SoFi Technologies Inc. (SOFI): 2Q26 First Take: Top line beat, but with higher S&M costs and unchanged guide

First-page research excerpt

Equity Research

29 July 2026 | 7:50AM EDT

SoFi Technologies Inc. (SOFI): 2Q26 First Take: Top line beat, but with

higher S&M costs and unchanged guide

Bottom line: SOFI reported a strong top line beat in the quarter, driven by both

higher NII and higher fee income, with higher origination activity driving the beat. NII

came in 8% higher than expected, driven by a 6% beat on average earnings assets

and NIM coming in 14bps higher than consensus, as the balance sheet remixed

towards loans. In fee income, strong lending activity drove a beat on origination fees,

leading to an 8% beat on fee income. Overall revenue came in 7% ahead of the

street. SOFI didn’t give quarterly guidance but increased its full year revenue guide

while leaving the bottom line guidance unchanged, implying slight upside to revenue

expectations for the remainder of the year and roughly in-line net income. Overall,

this was a strong quarter for origination activity, but we are seeing limited flow

through to the bottom line, and the S&M line reflects elevated customer acquisition

costs associated with the higher lending volume. So with that as backdrop, we

believe the implied guidance coming in in-line with street expectations could limit

outperformance on the back of the print.

Will Nance

Goldman Sachs & Co. LLC

Jack Evans

Goldman Sachs & Co. LLC

Chandru Ravikumar

+1(212)934-7681 |

Goldman Sachs India SPL

What we are looking for on the call: 1) commentary on the strength in origination

and the sustainability of recent origination growth, 2) color on expectations for

funding and deposit costs in 2H26, 3) commentary on expectations for tech platform

revenues into 2027.

Consolidated results: SOFI reported 2Q26 adj revenue of ~$1,206mn, roughly 7%

ahead of Visible Alpha Consensus Data, with Net Interest income coming in 8%

ahead of consensus at ~$788mn with interest income of $1,141mn and interest

expense coming in at ~$352mn. Non-interest income was ~$430mn in the quarter,

7% ahead of consensus. Adjusted EBITDA came in at $358mn, 6% ahead of street

expectations. Net income came in at $157mn, resulting in EPS of $0.12, relatively

inline with consensus.

Guidance

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