SoFi Technologies Inc

Outperformance in Q3 2026 + raised full-year guidance (surprising/strong): - Revenue $1.4B, +44% YoY; adjusted EPS $0.18 (+64% YoY, +50% QoQ). - Profitability: Adjusted EBITDA $470M (+70% YoY) with 34% margin; adjusted net income $243M (+74% YoY, 18% margin). - Credit performance improved and remained within expectations: all-in personal loan net charge-off 3.4%. - 2026 guidance raised (reflecting higher Q4 expectations and stronger momentum): Adjusted net revenue $5.04B (+40% YoY) vs prior $4.75B–$4.85B; Adjusted EBITDA $1.66B (implying 33% margin); Adj net income $840M (17% margin); Adj EPS $0.61.

Core operating engine: “more members, more products per member, higher revenue per product” (good, measurable): - Members grew +35% YoY to 17.1M; record +1.2M added in the quarter. - Products grew +44% YoY to 26.7M; record +2.2M products added. - Products per member up to ~1.56 (from 1.47 a year ago), indicating deeper engagement and stronger “Financial Services Productivity Loop.” - Rule of 40 score 79 (revenue growth 44% + EBITDA margin 34%) for the 20th consecutive quarter.

Unit economics improved: fee mix rising and revenue per product up (good): - Fee-based revenue $571M = 42% of total revenue (up from 39% in Q2), supporting the long-term shift toward a more fee-oriented mix. - Lending strengths: - Lending net interest income $670M; consolidated NIM 6.14% (+16 bps QoQ). - Record $16.9B total loan originations (including personal loans $12.6B; student loans $2.9B; home loans $1.4B). - Annualized lending revenue per product ~ $942 vs $782 in Q3 2025. - Financial Services strengths: - SoFi Money and Relay >8M products each; Invest >4M products; credit card ~656k. - SoFi Plus scaling: recurring subscription economics cited ($120 per product/year); 83% of SoFi Plus members are existing SoFi members, and 25% added another product after subscribing. - Annualized financial services revenue per product ~ $90 (up from $88 QoQ).