SoFi: how the business works

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

Borrowers pay SoFi interest and fees on personal, student and home loans funded mostly by members' deposits; the money goes on interest to depositors and lenders, marketing, technology and staff, and what is left is profit.

• 01In FY2025 the Lending segment brought in 48.1% of the three segments' revenue, Financial Services 40.1% and the Technology Platform 11.7%.
• 02Interest paid to depositors and lenders took $24.2 of every $100 that came in during FY2025, and $10.1 was kept as net income.

• Borrowers and loan buyers (Lending)

  48%

  of revenue

  Interest on personal, student and home loans, plus gains and fair-value changes when loans are valued or sold.

• Members and partners (Financial Services)

  40%

  of revenue

  The spread on members' deposits, credit card interest, card interchange, brokerage, and Loan Platform Business fees from partner lenders.

• Companies using its software (Technology Platform)

  12%

  of revenue

  Banks, fintechs and other companies paying Galileo and Technisys fees, mostly on multi-year contracts.

Diluted EPS for common stockholders. FY2024 diluted EPS ($0.39) uses $434.8 million of net income, after removing a gain on convertible notes, as the 10-K's diluted calculation does.

Not applicable: SoFi became a bank holding company in February 2022, so FY2021 has no deposits and no regulatory capital ratio.

Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).

• FY2021 comes before SoFi became a bank holding company in February 2022: it had no deposits or CET1 ratio and funded its loans mainly with warehouse financing and its own capital.
• Loans are total loans as SoFi reports them in each 10-K's loans note (held for sale, held for investment at fair value and at amortized cost, net of the allowance): $38,037.1 million at the end of FY2025. For FY2021 this is the single Loans line on the balance sheet ($6,068.9 million).
• About 96% of those loans were carried at fair value at the end of FY2025 (Cityfort calculation from the FY2025 10-K). The allowance for credit losses ($50.9 million) covers only the $1,549.5 million of loans at amortized cost, such as credit cards; SoFi reports it as 3.29% of those loans.
• The FY2024 and FY2025 net charge-off ratios leave out delinquent personal loans SoFi sold before charging them off ($197.4 million and $209.2 million of unpaid balance), which it wrote down in noninterest income. FY2021 and FY2022 averages use month-end balances, later years daily balances.
• The efficiency ratio, return on assets and return on equity are Cityfort calculations from the 10-Ks, because SoFi reports none of them: efficiency = noninterest expense ÷ total net revenue; ROA = net income ÷ average total assets; ROE = net income to common stockholders ÷ average common equity. Noninterest expense was above total net revenue in FY2021 (148.1%), FY2022 (116.8%) and FY2023 (111.6%), so the efficiency ratio is blank for those years.
• Return on tangible common equity (ROTCE) is SoFi's own non-GAAP measure, based on its adjusted net income; its figures in the Q3 2026 earnings presentation start in FY2022.
• CET1 is for the holding company, SoFi Technologies; the company marks the Dec 31, 2025 and quarter-end figures as estimated. SoFi Bank's own CET1 ratio was 16.4% at the end of FY2025. The required minimum, including the conservation buffer, is 7.0%.

Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100

• Anthony Noto

  Chief Executive Officer and director · since 2018

  CEO of Social Finance from February 2018 and of SoFi Technologies since the May 2021 merger; previously Twitter's chief financial officer and chief operating officer. Total 2025 pay in the proxy's summary table: $30.3 million.

• Christopher Lapointe

  Chief Financial Officer · since 2020

  CFO of Social Finance from September 2020 and of SoFi Technologies since May 2021; previously at Uber.

• Arun Pinto

  Chief Risk Officer · since 2024

  Joined in February 2024 from Wells Fargo.

• Eric Schuppenhauer

  Group business unit leader, Borrow; interim or acting President of SoFi Bank · since 2024

  Joined in August 2024 from Citizens Financial Group; in charge of SoFi Bank since April 2025.

• Other

  Personal-loan losses

  Personal loans were $32.1 billion of SoFi's fair-value loans at Sep 30, 2026. Their net charge-offs were 2.26% of average balances in Q3 FY2026, or about 3.4% by SoFi's own estimate counting delinquent loans it sold.

  Watch Personal-loan charge-off rate in each earnings release.

• Other

  Fair-value assumptions

  About 96% of loans are valued at fair value using SoFi's own inputs, such as a 5.10% annual default rate and a 5.56% discount rate for personal loans at Sep 30, 2026. Changes in those inputs move noninterest income.

  Watch Default and discount-rate inputs in each 10-Q.

• Pricing

  Interest rates and deposit costs

  Interest-bearing deposits averaged $48.6 billion at a 3.07% rate in Q3 FY2026. The CEO said on Oct 27, 2026 that the original 2026 guidance assumed two rate cuts, and instead there had been one rate hike.

  Watch Net interest margin each quarter (6.14% in Q3 FY2026).

• Concentration

  Few loan buyers and platform partners

  The 10-K says SoFi sells loans to a concentrated number of whole-loan buyers and originates Loan Platform Business loans for a concentrated number of partners; those fees were $575.9 million in FY2025.

  Watch Loan platform fees and loan sale volumes each quarter.

• Concentration

  Software client concentration

  A large client left the Technology Platform before Dec 31, 2025; segment revenue fell from $114.6 million in Q3 FY2025 to $87.4 million in Q3 FY2026.

  Watch Technology Platform revenue and accounts each quarter.

• Regulation

  Bank and stablecoin rules

  SoFi is supervised by the Federal Reserve and SoFi Bank by the OCC. For its SoFiUSD stablecoin, SoFi says it intends to apply to the OCC under the GENIUS Act, which takes effect Jan 18, 2027.

  Watch OCC decisions and new risk factors in each 10-Q.

• Other

  More shares

  Shares outstanding rose from 1,095.4 million at the end of FY2024 to 1,297.8 million at Oct 30, 2026, mostly from $3.2 billion of stock sold in 2025; stock-based compensation (what this means)stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $262.1 million in FY2025.

  Watch Share count on each 10-Q cover.

What does SoFi do?

SoFi Technologies is a US bank holding company that offers personal, student and home loans, checking and savings accounts, credit cards and investing through one app, and sells banking software to other companies through Galileo and Technisys. SoFi had 17.1 million members at Sep 30, 2026.

How does SoFi make money?

SoFi makes money from the gap between the interest it earns on loans and the interest it pays on deposits and borrowings, plus fees. In FY2025 SoFi earned $2,219.0 million of net interest income and $1,394.4 million of noninterest income, including $575.9 million of loan platform fees for loans it arranged for other lenders, for total net revenue of $3,613.4 million.

Is SoFi profitable?

Yes. SoFi Technologies reported net income of $481.3 million in FY2025 and $498.7 million in FY2024, after net losses from FY2021 to FY2023. FY2024 included a $258.4 million tax benefit; income before tax was $525.9 million in FY2025 against $233.3 million in FY2024. SoFi's net income was $241.0 million in Q3 FY2026.

What is SoFi's revenue by segment?

In FY2025 SoFi's Lending segment had $1,848.9 million of net revenue, Financial Services $1,542.0 million and the Technology Platform $450.2 million; Corporate/Other and eliminations took off $227.8 million, for total net revenue of $3,613.4 million.

How much does SoFi lend?

SoFi originated $16.9 billion of loans in Q3 FY2026: $12.6 billion of personal loans (including $3.6 billion for third parties), $2.9 billion of student loans and $1.4 billion of home loans.

How big are SoFi's deposits?

SoFi held $51.3 billion of deposits at Sep 30, 2026, up from $37.5 billion at Dec 31, 2025. SoFi's Financial Services segment, which includes the checking and savings accounts, had $1,542.0 million of net revenue in FY2025.

What is SoFi's Technology Platform?

SoFi's Technology Platform segment, made up of Galileo and Technisys, sells payment-processing and core banking software to banks, fintechs and other companies. It had $450.2 million of net revenue in FY2025 and 140.4 million accounts on the platform at Sep 30, 2026.

Is SoFi a bank?

Yes. SoFi Technologies became a bank holding company in February 2022 when it bought Golden Pacific Bancorp; its subsidiary SoFi Bank, N.A. is a national bank. SoFi Technologies had a CET1 capital ratio of 16.9% at Sep 30, 2026, a company estimate.

Who owns SoFi?

SoFi Technologies has one class of common stock with one vote per share. As of the 2026 proxy's Apr 20, 2026 record date, SoFi's 16 directors and executive officers held 2.5% of the shares, and The Vanguard Group (6.4%), Vanguard Capital Management (5.3%) and BlackRock (5.1%) were listed as holders of more than 5%.

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