$SOFI

SoFi Technologies, Inc.

CIK:0001818874|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans and securitizations	$ 1,067,894	$ 738,862	$ 2,000,078	$ 1,451,738
Other	72,634	53,543	141,446	104,479
Total interest income	1,140,528	792,405	2,141,524	1,556,217
Interest expense
Securitizations and warehouses	18,779	29,650	28,830	57,794
Deposits	320,463	233,232	607,692	458,631
Corporate borrowings	10,675	11,504	21,326	22,932
Other	2,416	182	2,493	297
Total interest expense	352,333	274,568	660,341	539,654
Net interest income	788,195	517,837	1,481,183	1,016,563
Noninterest income
Loan origination, sales, securitizations and servicing	150,407	70,855	292,616	123,660
Technology products and solutions	52,459	90,796	101,810	177,233
Loan platform fees	140,930	127,405	279,185	220,155
Crypto transaction revenue	134,267	0	255,860	0
Cost of crypto transaction revenue	(133,084)	0	(253,825)	0
Net crypto transaction revenue	1,183	0	2,035	0
Other	85,502	48,051	162,215	89,092
Total noninterest income	430,481	337,107	837,861	610,140
Total net revenue	1,218,676	854,944	2,319,044	1,626,703
Provision for credit losses	13,755	10,035	22,650	15,713
Noninterest expense
Technology and product development	191,276	152,146	378,951	308,352
Sales and marketing	392,397	264,744	727,936	502,920
Cost of operations	200,139	150,437	371,262	285,957
General and administrative	216,800	165,390	414,384	321,787
Total noninterest expense	1,000,612	732,717	1,892,533	1,419,016
Income before income taxes	204,309	112,192	403,861	191,974
Income tax expense	(47,717)	(14,929)	(80,538)	(23,595)
Net income	156,592	97,263	323,323	168,379
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities, net	(9,306)	1,328	(22,254)	12,790
Foreign currency translation adjustments, net	68	(563)	(706)	(832)
Total other comprehensive income (loss)	(9,238)	765	(22,960)	11,958
Comprehensive income	$ 147,354	$ 98,028	$ 300,363	$ 180,337
Earnings per share (Note 16)
Earnings per share - basic (in dollars per share)	$ 0.12	$ 0.09	$ 0.25	$ 0.15
Earnings per share - diluted (in dollars per share)	$ 0.12	$ 0.08	$ 0.24	$ 0.14
Weighted average common stock outstanding - basic (in shares)	1,284,303,000	1,107,006,000	1,280,338,000	1,102,525,000
Weighted average common stock outstanding - diluted (in shares)	1,351,990,000	1,182,877,000	1,364,978,000	1,184,197,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating activities
Net income	$ 156,592	$ 97,263	$ 323,323	$ 168,379
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation expense			148,877	127,012
Depreciation and amortization			140,684	112,026
Deferred debt issuance and discount expense			5,645	5,367
Provision for credit losses	13,755	10,035	22,650	15,713
Deferred income taxes			62,625	19,169
Fair value changes in loans held for investment			(222)	(218,830)
Fair value changes in securitization investments			(692)	(1,137)
Other			4,342	1,775
Changes in loans held for sale, net			(7,000,456)	(2,443,713)
Changes in accrued interest on loans			(59,847)	(17,377)
Changes in loans previously classified as held for sale, net			437,397	514,427
Changes in servicing assets			13,860	(32,878)
Changes in other assets			(376,000)	206,085
Changes in other liabilities			72,376	98,576
Net cash used in operating activities			(6,205,438)	(1,445,406)
Investing activities
Purchases of property, equipment and software			(164,124)	(116,069)
Capitalized software development costs			(2,293)	(4,171)
Purchases of available-for-sale investments			(2,513,332)	(853,559)
Proceeds from sales of available-for-sale investments			605,815	204,777
Proceeds from maturities and paydowns of available-for-sale investments			345,864	237,720
Purchases of loans held for investment			(86,908)	(896,774)
Other changes in loans held for investment, net			(3,383,319)	(1,721,175)
Proceeds from securitization investments			56,450	28,817
Proceeds from non-securitization investments			1,708	9,585
Purchases of non-securitization investments			(20,159)	(51,842)
Acquisition of businesses, net of cash acquired			(64,898)	0
Net cash used in investing activities			(5,225,196)	(3,162,691)
Financing activities
Net change in deposits			8,002,948	3,766,414
Net change in stablecoin liability outstanding			52,484	0
Proceeds from issuance of common stock			87,387	0
Payment of common stock issuance costs			(115)	0
Net change in debt facilities			1,488,307	868,016
Repayment of other debt			(6,257)	(22,162)
Payment of debt issuance costs			(1,175)	(394)
Taxes paid related to net share settlement of share-based awards			(9,976)	(9,891)
Proceeds from stock option exercises			2,597	795
Proceeds from issuance of common stock under the ESPP			24,332	11,764
Finance lease principal payments			(406)	(370)
Net cash provided by financing activities			9,640,126	4,614,172
Effect of exchange rates on cash and cash equivalents			(706)	(832)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents			(1,791,214)	5,243
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period			5,356,773	2,709,360	$ 2,709,360
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,565,559	2,714,603	3,565,559	2,714,603	5,356,773
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)
Cash and cash equivalents	3,126,237	2,122,502	3,126,237	2,122,502	4,929,452
Restricted cash and restricted cash equivalents	439,322	592,101	439,322	592,101	427,321
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 3,565,559	$ 2,714,603	3,565,559	2,714,603	$ 5,356,773
Supplemental non-cash investing and financing activities
Deposits credited but not yet received in cash			783,817	266,370
Share-based compensation capitalized related to internally-developed software			$ 33,268	$ 25,429

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 3,126,237

$ 4,929,452

Restricted cash and restricted cash equivalents

439,322

427,321

Investment securities (includes available-for-sale securities of $3,993,310 and $2,454,453 at fair value with associated amortized cost of $3,993,321 and $2,434,627, as of June 30, 2026 and December 31, 2025, respectively)

4,225,652

2,575,607

Loans held for sale (includes $29.7 billion and $22.7 billion at fair value, as of June 30, 2026 and December 31, 2025, respectively)

29,737,289

22,862,749

Loans held for investment, at fair value

16,920,564

13,657,578

Loans held for investment, at amortized cost (less allowance for credit losses of $56,459 and $50,934, as of June 30, 2026 and December 31, 2025, respectively)

1,275,529

1,516,736

Servicing rights

364,318

378,178

Property, equipment and software

496,712

416,448

Goodwill

1,425,015

1,393,505

Intangible assets

226,528

231,919

Operating lease right-of-use assets

86,149

93,941

Other assets (less allowance for credit losses of $2,557 and $2,998, as of June 30, 2026 and December 31, 2025, respectively)

2,624,233

2,177,044

Total assets

60,947,548

50,660,478

Deposits:

Interest-bearing deposits

45,416,257

37,387,350

Noninterest-bearing deposits

126,903

118,045

Total deposits

45,543,160

37,505,395

Accounts payable, accruals and other liabilities

923,024

743,716

Operating lease liabilities

104,083

106,190

Debt

3,300,544

1,815,162

Residual interests classified as debt

510

520

Total liabilities

49,871,321

40,170,983

Commitments, guarantees, concentrations and contingencies (Note 15)

Equity:

Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,290,312,404 and 1,270,568,878 shares issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively

^[1]

128

126

Additional paid-in capital

11,589,035

11,302,668

Accumulated other comprehensive income (loss)

(11,981)

10,979

Accumulated deficit

(500,955)

(824,278)

Total equity

11,076,227

10,489,495

Total liabilities and equity

60,947,548

50,660,478

Variable Interest Entity, Primary Beneficiary

Assets

Restricted cash and restricted cash equivalents

2,501

2,099

Loans held for investment, at fair value

57,909

65,796

Total assets

60,410

67,895

Deposits:

Accounts payable, accruals and other liabilities

Debt

48,111

54,107

Residual interests classified as debt

510

520

Total liabilities

$ 48,707

$ 54,722

[1]	Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of June 30, 2026 and December 31, 2025. See Note 10. Equity for additional information.