2Q26 Earnings: Modest Beat, Lower-Quality Growth Mix

Research evidence excerpt

2Q26 Earnings: Modest Beat, Lower-Quality Growth Mix

Update

July 30, 2026 01:47 AM GMT

Morgan Stanley & Co. LLCMSoFi Technologies, Inc. | North America Jeffrey Adelson, CFA

Equity Analyst

2Q26 Earnings: Modest Beat, Jeff.Adelson@morganstanley.comJoseph Leeman +1 212 761-1761

Research Associate

Joseph.Leeman@morganstanley.com +1 212 761-4381

Lower-Quality Growth Mix

SoFi Technologies, Inc. (SOFI.O, SOFI US)

What’s Changed Consumer Finance | United States of America

SoFi Technologies, Inc. (SOFI.O) From To Stock Rating Underweight

Price Target $16.00 $15.00 Industry View In-Line

Price target $15.00

Shr price, close (Jul 29, 2026) $15.25

Mkt cap, curr (mm) $20,714

AlphaSignals Earnings Reaction 52-Week Range $32.73-14.88

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

2Q revenue beat by 7%, but the upside came from balance-sheet

lending while LPB missed by ~$400M and EBITDA/EPS

guidance was unchanged. With growth becoming more capital

intensive, we cut our PT to $15 and remain UW.

• Revenue beats by 7%/$80M; FY26 revenue guidance raised. Adj. revenues

exceeded MSe by 7%, driving a 4%/6% beat on EPS/EBITDA. Lending and

Technology Platform revenue each came in 10%+ above MSe, partly offset

by weaker results from Financial Services (~4% below). SOFI raised FY26

revenue guidance by 2-4% or $95-195M to $4.75-$4.85B, incorporating the ~

$90M beat versus 2Q guidance as well as greater NII visibility from balance

sheet growth. 2026 revenue growth is now forecasted at 32-35% y/y vs.

prior +30%.

• Implied 2H EBITDA below Consensus. SoFi maintained FY26 guidance for

adjusted EBITDA of ~$1.6B, adjusted net income of ~$825M and adjusted

EPS of ~$0.60.