10-K – 2026-02-17 – sofi-20251231.htm

We incur significant costs and expend significant time and effort, as a result of operating as a public company, and our management is required to devote substantial time to compliance initiatives and corporate governance practices.
We have incurred and will continue to incur increased costs as a result of operating as a public company, and our management intends to continue to devote substantial time to new risk management and compliance initiatives. As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, as well as rules adopted, and to be adopted, by the SEC and Nasdaq. Our management and other personnel devote a substantial amount of time to these risk management and compliance initiatives. Furthermore, new rules and regulations or changes to existing rules and regulations in the future may increase our legal and financial compliance costs and make certain activities more time-consuming and costly. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our Board of Directors, its board committees or as executive officers.
Dealing with the increasingly complex laws pertaining to public companies can be time consuming, which may result in our executive officers devoting less time to the management and growth of the business. We continue to evaluate whether we have adequate personnel with the appropriate level of knowledge, experience and training in the accounting policies, practices or internal control over financial reporting required of public companies. We have in the past and may in the future expand our employee base and hire additional employees to support our operations as a public company, which has caused and may in the future cause our operating costs to increase. See “ If we fail to establish and maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired, investors may lose confidence in our financial reporting and the trading price of our common stock may decline ”.
Our risk management processes and procedures may not be effective.
Our risk management system is defined in our Risk Governance Framework (“RGF”) and includes our risk culture philosophy and risk governance structure through which our Board and management align strategic planning, execution, performance measurement, and compensation decisions with our values, behaviors, and risk appetite. Our RGF creates a consistent approach to how we identify, measure, monitor, and control the types of risk to which we are subject to, including interest rate risk, credit risk, deposit risk, market risk, foreign currency exchange rate risk, liquidity risk, strategic risk, operational risk and cybersecurity risk. Credit risk is the risk of loss that arises when a loan obligor fails to meet the terms of a loan repayment obligation, the loan enters default, and if uncured results in financial loss of remaining principal and interest to the loan purchaser. Our exposure to credit risk mainly arises from our lending activities, including SoFi Credit Card. Deposit risk refers to accelerated availability of depositor funds, prior to settlement, risk of ACH returns or merchant settlements, and transactional limits that may be applied to deposit accounts. Market risk is the risk of loss due to changes in external market factors, such as interest rates, asset prices, and foreign exchange rates. Foreign currency exchange rate risk is the risk that our financial position or results of operations could be positively or negatively impacted by fluctuations in exchange rates. We may in the future be subject to increasing foreign currency exchange rate risk with our acquisition of Technisys, a foreign company, and we continue to pursue a diversified durable growth strategy with expansion via new products and geographies. Liquidity risk is the risk that financial condition or overall safety and soundness are adversely affected by an inability, or perceived inability, to meet obligations (e.g., current and future cash flow needs) and support business growth. We actively monitor our liquidity position at the broker-dealer and SoFi Bank. Strategic risk is the risk from changes in the business environment, ineffective business strategies, improper implementation of decisions or inadequate responsiveness to changes in the business and competitive environment.
Operational risk is the risk of loss arising from inadequate or failed internal processes, controls, people (e.g., human error or misconduct) or systems (e.g., technology problems), business continuity or external events (e.g., natural disasters), compliance, reputational, regulatory, cybersecurity or legal matters and includes those risks as they relate directly to us, fraud losses attributed to applications and any associated fines and monetary penalties as a result, transaction processing, or employees, as well as to third parties with whom we contract or otherwise do business. We believe operational risk is one of the most prevalent forms of risk in our risk profile. We strive to manage operational risk by establishing policies and procedures to accomplish timely and efficient processing, obtaining periodic internal control attestations from management, conducting internal process Risk Control Self-Assessments and audit reviews to evaluate the effectiveness of internal controls. Our operational risk, and the amount we invest in risk management, may increase as we introduce new products and product features, and as new threat actors and evolving threat vectors, such as account takeover tactics, increase and become more sophisticated. In order to be effective, among other things, our enterprise risk management capabilities must adapt and align to support any new product or loan features, capability, strategic development, or external change.
Cybersecurity risk is the risk of an unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, availability, or integrity of our systems and data, including, but not limited to, sensitive client data. Our technology and cybersecurity teams rely on a layered system of preventive and detective technologies,

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controls, and policies to detect, mitigate, and contain cybersecurity threats. In addition, our cybersecurity team, and the third-party consultants they engage, assess our cybersecurity risks and mitigation efforts. Cyberattacks have and may continue to result in financial and reputational risk.
Risk, including, but not limited to, the risks outlined above, is inherent in our business, and therefore, despite our efforts to manage risk, there can be no assurance that we will not sustain unexpected losses. We could incur substantial losses and our business operations could be disrupted to the extent our business model, operational processes, control functions, technological capabilities, risk analyses, and business/product knowledge do not adequately identify and manage potential risks associated with our strategic initiatives. There also may be risks that exist, or that develop in the future, that we have not appropriately anticipated, identified or mitigated, including when processes are changed or new products and services are introduced. If our risk management framework does not effectively identify and control our risks, we could suffer unexpected losses or be otherwise adversely affected, which could have a material adverse effect on our business.
Incorrect estimates or assumptions by management in connection with the preparation of our consolidated financial statements or forecasts could adversely affect our reported or forecasted assets, liabilities, income, revenues or expenses.
The preparation of our consolidated financial statements requires management to make critical accounting estimates and assumptions that affect the reported amounts of assets, liabilities, income, revenues or expenses during the reporting periods. Incorrect estimates and assumptions by management could adversely affect our reported amounts of assets, liabilities, income, revenues and expenses during the reporting periods. If we make incorrect assumptions or estimates, our reported financial results may be over- or understated, which could materially and adversely affect our business, financial condition and results of operations.
In addition, operating results are difficult to forecast because they generally depend on a number of factors, including the competition we face, and our ability to attract and retain members and enterprise partnerships, and macroeconomic risks, while generating sustained revenues through the Financial Services Productivity Loop. Additionally, our business may be affected by reductions in consumer borrowing, spending and investing, consumer deposits or investment by technology platform clients from time to time as a result of a number of factors, including the state of the overall economy, which may be difficult to predict. This may result in decreased revenue levels, and we may be unable to adopt measures in a timely manner to compensate for any unexpected shortfall in income. This inability could cause our operating results in a given quarter to be higher or lower than expected. These factors make creating accurate forecasts and budgets challenging and, as a result, we may fall materially short of our forecasts and expectations, which could cause our stock price to decline and investors to lose confidence in us.
We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which could cause our stock price to decline.
We typically release earnings guidance in our quarterly and annual earnings conference calls and quarterly and annual earnings releases, and may, from time to time, announce guidance otherwise, regarding our future performance that represents our management’s estimates as of the date of release. This guidance includes forward-looking statements based on projections prepared by our management. Projections are based upon a number of assumptions and estimates that are based on information known when they are issued, and, while presented with numerical specificity, are inherently subject to significant business, economic and competitive uncertainties and contingencies relating to our business, many of which are beyond our control and are based upon specific assumptions with respect to future business decisions, certain of which will change.
Guidance is necessarily speculative in nature, and some or all of the assumptions underlying the guidance furnished by us may not materialize or may vary significantly from actual outcomes. Accordingly, our guidance is only an estimate of what management believes is realizable as of the date of release. Actual results may vary from our guidance and the variations may be material. In light of the foregoing, investors are urged not to rely upon our guidance in making an investment decision regarding our common stock.

Information Technology and Data Risks

Cyberattacks and other security incidents and compromises could have an adverse effect on our business and systems, harm our brand and our reputation and expose us to liability. Efforts to prevent and respond to these attacks and incidents are costly.
In the normal course of business, we collect, store, process and transmit non-public and confidential information regarding our members, prospective members, technology platform clients and the customers of our technology platform

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clients, and employees and third-party service providers, as well as information required to access customer assets. We also have arrangements in place with certain third-party service providers that require us to share consumer information. We have built our reputation on the premise that we are helping members get their money right by offering a safe, secure way to store their money and build a financially sound future. As a result, any actual or perceived security breach of us or our third-party partners have and may in the future:
• harm our reputation and brand;
• result in our systems or services being unavailable and interrupt our operations;
• result in improper disclosure of data and violations of applicable privacy and data protection laws;
• result in significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, and financial exposure;
• cause us to incur significant remediation costs;
• lead to theft or irretrievable loss of our or our customers’ assets;
• reduce customer confidence in, or decrease customer use of, our products and services;
• divert the attention of management from the operation of our business;
• result in significant compensation or contractual penalties payable by us to our customers or third parties as a result of losses to them or claims by them; and
• adversely affect our business, operating results, and financial condition.
Despite the implementation of security measures, our internal computer and information technology systems and infrastructure and those of our third-party service providers and other contractors and consultants upon which our business relies have experienced and are at constant risk of cyber-attacks or cyber intrusions via viruses, worms, break-ins, breakdown, wrongful intrusions, wrongful conduct by insider employees or vendors, malware, ransomware and other malicious software programs, attacks enhanced or facilitated by AI, social engineering (including phishing attacks), business email compromises, hacking, data breaches, denial-of-service attacks or other attacks and similar disruptions from the unauthorized use of or access to computer systems (including from internal and external sources) that attack our products or otherwise exploit any vulnerabilities in our systems or those of our third-party service providers, or attempt to fraudulently induce our members, prospective members, technology platform clients and the customers of our technology platform clients, employees, third-party service providers or others to disclose passwords or other sensitive information or unwittingly provide access to our systems or data. Furthermore, these attempts to disrupt or gain unauthorized access to our and our third-party service providers’ information systems from malicious third parties or insider threats may incorporate widely varying and frequently changing tactics, which may be enhanced or facilitated by AI. In addition, we expect the amount and sophistication of the perpetrators of these attacks to continue to expand, which could include nation-state actors. Such incidents have and could in the future lead to interruptions, delays or website outages, causing loss of critical data or the unauthorized disclosure or use of personally identifiable or other confidential information.
Cyberattacks continue to be prevalent and pervasive across industries, including in our industry, and such attacks on our systems and those of our third-party service providers have occurred in the past and are expected to occur in the future. Security incidents, data breaches, or compromises could occur from outside our company, and also from the actions of persons inside our company who may have authorized or unauthorized access to our technology systems, despite our investment in security controls. In addition, security threats may increase as a result of geopolitical events, such as in connection with the confrontation in Venezuela, the ongoing conflict in the Middle East and the ongoing war in Ukraine, and U.S. government actions and policies and regulatory priorities. These events could interrupt our business or operations, result in significant legal and financial exposure, supervisory liability, damage to our reputation and a loss of confidence in the security of our systems, products and services. Although the impact to date from these events has not had a material adverse effect on us, no assurance is given that this will continue to be the case in the future.
Cybersecurity risks in the financial services industry have increased, in part because of new technologies, AI, the use of the Internet and telecommunications technologies (including mobile devices) to conduct financial and other business transactions and the increased sophistication and activities of organized criminals, perpetrators of fraud, hackers, terrorists and others. In addition to cyberattacks and other security incidents and compromises involving the theft of non-public and confidential information, hackers have engaged in attacks that are designed to disrupt key business services, such as consumer-facing websites. We may not be able to anticipate or implement effective preventive measures against all security incidents, data breaches, and compromises, especially because the techniques used change frequently and because attacks can originate from a wide variety of sources. We employ detection and response mechanisms designed to contain and mitigate security

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incidents, but there are no assurances that these mechanisms will be effective and early detection efforts may be thwarted by sophisticated attacks and malware designed to avoid detection. Despite our investments in detection strategy and a 24/7/365 security operations center, we also may fail to detect the existence of a security incident or data breach related to the information of our members, prospective members, technology platform clients and the customers of our technology platform clients, and employees and third-party service providers.
The access by unauthorized persons to, or the improper disclosure by us of, confidential information regarding our members, prospective members, technology platform clients and the customers of our technology platform clients, employees and third-party service providers, or our proprietary information, software, methodologies and business secrets, could interrupt our business or operations, result in significant legal and financial exposure, supervisory liability, damage to our reputation or a loss of confidence in the security of our systems, products and services, all of which could have a material adverse impact on our business. Because each loan that we originate involves, in part, our proprietary automated underwriting process, any failure of our computer systems involving our automated underwriting process and any technical or other errors contained in the software pertaining to our automated underwriting process could compromise our ability to accurately evaluate potential members, which could negatively impact our results of operations. Furthermore, any failure of our computer systems could cause an interruption in operations and result in disruptions in, or reductions in the amount of, collections from the loans we make to our members. Additionally, if threat actors were able to access our secure files, they might be able to gain access to the personal information of our members, prospective members, technology platform clients and the customers of our technology platform clients, and employees. If we are unable to prevent such activity, we may be subject to significant liability, negative publicity and a material loss of members or technology platform clients, all of which may negatively affect our business. In addition, there have in the past been a number of well-publicized attacks or incidents affecting companies in the financial services industry that have heightened concern by consumers, which could also intensify regulatory focus, cause users to lose trust in the security of the industry in general and result in reduced use of our services and increased costs, all of which could also have a material adverse effect on our business.
Further, the costs associated with a cyber attack or other security incident could materially adversely impact our cost of operations and our business. These costs include expenses for incident response, forensic investigations, system and member remediation, data recovery, and business interruption, as well as legal, regulatory, and contractual costs, including costs associated with required notifications, regulatory investigations, fines or penalties, litigation, settlements, and judgments. In addition, a cybersecurity incident could result in increased cybersecurity and insurance costs, including higher premiums or reduced availability of coverage. Any of the foregoing could materially and adversely affect our business, financial condition, and results of operations.
Our business is also subject to contractual obligations related to the protection, confidentiality, and security of data, including personal, financial, and confidential information belonging to our members, prospective members, technology platform clients and the customers of our technology platform clients, and employees and third-party service providers. Many of our contracts contain data protection, confidentiality, indemnification, limitation of liability, and service-level provisions that could be triggered by a cybersecurity incident or data breach. We have in the past experienced and may in the future experience a cyber breach and we may be required to indemnify technology platform clients or other counterparties for losses arising from the incident, provide credits, refunds, or other contractual remedies, or face claims for damages resulting from alleged failures to meet contractual security or availability commitments. Certain contracts may also permit counterparties to terminate or suspend services, seek injunctive relief, or pursue other remedies following a data breach. In addition, contractual liability arising from a cyber breach or other security incident could result in substantial defense costs, settlements, or judgments, as well as increased scrutiny during contract renewals or negotiations. Our contractual protections, including limitations of liability, exclusions, and insurance coverage, may be insufficient to fully mitigate these risks or may not apply in all circumstances. Any of the foregoing could materially and adversely affect our business, financial condition, and results of operations.
Further, although we maintain cyber liability insurance, this insurance may not provide adequate coverage against potential liabilities related to any experienced cybersecurity incident or breach.
The processing of personal data and implementation of new technologies could give rise to liabilities as a result of federal, state and international laws and regulations, as well as our failure to adhere to the privacy and data security practices that we articulate to our members.
We collect, process, store, use, share and/or transmit a large volume of personal information and other non-public data from current, past and prospective members. There are federal, state, and foreign laws regarding privacy, data security and the collection, use, storage, protection, sharing and/or transmission of personal information and non-public data. Additionally, many states continue to enact legislation on matters of privacy, information security, cybersecurity, data breach and data breach

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notification requirements. For example, as of January 1, 2020, the CCPA granted additional consumer rights with respect to data privacy in California. The CCPA was amended by a California ballot initiative, the CPRA, in November 2020. The CCPA amendments, including expanded rights for consumers and obligations for businesses, went into effect on January 1, 2023. The CCPA, among other things, entitles California residents to know how their personal information is being collected and shared, to access or request the deletion of their personal information and to opt out of the sharing of their personal information. The amended CCPA also created a new state agency, the CPPA, and vested it with full administrative power, authority and jurisdiction to implement and enforce the CCPA. Generally, personal information that we process is subject to GLBA and thereby exempt from CCPA coverage. However, the CCPA regulates other personal information that we collect and process in connection with the business. While we have made modifications to our data collection and processing practices and policies to comply with the CCPA, we cannot predict their impact on our business, operations or financial condition.
Laws similar to the CCPA have entered into force in numerous other states. Further, a number of other states have proposed new privacy laws, certain of which would be comprehensive such as the CCPA and others which are more narrowly focused on particular types of data. Such proposed legislation, if enacted, may add additional complexity, variation in requirements, restrictions and potential legal risk, require additional investment of resources in compliance programs, impact strategies and the availability of previously useful data and could result in increased compliance costs and/or changes in business practices and policies. Certain states have already passed laws regulating specific aspects of privacy. For example, a small number of states, such as Washington, Illinois and Texas, have enacted laws that specifically target the collection and use of biometric information. The existence of comprehensive privacy laws in different states in the country makes our compliance obligations more complex and costly and may increase the likelihood that we may be subject to enforcement actions or otherwise incur liability for noncompliance. In addition, laws in all 50 U.S. states require businesses to provide notice to individuals if certain of their personal information has been disclosed as a result of a qualifying data breach. These various privacy and security laws may impact our business activities, including our identification of research subjects, relationships with business partners and ultimately the marketing and distribution of our products. State laws are changing rapidly and U.S. Congress may in the future enact a comprehensive federal data privacy law to which we may likely become subject.
Regulators and legislators in the U.S. are increasingly scrutinizing and restricting certain personal data transfers and transactions involving foreign countries. For example, Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern, as implemented by Department of Justice regulations issued in December 2024, prohibits data brokerage transactions involving certain sensitive personal data categories, including health data, genetic data, and biospecimens, to countries of concern, including China. The regulations also restrict certain investment agreements, employment agreements and vendor agreements involving such data and countries of concern, absent specified cybersecurity controls. Actual or alleged violations of these regulations may be punishable by criminal and/or civil sanctions and may result in exclusion from participation in federal and state programs.
Outside the United States, an increasing number of laws, regulations, and industry standards apply to data privacy and security, and we expect that there will continue to be new or amended laws, regulations, standards and obligations proposed and enacted in various foreign jurisdictions. For example, the EU GDPR, the UK GDPR, various Latin American (“LATAM”) privacy laws such as Brazil’s Lei Geral de Proteção de Dados Pessoais (“LGPD”) and Argentina’s Ley de Protección de los Datos Personales (“PDPA”) impose strict requirements for the processing of personal data of individuals located, respectively, within the EEA, the UK and LATAM region. For example, under the EU GDPR, government regulators may impose temporary or definitive bans on data processing, as well as fines of up to 20 million Euros (£17.5 million in the UK) or 4% of the annual global revenue of the company, whichever is greater; or private litigation related to processing of personal data brought by classes of data subjects or consumer protection organizations authorized at law to represent their interests. Certain jurisdictions, such as the EU, Switzerland, the UK and LATAM have enacted cross-border personal data transfers laws regulating personal data flows to third countries. For example, absent appropriate safeguards or other circumstances, the EU GDPR generally restricts the transfer of personal data to countries outside of the EEA, such as the United States, which the EC does not consider to be providing an adequate level of personal data protection. The EC has issued standard contractual clauses for data transfers from controllers or processors in the EU (or otherwise subject to the EU GDPR) to controllers or processors established outside the EU. The standard contractual clauses require exporters to assess the risk of a data transfer on a case-by-case basis, including an analysis of the laws in the destination country. The UK is not subject to the EC’s standard contractual clauses but has published a UK-specific transfer mechanism, which enables transfers from the UK. The UK-specific mechanism, the “International Data Transfer Agreement”, requires a similar risk assessment of the transfer as the standard contractual clauses. Further, the EU and United States have adopted its adequacy decision for the EU-U.S. Data Privacy Framework ("EU Framework"), which entered into force on July 11, 2023. The EU Framework provides that the protection of personal data transferred between the EU and the United States is comparable to that offered in the EU. This provides a further avenue to ensuring transfers to the United States are carried out in line with the EU GDPR. There has been an extension to the EU Framework to cover UK transfers to the United States and Switzerland has also agreed to a corresponding framework with the U.S. recognizing an adequate level of protection for personal data transfers under the Swiss-U.S. Data Privacy Framework.

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These Frameworks could be challenged like predecessor frameworks. This complexity and the additional contractual burden may increase our overall risk exposure. In addition, laws in LATAM similarly restrict personal data transfers outside of those jurisdictions to countries such as the U.S. that do not provide an adequate level of personal data protection. In addition to European restrictions on cross-border personal data transfers, other jurisdictions have enacted or are considering similar cross-border personal data transfer laws and local personal data residency laws, any of which could increase the cost and complexity of doing business. If we cannot implement a valid compliance mechanism for cross-border personal data transfers, we may face increased exposure to regulatory actions, substantial fines, and injunctions against processing or transferring personal data from Europe or elsewhere. Inability to import personal data to the U.S. may significantly and negatively impact our business operations, including by limiting our ability to collaborate with parties subject to European and other data protection laws or requiring us to increase our personal data processing capabilities in Europe and/or elsewhere at significant expense.
Certain of our products and services are also subject to self-regulatory standards and industry certifications that may legally or contractually apply to us. These include the Payment Card Industry Data Security Standards ("PCI-DSS"), AICPA, and Security Organization Control 2 ("SOC 2"), which apply to or are maintained by certain of our solutions. In the event we fail to comply with the PCI-DSS or fail to maintain our SOC 2 certification, we could be in breach of our obligations under customer and other contracts, fines and other penalties could result, and we may suffer reputational harm and damage to our business. Further, our customers may expect us to comply with more stringent privacy, data storage and data security requirements than those imposed by laws, regulations or self-regulatory requirements, and we may be obligated contractually to comply with additional or different standards relating to our handling or protection of data.
Separately, the rapid evolution of AI will require the application of significant resources to design, develop, test and maintain our products and services to help ensure that AI is implemented in accordance with applicable law and regulation and in a socially responsible manner and to minimize any real or perceived unintended harmful impacts. As the regulatory framework for machine learning technology and AI evolves, new state laws and regulations are emerging and it is likely that other new laws and regulations will be adopted in the near future, or that existing laws and regulations may be interpreted in ways that would affect our business and the ways in which we may use AI and machine learning technology, our financial condition and our results of operations, including as a result of the cost to comply with such laws or regulations. For example, the EU’s Artificial Intelligence Act (“AI Act”), the world’s first comprehensive AI law, entered into force on August 1, 2024 and, with certain exceptions, will begin to apply as of August 2, 2026. As enacted, this legislation imposes significant obligations on providers and deployers of high-risk AI systems, and encourages providers and deployers of AI systems to account for EU ethical principles in their development and use of these systems. If we develop or use AI systems that are governed by the AI Act, it may necessitate ensuring higher standards of data quality, transparency, and human oversight, as well as adhering to specific ethical, accountability, and administrative requirements, certain of which may increase our costs and compliance obligations. Further, potential government regulation related to AI use and ethics may also increase the cost of research and development in this area, and failure to properly remediate AI usage or ethics issues may cause public confidence in AI to be undermined, which could slow adoption of AI in our products and services.
Likewise, in the U.S., the regulatory environment is complex and uncertain. The U.S. Presidential administration’s Executive Order "Ensuring a National Policy Framework for Artificial Intelligence," effective December 11, 2025, directed federal agency reviews of state AI laws and coordination between White House advisors and Congress to reach a legislative proposal for a uniform federal AI policy framework. At the same time, several states, including Texas, Colorado and California, passed laws that regulate various facets of AI, certain of which have taken effect and will continue to take effect through 2026 and beyond. These laws address a wide range of AI-related topics, including consequential decisions, transparency, training data, among others, and it remains unclear which requirements, if any, will be superseded by the Executive Order. In addition, there continues to be uncertainty regarding the application of existing federal and state legal frameworks to uses and development of AI, and legal norms and market standards regarding AI continue to evolve. If we develop or use AI systems that are governed by these laws or regulations, we will need to meet higher standards of data quality, transparency, and human oversight, and we would need to adhere to specific and potentially burdensome and costly ethical, accountability, and administrative requirements. We may also be subject to significant enforcement or litigation in the event of any perceived non-compliance.
Any violations of these laws and regulations may require us to change our business practices or operational structure, including limiting our activities in certain states and/or jurisdictions, address legal claims, and sustain monetary penalties, reputational damage and/or other harms to our business. Further, in certain cases we rely on the data processing, privacy, data protection and cybersecurity practices of our third-party service providers, including with regard to maintaining the confidentiality, security and integrity of data. If we fail to manage our third-party service providers or their relevant practices, or if they fail to meet any requirements with regard to data processing, privacy, data protection or cybersecurity required by applicable legal or contractual obligations that we face (including any applicable requirements of our clients), we may be liable in certain cases. Legal obligations relating to privacy, cybersecurity and data protection may require us to manage our third-

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party service providers and their practices and to enter into agreements with them in certain cases. We may face difficulties in binding our third-party service providers to these agreements and otherwise managing their relevant practices, which may subject us to claims, proceedings, and liabilities.
Furthermore, our online privacy policy and website make certain statements regarding our privacy, information security, and data security practices with regard to information collected from our members. Failure to adhere to such practices may result in regulatory scrutiny and investigation (including the potential for fines and monetary penalties), complaints by affected members, reputational damage and other harm to our business. If either we, or the third-party service providers with which we share member data, are unable to address privacy concerns, even if unfounded, or to comply with applicable laws and regulations, it could result in additional costs and liability, damage our reputation, and harm our business.
Disruptions in the operation of our computer systems and third-party data centers and service providers could have an adverse effect on our business.
Our ability to deliver products and services to our members and clients, and otherwise operate our business and comply with applicable laws, depends on the efficient and uninterrupted operation of our computer systems and third-party data centers, as well as third-party service providers. Our computer systems and third-party providers may encounter service interruptions at any time due to system or software failure or errors, employee misconfiguration of resources or misdirected communications, natural disasters, severe weather conditions, health pandemics, terrorist attacks, cyberattacks or other events. For example, in September 2023, the SoFi Invest platform experienced a service interruption that resulted in certain of our members being unable to view certain of their account information and unable to buy and sell securities and other financial products on our platform for a period of time. Any such events, including persistent interruptions or perceptions of such interruptions whether true or not, in our products and services could cause members to believe that our products and services are unreliable, leading them to switch to our competitors or to otherwise avoid our products and services, and otherwise have a negative effect on our business and technology infrastructure (including our computer network systems), which could lead to member dissatisfaction or long-term disruption of our operations. Additionally, our insurance policies might be insufficient to cover a claim made against us by any such members affected by any disruptions, outages, or other performance or infrastructure problems.
Additionally, our reliance on third-party providers may mean that we will not be able to resolve operational problems internally or on a timely basis, as our operations will depend upon such third-party service providers communicating appropriately and responding swiftly to their own service disruptions through industry standard best practices in business continuity and/or disaster recovery. As a last resort, we may rely on our ability to replace a third-party service provider if it experiences difficulties that interrupt operations for a prolonged period of time or if an essential third-party service terminates. If these service arrangements are terminated for any reason without an immediately available substitute arrangement, our operations may be severely interrupted or delayed. If such interruption or delay were to continue for a substantial period of time, our business, prospects, financial condition and results of operations could be adversely affected.
The implementation of technology changes and upgrades to maintain current and integrate new systems may cause service interruptions, transaction processing errors or system conversion delays and may cause us to fail to comply with applicable laws, all of which could have a material adverse effect on our business. We have made and expect to continue to make substantial and increasing investments in “observability”, or the monitoring of our systems, but limitations or failures in those systems may exacerbate other problems by preventing us from anticipating or quickly detecting issues. In addition, our ability to monitor third party services and service providers is limited, and so our ability to anticipate, detect, and remediate anomalies in those services is also more limited when compared to our internal systems monitoring.
Although our current use of AI and machine learning is limited, our systems and those of our partners are increasingly reliant on AI machine learning systems, which are complex and may have errors or inadequacies that are not easily detectable. These systems may inadvertently reduce the efficiency of our systems, or may cause unintentional or unexpected outputs that are incorrect, do not match our business goals, do not comply with our policies, or otherwise are inconsistent with our brands, guiding principles and mission. Errors or breakdowns in our machine learning systems could also result in damage to our reputation, loss of members, loss of revenue or liability for damages, any of which could adversely affect our growth prospects and our business. Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to engage in illegal activities involving the theft and misuse of personal information, confidential information and intellectual property. Any of these effects could damage our reputation, result in the loss of valuable property and information, cause us to breach applicable laws and regulations and contractual obligations, and adversely impact our business.
We expect that new technologies and business processes applicable to the financial services industry will continue to emerge and that these new technologies and business processes may be better than those we currently use. There is no assurance that we will be able to successfully adopt new technology as critical systems and applications become obsolete and

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better ones become available. A failure to maintain and/or improve current technology and business processes could cause disruptions in our operations or cause our solution to be less competitive, all of which could have a material adverse effect on our business.

Risks Related to Ownership of Our Securities

The price of our common stock has fluctuated and may be volatile in the future.
The price of our common stock has fluctuated and may continue to fluctuate due to a variety of factors, including:
• changes in the industry in which we operate, including public perception of such industry;
• developments involving our competitors;
• changes in laws and regulations affecting our business, or changes in policies with respect to student loans;
• variations in our operating performance and the performance of our competitors in general;
• actual or anticipated fluctuations in our quarterly or annual operating results;
• publication of research reports by securities analysts about us or our competitors or our industry;
• the public’s reaction to our press releases, our other public announcements and our filings with the SEC or any changes in our reputation;
• actions by stockholders;
• additions and departures of key personnel;
• commencement of, or involvement in, litigation or regulatory enforcement investigations involving our company;
• the occurrence of an actual or perceived data or security breach;
• changes in our capital structure, such as future issuances of securities or the incurrence of additional debt, including in connection with acquisitions;
• any reverse stock split of our outstanding shares of common stock, which may increase the price of our common stock;
• volatility in capital markets and changes in the volume of shares of our common stock available for public sale; and
• general economic and political conditions, such as the effects of recessions, interest rates, tariffs, inflation, consumer confidence and spending, public perception of the financial services industry, availability of loans and liquidity in the capital markets, local and national elections, corruption, political instability and acts of war or terrorism, including the confrontation in Venezuela, the ongoing conflict in the Middle East and the ongoing war in Ukraine, and policy- and regulatory-related changes resulting from U.S. government actions and policies and regulatory priorities.
These market and industry factors, as well as others, may materially reduce the market price of our common stock regardless of our operating performance.
We do not intend to pay cash dividends on our common stock for the foreseeable future.
We currently intend to retain our future earnings, if any, to finance the further development and expansion of our business and do not intend to pay cash dividends on our common stock in the foreseeable future. Any future determination to pay dividends on our common stock will be at the discretion of our Board of Directors and will depend on obtaining regulatory approvals, if required, our financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as our Board of Directors deems relevant.
If analysts publish inaccurate or unfavorable research, our stock price and trading volume could decline.
The trading market for our common stock depends in part on the research and reports that analysts publish about our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, as they have done in the past, the price of our common stock would likely decline. If few analysts cover us, demand for our common stock could decrease and our common stock price and trading volume may decline. Similar results may occur if one or more of these analysts stop covering us in the future or fail to publish reports on us regularly. In addition, analysts may establish and publish their own periodic projections for us. These projections may vary widely and may not accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of these research analysts. In addition, if the market for technology stocks or

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financial services stocks or the broader stock market experiences a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition or results of operations.
We may be subject to securities litigation, which is expensive and could divert management attention.
The market price of our common stock may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert management’s attention from other business concerns, which could seriously harm our business.
Future resales of our common stock may cause the market price of our securities to drop significantly, even if our business is doing well.
Sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, have in the past and could in the future depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. Sales of a substantial number of shares, or the perception that such sales may occur, could have a material and adverse effect on the trading price of our common stock. Sales of a substantial number of shares of common stock in the public market could occur at any time. We have filed with the SEC, and the SEC has declared effective, a registration statement covering shares of our common stock issued in connection with the Agreement, including shares issued to the Third Party PIPE Investors, among others, to facilitate such sales and we have filed a registration statement on Form S-3 which allows us to sell securities from time to time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could cause the market price of our common stock to decline or increase the volatility in the market price of our common stock.
Our issuance of additional capital stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will dilute all other stockholders.
Our issuance of additional capital stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will dilute our stockholders. We expect to issue additional capital stock in the future that will result in dilution to all other stockholders. We expect to continue granting equity awards to employees, directors, and consultants under our stock incentive plans. We may also raise capital through equity financings in the future. As part of our business strategy, we may acquire or make investments in complementary companies, products, or technologies and issue equity securities to pay for any such acquisition or investment. Any such issuances of additional capital stock may cause stockholders to experience significant dilution of their ownership interests and the per share value of our common stock to decline.
There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.
If Nasdaq delists our shares of common stock from trading on its exchange for failure to meet Nasdaq’s listing standards, we and our stockholders could face significant material adverse consequences, including:
• a limited availability of market quotations for our securities;
• reduced liquidity for our securities;
• a determination that our common stock is a “penny stock,” which will require brokers trading in our common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;
• a limited amount of news and analyst coverage; and
• a decreased ability to issue additional securities or obtain additional financing in the future.
Delaware law and our organizational documents contain certain provisions, including anti-takeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
The General Corporation Law of the State of Delaware (the “DGCL”) and our organizational documents contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition that stockholders may consider favorable, including transactions in which stockholders might otherwise receive a premium for their shares. These provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock, and therefore depress the trading price of our common stock. Additionally, these provisions could also make it difficult for stockholders to take certain actions, including electing directors who are not nominated by the current members of our Board of

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Directors or taking other corporate actions, including effecting changes in our management. Among other things, our organizational documents include provisions regarding:
• the ability of our Board of Directors to issue shares of preferred stock, including “blank check” preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;
• the prohibition of cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;
• limitations on the liability of our directors, and the indemnification of our directors and officers;
• the ability of our Board of Directors to amend our bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and
• advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which could preclude stockholders from bringing matters before annual or special meetings of stockholders and delay changes in our Board of Directors and also may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.
These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in the Board of Directors or management of our company.
The provisions of our bylaws requiring exclusive forum in the Court of Chancery of the State of Delaware and the federal district courts of the United States for certain types of lawsuits may have the effect of discouraging certain lawsuits, including derivative lawsuits and lawsuits against our directors and officers, by limiting plaintiffs’ ability to bring a claim in a judicial forum that they find favorable.
Our bylaws provide that, to the fullest extent permitted by law, and unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, in the event that such court does not have jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware) will be the sole and exclusive forum for any state law claims for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim for or based on a breach of a fiduciary duty owed by any of our current or former directors, officers or other employees to us or our stockholders, (iii) any action asserting a claim against us or any of our current or former directors, officers or other employees arising pursuant to any provision of the DGCL or our bylaws or Certificate of Incorporation (as either may be amended from time to time), (iv) any action asserting a claim related to or involving our company that is governed by the internal affairs doctrine, and (v) any action asserting an “internal corporate claim” as that term is defined in Section 115 of the DGCL (the “Delaware Forum Provision”). The Delaware Forum Provision, however, does not apply to actions or claims arising under the Exchange Act. Our bylaws also provide that, unless we consent in writing to the selection of an alternate forum, the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, will be the United States Federal District Courts (the “Federal Forum Provision”). Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder; our stockholders cannot and will not be deemed to have waived compliance with the U.S. federal securities laws and the rules and regulations thereunder.
The Delaware Forum Provision and the Federal Forum Provision in our bylaws may impose additional litigation costs on stockholders in pursuing any such claims and may also impose additional litigation costs on stockholders who assert that either such provision is not enforceable or invalid. Additionally, these forum selection clauses may limit our stockholders’ ability to bring a claim in a judicial forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage the filing of lawsuits against us and our directors, officers and employees, even though an action, if successful, might benefit our stockholders. In addition, while the Delaware Supreme Court and other states courts have upheld the validity of federal forum selection provisions purporting to require claims under the Securities Act be brought in federal court, there is still uncertainty as to whether other courts will enforce our Federal Forum Provision. If the Federal Forum Provision is found to be unenforceable, we may incur additional costs associated with resolving such matters. The Court of Chancery of the State of Delaware and the federal district courts of the United States may reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

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Item 1B. Unresolved Staff Comments
None.

Item 1C. Cybersecurity
Cyber Risk Management and Strategy
At SoFi, we recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that our customers share with us. Using guidance set forth in our Enterprise Risk Management program, we have implemented a cybersecurity risk management program to lead and support the management of information security risks in accordance with our risk profile and business strategy, which is informed by recognized industry standards and frameworks, such as International Organization for Standardization 27002:2013. For additional guidance, we also refer to the National Institute of Standards and Technology Cybersecurity Framework, Payment Card Industry Data Security Standard, Federal Financial Institutions Examination Council information security guidelines, and Center of Internet Security controls.
Our cybersecurity risk management program includes a number of components, designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies, controls, and policies designed to detect, mitigate, and contain cybersecurity threats. Information security program risk assessments and third party attestations and assessments are conducted periodically by both internal and external resources. We leverage qualified third-party security assessors to identify vulnerabilities through both internal and external penetration tests and perform internal cybersecurity maturity assessments. In addition, our internal audit team conducts information security and information technology audits on an annual basis. We are also subject to examinations by applicable regulators. We conduct cybersecurity awareness training for personnel upon hire and on a periodic basis thereafter, which includes phishing training campaigns.
As part of our cybersecurity risk management program, SoFi maintains a formal Third-Party Security Risk Management program that provides oversight of cybersecurity risks related to supplier relationships. During supplier onboarding, we perform risk-based due diligence for suppliers with access to confidential SoFi information or that require technical integration with SoFi systems. This program includes the provision of a cybersecurity risk assessment to these suppliers during onboarding as well as ongoing monitoring, assessment, and contract review.
We have not identified any cybersecurity incidents, data breaches, or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For more information on risks to us from cybersecurity threats, see “ Cyberattacks and other security incidents and compromises could have an adverse effect on our business and systems, harm our brand and our reputation and expose us to liability. Efforts to prevent and respond to these attacks and incidents are costly ” in Part I, Item 1A. “ Risk Factors — Information Technology and Data Risks ”.
Governance Related to Cybersecurity Risks
The Board of Directors has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to the Risk Committee, which is comprised of a minimum of three Board members. The Risk Committee is responsible for the information technology and cybersecurity function at the Company. Relevant duties include, but are not limited to, annually reviewing Cybersecurity’s prior year performance and the upcoming program roadmap, and approving the cybersecurity program. The Risk Committee meets at least four times each year and discusses cybersecurity risk management as relevant and applicable.
Our CISO has primary responsibility for assessing and managing our cybersecurity program. The CISO has served in this role at SoFi since June 2025 and has over 25 years of experience working in senior leadership positions in the cybersecurity industry. He previously served as the CISO at leading software and financial technology companies. The CISO provides cybersecurity updates, including risks and threats to the Risk Committee as appropriate, on a quarterly basis.

Item 2. Properties
We primarily operate through a network of leased properties, including largely office spaces, which are primarily located in the United States. We believe our existing facilities are adequate to meet our current business requirements, particularly as we offer our employees the choice of working full time in the office, a hybrid approach, or full-time remote. We expect that will be able to find suitable space to accommodate any potential future expansion. Our properties total

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approximately 434,000 square feet, with the most significant properties and the reportable segments that primarily utilize those properties as follows:

Location
Approximate Square Footage
Segments (1)

California (San Francisco HQ, Sacramento) 102,000 L, TP, FS
Utah (Cottonwood Heights, Sandy) 103,000 L, TP, FS
North Carolina (Charlotte) 64,000 L
Florida (Jacksonville) 37,000 L, FS
New York (New York City) 24,000 L, FS
Montana (Helena) 20,000 L
Texas (Frisco) 18,000 L
Uruguay (Montevideo) 14,000 TP
Washington (Seattle) 10,000 L, TP, FS
Kansas (Overland Park) 10,000 L
Argentina (Buenos Aires) 8,000 TP
Mexico (Cuauhtémoc) 7,000 TP

___________________
(1) Segment references include: L = Lending, TP = Technology Platform, and FS = Financial Services.

Item 3. Legal Proceedings
The information required by Item 103 of Regulation S-K is included in Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements in Part II, Item 8. of this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures
Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders of Record
Our common stock trades on the Nasdaq Global Select Market under the symbol “SOFI”. As of January 30, 2026, there were 421 holders of record of our common stock, which does not include persons whose stock is held in nominee or “street name” accounts through brokers, banks and intermediaries. As many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
Securities Authorized for Issuance Under Equity Compensation Plans
The equity compensation plan information required by Item 201(d) of Regulation S-K will be set forth in the definitive Proxy Statement for the Company's annual meeting of stockholders, which we intend to file with the SEC within 120 days of the end of our 2025 fiscal year, and is incorporated by reference in this Annual Report on Form 10-K. Additionally, refer to Note 16. Share-Based Compensation to the Notes to Consolidated Financial Statements included in Part II, Item 8. for additional information on our equity compensation plans.
Performance Graph
The following graph shows the cumulative total stockholder return on our common stock compared to the cumulative total returns of the Nasdaq Composite index and the S&P Financial index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends, as applicable) from June 1, 2021 (the date our common stock commenced trading on the Nasdaq Global Select Market) to December 31, 2025.

June 1,
2021 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025
SoFi $ 100.00  $ 70.42  $ 20.35  $ 43.93  $ 67.99  $ 115.58 
Nasdaq Composite 100.00  114.30  77.11  111.54  144.52  175.08 
S&P Financial 100.00  103.57  92.66  103.92  135.67  156.06 

Recent Sales of Unregistered Securities
None.

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Issuer Purchases of Equity Securities
We did not have any purchases of our equity securities during the fourth quarter of 2025.
Dividends
We have never declared nor paid cash dividends on our common stock. We currently do not intend to pay cash dividends for the foreseeable future.

Item 6. Reserved

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors”. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.

Page

Business Overview
94

Non-GAAP Financial Measures
97

Key Business Metrics
104

Key Factors Affecting Operating Results
107

Key Components of Results of Operations
110

Consolidated Results of Operations
111

Net Interest Income
112

Noninterest Income
114

Provision for Credit Losses
116

Noninterest Expense
118

Income Taxes
119

Summary Results by Segment
119

Lending Segment
120

Technology Platform Segment
126

Financial Services Segment
128

Corporate/Other Segment
130

Consolidated Balance Sheet Analysis
131

Liquidity and Capital Resources
133

Critical Accounting Estimates
137

Recent Accounting Standards Issued, But Not Yet Adopted
140

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Business Overview

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal.
In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients”, as defined under “Key Business Metrics” . We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products.
In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer. Membership benefits include exclusive access to preferred pricing on products, extra rewards, investment matches, complimentary financial planning, live events and more In 2025, we launched SoFi Smart Card to SoFi Plus members, a charge card secured by a SoFi Money checking and savings account.
We continue to strive to innovate and develop new products and services. During 2025, we launched global remittance services, which leverages blockchain technology to provide fast, seamless, low cost and safe international payments, in over 30 countries, including Mexico, India, Brazil and much of Europe. We also returned to crypto investing with the launch of SoFi Crypto, once again giving our members the ability to buy, sell and hold digital assets directly in the SoFi app. Lastly, we took another step forward with crypto through the launch of our own stablecoin, SoFiUSD. This launch made SoFi the first national bank to issue a stablecoin on a public, permissionless blockchain.
See Item 1. “Business—Our Reportable Segments” for a discussion of our segments and their corresponding products. The discussion below focuses on the ways in which our key products and services within each reportable segment generate revenues and/or incur expenses for the Company.
Business Highlights
SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building led to the strongest financial performance in the history of the company, fueling significant member and product growth and paving the way for future growth. We reported a number of key financial achievements in the year ended December 31, 2025, including total net revenue of $3.6 billion, representing an increase of 35% over total net revenue in 2024. For the year ended December 31, 2025, total fee-based revenue reached a record of $1.5 billion, compared to $969.9 million in the same period of 2024, a year-over-year increase of 59%. 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. Diluted earnings per share for each of the years ended December 31, 2025 and 2024 was $0.39. Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first and third quarters of 2024, but does include the tax benefit of the release of the majority of the valuation allowance against our deferred tax assets.

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The following tables set forth selected financial data:

Year Ended December 31, 2025 vs 2024
2024 vs 2023

($ in thousands, except per share amounts)
2025 2024 2023 $ Change % Change $ Change % Change
Net interest income $ 2,218,956  $ 1,716,481  $ 1,261,740  $ 502,475  29  % $ 454,741  36  %
Total noninterest income 1,394,398  958,378  861,049  436,020  45  % 97,329  11  %
Total net revenue 3,613,354  2,674,859  2,122,789  938,495  35  % 552,070  26  %
Provision for credit losses 30,319  31,712  54,945  (1,393) (4) % (23,233) (42) %
Total noninterest expense 3,057,178  2,409,802  2,369,002  647,376  27  % 40,800  2  %

Net income (loss)
$ 481,320  $ 498,665  $ (300,742) $ (17,345) (3) % $ 799,407  n/m
Earnings (loss) per share – diluted
$ 0.39  $ 0.39  $ (0.36) $ —  —  % $ 0.75  n/m
Net interest margin 5.85  % 5.80  % 5.88  %

($ in thousands)
December 31, 2025 December 31, 2024

$ Change

% Change
Loans held for sale
$ 22,862,749  $ 17,684,892  $ 5,177,857  29  %
Loans held for investment, at fair value 13,657,578 

8,597,368 

5,060,210 

59  %
Loans held for investment, at amortized cost
1,516,736 

1,246,458 

270,278 

22  %
Total deposits 37,505,395  25,978,204  11,527,191  44  %

Total risk-based capital ratio, SoFi Technologies
22.9  % 16.2  %
Total risk-based capital ratio, SoFi Bank
16.6  % 17.5  %

Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 13.6 million as of December 31, 2025, a 35% year over year increase, while total products reached nearly 20.2 million as of December 31, 2025, a 37% year over year increase.

Year Ended December 31, 2025 vs 2024
2024 vs 2023

($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Lending
Total net revenue $ 1,848,949  $ 1,485,222  $ 1,370,621  $ 363,727  24  % $ 114,601  8  %
Contribution profit 1,016,900  890,543  823,273  126,357  14  % 67,270  8  %
Technology Platform
Total net revenue 450,211  395,178  352,340  55,033  14  % 42,838  12  %
Contribution profit 144,413  126,955  94,786  17,458  14  % 32,169  34  %
Financial Services
Total net revenue 1,542,016  821,511  436,515  720,505  88  % 384,996  88  %
Contribution profit (loss)
792,909  307,007  (262) 485,902  158  % 307,269  n/m

Lending segment contribution profit of $1.0 billion for the year ended December 31, 2025 increased 14% over 2024 with a segment contribution margin of 55%. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances.
Origination volume for our Lending products increased 57%, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $15.6 billion in total of personal loans, student loans and home loans during the year ended December 31, 2025. We believe that the growth opportunity for the Loan Platform Business continues to be strong.
Technology Platform segment contribution profit of $144.4 million for the year ended December 31, 2025 increased 14% over 2024, and total net revenue of $450.2 million for the year ended December 31, 2025 increased 14% over 2024. SoFi continues to diversify its Technology Platform client base. During the year, SoFi announced that Banco Nación, one of Argentina’s largest financial institutions, selected our Cyberbank Digital platform to modernize their digital banking infrastructure. SoFi announced partnerships with several more U.S. consumer brands, as we continue to work with a broader range of companies to help bring innovative programs that drive greater loyalty and engagement with their customers.

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Within our Financial Services segment, contribution profit of $792.9 million for the year ended December 31, 2025 significantly improved compared to a contribution profit of $307.0 million in 2024. Total net revenue of $1.5 billion for the year ended December 31, 2025 increased 88% over 2024. During the year, the Loan Platform Business generated $575.9 million in loan platform fees, driven by $11.0 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $12.3 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $588.3 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the year ended December 31, 2025, up 71% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue.
We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the year with $37.5 billion of total deposits as of December 31, 2025, allowing us to maintain access to diversified sources of funding. Total deposit funds grew over $11.5 billion during the year ended December 31, 2025. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.
The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment but is particularly important during times of macroeconomic volatility.
Lending Segment
Net interest income, which we define as the difference between the earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment. Lending segment net interest income represents the difference between interest income earned on our loans and an FTP charge for the segment’s use of funds to originate loans, which can fluctuate based on changes in interest rates, funding curves, the composition of our balance sheet and the availability of capital.
Technology Platform Segment
We earn technology products and solutions fees for providing an integrated platform as a service for financial and non-financial institutions. Many of our Technology Platform segment contracts are multi-year contracts. In certain of our contracts, we provide for a variety of integrated platform services, which vary by client and are either non-cancellable or cancellable with a substantive payment. Pricing structures under these contracts are typically volume-based, or a combination of activity and volume-based, and payment terms are predominantly monthly in arrears. Many of these contracts contain minimum monthly payments, which may result in credits if we do not meet the agreed upon monthly service levels. We also earn subscription and service fees for providing software licenses and associated services, including implementation, maintenance and subsequent development work. We charge a recurring subscription fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. Certain arrangements for software and related services contain a provision for a fixed upfront payment.
Financial Services Segment
We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below. See Note 20. Business Segment and Geographic Information and Note 3. Revenue to the Notes to Consolidated Financial Statements for additional information on the FTP framework and Financial Services revenue from contracts with customers. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Revenue is driven primarily by variability in product utilization by members, as well as volume of transactions related to arrangements that we enter into with enterprise partners as outlined below.
• Net interest income : Net interest income is a key component of the profitability of our Financial Services segment as it relates primarily to our SoFi Money and credit card products. Net interest income on SoFi Money is based on interest income determined using our FTP framework, net of interest expense based on the interest rate offered to our members on their deposits. Net interest income on credit card is based on the contractual interest included in credit card agreements, net of interest expense as determined using the FTP framework.
• Loan Platform Business, other fees : Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and

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recognition of servicing assets. These fees accounted for 65% of our total Financial Services noninterest income for the year ended December 31, 2025.
• Referral fees : Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 12% of our total Financial Services noninterest income for the year ended December 31, 2025.
• Interchange fees : We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 15% of our total Financial Services noninterest income for the year ended December 31, 2025.
• Brokerage fees : We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 5% of our total Financial Services noninterest income for the year ended December 31, 2025.

Non-GAAP Financial Measures

This Annual Report on Form 10-K presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with GAAP. Our management and Board of Directors use these non-GAAP measures, to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Adjusted Net Revenue
Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.

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Total Net Revenue and Adjusted Net Revenue
In Thousands

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:

Year Ended December 31,
($ in thousands) 2025 2024 2023
Total net revenue (GAAP)
$ 3,613,354  $ 2,674,859  $ 2,122,789 
Servicing rights – change in valuation inputs or assumptions (1)
(22,013) (6,280) (34,700)
Residual interests classified as debt – change in valuation inputs or assumptions (2)
70  108  425 
Gain on extinguishment of debt (3)
—  (62,517) (14,574)
Adjusted net revenue (non-GAAP)
$ 3,591,411  $ 2,606,170  $ 2,073,940 

__________________
(1) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(3) Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.
The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented:

Quarter Ended
($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Total net revenue (GAAP)
$ 1,025,051  $ 961,600  $ 854,944  $ 771,759  $ 734,125  $ 697,121  $ 598,618  $ 644,995 
Servicing rights – change in valuation inputs or assumptions (1)
(12,224) (11,989) 3,274  (1,074) 4,962  (4,362) (1,654) (5,226)
Residual interests classified as debt – change in valuation inputs or assumptions (2)
8  15  12  35  25  9  1  73 
Gain on extinguishment of debt (3)
—  —  —  —  —  (3,323) —  (59,194)
Adjusted net revenue (non-GAAP)
$ 1,012,835  $ 949,626  $ 858,230  $ 770,720  $ 739,112  $ 689,445  $ 596,965  $ 580,648 

__________________
(1) See footnote (1) to the table above.
(2) See footnote (2) to the table above.
(3) See footnote (3) to the table above.

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The following table reconciles adjusted net revenue for the Lending segment to total net revenue for the Lending segment, the most directly comparable GAAP measure:

Year Ended December 31,
($ in thousands) 2025 2024 2023
Total net revenue – Lending (GAAP)
$ 1,848,949  $ 1,485,222  $ 1,370,621 
Servicing rights – change in valuation inputs or assumptions (1)
(22,013) (6,280) (34,700)
Residual interests classified as debt – change in valuation inputs or assumptions (2)
70  108  425 
Adjusted net revenue – Lending (non-GAAP)
$ 1,827,006  $ 1,479,050  $ 1,336,346 
__________________
(1) See footnote (1) to the table above.
(2) See footnote (2) to the table above.

Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending
Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See “ Adjusted Net Revenue” above for a reconciliation of Lending segment adjusted net revenue.
Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.
The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:

Year Ended December 31,

2025 vs 2024
2024 vs 2023

($ in thousands)

2025 2024 2023

$ Change

$ Change

Lending
Contribution profit – Lending (GAAP)
$ 1,016,900  $ 890,543  $ 823,273  $ 126,357  $ 67,270 
Net revenue – Lending (GAAP) 1,848,949  1,485,222  1,370,621  363,727  114,601 
Contribution margin – Lending (GAAP) (1)
55  % 60  % 60  %
Incremental contribution margin – Lending (GAAP) (1)
35  % 59  %

Adjusted net revenue – Lending (non-GAAP) (2)
$ 1,827,006  $ 1,479,050  $ 1,336,346  $ 347,956  $ 142,704 
Adjusted contribution margin – Lending (non-GAAP) 56  % 60  % 62  %
Incremental adjusted contribution margin – Lending (non-GAAP) 36  % 47  %
__________________
(1) Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue.
(2) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure.

Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin
Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary

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countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.
Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See “ Adjusted Net Revenue” above for a reconciliation of this non-GAAP measure.
Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.

Net Income (Loss) and Adjusted EBITDA

In Thousands

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The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:

Year Ended December 31, 2025 vs 2024
2024 vs 2023

($ in thousands) 2025 2024 2023 $ Change
$ Change

Net income (loss) (GAAP)
$ 481,320  $ 498,665  $ (300,742) $ (17,345) $ 799,407 
Non-GAAP adjustments:

Interest expense – corporate borrowings (1)
45,723  48,346  36,833  (2,623) 11,513 
Income tax expense (benefit) (2)
44,537  (265,320) (416) 309,857  (264,904)
Depreciation and amortization
234,151  203,498  201,416  30,653  2,082 
Share-based expense 262,058  246,152  271,216  15,906  (25,064)
Restructuring charges (3)
948  1,530  12,749  (582) (11,219)
Impairment expense (4)
—  —  248,417  —  (248,417)
Foreign currency impact of highly inflationary subsidiaries (5)
7,104  1,683  10,971  5,421  (9,288)
Transaction-related expense (6)
—  615  142  (615) 473 
Servicing rights – change in valuation inputs or assumptions (7)
(22,013) (6,280) (34,700) (15,733) 28,420 
Residual interests classified as debt – change in valuation inputs or assumptions (8)
70  108  425  (38) (317)
Gain on extinguishment of debt (9)
—  (62,517) (14,574) 62,517  (47,943)
Total adjustments 572,578  167,815  732,479  404,763  (564,664)
Adjusted EBITDA (non-GAAP)
$ 1,053,898  $ 666,480  $ 431,737  $ 387,418  $ 234,743 

Total net revenue (GAAP)
$ 3,613,354  $ 2,674,859  $ 2,122,789  $ 938,495  $ 552,070 
Net income (loss) margin (GAAP)
13  % 19  % (14) %
Incremental net income (loss) margin (GAAP)
(2) % 145  %

Adjusted net revenue (non-GAAP) (10)
$ 3,591,411  $ 2,606,170  $ 2,073,940  $ 985,241  $ 532,230 
Adjusted EBITDA margin (non-GAAP)
29  % 26  % 21  %
Incremental adjusted EBITDA margin (non-GAAP)
39  % 44  %

___________________
(1) Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes.
(2) The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded during the year. Our income tax position in 2024 was primarily due to the release in the fourth quarter of a $258 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. Income taxes in 2023 were primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys, offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information.
(3) Restructuring charges in 2025 and 2024 relate to legal entity restructuring. Restructuring charges in 2023 primarily included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment in the first quarter of 2023 and expenses in the fourth quarter of 2023 related to a reduction in headcount across the Company, which do not reflect expected future operating expenses and are not indicative of our core operating performance.
(4) Impairment expense in 2023 includes $247,174 related to goodwill impairment, and $1,243 related to a sublease arrangement, which are not indicative of our core operating performance.
(5) Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.
(6) Transaction-related expenses in 2024 and 2023 included financial advisory and professional services costs associated with our acquisition of Wyndham.
(7) Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.
(8) Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual

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cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.
(9) Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.
(10) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure.
The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, for the quarterly periods presented:

Quarter Ended
($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Net income (GAAP)
$ 173,549  $ 139,392  $ 97,263  $ 71,116  $ 332,473  $ 60,745  $ 17,404  $ 88,043 
Non-GAAP adjustments:
Interest expense – corporate borrowings 11,196  11,595  11,504  11,428  12,039  12,871  12,725  10,711 
Income tax (benefit) expense
11,783  9,159  14,929  8,666  (272,549) 3,110  (2,064) 6,183 
Depreciation and amortization 62,880  59,245  56,743  55,283  53,545  51,791  49,623  48,539 
Share-based expense 68,577  66,469  63,256  63,756  66,367  63,646  61,057  55,082 
Restructuring charges 20  41  36  851  255  1,275  —  — 
Foreign currency impact of highly inflationary subsidiaries
1,808  2,954  2,066  276  840  475  194  174 
Transaction-related expense —  —  —  —  —  —  615  — 
Servicing rights – change in valuation inputs or assumptions (12,224) (11,989) 3,274  (1,074) 4,962  (4,362) (1,654) (5,226)
Residual interests classified as debt – change in valuation inputs or assumptions 8  15  12  35  25  9  1  73 
Gain on extinguishment of debt
—  —  —  —  —  (3,323) —  (59,194)
Total adjustments 144,048  137,489  151,820  139,221  (134,516) 125,492  120,497  56,342 
Adjusted EBITDA (non-GAAP)
$ 317,597  $ 276,881  $ 249,083  $ 210,337  $ 197,957  $ 186,237  $ 137,901  $ 144,385 

Total net revenue (GAAP)
$ 1,025,051  $ 961,600  $ 854,944  $ 771,759  $ 734,125  $ 697,121  $ 598,618  $ 644,995 
Net income margin (GAAP)
17  % 14  % 11  % 9  % 45  % 9  % 3  % 14  %

Adjusted net revenue (non-GAAP)
$ 1,012,835  $ 949,626  $ 858,230  $ 770,720  $ 739,112  $ 689,445  $ 596,965  $ 580,648 
Adjusted EBITDA margin (non-GAAP)
31  % 29  % 29  % 27  % 27  % 27  % 23  % 25  %

Adjusted Net Income (Loss), Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS
Adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings (loss) per share are non-GAAP measures. Adjusted net income (loss) is defined as net income (loss), adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.
Adjusted diluted earnings (loss) per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings (loss) per share. Adjusted EPS is computed by dividing net income (loss) attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.
Adjusted net income margin is computed as adjusted net income (loss) divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income (loss), divided by change in adjusted net revenue. See “ Adjusted Net Revenue” above for a reconciliation of this non-GAAP measure.
Management believes adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non-cash items and charges to present a comparable view for period over period comparisons of our business.

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The following table: (i) reconciles adjusted net income (loss) to net income (loss), the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings (loss) per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ and shares in thousands, except per share amounts) (1)
2025 2024 2023

$ Change

$ Change

Net income (loss) (GAAP) $ 481,320  $ 498,665  $ (300,742) $ (17,345) $ 799,407 
Non-GAAP adjustments:
Income tax benefit from release of tax valuation allowance

— 

(258,401)

— 

258,401 

(258,401)
Income tax benefit from restructuring

— 

(13,042)

— 

13,042 

(13,042)
Goodwill impairment expense —  —  247,174  —  (247,174)
Adjusted net income (loss) (non-GAAP)

$ 481,320 

$ 227,222 

$ (53,568)

$ 254,098 

$ 280,790 

Numerator:
Net income (loss) attributable to common stockholders – diluted (GAAP) (2)
$ 482,700  $ 434,776  $ (341,167)
Non-GAAP adjustments:
Income tax benefit from release of tax valuation allowance

— 

(258,401)

— 

Income tax benefit from restructuring

— 

(13,042)

— 

Goodwill impairment expense —  —  247,174 
Adjusted net income (loss) attributable to common stockholders – diluted (non-GAAP)
$ 482,700  $ 163,333  $ (93,993)
Denominator:

Weighted average common stock outstanding – diluted (GAAP)
1,251,767  1,101,390  945,024 
Non-GAAP adjustments:

Dilutive impact of convertible notes (3)
(23,377) (6,214) — 
Adjusted weighted average common stock outstanding – diluted (non-GAAP)
1,228,390  1,095,176  945,024 

Earnings (loss) per share – diluted (GAAP) (2)
$ 0.39  $ 0.39  $ (0.36)
Impact of adjustments per share

— 

(0.24)

0.26 

Adjusted earnings (loss) per share – diluted (non-GAAP) (2)
$ 0.39  $ 0.15  $ (0.10)

Net income (loss) margin (GAAP) 13  % 19  % (14) %

Adjusted net revenue (non-GAAP) (4)
$ 3,591,411  $ 2,606,170  $ 2,073,940 
Adjusted net income margin (non-GAAP)

13  %

9  %

(3) %

Incremental adjusted net income margin (non-GAAP)
26  % 53  %
____________________
(1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.
(2) Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.
(3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.
(4) Refer to ' Adjusted Net Revenue ' above for reconciliation of this non-GAAP measure.

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Key Business Metrics

The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions:

December 31, 2025 vs. 2024 2024 vs. 2023
2025 2024 2023 Variance
% Change Variance
% Change
Members 13,651,002  10,127,323  7,541,860  3,523,679  35  % 2,585,463  34  %
Total Products (1)
20,168,142  14,745,435  11,142,476  5,422,707  37  % 3,602,959  32  %
Total Products — Lending segment 2,633,186  2,010,354  1,663,006  622,832  31  % 347,348  21  %
Total Products — Financial Services segment (1)
17,534,956  12,735,081  9,479,470  4,799,875  38  % 3,255,611  34  %
Total Accounts — Technology Platform segment 128,461,873  167,713,818  145,425,391  (39,251,945) (23) % 22,288,427  15  %

___________________
(1) In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024. During 2025, we returned to crypto investing with the launch of SoFi Crypto.
See “ Summary Results by Segment ” for additional metrics we review at the segment level.
Members
We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. Additionally, our mobile application and website have a member home experience that is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.
Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude.
We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time. The data we collect from our members helps us to, among other things: (i) assess loan life performance data on each loan in our ecosystem, which can inform risk-based interest rates that we can offer our members, (ii) understand our members’ spending behavior to identify and suggest other products we offer that may align with the members’ financial needs, and (iii) enhance our opportunities to sell additional products to our members, as our members represent a vital source of marketing opportunities. When we provide additional products to members, it helps improve our unit economics per member, as we save on marketing costs that we would otherwise incur to attract new members. It also increases the lifetime value of an individual member. This in turn enhances our Financial Services Productivity Loop.
Member growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue.

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Since our inception through December 31, 2025, we have served approximately 13.6 million members who have used approximately 20.2 million products on the SoFi platform.

Members
In Thousands

Total Products
Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.
In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.
In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed.
Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop.
See “ Consolidated Results of Operations ” and “ Summary Results by Segment ” for discussion and analysis of operating results.

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Products
In Thousands

Total lending products were composed of the following:

December 31, 2025 vs. 2024 2024 vs. 2023
Lending Products 2025 2024 2023 Variance % Change Variance % Change
Personal loans (1)
1,935,607  1,405,928  1,113,864  529,679  38  % 292,064  26  %
Student loans 644,225  568,612  519,489  75,613  13  % 49,123  9  %
Home loans 53,354  35,814  29,653  17,540  49  % 6,161  21  %
Total lending products 2,633,186  2,010,354  1,663,006  622,832  31  % 347,348  21  %

___________________
(1) Includes loans which we originate as part of our Loan Platform Business.
Total financial services products were composed of the following:

December 31, 2025 vs. 2024 2024 vs. 2023
Financial Services Products 2025 2024 2023 Variance % Change
Variance % Change

Money (1)
6,791,108  5,094,785  3,374,310  1,696,323  33  % 1,720,475  51  %
Invest (2)
3,244,143  2,525,059  2,380,641  719,084  28  % 144,418  6  %
Credit Card 435,722  279,360  245,385  156,362  56  % 33,975  14  %
Referred loans (3)
149,872  85,205  55,231  64,667  76  % 29,974  54  %
Relay 6,687,259  4,636,755  3,336,868  2,050,504  44  % 1,299,887  39  %
At Work 163,411  113,917  87,035  49,494  43  % 26,882  31  %
Crypto (2)(4)
63,441  —  —  —  n/m —  n/m
Total financial services products (2)
17,534,956  12,735,081  9,479,470  4,799,875  38  % 3,255,611  34  %
___________________
(1) Includes checking and savings accounts held at SoFi Bank, and cash management accounts.
(2) In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024. During 2025, we returned to crypto investing with the launch of SoFi Crypto.
(3) Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.
(4) Product counts for Crypto for the fourth quarter of 2025 reflect activity from our product launch on December 22, 2025 through December 31, 2025 and are therefore not representative of a full quarter of performance.
Technology Platform Total Accounts
In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue reported in Note 20. Business Segment and Geographic Information to the Notes to Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from

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spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Technology Platform Accounts

In Millions

December 31,
2025 vs. 2024 2024 vs. 2023

2025 2024 2023 % Change % Change
Total accounts (1)
128,461,873  167,713,818  145,425,391  (23) % 15  %

___________________
(1) Includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025.

Key Factors Affecting Operating Results

Our future operating results and cash flows are dependent upon a number of opportunities, challenges and other factors, including our loan origination volume, financial services products and member activity on our platform, growth in technology platform clients, competition and industry trends, general economic conditions and our ability to optimize our national bank charter.
Origination Volum e
Our Lending segment is our largest segment, comprising 51%, 56% and 65% of total net revenue during the years ended December 31, 2025, 2024 and 2023, respectively. We are dependent upon the addition of new members and new activity from existing members to generate origination volume, which we believe is a contributor to Lending segment net revenue. We believe we have a high-quality loan portfolio, as indicated by our Lending segment weighted average origination FICO score of 749 during the year ended December 31, 2025.
We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members. Revenue from the Loan Platform Business is fee-based.
See “ Industry Trends and General Economic Conditions ” for the impact of specific economic factors on origination volume.

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Member Growth and Activity
We have invested heavily in our platform and are dependent on continued member growth, as well as our ability to generate additional revenues from our existing members using additional products and services. Member growth and activity is critical to our ability to increase our scale and earn a return on our technology and product investments. Growth in members and member activity will depend heavily on our ability to continue to offer attractive products and services at sustainable costs and our continued member acquisition and marketing efforts.
Product Offerings
Our aim is to develop and offer a best-in-class integrated financial services platform with products that meet the broad objectives of our members and the lifecycle of their financial needs. We have invested, and continue to invest, heavily in the development, improvement and marketing of our suite of lending and financial services products and are dependent on continued growth in the number of products selected by our members, as well as our ability to build trust and reliability between our members and our platform to reinforce the effects of the Financial Services Productivity Loop. In order to deliver on our strategy, we aim to foster positive member experiences designed to lead to more product adoption by existing members, leading to enhanced profitability for each additional product by lowering overall member acquisition costs.
Galileo Account Growth
Galileo primarily provides technology platform services to financial and non-financial institutions, which enabled us to diversify our business from a primarily consumer-based business to also serve enterprises that rely upon Galileo’s integrated platform as a service to serve their clients. We are dependent on growth in the number of accounts at Galileo, which is an indication of the amount of users that are dependent upon the technology platform for a variety of products and services, including virtual card products, virtual wallets, peer-to-peer and bank-to-bank transfers, early paychecks and relying on real-time authorizations, all of which generate revenue for Galileo.
Operating as a Bank
A key element of our long-term strategy included securing a national bank charter, which we acquired in the first quarter of 2022 and began operating SoFi Bank (formerly Golden Pacific), and SoFi Technologies became a bank holding company. Operating as a bank allows for expanded access to multiple channels of funding, including deposits through SoFi Bank and borrowing capacity through the FHLB and Federal Reserve, which provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. Since acquiring our bank license, we have shifted and continue to expect our funding mix to be primarily deposit funding, which generally has a lower cost of funds than warehouse financing.
See Part I, Item 1. “Company Overview—SoFi Bank ” and “ Government Supervision and Regulation ” for a discussion of the key expected financial benefits to us of operating a national bank and discussion of supervision and regulation to which we are subject. See Part I, Item 1A. “ Risk Factors ” for discussion of certain potential risks related to being a bank holding company.
Industry Trends and General Economic Conditions
Our results of operations have historically been resilient to economic downturns but in the future may be impacted by the strength of the overall economy and its effect on key performance drivers such as unemployment, inflation and consumer spending. As general economic conditions improve or deteriorate, the amount of consumer disposable income tends to fluctuate, which in turn impacts consumer spending levels and the willingness of consumers to take out loans to finance purchases or invest in financial assets. Specific economic factors, such as interest rate levels, changes in monetary and related policies, unemployment rates, inflation and consumer confidence, may also influence consumer spending, saving, investing and borrowing patterns. Liquidity and robustness of capital markets may influence both benchmark interest rates and credit spreads, thereby similarly influencing consumer behavior.
The Federal Reserve decreased the benchmark interest rate in September, October and December 2025, each time by 0.25%. Markets are currently pricing in some degree of continued easing over 2026, although the timing of such cuts will be largely determined by the combination of inflation persistence, labor market softness, and the political and leadership dynamics of the Federal Reserve. Stubborn inflation could cause rising interest rates and unfavorably impact demand for refinancing loan products. In addition, if interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate, it could have a negative impact on the overall economic growth and the state of the consumer.

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Economic and market volatility may also adversely impact our liquidity, results of operations and financial condition. We have continued to see strong demand for our deposits as a result of our competitive interest rate offering and access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. Our credit trends continued to be strong in 2025 after seeing delinquencies peak over one year ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality. Changes or uncertainty persists with respect to the U.S. presidential administration, governmental policies and regulations, and evolving priorities and guidance, and may adversely impact our members, our technology platform clients, our counterparties, and our operations, earnings and capital. Negative changes to macroeconomic conditions may result in decreased demand for our products, increased operating costs and negatively impact our results of operations.
Fair Value of Loans
We measure our personal loans, student loans and home loans at fair value. Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the balance sheet date, as well as gains (losses) on loans sold or repurchased during the period. Fair value adjustments made in each reporting period are impacted by factors such as, among others, interest rates, weighted average coupon, credit spreads, actual and estimated losses, prepayment speeds, duration and previous loan sale execution on similar loans. In determining our fair value assumptions, we incorporate recent data impacting the capital markets, as well as factors specific to us. Changes in these factors, either positive or negative, can have a material impact on our results of operations.
The following table summarizes the significant inputs to the fair value model for personal and student loans:

Personal Loans Student Loans
December 31,
2025 September 30,
2025 December 31,
2025 September 30,
2025
Weighted average coupon rate (1)
13.11  % 13.11  % 5.87  % 5.89  %
Weighted average annual default rate 4.46  % 4.33  % 0.68  % 0.67  %
Weighted average conditional prepayment rate 26.87  % 26.90  % 11.21  % 11.27  %
Weighted average discount rate 4.46  % 4.55  % 3.89  % 3.90  %
___________________
(1) Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.
As of the fourth quarter of 2025 relative to the third quarter of 2025, we observed the following trends:
• The weighted average coupon rate on personal loans was flat, which reflects the impacts of increased originations and rate reduction passed on to borrowers related to benchmark rate reductions during the fourth quarter.
• The weighted average conditional prepayment rate on student loans decreased by 6 bps, reflecting the impact of expected changes in prepayments.
• The weighted average discount rates on personal loans and student loans decreased by 9 bps and 1 basis point, respectively. For personal loans, our discount rate assumptions decreased in the fourth quarter due to benchmark interest rates declining by 8 bps, along with credit spreads tightening by 1 basis point. For student loans, our discount rate assumptions decreased in the fourth quarter due to credit spreads tightening by 6 bps, partially offset by benchmark interest rates increasing by 5 bps. Credit spread changes are indicated by asset-backed security and secondary markets.
• Annualized net charge-off rates on personal loans in the fourth quarter of 2025 were 2.80%, which remained lower than the assumed weighted average default rates in our fair value model of 4.46%. Personal loan charge-offs during each of the quarters of 2025 were impacted by delinquent loan sales of $359.9 million of aggregate unpaid principal balance. Annualized net charge-off rates on student loans in the fourth quarter of 2025 of 0.76% were higher than the assumed weighted average default rates in our fair value model of 0.68%. The increase in the student loan net charge-off rate was primarily a result of strategically repurchased certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30 days, 60 days and 90 days past due.
The combination of these and other factors, including in period originations, resulted in fair value gains recognized on our student loans portfolio and fair value losses on our personal loans portfolio during the fourth quarter of 2025.

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Student Lending
We expect we may continue to see an increase in student loan refinancing volume as borrowers may look to refinance to either a lower rate if interest rates continue to decline or extend the loan term given the high interest rate environment compared to recent historical periods. However, we expect that the timing and impact to our student loan refinancing product will largely depend on other factors, including executive actions by the U.S. presidential administration, the interest rate environment and how competitive our student loan refinancing products are compared to our competitors and macroeconomic factors.
Changes in law, regulations or governmental policies related to federal or private student loans could impact demand for our student loan products and our business in ways that are difficult to predict. For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures. While student loan repayments resumed in October 2023 for certain federal student loans, in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits (although these involuntary collections were delayed in January 2026). In July 2025, the One Big Beautiful Bill Act (Pub. L. No. 119-21) (“OBBB”) was signed into law, which among other provisions, eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026, and establishes new repayment assistance plans. In August 2025, the Department of Education issued proposed rules that would narrow employer eligibility under the Public Service Loan Forgiveness program. We expect these changes could lead to incremental opportunities for SoFi’s student loan products; however, all such outcomes are highly uncertain.

Key Components of Results of Operations

Net Interest Income
Net interest income primarily reflects the excess of interest income earned on our loans over the interest expense incurred to fund such loans. Net interest income is impacted by loan origination volume, the level of securitization activity, the amount of time we hold loans on our consolidated balance sheet and the volume of member deposits, as well as prevailing interest rates, which impact the rates we receive on our loans and securitization-related investments in bonds and residual interest positions, and the rates we incur from our funding sources including our warehouse facilities, securitization debt and member deposits at SoFi Bank. We also incur interest expense related to our revolving credit facility and convertible notes, as well as on our convertible notes in the form of amortization of debt issuance costs and original issue discount.
Noninterest Income
Noninterest income primarily consists of: (i) fee-based revenue recognized from contracts with customers, which primarily relates to our technology products and solutions revenues and the growth and expansion of our financial services offerings, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to be originated by a third-party partner, (ii) fees earned upon the sale of loans originated on behalf of third party partners through our Loan Platform Business, (iii) loan origination fees, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iv) fair value changes in loans while we hold them on our consolidated balance sheet and our securitization activities, inclusive of our hedging activities, (v) gains on sales of loans transferred into the securitization or whole loan sale channels, (vi) the income we receive from our loan servicing activities, as well as the assumption of servicing rights from third parties, (vii) gains and losses on non-securitization investments, and (viii) gains and losses on extinguishment of debt.
Noninterest Expense
Noninterest expense primarily relates to the following categories of expenses: (i)  technology and product development , (ii)  sales and marketing , (iii)  cost of operations , and (iv)  general and administrative . Certain costs are included within each of these line items, such as compensation and benefits-related expense (inclusive of share-based compensation expense), professional services, depreciation and amortization, and occupancy-related costs. We allocate certain costs to each of these categories based on department-level headcounts. We generally expect these expenses to increase in absolute dollars as our business continues to grow. Noninterest expense also includes goodwill impairment, related to the Technology Platform reporting unit in 2023.

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Directly Attributable Expenses
As presented within “Summary Results by Segment” , in our determination of the contribution profit (loss) for our reportable segments, we allocate certain expenses that are directly attributable to the segment. Directly attributable expenses primarily include compensation and benefits and sales and marketing, inclusive of member incentives, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment and lead generation. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products.

Consolidated Results of Operations

The following table sets forth selected consolidated statements of income data:

Year Ended December 31,
2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Net interest income $ 2,218,956  $ 1,716,481  $ 1,261,740  $ 502,475  29  % $ 454,741  36  %
Total noninterest income 1,394,398  958,378  861,049  436,020  45  % 97,329  11  %
Total net revenue 3,613,354  2,674,859  2,122,789  938,495  35  % 552,070  26  %
Provision for credit losses

30,319 

31,712 

54,945 

(1,393)

(4) %

(23,233)

(42) %
Total noninterest expense

3,057,178 

2,409,802 

2,369,002 

647,376 

27  %

40,800 

2  %
Income (loss) before income taxes 525,857  233,345  (301,158) 292,512  125  % 534,503  n/m
Income tax (expense) benefit (44,537) 265,320  416  (309,857) n/m 264,904  n/m
Net income (loss) $ 481,320  $ 498,665  $ (300,742) $ (17,345) (3) % $ 799,407  n/m

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Net Interest Income
The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin.
Average Balances and Net Interest Earnings Analysis

Year Ended December 31,
2025 2024 2023
($ in thousands) Average Balances (1)
Interest Income/Expense Average Yield/Rate Average Balances (1)
Interest Income/Expense Average Yield/Rate Average Balances (1)
Interest Income/Expense Average Yield/Rate
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 3,115,010  $ 115,661  3.71  % $ 2,814,098  $ 133,686  4.75  % $ 2,172,013  $ 91,312  4.20  %
Investment securities 2,354,919  119,043  5.06  1,412,821  79,338  5.62  541,590  25,096  4.63 
Loans
32,443,566  3,140,495  9.68  25,360,067  2,594,793  10.23  18,733,812  1,934,659  10.33 

Total interest-earning assets 37,913,495  3,375,199  8.90  29,586,986  2,807,817  9.49  21,447,415  2,051,067  9.56 
Total noninterest-earning assets 4,033,049  3,305,102  2,920,982 
Total assets
$ 41,946,544  $ 32,892,088  $ 24,368,397 
Liabilities, Temporary Equity and Permanent Equity
Interest-bearing liabilities:
Demand deposits $ 2,323,852  $ 12,942  0.56  % $ 2,167,328  $ 45,117  2.08  % $ 2,214,794  $ 51,673  2.33  %
Savings deposits 26,663,292  962,371  3.61  18,385,550  782,205  4.25  8,481,895  359,444  4.24 
Time deposits 874,108  38,730  4.43  2,060,959  102,832  4.99  1,958,002  96,703  4.94 
Total interest-bearing deposits 29,861,252  1,014,043  3.40  22,613,837  930,154  4.11  12,654,691  507,820  4.01 
Warehouse facilities 1,667,619  88,471  5.31  1,555,603  97,781  6.29  3,142,096  192,987  6.14 
Securitization debt 62,650  2,163  3.45  188,855  7,197  3.81  751,869  36,853  4.90 
Other debt (2)
1,757,991  51,566  2.93  1,782,732  56,204  3.15  1,638,748  51,526  3.14 
Total debt 3,488,260  142,200  4.08  3,527,190  161,182  4.57  5,532,713  281,366  5.09 
Residual interests classified as debt 549  —  —  2,495  —  —  12,301  141  1.15 
Total interest-bearing liabilities 33,350,061  1,156,243  3.47  26,143,522  1,091,336  4.17  18,199,705  789,327  4.34 
Total noninterest-bearing liabilities 923,992  753,979  622,472 
Total liabilities 34,274,053  26,897,501  18,822,177 
Total temporary equity —  123,221  320,374 
Total permanent equity 7,672,491  5,871,366  5,225,846 
Total liabilities, temporary equity and permanent equity $ 41,946,544  $ 32,892,088  $ 24,368,397 

Net interest income (3)
$ 2,218,956  $ 1,716,481  $ 1,261,740 
Net interest margin (4)
5.85  % 5.80  % 5.88  %
___________________
(1) Average balances were calculated on daily carrying balances.
(2) Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes.
(3) Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities.
(4) Net interest margin is calculated as net interest income divided by total average interest-earning assets.
2025 vs. 2024. Net interest income increased by $502.5 million, or 29%, during the year ended December 31, 2025 compared to the year ended December 31, 2024, and net interest margin increased by 5 basis points. Average interest-earning assets increased by 28% and average yields decreased by 59 basis points overall, while average interest-bearing liabilities increased by 28% and the average cost of interest-bearing liabilities decreased by 70 basis points.
The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $539.9 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $39.7 million primarily

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attributable to higher average balances, and (iii) lower interest expense on warehouse facilities of $9.3 million primarily attributable to lower rates. These items were partially offset by (i) higher interest expense on deposits of $83.9 million, primarily attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $18.0 million primarily attributable to lower rates.
2024 vs. 2023. Net interest income increased by $454.7 million, or 36%, during the year ended December 31, 2024 compared to the year ended December 31, 2023, and net interest margin decreased by 8 basis points. Average interest-earning assets increased by 38% and average yields decreased by 7 basis points overall, while average interest-bearing liabilities increased by 44% and the average cost of interest-bearing liabilities decreased by 17 basis points.
The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $602.1 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $54.2 million primarily attributable to higher average balances, (iii) higher interest income from interest-bearing deposits with banks of $42.4 million, primarily attributed to higher average balances, and (iv) lower interest expense on warehouse facilities and securitizations of $124.9 million primarily attributable to lower average balances, which is reflective of our continued funding mix shift towards deposit funding. These items were partially offset by higher interest expense on deposits of $422.3 million primarily attributable to higher average balances.
Analysis of Changes in Net Interest Income
The following table presents year-over-year changes in net interest income and the extent to which the variances are attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities:

2025 vs. 2024 2024 vs. 2023
Increase (Decrease) Due to Change in (1) :
Increase (Decrease) Due to Change in (1) :

($ in thousands) Volume Rate Total Variance Volume Rate Total Variance
Interest income:
Interest-bearing deposits with banks $ 11,173  $ (29,198) $ (18,025) $ 30,503  $ 11,871  $ 42,374 
Investment securities 47,624  (7,919) 39,705  48,924  5,318  54,242 
Loans 685,673  (139,971) 545,702  677,986  (17,852) 660,134 

Total interest income $ 744,470  $ (177,088) $ 567,382  $ 757,413  $ (663) $ 756,750 

Interest expense:
Demand deposits $ 872  $ (33,047) $ (32,175) $ (988) $ (5,568) $ (6,556)
Savings deposits 298,772  (118,606) 180,166  421,347  1,414  422,761 
Time deposits (52,588) (11,514) (64,102) 5,137  992  6,129 
Interest-bearing deposits 247,056  (163,167) 83,889  425,495  (3,161) 422,334 
Warehouse facilities 5,942  (15,252) (9,310) (99,723) 4,517  (95,206)
Securitization debt (4,358) (676) (5,034) (21,456) (8,200) (29,656)
Other debt
(726) (3,912) (4,638) 4,539  139  4,678 
Debt 858  (19,840) (18,982) (116,639) (3,545) (120,184)
Residual interests classified as debt —  —  —  —  (141) (141)
Total interest expense $ 247,914  $ (183,007) $ 64,907  $ 308,856  $ (6,847) $ 302,009 
Net interest income
$ 496,556  $ 5,919  $ 502,475  $ 448,557  $ 6,184  $ 454,741 
___________________
(1) We calculate the change in interest income and interest expense separately for each item. Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.

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Loan Maturity Schedule
The following table presents the maturities of our loan portfolio, as well as the separate presentation of the total amount of loans in each loan category that are due after one year that have variable rates and fixed rates:

As of December 31, 2025 (1)

($ in thousands) Within 1 year After 1 year through 5 years After 5 years through 15 years After 15 years Total
Loan Portfolio:
Personal loans
$ 427,194  $ 15,116,411  $ 4,699,612  $ —  $ 20,243,217 
Student loans
35,228  1,664,560  8,112,999  3,062,653  12,875,440 
Home loans
—  —  121,693  1,011,636  1,133,329 
Secured loans
—  169,729  702,524  —  872,253 
Credit card (2)
501,327  —  —  —  501,327 
Commercial and consumer banking 4,576  1,265  10,577  159,523  175,941 
Total loans $ 968,325  $ 16,951,965  $ 13,647,405  $ 4,233,812  $ 35,801,507 
Loans with variable rates:
Personal loans
$ 5  $ —  $ —  $ 5 
Student loans
17,788  133,480  23,895  175,163 
Home loans
—  —  8,132  8,132 

Commercial and consumer banking 25  4,992  149,660  154,677 
Total loans $ 17,818  $ 138,472  $ 181,687  $ 337,977 
Loans with fixed rates:
Personal loans
$ 15,116,406  $ 4,699,612  $ —  $ 19,816,018 
Student loans
1,646,772  7,979,519  3,038,758  12,665,049 
Home loans
—  121,693  1,003,504  1,125,197 
Secured loans
169,729  702,524  —  872,253 
Commercial and consumer banking 1,240  5,585  9,863  16,688 
Total loans $ 16,934,147  $ 13,508,933  $ 4,052,125  $ 34,495,205 
__________________
(1) Maturities presented are based upon the contractual terms of the loans. Amounts represent unpaid principal balance of loans outstanding at period end.
(2) Due to the revolving nature of credit cards, we report all of our credit card balances as due within one year.

Noninterest Income
The following table presents the components of our total noninterest income:

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Loan origination, sales, securitizations and servicing $ 242,947  $ 278,114  $ 409,140  $ (35,167) (13) % $ (131,026) (32) %
Technology products and solutions 360,903  350,810  323,972  10,093  3  % 26,838  8  %
Loan platform fees 575,911  141,608  33,602  434,303  307  % 108,006  321  %
Other 214,637  187,846  94,335  26,791  14  % 93,511  99  %
Total noninterest income
$ 1,394,398  $ 958,378  $ 861,049  $ 436,020  45  % $ 97,329  11  %

Total noninterest income increased by $436.0 million, or 45%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.
Loan Origination, Sales, Securitizations and Servicing
2025 vs. 2024 . Loan origination, sales, securitizations and servicing decreased by $35.2 million, or 13%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans, lower fair value gains on personal loans and net higher personal and student loan write-offs. These decreases were partially offset by higher fair value gains on student loans, higher origination fees and higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume.

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2024 vs. 2023. Loan origination, sales, securitizations and servicing decreased by $131.0 million, or 32%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was driven primarily by higher personal and student loan net charge-offs of $172.5 million, primarily driven by growth in the portfolios and elevated charge off rates, lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024, lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions, and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period. Partially offsetting these decreases were higher origination fees primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate.
Technology Products and Solutions
2025 vs. 2024 . Technology products and solutions increased by $10.1 million, or 3%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients. During 2025, a large client fully transitioned off the platform.
2024 vs. 2023. Technology products and solutions increased by $26.8 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.
Loan Platform Fees and Related Servicing
2025 vs. 2024. Loan platform fees and related servicing increased $430.8 million, or 274%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase reflects a full year of Loan Platform Business originations during 2025 compared to the prior year period when the business was fully launched in the third quarter of 2024.
2024 vs. 2023. Loan platform fees and related servicing increased $121.4 million, or 337%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by growth in our Loan Platform Business which was fully launched in the third quarter of 2024.
The following table presents the components of noninterest income associated with our Loan Platform Business:

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands) 2025 2024 2023 $ Change % Change $ Change % Change
Loan platform fees (1)
$ 575,911  $ 141,608  $ 33,602  $ 434,303  307  % $ 108,006  321  %
Servicing (2)
12,347  15,825  2,464  (3,478) (22) % 13,361  542  %
Loan platform fees and servicing, total noninterest income

$ 588,258 

$ 157,433 

$ 36,066 

$ 430,825 

274  %

$ 121,367  337  %
___________________
(1) Recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss), and the Financial Services reportable segment.
(2) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.
Other
2025 vs. 2024. Other noninterest income increased $26.8 million, or 14%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by higher interchange income as a result of an increase in spending volumes across SoFi Money and Credit Card and brokerage income, partially offset by gains on extinguishment of debt during 2024.
2024 vs. 2023. Other noninterest income increased $93.5 million, or 99%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by gains on extinguishment of debt and an increase in interchange income.

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Provision for Credit Losses

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Credit Card
$ 30,898  $ 31,599  $ 54,267  $ (701) (2) % $ (22,668) (42) %
Commercial and consumer banking
(579) 113  678  (692) n/m (565) (83) %
Total
$ 30,319  $ 31,712  $ 54,945  $ (1,393) (4) % $ (23,233) (42) %

2025 vs. 2024. The provision for credit losses was $30.3 million for the year-ended December 31, 2025, reflecting net charge-offs of $26.0 million and an allowance increase of $4.3 million. Net charge-offs of $26.1 million decreased $13.7 million compared to the year ended December 31, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $4.3 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.
2024 vs. 2023. The provision for credit losses was $31.7 million for the year-ended December 31, 2024, reflecting net charge-offs of $39.6 million and an allowance release of $8.0 million. Net charge-offs of $39.6 million decreased $1.4 million compared to the year ended December 31, 2023, driven by lower credit card charge-offs primarily due to improved delinquency rate (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions. The allowance release of $8.0 million was also primarily related to our credit card products, reflecting improved credit quality of the portfolio, including higher borrower FICO scores. The prior year provision for the year ended December 31, 2023 was $54.9 million, reflecting net charge-offs of $41.0 million and an allowance increase of $13.3 million.
Refer to “ Analysis of Charge-offs ” for a further discussion of the factors driving changes in net charge-offs and the allowance.
Analysis of Allowance for Credit Losses
Allowance for Credit Losses Ratios
The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost:

December 31,
($ in thousands) 2025 2024
Allowance for credit losses to total loans outstanding
Allowance for credit losses
$ 50,934  $ 46,684 
Total loans held for investment, at amortized cost outstanding (1)
$ 1,549,521  $ 1,285,910 
Ratio (2)
3.29  % 3.63  %
__________________
(1) Total loans outstanding excludes accrued interest.
(2) The decrease in the ratio was primarily attributable to improved credit quality in credit card and an increase of $67.5 million in secured loans.
We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial.
Allocation of Allowance for Credit Losses
The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost:

December 31, 2025 December 31, 2024
($ in thousands) Allowance for credit losses Percent of loans to total loans (1)
Allowance for credit losses Percent of loans to total loans (1)

Credit card
$ 49,205  32  % $ 44,350  26  %
Commercial and consumer banking 1,729  12  % 2,334  12  %
Secured loans (2)
—  56  % —  62  %
Total $ 50,934  100  % $ 46,684  100  %
__________________

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(1) Loans outstanding balances used in the calculation exclude accrued interest.
(2) Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor. The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of December 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.
Analysis of Charge-offs
The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding:

Year Ended December 31,
2025 2024 2023
($ in thousands) Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)
Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)
Average Loans (1)
Net Charge-offs (2)(3)
Ratio (5)

Personal loans
$ 19,800,548  $ 566,709  2.86  % $ 16,426,053  $ 581,370  3.54  % $ 12,638,807  $ 432,706  3.42  %
Student loans
10,772,729  78,090  0.72  % 7,414,829  47,097  0.64  % 5,641,787  25,048  0.44  %
Home loans
541,650  —  —  % 77,912  —  —  % 78,554  —  —  %
Secured loans
802,245  —  —  % 1,024,275  —  —  % 26,291  —  —  %
Credit card
364,326  26,043  7.15  % 274,093  39,634  14.46  % 238,832  40,992  17.16  %
Commercial and consumer banking 162,068  26  0.02  % 142,905  89  0.06  % 109,541  46  0.04  %
Total loans $ 32,443,566  $ 670,868  2.07  % $ 25,360,067  $ 668,190  2.63  % $ 18,733,812  $ 498,792  2.66  %
___________________
(1) Average balances were calculated on daily carrying balances.
(2) Net charge-offs include both credit- and certain non-credit-related charge-offs. Non-credit related charge-offs, which primarily relate to alleged or potential fraud, occur occasionally in our business and are impacted by factors different from our credit related charge-offs. Non-credit related charge-offs were immaterial for all periods presented.
(3) Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value. Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses .
(4) Excludes the impact of delinquent personal loan sales during the years ended December 31, 2025 and 2024. These loans were sold prior to charge-off during the years ended December 31, 2025 and 2024 and otherwise would have been charged off as of December 31, 2025 and 2024 consistent with our policy. See Note 4. Loans to the Notes to Consolidated Financial Statements for additional information.
(5) Net charge-off ratio is calculated as net charge-offs divided by average loans.

2025 vs. 2024. For the year ended December 31, 2025, the total net charge-off ratio was 2.07%, a decrease of 56 bps compared with the year ended December 31, 2024, and total net charge-offs were $670.9 million, an increase of $2.7 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.5%, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as lower personal loans net charge-off ratio reflective of improvement in delinquency rates (total personal loan delinquency rate was 52 bps, down approximately 4 bps from the comparative period). The total net charge-off ratio decrease was partially offset by an increase in the student loan net charge-off ratio primarily driven by the repurchase of certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations. While the student loan charge-off ratio increased during the period, the delinquency rate was relatively in line with the prior year period, reflecting overall stable credit quality of the overall portfolio.
The increase in total net charge-offs was $2.7 million, driven by higher student loan net charge-offs of $31.0 million primarily reflecting an increase in average loans of 45%, partially offset by lower personal loan and credit card net charge-offs of $14.7 million and $13.6 million, respectively.
2024 vs. 2023 . For the year ended December 31, 2024, the total net charge-off ratio was 2.63%, a decrease of 3 bps compared with the year ended December 31, 2023, and total net charge-offs were $668.2 million, an increase of $169.4 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as an increase of $359.1 million in secured loans, for which we did not recognize an allowance for credit losses. The increase in total net charge-offs was primarily driven by higher personal loan amounts of $148.7 million and higher student loan amounts of $22.0 million.

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In addition, charge-off ratios for personal loans and student loans were higher year over year, by 12 bps and 20 bps, respectively, which partially offset the improvement in the total net charge-off ratio. These increases reflect growth in our portfolios, seasoning of vintages and credit normalization, along with the impact of the end of the student loan payment moratorium on August 30, 2023.

Noninterest Expense
The following table presents the components of our total noninterest expense:

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Technology and product development $ 648,332  $ 551,787  $ 511,419  $ 96,545  17  % $ 40,368  8  %
Sales and marketing 1,095,412  796,293  719,400  299,119  38  % 76,893  11  %
Cost of operations 608,998  461,633  379,998  147,365  32  % 81,635  21  %
General and administrative 704,436  600,089  511,011  104,347  17  % 89,078  17  %
Goodwill impairment —  —  247,174  —  n/m (247,174) (100) %
Total noninterest expense
$ 3,057,178  $ 2,409,802  $ 2,369,002  $ 647,376  27  % $ 40,800  2  %

Total noninterest expense increased by $647.4 million, or 27%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.
Technology and product development
2025 vs. 2024. Technology and product development expenses increased $96.5 million, or 17% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software.
2024 vs. 2023. Technology and product development expenses increased $40.4 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher amortization of purchased and internally developed software, and tools and subscriptions costs reflective of continued investments in technology.
Sales and marketing
2025 vs. 2024. Sales and marketing expenses increased $299.1 million, or 38%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by increases in advertising and marketing expenditures, as well as higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
2024 vs. 2023. Sales and marketing expenses increased $76.9 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in direct member incentives, advertising and marketing expenditures, and lead generation costs primarily related to our Lending and Financial Services segments.
Cost of operations
2025 vs. 2024. Cost of operations expenses increased $147.4 million, or 32%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, and (iv) professional services costs.
2024 vs. 2023. Cost of operations expenses increased $81.6 million, or 21%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in professional services costs and an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform.

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General and administrative
2025 vs. 2024. General and administrative expenses increased $104.3 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.
2024 vs. 2023. General and administrative expenses increased $89.1 million, or 17%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, increases in professional services costs and amortization of premiums on a credit default swap related to our student loans during the 2024 period.

Income Taxes
The income tax expense for the year ended December 31, 2025 was $44.5 million, primarily attributable to the Company’s profitability, partially offset by tax benefits for stock compensation. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information. On July 4, 2025, the OBBB was enacted into law, which included certain modifications to U.S. tax law. The enacted portions of the OBBB have not had a material impact on the Company's results of operations in 2025.
Our income tax benefit in 2024 primarily due to the release in the fourth quarter of a $258.4 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. The timing of this valuation allowance release was primarily due to our cumulative income combined with projections of continued profitability. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions.
Our income tax benefit in 2023 was primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys. Our 2023 benefits were partially offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited.
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. As noted above, in 2024 we released a significant portion of our valuation allowance. During the year ended December 31, 2025, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements.

Summary Results by Segment

Contribution profit (loss) is the primary measure of segment-level profit and loss that, along with our key business metrics, is used by management to evaluate our business, measure our performance, identify trends and make strategic decisions. Contribution profit (loss) is defined as total net revenue for each reportable segment less expenses directly attributable to the reportable segment, provision for credit losses and, in the case of our Lending segment, adjusted for fair value adjustments attributable to assumption changes associated with our servicing rights and residual interests classified as debt. See the sections entitled “Consolidated Results of Operations” , “Summary Results by Segment” and “Non-GAAP Financial Measures” for discussion and analysis of these key financial measures.

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The following table sets forth selected segment-level data:

December 31,
2025 vs. 2024 2024 vs. 2023
2025 2024 2023 Change % Change Change % Change
Lending

Total net revenue $ 1,848,949  $ 1,485,222  $ 1,370,621  $ 363,727  24  % $ 114,601  8  %
Directly attributable expenses
(810,106) (588,507) (513,073) (221,599) 38  % (75,434) 15  %
Contribution profit
1,016,900  890,543  823,273  126,357  14  % 67,270  8  %
Technology Platform

Total net revenue

$ 450,211  $ 395,178  $ 352,340  $ 55,033  14  % $ 42,838  12  %
Directly attributable expenses (305,798) (268,223) (257,554) (37,575) 14  % (10,669) 4  %
Contribution profit
144,413  126,955  94,786  17,458  14  % 32,169  34  %
Financial Services

Total net revenue $ 1,542,016  $ 821,511  $ 436,515  $ 720,505  88  % $ 384,996  88  %
Provision for credit losses (30,329) (31,659) (54,945) 1,330  (4) % 23,286  (42) %
Directly attributable expenses (718,778) (482,845) (381,832) (235,933) 49  % (101,013) 26  %
Contribution profit (loss) 792,909  307,007  (262) 485,902  158  % 307,269  n/m

Reportable segments total

Total net revenue $ 3,841,176  $ 2,701,911  $ 2,159,476  $ 1,139,265  42  % $ 542,435  25  %
Provision for credit losses
(30,329) (31,659) (54,945) 1,330  (4) % 23,286  (42) %
Directly attributable expenses (1,834,682) (1,339,575) (1,152,459) (495,107) 37  % (187,116) 16  %
Contribution profit
1,954,222  1,324,505  917,797  629,717  48  % 406,708  44  %

Lending Segment
Lending Segment Results of Operations
The following table presents the measure of contribution profit for the Lending segment.

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Net interest income $ 1,606,032  $ 1,207,226  $ 960,773  $ 398,806  33  % $ 246,453  26  %
Noninterest income 242,917  277,996  409,848  (35,079) (13) % (131,852) (32) %
Total net revenue 1,848,949  1,485,222  1,370,621  363,727  24  % 114,601  8  %
Servicing rights – change in valuation inputs or assumptions (1)
(22,013) (6,280) (34,700) (15,733) 251  % 28,420  (82) %
Residual interests classified as debt – change in valuation inputs or assumptions (2)
70  108  425  (38) (35) % (317) (75) %
Directly attributable expenses:
Direct advertising (327,747) (218,566) (183,885) (109,181) 50  % (34,681) 19  %
Lead generation (184,542) (149,481) (115,388) (35,061) 23  % (34,093) 30  %
Compensation and benefits (166,239) (126,394) (119,266) (39,845) 32  % (7,128) 6  %
Loan origination and servicing costs (84,215) (51,415) (46,241) (32,800) 64  % (5,174) 11  %
Professional services (13,041) (11,957) (9,592) (1,084) 9  % (2,365) 25  %
Intercompany technology platform expenses (2,078) (2,706) (948) 628  (23) % (1,758) 185  %
Other (3)
(32,244) (27,988) (37,753) (4,256) 15  % 9,765  (26) %
Directly attributable expenses
(810,106) (588,507) (513,073) (221,599) 38  % (75,434) 15  %
Contribution profit $ 1,016,900  $ 890,543  $ 823,273  $ 126,357  14  % $ 67,270  8  %
Adjusted net revenue — Lending (4)
$ 1,827,006  $ 1,479,050  $ 1,336,346  $ 347,956  24  % $ 142,704  11  %

__________________
(1) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive

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income (loss), but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(3) Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries).
(4) Adjusted net revenue is a non-GAAP financial measure. For information regarding our use and definition of this measure and for a reconciliation to the most directly comparable U.S. GAAP measure, total net revenue, see “Non-GAAP Financial Measures” herein.
Net interest income
2025 vs. 2024. Net interest income in our Lending segment increased by $398.8 million, or 33%, for the year ended December 31, 2025 compared to 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.1 billion (20%) and $3.1 billion (43%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.
2024 vs. 2023. Net interest income in our Lending segment increased by $246.5 million, or 26%, for the year ended December 31, 2024 compared to 2023. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.5 billion (29%) and $1.6 billion (29%), respectively, combined with higher weighted average interest rates. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods. Interest expense associated with funding our lending activities increased by $410.0 million, or 44%, primarily due to higher average loan balances.
Noninterest income
Noninterest income in our Lending segment decreased by $35.1 million, or 13%, for the year ended December 31, 2025 compared to 2024, and decreased by $131.9 million, or 32%, for the year ended December 31, 2024 compared to 2023. For both periods, the change was primarily attributable to lower loan origination, sales, securitizations and servicing income.
Loan Originations, Sales, Securitizations and Servicing
The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing :