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SoFi Reports Third Quarter 2025 with Record Net Revenue of $962 Million, Record Member and Product Growth, Net Income of $139 Million
- Adjusted Net Revenue up 38% to a record $950 million
- Adjusted EBITDA up 49% to a record $277 million
- Fee-based Revenue up 50% to a record $409 million
- Member growth up 35% to a record 12.6 million members
- Product growth up 36% to a record 18.6 million products
- Management Raises 2025 Guidance
Consolidated Results
SoFi reported a number of key financial achievements. For the third quarter of 2025, GAAP net revenue of $961.6 million increased 38% relative to the prior-year period’s $697.1 million. Record adjusted net revenue of $949.6 million grew 38% from the corresponding prior-year period of $689.4 million.
For the third quarter of 2025, total fee-based revenue reached a record of $408.7 million, a year-over-year increase of 50%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Together, the Financial Services and Technology Platform segments generated $534.2 million of net revenue, an increase of 57% from the prior year period.
Third quarter record adjusted EBITDA of $276.9 million increased 49% from the prior year period’s $186.2 million. This represents an adjusted EBITDA margin of 29%. All three segments delivered strong contribution profit, at attractive margins.
SoFi reported its eighth consecutive quarter of GAAP profitability. For the third quarter of 2025, GAAP net income reached $139.4 million and diluted earnings per share reached $0.11.
Equity grew by $1.9 billion during the quarter, ending at $8.8 billion and $7.29 of book value per share. Tangible book value grew by $1.9 billion during the quarter, ending the period at $7.2 billion. Tangible book value per share was $5.97 at quarter-end, up from $4.08 per share in the prior year period.
Net interest income of $585.1 million for the third quarter was up 36% year-over-year. This was driven by a 29% increase in average interest-earning assets and a 76 basis point decrease in cost of funds, partially offset by a 45 basis point decrease in average asset yields year-over-year. For the third quarter, net interest margin of 5.84% increased 27 basis points year-over-year from 5.57%.
The average rate on deposits in the third quarter was 190 basis points lower than that of warehouse facilities, which translates to approximately $627.1 million of annualized interest expense savings due to the successful remixing of our funding base.
The stock is declining after the initial spike. I wonder if the markets had priced in even more? Of course, things can still change many times. The valuation is admittedly already quite stretched, so it needs to perform. Any thoughts?
Sofi misses forecasts and drops almost every time it announces results. I’ve wondered about this many times.
It will recover once smart money has read the report, possibly by the end of the week. Additionally, interest rate cuts should boost the financial sector as consumption and, consequently, credit demand grow.
The good growth in customer numbers was particularly surprising.
After a good earnings report, target prices have naturally also been updated today, and we certainly like that!
SoFi might bring “crypto trading” to mobile as early as next week. Users can buy, sell, and store over 30 cryptos on a secure platform with bank-level supervision.
Apparently easy and flexible for those investing in cryptos. Note: the account name is a bit SoFi-pumping. 
Here’s a quick look at SoFi, YTD is wild, although I myself am just barely in the green with this. 
https://x.com/TheRayMyers/status/1993756726047166509
Kelli Keough SoFi reminds us that banks and fintechs are not opposites – the best combine the strengths of both.
She emphasizes that early automation, the importance of trust, and the smooth coordination of different services are crucial for customer experience.
According to Keough, future winners will innovate freely, but still operate safely and within regulatory frameworks. 
SoFi announced a significant public offering, in which the company will sell new shares to investors to raise funds for general corporate purposes.
The aim is to strengthen capital, increase financial flexibility, and finance growth, new products, and potential acquisitions in the coming years, with several large banks acting as organizers in international as well as the company’s domestic financial markets.
Due to this dilution, the stock price seems to be plummeting in after-hours trading.
A little more information.
In the tweet below, the tweeter speculates that SoFi’s $1.5 billion capital raise could point to two reasonable causes: the company is either preparing for acquisitions for next year’s growth or strengthening its assets for a stablecoin project.
Instead, it’s unlikely about gaming the S&P 500 entry or convertible bond repayment.
Overall, the move looks proactive, not rushed - according to the tweeter.
https://x.com/marketswithmay/status/1997035016279191623
This needs to be brought up here, even if it’s perhaps not such essential information for the company’s operations.
DDI has made more comprehensive and relevant analyses than anyone following Sofia. This has clearly been noted also by Sofi’s finance department.
A significant loss for Sofi’s investor community. On the other hand, it’s a significant recognition for meritorious work, so good luck going forward in this regard.
https://x.com/DataDInvesting/status/1997322371821371770?s=20
Here’s more on SoFi’s $1.5 billion stock offering, which is already the second within six months, and to which the stock price did not react favorably. Well, the stock price has still almost doubled this year (though for me, it’s probably just barely in the green) and the price has remained high, even though analysts’ recommendations are mostly neutral – interesting, as they are often bullish over there, even without reason.
The company is indeed seeking capital to strengthen the solvency of its banking operations, expand services, relaunch cryptocurrency trading, and launch its own stablecoin. Some analysts estimate that SoFi could eventually meet the criteria for inclusion in the S&P 500 index.
According to the article, the situation presents a somewhat contradictory setup for investors: dilution caused by the stock offering and short-term pressures versus strong growth and new projects that could support the stock price in the long term.
“There’s more happening at SoFi today than at any other time in my eight years with the company,” SoFi’s chief Anthony Noto said in its third-quarter earnings call late October.
Below is a tweet thread about SoFi, discussing, among other things, the share issue and the decline in SoFi’s stock price. However, according to the tweet thread below, the company is seeking capital for growth rather than just patching balance sheet leaks (this is a bit of a repetition of messages already in this thread in this regard). A student financing reform approved in the United States will in the future limit government-issued loans and at the same time open up significant additional demand for private student loans, for which SoFi is preparing by strengthening its capital base.
The thread also highlights the plan to launch its own stablecoin, the current strong earnings and growth profile, and the increasing holdings of institutional investors.
According to the tweeter, the price drop still offers an opportunity to add to one’s position before the next earnings phase, but as the tweeter emphasizes, the tweet thread is a “bull” case, meaning it should be read with a grain of salt. 
Link to the tweet thread:
https://x.com/MrMTrades/status/1997364618658824606
Link for non-X users:
https://twitter-thread.com/t/1997364618658824606
SoFi launched a new Smart Card for SoFi Plus members.
The card combines the benefits of a checking, savings, and credit card, meaning the user gets cashback, interest on savings, and it automatically limits overspending without a separate credit check.
https://x.com/FunOfInvesting/status/1998782661817503882
The tweet below discusses, among other things, how shorts have affected SoFi’s stock. According to the tweeter, various institutions have bought the stock due to better fundamentals.
According to the tweet, the market values the company as a profitable bank with technology-like growth. Going forward, the rise will apparently be steadier, according to the tweeter, and not so much based on hype.
https://x.com/yianisz/status/1999405906660925677
In the tweet, the author ponders how a bank should develop a credit card for a limited target group. It’s not worth trying to reach all possible customers; instead, segmentation is crucial, according to him. As an example, SoFi would focus on students, recent graduates, and then perhaps seniors who have regular expenses and savings. So, for these groups, a card and a monthly subscription service could be beneficial and generate reasonable and sustainable profit for the bank.
He also emphasizes the importance of data in product development, as the bank already has precise visibility into customers’ spending and financial situations. A correctly targeted card can retain customers for a long time, additionally increase cross-selling of services, and gradually grow revenues. The goal is not to target the masses, but to seek growth in clearly defined, economically viable customer segments.
https://x.com/Tim_Sweeney_TAR/status/2000111504079589873
