SoFi Technologies (NASDAQ:SOFI) saw a 4% drop in stock price despite reporting a 40% increase in Q2 adjusted net revenue to $1.21 billion, surpassing analysts' expectations of $1.12 billion. Adjusted earnings of $0.12 per share slightly exceeded the anticipated $0.11. The company experienced 35% growth in members, reaching 15.8 million, and a 42% increase in products to 24.4 million. However, financial margins declined, with the Financial Services contribution margin decreasing by 600 basis points to 46% due to rising expenses. Notably, Technology Platform revenue fell 23% year-over-year, contributing to a significant drop in contribution profit. In lending, SoFi achieved record originations of $14.8 billion, a 69% increase, and total deposits rose by $5.3 billion to $45.5 billion. While SoFi raised its full-year net revenue guidance to between $4.75 billion and $4.85 billion, it maintained its adjusted EBITDA and net income estimates.

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SoFi Stock Falls 4% as Revenue Guidance Rises but Profit Doesn't

Renato Neves, CFA

Wed, July 29, 2026 at 6:47 AM PDT1 min read

SOFI \ -8.90%

This article first appeared on GuruFocus.

SoFi Technologies ( NASDAQ:SOFI) fell 4% premarket after reporting second-quarter adjusted net revenue up 40% to a record $1.21 billion, ahead of the $1.12 billion analysts expected, with adjusted earnings of $0.12 a share edging past $0.11. Members grew 35% to 15.8 million and products 42% to 24.4 million, including a record 2.2 million product additions. Net interest income grew 52% to $788.2 million.

Margins moved in the wrong direction. Financial Services contribution margin fell 600 basis points to 46% as directly attributable expenses grew 46% against 29% revenue growth. Technology Platform revenue dropped 23% year-over-year, taking contribution profit down 65% to $11.8 million. Overall, sales and marketing spending rose 48% to $392.4 million. Lending was the offset, with record originations of $14.8 billion, up 69%, and deposits up $5.3 billion to $45.5 billion.

SoFi lifted full-year adjusted net revenue guidance to $4.75 billion to $4.85 billion but left adjusted EBITDA at roughly $1.6 billion, adjusted net income at about $825 million and adjusted EPS near 60 cents, all unchanged.

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