Key Points
SoFi posted a record $1.4 billion in adjusted net revenue in the third quarter, up 44% and more than $120 million above Wall Street's estimate.
Membership jumped 35% to 17.1 million, with a record 1.2 million members added in a single quarter.
SoFi raised its 2026 revenue forecast to $5.04 billion and issued a first 2027 outlook of $6.4 billion, both well above analyst expectations.
The stock closed up 13.4% at $16.40 — yet it is still down about 37% from where it started 2026.
The reason is interest rates: SoFi carries its loans at fair value, so every jump in yields hits its books, and the Fed announces its next decision Wednesday at 2 p.m.
SoFi just had the best quarter in its history.
Record revenue. Record members. Record loan originations. And a guidance raise that blew past Wall Street's numbers.
The stock jumped 13.4% to close at $16.40 on Tuesday.
And it is still down about 37% for the year.
The gap between a business that keeps accelerating and a stock cut nearly in half comes down to one number the company doesn't control.
A Quarter With No Weak Spots
SoFi reported adjusted net revenue of $1.4 billion before the opening bell, up 44% from a year ago. Analysts polled by LSEG were looking for $1.25 billion.
Adjusted EBITDA rose 70% to $469.8 million, a 34% margin. Adjusted earnings came in at 18 cents a share, ahead of the 16-cent estimate. It was SoFi's 12th consecutive profitable quarter.
The customer numbers were just as strong. SoFi added a record 1.2 million members, bringing the total to 17.1 million, up 35%. Products rose 44% to 26.7 million, and members now hold an average of 1.56 SoFi products, up from 1.47 a year ago.
"We had exceptional Q3 results against the backdrop of any environment, but they are even more remarkable given how 2026 has unfolded," CEO Anthony Noto said.
Less Bank, More Platform
The detail that matters most for the long-term story is where the money is coming from.
Fee-based revenue reached $571 million, or 42% of the total, up from 39% just one quarter earlier. Management's stated goal is 50%.
Fees don't depend on SoFi holding loans on its own balance sheet. Its Loan Platform Business — where SoFi originates loans that outside partners fund — handled about $3.8 billion of loans in the quarter and generated $153 million in revenue. Debit and credit card interchange fees hit a record $52 million, up 77%.
SoFi still originated a record $16.9 billion of loans, and its net interest margin widened to 6.14%. But every fee dollar makes it less exposed to what has crushed the stock this year.
Why the Stock Has Been Cut Nearly in Half
SoFi ended 2025 at $26.18. On Monday it closed at $14.46, down almost 45% for the year.
The problem has been rates. The Fed raised rates by a quarter point in September. September's consumer price index then came in hot, rising 0.6% for the month and 3.7% from a year earlier. The 10-year Treasury yield has pushed above 5%.
That hurts SoFi more than most lenders. The company carries nearly all of its loans at fair value, which means that when rates rise, those loans are marked down and the losses can flow straight through earnings and equity. Analysts at Keefe, Bruyette & Woods estimated that the rate move this year created a headwind of more than $1 billion before hedges.
On October 14, as hotter-than-expected inflation data weighed on lenders, SoFi closed at $14.22, a new 52-week low. Add a March short-seller report questioning its accounting, and the stock has traded all year like a rate bet, not a growth company.
Tuesday's results were a direct answer. Management had already built one to two rate hikes into its forecasts back in July. It beat those forecasts anyway, and then raised them.
The Guidance Is the Real Story
SoFi now expects $5.04 billion of adjusted net revenue in 2026, up about 40%. Its previous range was $4.75 billion to $4.85 billion, and the Street was at roughly $4.87 billion. It also lifted its forecasts for adjusted EBITDA to $1.66 billion and earnings to 61 cents a share.
Then it went a step further and gave a first look at 2027: about $6.4 billion in revenue, $2.24 billion in adjusted EBITDA, $1.28 billion in net income and 90 cents a share in earnings. That implies roughly 27% revenue growth and an earnings jump of about 48%, all ahead of analyst estimates.
Companies that are worried about their business don't usually put a full-year number on the table 14 months out.
A Market Rewarding Beats Again — Selectively
SoFi's jump came on a day when the Nasdaq gained 1.2% and the S&P 500 rose 0.6%, led by chip and AI infrastructure stocks. They were lifted by Anthropic's IPO filing and a $63 billion bank-and-Blackstone financing package to buy Broadcom AI chips for Anthropic — a deal that spotlights the pricing questions hanging over Anthropic ahead of its debut.
But the market is still picking its winners carefully. Boeing fell about 9% after pushing back the timeline for ramping up 737 Max production. And just one day earlier, Verizon beat and raised and still fell 3.5%.
The difference with SoFi was the size of the surprise, landing on a stock that was already down 45%.
What Lands Next
The next big test for SoFi isn't on its own calendar. It's at the Fed.
Policymakers announce their decision Wednesday at 2 p.m. ET. Futures price about a 92% chance that the Fed holds rates at 3.75% to 4.00%, but PIMCO and others expect the committee to keep a clear bias toward another hike in December. For a lender that marks its loans to market, Chair Kevin Warsh's tone may matter as much as the decision itself.
Wednesday after the close, Microsoft and Alphabet report, the two biggest tests yet of whether the AI spending boom is paying off. Seagate and NXP Semiconductors report tonight, and Amazon and Intel follow Thursday. It all lands in a bull market that has already gained 119% in four years.
SoFi has now shown it can grow through rising rates. What the stock needs next is for rates to stop rising.
This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
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