and Technology Platform revenues together accounted for about $551 million or 46% of adjusted net revenues. Management expects Financial Services and Technology Platform revenues to exceed 50% of total revenues over time.

SoFiUSD could support that shift if activity grows, as the company sees payments, banking infrastructure and technology services as interconnected opportunities. Big Business Banking also expands the enterprise offering SoFi Tech Solutions’, potentially adding fee revenues and net interest income.

How Are Competitors Faring?PayPal Holdings (PYPL - Free Report) is a key SoFi competitor in digital finance, operating PYUSD, its U.S.-dollar stablecoin, across payments, transfers and merchant settlement. In March 2026, PayPal expanded PYUSD access to 70 markets, strengthening its cross-border proposition. Its August merchant-settlement feature also offers eligible merchants 4% annual rewards on PYUSD balances.

Coinbase Global (COIN - Free Report) competes with SoFi through crypto trading, payments, custody and stablecoin infrastructure centered on USDC. Recent deals include MassPay’s June 2026 integration for global USDC payouts and Marex’s July 2026 adoption of USDC for regulated derivatives collateral. Coinbase reported that the average USDC held in its products reached a record $20 billion in the second quarter of 2026.

SOFI’s Price Performance, Valuation, and EstimatesShares of SOFI have gained 15.2% in the past three months, outperforming the broader industry while underperforming the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 24.63X, well above the industry’s 16.98X. It carries a Value Score of F.

Image Source: Zacks Investment Research

SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past month.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

It has been about a month since the last earnings report for SoFi Technologies, Inc. (SOFI - Free Report) . Shares have added about 16.5% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is SoFi Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

SoFi Technologies' Q2 Earnings Meet EstimateSoFi delivered second-quarter 2026 adjusted earnings per share (EPS) of 12 cents. The metric outpaced the Zacks Consensus Estimate by 9.1%. Adjusted net revenues increased 40% year over year to $1.21 billion. The figure surpassed the Zacks Consensus Estimate of $1.11 billion by 8.3%. Total net revenues were $1.22 billion, rising 43% year over year.

Profitability also improved despite continued investment in growth initiatives. Adjusted EBITDA increased 44% to $357.8 million, and adjusted EBITDA margin reached 30% compared with 29% in the prior-year quarter.

Net interest margin remained healthy at 5.98%, up 12 basis points year over year and 4 basis points sequentially. This supported a 52% increase in net interest income to $788.2 million.

Management highlighted second-quarter 2026 as the company’s 19th consecutive quarter meeting the Rule of 40 benchmark. The Rule of 40 score was 70, based on 40% adjusted net revenue growth and a 30% adjusted EBITDA margin.

Member Growth & Cross-Buy AccelerateMember acquisition remained one of the strongest indicators of platform momentum. SoFi added 1.1 million new members in the second quarter of 2026, bringing total members to 15.8 million, up 35% year over year.

Product growth was even stronger. The company added a record 2.2 million products in the second quarter of 2026, bringing total products to 24.4 million, up 42% year over year. Products per member reached an all-time high of 1.54.

The reported quarter marked the first time SoFi added twice as many products as members. Existing members opened 51% of new products, compared with 35% in second-quarter 2025, showing improving cross-buy trends across the platform.

Management pointed to SoFi Plus and SoFi Coach as important drivers of deeper engagement. SoFi Plus surpassed 200,000 paid members, while SoFi Coach generated more than 500,000 conversations with more than 90% positive feedback.

Lending Remains the Main Growth DriverThe Lending segment continued to drive consolidated performance in second-quarter 2026. Adjusted net revenue increased 59% year over year to $711.7 million, while contribution profit rose 63% to $399 million.

Total loan originations reached a record $14.8 billion, up 69% year over year. Personal loan originations increased 54% to $10.7 billion, student loan originations surged 170% to $2.7 billion and home loan originations rose 74% to $1.4 billion.

Credit metrics remained supportive. The personal loan net charge-off rate was 2.62%, down 21 basis points year over year and 41 basis points sequentially. Student loan net charge-offs were 0.61%, down 33 basis points year over year.

The loan platform business also remained an important growth lever. SoFi sold or transferred $4.1 billion of personal and home loans, including $3.1 billion through the loan platform business.

Financial Services Adds DiversificationThe Financial Services segment continued to broaden SoFi’s revenue base. Net revenues increased 29% year over year to $466.3 million, supported by deposit growth, interchange, brokerage and referral activity.

Contribution profit rose 13% year over year to $212.7 million. Contribution margin declined to 46% from 52% in prior-year period, reflecting higher spending and investment in product innovation.

As of June 30, 2026, deposits reached $45.5 billion, up 21% from Dec. 31, 2025. Deposits also increased $5.3 billion sequentially, supporting SoFi’s funding base and balance sheet flexibility.

Transactional revenue trends were also strong. Interchange revenues increased 55% year over year, while brokerage revenues rose roughly 2.5 times year over year as SoFi Invest gained traction.

Technology Platform Still Faces PressureThe Technology Platform segment remained the weakest area in the reported quarter. Net revenues declined 23% year over year to $84.5 million, reflecting the impact of a large client that transitioned off the platform before year-end 2025.

Contribution profit fell 65% year over year to $11.8 million. Contribution margin declined to 14% from 30% in prior-year quarter, underscoring the near-term pressure from lost scale and transition costs.

Technology Platform accounts totaled 135 million, down 16% year over year but up 2 million sequentially. The sequential improvement suggests some stabilization, though the segment continues to lag SoFi’s stronger lending and financial services businesses.

Management relaunched the business under the unified SoFi Tech Solutions brand. The platform now emphasizes processing, core ledger, payments hub and risk and fraud capabilities.

Balance Sheet ImproveSoFi ended the second quarter with $60.95 billion in total assets, up from $50.66 billion at Dec. 31, 2025. Loans held for sale increased 30% from year-end 2025 to $29.74 billion, reflecting continued loan origination growth.

Capital levels remained strong. The total risk-based capital ratio was 18.8%, while available liquidity was $13.7 billion. Cash flow from operations was negative $6.2 billion, reflecting a high loan pipeline build.

2026 Guidance RaiseManagement raised full-year 2026 adjusted net revenue guidance to $4.75 billion to $4.85 billion, implying 32-35% year-over-year growth. The prior outlook implid approximately 30% growth.

The company maintained full-year 2026 guidance for adjusted EBITDA of approximately $1.6 billion, adjusted net income of approximately $825 million and adjusted EPS of approximately 60 cents. Management also continues to expect total members to increase by at least 30% year over year in fiscal 2026.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

VGM ScoresCurrently, SoFi Technologies has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, SoFi Technologies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerSoFi Technologies belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Rithm (RITM - Free Report) , has gained 1.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Rithm reported revenues of $1.28 billion in the last reported quarter, representing a year-over-year change of +5.4%. EPS of $0.60 for the same period compares with $0.54 a year ago.

Rithm is expected to post earnings of $0.51 per share for the current quarter, representing a year-over-year change of -5.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -6.8%.

Rithm has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

Key Takeaways SoFi Coach has handled nearly 500,000 conversations, with more than 90% receiving positive feedback.More than half of Coach discussions focus on investing, highlighting potential cross-buy opportunities.SoFi ended Q2 with 15.8 million members and 24.4 million products, supporting deeper member economics. SoFi Technologies (SOFI - Free Report) is betting that SoFi Coach can turn its growing member base into deeper, longer relationships. Launched in June 2026, the GenAI financial guide uses data across SoFi and linked outside accounts to answer personal finance questions and help members make better decisions about spending, saving, borrowing and investing over time and at scale.

Early engagement looks encouraging. Management said Coach has already handled nearly 500,000 conversations, with more than 90% receiving positive feedback. More than half of those conversations focused on investing, giving SoFi real-time insight into members' financial needs and where additional products or services may fit naturally.

The timing matters because SoFi’s member ecosystem is expanding quickly. The company ended the second quarter with 15.8 million members, up 35% year over year, while total products rose 42% to 24.4 million. Products per member reached 1.54, and 51% of new products were opened by existing members.

Coach could strengthen that cross-buy trend by connecting personalized financial advice with SoFi’s broader “Everything App.” The platform includes banking, investing, credit cards, loans, crypto and SoFi Plus. Management says Coach draws on data linked to 12,000 financial institutions, 6.5 billion transactions and roughly $750 billion in outstanding balances.

The growing engagement could support stronger member economics over time. SoFi generated $1.2 billion of adjusted net revenues in second quarter, up 40%, while fee-based revenues reached $472 million or 39% of adjusted net revenues. Financial Services and Technology Platform revenues together totaled $551 million, giving Coach a broad base for monetization.

How Are Competitors Faring?Robinhood Markets (HOOD - Free Report) is emerging as a formidable SoFi competitor by expanding beyond trading into banking, retirement, advisory, crypto and private markets. Its June 2026, acquisition of WonderFi added Canadian digital-asset capabilities and further broadened international reach. Funded customers reached a record 28.4 million in second-quarter 2026, up 1.9 million year over year.

Chime Financial, Inc. (CHYM - Free Report) is intensifying competition with SoFi by deepening its primary-account relationship and expanding into investing, lending and employer-linked financial services. In second-quarter 2026, Chime Enterprise signed Allied Universal and another national retailer as employer partners. Active Members rose 20% year over year to 10.4 million, adding 1.7 million net members.

SOFI’s Price Performance, Valuation, and EstimatesShares of SOFI have gained 18.4% in the past three months, outperforming the broader industry while underperforming the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 25.06X, well above the industry’s 16.69X. It carries a Value Score of F.

Image Source: Zacks Investment Research

SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past month.

Image Source: Zacks Investment Research

SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

HomeStock IdeasLong IdeasFinancials 

SummaryI maintain a Strong Buy rating on SoFi Technologies, Inc. with a fair value range of $22–$26 per share.SoFi's Q2 showed 40% YoY adjusted net revenue growth, 44% adjusted EBITDA growth, and record originations, with the LBP still growing despite a private credit funding freeze.The bank charter enabled SoFi to absorb wholesale funding disruptions, fund loans more cheaply, and maintain robust growth in originations and deposits.Key risks include achieving the required second-half earnings step-up, capital intensity, and margin recovery in financial services. Joe Hendrickson/iStock Editorial via Getty Images

I am maintaining my Strong Buy rating on SoFi Technologies, Inc. (SOFI) and my fair value range of $22-$26 per share. The stock fell roughly 10% on the second-quarter print and recovered most of that

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of SOFI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

If you want proof that "very good" still isn't always good enough for investors, look no further than the market's response to SoFi Technologies' (SOFI -0.97%) second-quarter results. Revenue grew 40% year over year to $1.2 billion, pushing per-share earnings up from $0.08 a year ago to $0.12 this time around, both of which topped estimates of $1.12 billion and $0.11, respectively. Yet, largely because the online bank didn't raise its 2026 profit guidance despite raising its full-year revenue outlook, the stock tanked to the tune of 10% on Wednesday.

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The thing is, SoFi reported a seemingly meaningless metric for Q2 that could actually be a pretty big deal for its bottom line in the foreseeable future...even if the company isn't saying as much.

Increasingly tapping more cost-effective prospects It's not a complicated business. SoFi Technologies offers its customers everything a more traditional brick-and-mortar bank can, including checking, loans, savings, credit cards, investment services, and more. It's just all accessed online. And for much of its existence, most of the company's customers used only one of SoFi's products or services.

That's finally changing in a big way, though. Last quarter, 51% of the 2.22 million new products or services it sold were sold to existing customers. That's up from 43% just a quarter earlier and 35% in Q2 of last year. Said another way, while SoFi Technologies added 1.12 million new members last quarter to bring its customer headcount up to 15.81 million, it did just as well selling products to its existing users, who are much cheaper and easier to access and many of whom have now been around long enough to trust SoFi with more of their finances. End result? The average SoFi member now utilizes 1.54 products, up from an average of 1.46 just a year ago.

Image source: SoFi Technologies Q2-2026 investor report.

The new normal At first blush, this doesn't seem to mean much. Although it's progress, it's progress that only extends existing trends.

This is a bigger deal than it seems on the surface, though. That figure of 51%, paired with the fact that SoFi's new customer growth is still accelerating rather than slowing down, says the company is at a tipping point many investors have been waiting for it to reach: being able to cost-effectively add revenue by leveraging -- for free -- its existing customers, most of whom almost certainly have assets held elsewhere. This dynamic ultimately raises each of these customers' lifetime value to SoFi.

Image source: Getty Images.

No, it doesn't look like this growing per-member lifetime value is going to make much positive impact in the immediate future. As was noted, while the online bank now expects to report 2026 revenue of between $4.75 billion and $4.85 billion, versus previous guidance of $4.655 billion, it's still calling for earnings before interest, taxes, depreciation, and amortization (EBITDA) of only $1.6 billion. That's what rattled shareholders.

Just don't lose sight of the bigger picture. SoFi Technologies has proven not only that online banking is marketable but also that it can be profitable. The stock's post-earnings dip, which dragged it back to less than half of its November peak, also leaves it more than 20% below analysts' consensus price target of around $20 per share. That's a hint worth taking.

SoFi Technologies, Inc. (SOFI - Free Report) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.09%. A quarter ago, it was expected that this company would post earnings of $0.12 per share when it actually produced earnings of $0.12, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

SoFi Technologies, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $1.21 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.33%. This compares to year-ago revenues of $858.23 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

SoFi Technologies shares have lost about 36.1% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for SoFi Technologies?While SoFi Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SoFi Technologies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $1.19 billion in revenues for the coming quarter and $0.59 on $4.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Bitcoin Depot Inc. (BTMCQ - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of -125%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Bitcoin Depot Inc.'s revenues are expected to be $106.4 million, down 38.2% from the year-ago quarter.

Key Takeaways SoFi expects Q2 adjusted net revenues of about $1.115B, up roughly 30%, with EPS of 10-11 cents.Strong lending, deposits and product adoption may support growth, while Technology Platform remains softer.With execution, valuation and credit risks still in focus, holding shares appears the preferred stance. SoFi Technologies, Inc. (SOFI - Free Report) , a digital financial services company, is slated to release second-quarter 2026 results on July 29, before market open. For the second quarter of 2026, SoFi expects adjusted net revenues of roughly $1.115 billion, implying approximately 30% year-over-year growth. The adjusted EBITDA margin is projected near 30%, equivalent to around $330 million in EBITDA.

The Zacks Consensus Estimate for the to-be-reported quarter’s adjusted earnings per share (EPS) and revenues is pegged at 11 cents per share and $1.11 billion, respectively.  While the consensus mark for second-quarter 2026 adjusted EPS has been revised a cent downward to 11 cents over the past 60 days, it suggests 37.50% growth year over year. The Zacks Consensus Estimate for quarterly revenues implies a notable year-over-year increase of 29.67%.

Image Source: Zacks Investment Research

For the current year, the Zacks Consensus Estimate for SoFi Technologies’ revenues is pegged at $4.66 billion, indicating a rise of 29.85% year over year. The consensus mark for 2026 adjusted EPS stands at 59 cents, calling for an expansion of around 51.28% on a year-over-year basis.

Over the trailing four quarters, the company’s EPS surpassed the Zacks Consensus Estimate on three occasions and met on the other. This is depicted in the graph below:

Here Is What Our Quantitative Model Predicts for SOFIOur proven model does not conclusively predict an earnings beat for SOFI this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.

SOFI has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

SoFi’s Q2 Earnings Could Test Its Growth MomentumSoFi Technologies entered its second quarter with a bar after opening 2026 with record revenues, originations, members and products. Management expects adjusted net revenues of about $1.115 billion, up roughly 30% year over year, with an adjusted EBITDA margin near 30% and EPS of 10 to 11 cents.

Lending is likely to have remained the main growth driver. After record first-quarter originations across personal, student and home loans, SoFi is likely to have experienced demand from borrowers refinancing high-cost debt, funding education and seeking home financing. Its loan platform business should have provided fee income without adding credit risk.

Credit quality will matter as much as growth. SoFi entered the second quarter with stable personal-loan charge-offs, lower delinquency rates and strong borrower profiles. However, investors should watch for any change in borrower performance, fair-value marks or funding costs.

Financial Services is expected to have benefited from rising deposits, card spending, brokerage activity and product adoption. The April relaunch of SoFi Plus may have increased subscriptions and encouraged existing members to open additional products, supporting recurring revenues and stronger customer value.

Technology Platform remains the softer area after losing a large client, but the second quarter is expected to reveal whether new customers are beginning to offset that pressure. Margins, marketing spending and product investment need to be tracked, since management warned that heavier first-half expenses would weigh on quarterly profitability while supporting growth later in 2026.

SOFI's Price Performance & ValuationShares of SoFi have plunged 35.5% so far in the year. The Zacks Financial - Miscellaneous Services industry has declined 12.8%, while the S&P 500 composite has risen 7.6% over the same time frame. SoFi’s peers like Affirm Holdings, Inc. (AFRM - Free Report) and Upstart Holdings, Inc. (UPST - Free Report) have experienced different trends, with Affirm Holdings just falling 1.9%, while Upstart has registered a 37.1% decline.

Year-to-Date Price Performance

Image Source: Zacks Investment Research

Valuation-wise, SoFi trades at a forward price-to-earnings of 23.81X, ahead of its industry’s average of 12.79X but well below its one-year median of 42.01X. SOFI stock is also currently trading at a reasonable discount compared with Affirm Holdings but at a premium to Upstart. Affirm Holdings is trading at a forward 12-month price-to-earnings of 40.74X, while Upstart is trading at 9.71X.

However, the Value Score of F suggests that SoFi may not be a bargain at current levels.

Forward 12 Month Price-to-Earnings Ratio

Image Source: Zacks Investment Research

How to Play SoFi Technologies Stock Ahead of Q2 Earnings?SoFi entered the second quarter with strong lending demand, rapid member growth and improving cross-selling across banking, investing and payments. New products, including SoFi Plus, small-business loans, AI investing tools and SoFiUSD, could deepen engagement and expand fee income over time.

Still, near-term earnings may face pressure from higher marketing, product investment and softer Technology Platform revenues following a major client loss. Credit quality and loan fair-value marks also remain key risks in a higher-rate environment. With growth prospects balanced by execution, valuation and credit-cycle uncertainty, maintaining their current position seems a preferable stance while awaiting clearer evidence of sustained margin expansion.

HomeEarnings AnalysisFinancials 

SummarySoFi is aggressively seeking to diversify its lending focused revenue stream with new product expansions via an AI investment platform, stablecoins, financial planning and investment products. Q1 debit spending rebounded, particularly in travel and dining, but tax refunds appear to have driven the increase. Meanwhile, consumer sentiment remains very weak at multi-decadal lows. Investors should focus on Q2 revenue guidance, as SoFi has regularly beaten reported-revenue estimates while guidance has been less compelling. SoFi’s valuation implies nearly 41% 5-yr earnings CAGR growth, above the 35% consensus forecast. Technicals are mixed: bearish momentum persists, but the stock is holding a key resistance-turned-support level. Joe Hendrickson/iStock Editorial via Getty Images

Performance assessment SoFi Technologies (SOFI) has gone mostly sideways since my last update. It has beaten the market by >6%, but I do not view that as very material as that kind of

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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All eyes are on SoFi Technologies (SOFI +2.32%) as it gets ready to report second-quarter earnings. After three blowout years during which it gained roughly 468%, it's down more than 30% so far in 2026.

There are various reasons the market has been disappointed in the stock this year, including its high valuation, a damaging short-seller's report, and a decline in its Tech Platform segment. When it reports second-quarter results on July 29, though, the one thing to look for is the growth in the financial services segment.

Image source: Getty Images.

The financial services segment covers all non-lending products, excluding the Tech Platform, which is a business-to-business platform. These are products like savings accounts and investing tools, and the segment has been growing rapidly.

For a while, financial services' growth was outpacing the lending segment. For example, in the 2025 fourth quarter, financial services revenue increased 78% while lending revenue was up 19%.

Lending has bounced back recently (up 55% year over year in Q1), and at the same time, the financial services segment has decelerated. In the 2026 first quarter, financial services products increased 40% year over year, while financial services revenue was up 41%. Financial services, though, still account for most of the product growth; 89% in the first quarter.

Management is guiding for similar growth for financial services for the full year, although it didn't provide specific second-quarter guidance figures for its segments.

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One thing in SoFi's favor in the second quarter was the Space Exploration Technologies initial public offering (IPO). SoFi was one of five trading platforms that offered retail access to the IPO, and since the IPO was said to have been highly oversubscribed, that should show up in its results.

This is where SoFi's major growth opportunities are as it works to cross-sell products, and this is what investors should be looking at.