Oct 27, 2026 earnings call — Members and products drive revenue and guidance raise
SoFi raised full-year 2026 adjusted net revenue to $5.04 billion, reflecting stronger-than-expected Q3 momentum.
Revenue $1.4B (est $1.3B) · EPS $0.18 (est $0.16) · Next-quarter revenue outlook $5.0B
Key quotes
"Our focus is simple. More members, more products, and more optimized revenue per product to create the most value for our shareholders over the long term."
"For Q3, these strong results were driven by growth in net interest income, which increased 57% year-over-year to $670 million."
"For clarity, our 2027 guidance does not require raising additional capital and no capital raise is assumed or needed in what Anthony laid out."
Analyst Q&A 14
SMB lending target and progress
Q (John Hecht · Jefferies): What specific SMB customers are you targeting and how important is SMB to 2027 priorities?
A: Management said the SMB business is still a startup and was scaled from referrals and PPP demand. They launched SMB as a principal in 2026 and will invest over time while focusing on credit, relationships, and unit economics because businesses are high repeat customers.
"It reached the scale in 2025 that it was clear to us it was time to become a principal in the business, and that is not just lending, but it will also be other products and services outside of lending, including checking and savings, et cetera." — Anthony Noto (CEO)
2027 segment growth assumptions
Q (Kyle Joseph · Stephens): How do you see each segment contributing to the 2027 outlook and the assumptions behind it?
A: Management said they chose to invest more now because they have better visibility and a sustainable revenue base. They expect to deliver both revenue growth and profitability in 2027 while continuing to expand margins and improve return on tangible common equity.
"In terms of the overall 2027 guidance as it relates to the segments, we are expecting lending to grow 25% year-over-year." — Chris Lapointe (CFO)
ARPU / revenue per product outlook
Q (Andrew Jeffrey · William Blair): How should we think about ARPU (revenue per product) and total market size over the next years?
A: Management clarified they track revenue per product, not per user, and said revenue per product varies by business with meaningful upside in Invest, credit card, SoFi Money, SMB, and SoFi Plus. They expect weighted average revenue per product may decline 2026-2030 because lower-revenue businesses will grow faster, but total revenue can still rise as products per member increase.
"The weighted average revenue per product will likely come down over the time period of 2026-2030 because the mix of the lower revenue per product businesses is going to grow faster and increase relative to the higher revenue per product businesses in lending." — Anthony Noto (CEO)
Funding 2027 growth internally
Q (Dan Dolev · Mizuho): Can you expand on how you will fund 2027 growth organically?
A: Management said funding will come from two levers: unused existing capital capacity and organic capital creation from earnings. They detailed current equity and risk-weighted asset capacity and said the two levers provide about $29 billion of incremental risk-weighted asset capacity, which is more than needed for 2027 guidance.
"So between the two levers that we have, we have about $29 billion of risk-weighted asset capacity, which is not planned for nor required to meet our 2027 guidance." — Chris Lapointe (CFO)
Interest rate changes impact
Q (Devin Ryan · Citizens Bank): If interest rates fall or move quickly, how will that affect your model and is the hedge portfolio protective?
A: Management said they tested growth in a higher-rate environment in 2026 and can operate well in both high-rate and low-rate environments. They noted different businesses benefit from different rate moves (for example, housing improves in lower rates) but their outlook is designed to hold if rates stay the same, rise, or fall.
"I think we can operate just as well in a high-rate environment as we can in a low-rate environment." — Anthony Noto (CEO)
Small variance vs. segment-based guide
Q (Patrick Moley · Piper Sandler): Applying your segment growth rates to the 4Q 2026 guide gives a slight mismatch—why?
A: Management said the difference is primarily a slight uptick in the corporate line. They implied the segment growth expectations are consistent but corporate was adjusted upward.
"Yes. There's a slight uptick in the corporate line is the direct and straightforward answer." — Chris Lapointe (CFO)
Loan Platform Business demand
Q (Kyle Peterson · Needham): How is demand for the Loan Platform Business from partners and new asset types?
A: Management said demand is very strong and they had record originations through partners at $3.8 billion and revenue of $153 million. They signed two new partners this quarter, are in other discussions, are expanding into closed-end seconds, and expect continued growth across unsecured personal loans and other asset types.
"We just had record originations that we did on behalf of others of $3.8 billion and really strong revenue at $153 million." — Chris Lapointe (CFO)
Tech platform revenue mix
Q (Lance Jessurun · Scotiabank): How much of tech platform growth will be third-party vs internal use and how do the nine clients this year ramp?
A: Management said they build the tech platform first to serve SoFi's complex internal needs and then sell those same products externally. They described multiple pillars (core, payments, fraud/risk) and said the platform creates value internally and externally while remaining arm's-length with the bank.
"We are the only national bank that has issued a payment stablecoin and tokenized deposits." — Anthony Noto (CEO)
Personal loan origination pace and 2027 view
Q (Moshe Orenbuch · TD Cowen): You grew personal loan originations fast—will origination levels stay at these rates into 2027?
A: Management expects continued personal loan momentum but said more growth in 2027 will come from home loans and student loan refinancing, so personal loan originations won't grow at the same magnitude. They emphasized focus on risk-adjusted returns and reported PL risk-adjusted margin north of 7.5%, helped by higher origination fees and improving losses.
"Right now, our risk-adjusted margin for PL is north of 7.5%, and that's increased by over 100 basis points year-over-year, primarily as a function of an increase in origination fees, which are up 2.5x year-over-year, but also from improving losses." — Chris Lapointe (CFO)
Personal loan pricing and origination fees
Q (Will Nance · Goldman Sachs): How has personal loan pricing evolved, and how much are origination fees contributing to returns?
A: Management said they price originations to deliver attractive risk-adjusted returns and are using origination fees more as an important lever alongside coupon. They noted more than 50% of new PL originations include origination fees and they generated approximately $270 million of origination fee revenue in Q3, which improves returns and borrower repayment behavior.
"Today, more than 50% of all new PL originations include these origination fees, and we generated approximately $270 million of origination fee revenue in Q3." — Chris Lapointe (CFO)
Bank funding mix and deposit growth
Q (Don Fandetti · Wells Fargo): How confident are you in growing checking as deposit share versus online savings and lowering funding costs?
A: Management said they use interest rates on products as a digital acquisition tool and view SoFi Money as strategic for cross-sell and data, not just cost of funds. They covered funding tools and said member deposits remain the long-term foundation with 80%-90% deposit funding expected over time, combined with brokered CDs and wholesale funding as needed.
"Our member deposits remain the long-term foundation for funding our assets with 80%-90% deposit funding, and that's expected to be the case over time." — Chris Lapointe (CFO)
SoFi Plus growth and targets
Q (Reggie Smith · Loop Capital): Why did SoFi Plus sign-ups slow this quarter and is the 1 million member target still on track for next year?
A: Management said they are still targeting one million SoFi Plus members by end of next year and the executive is holding the team accountable to that deadline. They explained Q3 growth was below expectations due to fixes needed for nefarious actors and offer elements, but those issues are fixed and growth is re-accelerating in Q4 while they add more value to the subscription.
"We are targeting a million SoFi Plus members by the end of next year." — Anthony Noto (CEO)
Mix between LPB and balance-sheet loans
Q (Craig Maurer · FT Partners): This quarter was more weighted to balance sheet—how will you shape the mix going forward?
A: Management said they do not manage to a fixed split and will allocate originations where they see the best risk-adjusted returns and long-term revenue. They noted strong capital position gives flexibility to retain more loans, while LPB demand is robust and both channels will grow with mix set by capital, market conditions, and partner demand.
"One of the strengths of our model is that we have multiple ways to monetize that demand, and we're going to continue to allocate originations based on where we see the best risk-adjusted returns and long-term durable revenue profile." — Chris Lapointe (CFO)
Moat, fee mix, and ROTCE outlook
Q (Gus Galá · MCH): How sustainable is your moat as more firms add products, and where will mix and returns be by 2030?
A: Management said their moat is built from superior unit economics per product plus more products per member, which creates the highest lifetime value and supports cross-sell. They said current ROTCE is 10% and forecast net income margin of 20% for next year (with long-term margins 30%+), while improving revenue-to-equity through more fee revenue and tech-platform growth will raise returns toward targets.
"Today, we're forecasting that our net income margin for next year is going to be 20% with an incremental net income margin of 32%." — Chris Lapointe (CFO)