
Executive Summary Q1 2025 Performance Highlights SoFi achieved record net revenue and adjusted EBITDA in Q1 2025, driven by product innovation and growth, prompting management to raise 2025 guidance Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | % Change | | :--------------------------------------- | :-------- | :-------- | :------- | | Total net revenue (GAAP) | $771.8 million | $645.0 million | 20% | | Net income (GAAP) | $71.1 million | $88.0 million | (19)% | | Diluted EPS (GAAP) | $0.06 | $0.02 | 200% | | Adjusted net revenue (Non-GAAP) | $770.7 million | $580.6 million | 33% | | Adjusted EBITDA (Non-GAAP) | $210.3 million | $144.4 million | 46% | | Adjusted diluted EPS (Non-GAAP) | $0.06 | $0.02 | 200% | - Management raised its 2025 guidance due to strong Q1 momentum, accelerating innovation and increasing financial outlook12 Key Product and Member Growth SoFi achieved record member and product growth in Q1 2025, adding 800,000 new members and 1.2 million new products, fueled by Financial Services revenue doubling Q1 2025 Member and Product Growth | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Total Members | 10.9 million | 8.1 million | 34% | | Total Products | 15.9 million | 11.8 million | 35% | | New Members Added (Q1) | 800,000 | N/A | 34% | | New Products Added (Q1) | 1.2 million | N/A | 35% | - Financial Services revenue doubled, reaching $303 million, fueled by SoFi Money adoption, Loan Platform Business expansion, and SoFi Invest innovations4 - The Loan Platform Business expanded with over $8 billion in new commitments and originated $1.6 billion in loans for third parties in Q110 Consolidated Financial Results Overall Financial Performance SoFi achieved its sixth consecutive quarter of GAAP profitability with $71.1 million net income, $0.06 diluted EPS, and strong adjusted revenue and EBITDA growth Q1 2025 Overall Financial Performance Metrics | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | GAAP Net Revenue | $771.8 million | $645.0 million | 20% | | Adjusted Net Revenue | $770.7 million | $580.6 million | 33% | | GAAP Net Income | $71.1 million | $88.0 million | (19)% | | Diluted EPS | $0.06 | $0.02 | 200% | | Adjusted EBITDA | $210.3 million | $144.4 million | 46% | | Adjusted EBITDA Margin | 27% | N/A | N/A | - Total fee-based revenue reached a record $315.4 million, a 67% year-over-year increase, driven by strong performance from the Loan Platform Business and various fee revenues6 Net Interest Income and Margin Net interest income increased 24% year-over-year to $498.7 million, driven by higher interest-earning assets and lower cost of funds, improving net interest margin to 6.01% Q1 2025 Net Interest Income and Margin Analysis | Metric | Q1 2025 | Q1 2024 | % Change | | :---------------------- | :-------- | :-------- | :------- | | Net Interest Income | $498.7 million | N/A | 24% | | Average Interest-Earning Assets | N/A | N/A | 23% | | Cost of Funds | N/A | N/A | (82 bps) | | Average Asset Yields | N/A | N/A | (55 bps) | - Net interest margin increased 10 basis points sequentially to 6.01%, mainly due to lower cost of funds, resulting in approximately $515 million in annual interest expense savings compared to warehouse facilities11 Equity and Book Value SoFi's equity grew by $153.4 million to $6.7 billion, with book value per share at $6.05, and tangible book value increased to $5.1 billion Q1 2025 Equity and Book Value Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :-------------------------- | :-------- | :-------- | :------- | | Total Equity | $6.7 billion | N/A | +$153.4 million | | Book Value per Share | $6.05 | N/A | N/A | | Tangible Book Value | $5.1 billion | N/A | +$167.1 million | | Tangible Book Value per Share | $4.58 | $3.90 | +$0.68 | Segment Performance Financial Services Segment The Financial Services segment more than doubled net revenue to $303.1 million, with contribution profit surging 299% to $148.3 million and margin expanding to 49% Q1 2025 Financial Services Segment Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Net Revenue | $303.1 million | $150.6 million | 101% | | Net Interest Income | $173.2 million | $119.7 million | 45% | | Noninterest Income | $129.9 million | $30.8 million | 321% | | Contribution Profit | $148.3 million | $37.2 million | 299% | | Contribution Margin | 49% | 25% | +24 ppts | - The Loan Platform Business contributed $96.1 million to consolidated adjusted net revenue, with $92.8 million from personal loan originations for third parties and referrals19 - Interchange fee revenue grew 90% year-over-year, reflecting nearly $16 billion in total annualized spend across Money and Credit Card products20 Financial Services Product Growth Total Financial Services products increased 36% year-over-year to 13.8 million, driven by strong demand for SoFi Money, Relay, and Invest products Financial Services Product Growth by Type | Product | March 31, 2025 | March 31, 2024 | % Change | | :-------------------------- | :------------- | :------------- | :------- | | Total Financial Services Products | 13,785,592 | 10,124,973 | 36% | | SoFi Money | 5,477,472 | 3,880,021 | 41% | | SoFi Invest | 2,684,658 | 2,224,705 | 21% | | SoFi Credit Card | 306,106 | 254,617 | 20% | | Referred loans | 102,986 | 59,555 | 73% | | Relay | 5,094,484 | 3,613,686 | 41% | | At Work | 119,886 | 92,389 | 30% | - Annualized revenue per Financial Services product improved by 48% year-over-year to $8823 - Total deposits grew to $27.3 billion, with over 90% of SoFi Money deposits coming from direct deposit members24 Technology Platform Segment The Technology Platform segment reported $103.4 million net revenue, a 10% increase, with $30.9 million contribution profit and 30% margin, diversifying its client base Q1 2025 Technology Platform Segment Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Net Revenue | $103.4 million | $94.4 million | 10% | | Net Interest Income | $0.4 million | $0.5 million | (18)% | | Noninterest Income | $103.0 million | $93.9 million | 10% | | Contribution Profit | $30.9 million | $30.7 million | 1% | | Contribution Margin | 30% | 33% | -3 ppts | - SoFi launched a co-branded debit card program with Wyndham Hotels & Resorts and signed a deal with Mercantil Banco for its Cyberbank Digital banking platform, indicating client diversification28 Technology Platform Account Growth Technology Platform enabled client accounts increased by 5% year-over-year, reaching 158.4 million Technology Platform Total Accounts | Metric | March 31, 2025 | March 31, 2024 | % Change | | :---------------- | :------------- | :------------- | :------- | | Total Accounts | 158,432,347 | 151,049,375 | 5% | Lending Segment The Lending segment saw GAAP net revenue increase 25% to $413.4 million, with contribution profit growing 15% to $238.9 million and maintaining a 58% adjusted margin Q1 2025 Lending Segment Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | GAAP Net Revenue | $413.4 million | $330.5 million | 25% | | Adjusted Net Revenue | $412.3 million | $325.3 million | 27% | | Net Interest Income | $360.6 million | $266.5 million | 35% | | Noninterest Income | $52.8 million | $63.9 million | (17)% | | Contribution Profit | $238.9 million | $207.7 million | 15% | | Adjusted Contribution Margin | 58% | 64% | -6 ppts | Loan Originations and Capital Markets Record origination volume of $7.2 billion in Q1 2025, up 66% year-over-year, driven by strong demand across all loan types, supported by robust capital markets activity Q1 2025 Loan Origination Volume | Loan Type | Q1 2025 Originations | Q1 2024 Originations | % Change | | :---------------- | :------------------- | :------------------- | :------- | | Total Origination Volume | $7.2 billion | $4.4 billion | 66% | | Personal Loans | $5.5 billion | $3.3 billion | 69% | | Student Loans | $1.2 billion | $0.8 billion | 59% | | Home Loans | $518 million | $336 million | 54% | - SoFi sold or transferred over $3.1 billion in personal and home loans, including $1.1 billion in whole loan sales for personal loans and $322 million for home loans43 - A $698 million co-contributor securitization of Loan Platform Business collateral was executed, marking the first SCLP securitization of new collateral since 202144 Credit Performance Credit performance strengthened in Q1, with decreased annualized charge-off rates for personal and student loans, and a fourth consecutive quarterly decrease in personal loan 90-day delinquency Q1 2025 Credit Performance Metrics | Metric | Q1 2025 | Q4 2024 | Change | | :-------------------------------- | :-------- | :-------- | :------- | | Personal Loan Annualized Charge-off Rate | 3.31% | 3.37% | (0.06 ppts) | | Student Loan Annualized Charge-off Rate | 0.47% | 0.62% | (0.15 ppts) | | Personal Loan 90-day Delinquency Rate | 46 bps | 55 bps | (9 bps) | | Student Loan 90-day Delinquency Rate | 13 bps | 13 bps | 0 bps | - The company maintains confidence in achieving life-of-loan loss rates below its 8% tolerance for personal loans, supported by recent vintage performance474849 Loan Portfolio and Fair Value The total fair value of loans increased to $27.8 billion as of March 31, 2025, influenced by higher unpaid principal balances and lower weighted average discount rates Loan Portfolio Fair Value | Loan Type | March 31, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :---------------- | :-------------------------- | :----------------------------- | | Personal Loans | $17.9 billion | $17.5 billion | | Student Loans | $9.6 billion | $8.6 billion | | Home Loans | $356.8 million | $152.5 million | | Total Fair Value of Loans | $27.8 billion | $26.3 billion | Key Fair Value Inputs for Loans | Input (Personal Loans) | March 31, 2025 | December 31, 2024 | | :----------------------- | :------------- | :---------------- | | Weighted average coupon rate | 13.30% | 13.44% | | Weighted average annual default rate | 4.37% | 4.55% | | Weighted average conditional prepayment rate | 26.53% | 26.01% | | Weighted average discount rate | 4.87% | 5.29% | | Benchmark rate | 3.74% | 4.08% | | Input (Student Loans) | March 31, 2025 | December 31, 2024 | | :---------------------- | :------------- | :---------------- | | Weighted average coupon rate | 6.01% | 5.91% | | Weighted average annual default rate | 0.67% | 0.73% | | Weighted average conditional prepayment rate | 10.93% | 10.95% | | Weighted average discount rate | 4.22% | 4.40% | | Benchmark rate | 3.66% | 4.04% | Member and Product Growth Overview Total Member and Product Growth SoFi continued robust growth in its member base and product adoption, adding a record 800,000 new members and 1.2 million new products in Q1 2025, reflecting successful innovation Total Member and Product Growth Metrics | Metric | March 31, 2025 | March 31, 2024 | % Change | | :-------------------------------- | :------------- | :------------- | :------- | | Total Members | 10,915,811 | 8,131,720 | 34% | | Total Products | 15,915,425 | 11,830,128 | 35% | | Lending Segment Products | 2,129,833 | 1,705,155 | 25% | | Financial Services Segment Products | 13,785,592 | 10,124,973 | 36% | | Technology Platform Total Accounts | 158,432,347 | 151,049,375 | 5% | Product Definitions SoFi defines 'members' as individuals with a lending relationship, financial services account, or credit score monitoring, and 'total products' aggregates lending and financial services products - A 'member' is defined as someone with a lending relationship, a financial services account, a linked external account, or who uses the credit score monitoring service112 - 'Total products' includes personal, student, and home loans (Lending segment) and SoFi Money, Invest, Credit Card, referred loans, At Work, and Relay accounts (Financial Services segment); multiple products of the same type count as one, but different types count separately116117118119 - 'Technology Platform total accounts' refers to open accounts on Galileo, including intercompany accounts, which are key indicators for the segment's revenue model120 Guidance and Outlook Full Year 2025 Guidance SoFi management raised its full-year 2025 guidance, expecting higher adjusted net revenue, adjusted EBITDA, GAAP net income, and GAAP EPS, alongside significant growth in tangible book value and new members Full Year 2025 Financial Guidance | Metric | New 2025 Guidance | Prior 2025 Guidance | Change | | :-------------------------------- | :------------------ | :------------------ | :------- | | Adjusted Net Revenue | $3.235 - $3.310 billion | $3.200 - $3.275 billion | +$35 million | | Annual Growth Rate | 24% - 27% | 23% - 26% | +1 ppts | | Adjusted EBITDA | $875 - $895 million | $845 - $865 million | +$30 million | | GAAP Net Income | $320 - $330 million | $285 - $305 million | +$35 million | | GAAP EPS | $0.27 - $0.28 | $0.25 - $0.27 | +$0.01 | | Tangible Book Value Growth | ~$585 - $600 million | N/A | N/A | | New Members Added | At least 2.8 million | N/A | 28% growth | Q2 2025 Guidance For Q2 2025, management anticipates adjusted net revenue between $785 million and $805 million, adjusted EBITDA of $200 million to $210 million, GAAP net income of $60 million to $70 million, and GAAP EPS of $0.05 to $0.06 Q2 2025 Financial Guidance | Metric | Q2 2025 Guidance | | :---------------------- | :--------------- | | Adjusted Net Revenue | $785 - $805 million | | Adjusted EBITDA | $200 - $210 million | | GAAP Net Income | $60 - $70 million | | GAAP EPS | $0.05 - $0.06 | Financial Tables and Non-GAAP Reconciliations Consolidated Statements of Operations and Comprehensive Income The condensed consolidated statements of operations detail SoFi's revenues, expenses, and net income for Q1 2025 and 2024, highlighting interest income, noninterest income, and operating expenses Consolidated Statements of Operations | Metric | Q1 2025 | Q1 2024 | | :--------------------------------------- | :-------- | :-------- | | Total interest income | $763.8 million | $665.9 million | | Total interest expense | $265.1 million | $263.2 million | | Net interest income | $498.7 million | $402.7 million | | Total noninterest income | $273.0 million | $242.3 million | | Total net revenue | $771.8 million | $645.0 million | | Provision for credit losses | $5.7 million | $7.2 million | | Total noninterest expense | $686.3 million | $543.6 million | | Net income | $71.1 million | $88.0 million | | Diluted EPS | $0.06 | $0.02 | Reconciliation of GAAP to Non-GAAP Financial Measures This section provides detailed reconciliations of non-GAAP financial measures, including Adjusted Net Revenue, Adjusted EBITDA, and Tangible Book Value, to their most comparable GAAP measures - Adjusted Net Revenue excludes fair value changes in servicing rights and residual interests classified as debt, and gains/losses on extinguishment of debt, as these are non-cash and not indicative of core operations70 - Adjusted EBITDA excludes corporate borrowing-based interest expense, income tax, depreciation, share-based expense, restructuring charges, foreign currency impacts, fair value changes, and gain on extinguishment of debt to provide a clearer view of operating performance86 - Tangible Book Value is permanent equity adjusted for goodwill, intangible assets, and related deferred tax liabilities, used to assess capital adequacy97 Consolidated Balance Sheets The consolidated balance sheets present SoFi's financial position as of March 31, 2025, and December 31, 2024, detailing assets, liabilities, and permanent equity, with increases in total assets and deposits Consolidated Balance Sheet Highlights | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Total assets | $37.7 billion | $36.3 billion | | Loans held for sale, at fair value | $18.2 billion | $17.7 billion | | Loans held for investment, at fair value | $9.6 billion | $8.6 billion | | Total deposits | $27.3 billion | $26.0 billion | | Total liabilities | $31.1 billion | $29.7 billion | | Total permanent equity | $6.7 billion | $6.5 billion | Average Balances and Net Interest Earnings Analysis This analysis provides average balances, interest income/expense, and yield/rate for interest-earning assets and interest-bearing liabilities for Q1 2025 and Q1 2024, illustrating net interest income and margin Average Balances and Net Interest Earnings | Metric | Q1 2025 | Q1 2024 | | :-------------------------------- | :-------- | :-------- | | Average Interest-Earning Assets | $33.6 billion | $27.4 billion | | Average Loans | $28.9 billion | $23.5 billion | | Average Interest-Bearing Liabilities | $30.0 billion | $24.1 billion | | Average Total Deposits | $26.2 billion | $19.8 billion | | Net Interest Income | $498.7 million | $402.7 million | | Net Interest Margin | 6.01% | 5.91% | Segment Financials This table provides a quarterly breakdown of net interest income, total noninterest income, total net revenue, adjusted net revenue, and contribution profit for each of SoFi's segments Q1 2025 Segment Financial Performance | Segment (Q1 2025) | Net Interest Income | Total Noninterest Income | Total Net Revenue | Adjusted Net Revenue | Contribution Profit | | :-------------------------------- | :------------------ | :----------------------- | :---------------- | :------------------- | :------------------ | | Lending | $360.6 million | $52.8 million | $413.4 million | $412.3 million | $238.9 million | | Technology Platform | $0.4 million | $103.0 million | $103.4 million | N/A | $30.9 million | | Financial Services | $173.2 million | $129.9 million | $303.1 million | N/A | $148.3 million | | Consolidated | $498.7 million | $273.0 million | $771.8 million | $770.7 million | N/A | Disaggregated Revenue This table disaggregates SoFi's revenue into categories from contracts with customers (Financial Services and Technology Platform) and other sources, providing a detailed view of income streams Q1 2025 Disaggregated Revenue Sources | Revenue Source | Q1 2025 | Q1 2024 | | :--------------------------------------- | :-------- | :-------- | | Revenue from contracts with customers: | | | | Financial Services | $53.8 million | $29.7 million | | Technology Platform | $86.6 million | $85.9 million | | Total revenue from contracts with customers | $140.4 million | $115.6 million | | Other sources of revenue: | | | | Loan origination, sales, and securitizations | $48.4 million | $57.0 million | | Servicing | $4.4 million | $7.0 million | | Loan platform business, other | $73.1 million | $0.0 million | | Other | $6.8 million | $62.7 million | | Total other sources of revenue | $132.7 million | $126.7 million | | Total noninterest income | $273.0 million | $242.3 million | Analysis of Charge-Offs This table provides an analysis of net charge-offs and charge-off ratios across different loan types for Q1 2025 and Q1 2024, indicating improved credit performance for personal and student loans Q1 2025 Net Charge-Offs and Ratios | Loan Type | Q1 2025 Net Charge-offs | Q1 2025 Ratio | Q1 2024 Net Charge-offs | Q1 2024 Ratio | | :-------------------------- | :---------------------- | :------------ | :---------------------- | :------------ | | Personal loans | $150.1 million | 3.31% | $134.4 million | 3.45% | | Student loans | $10.6 million | 0.47% | $10.4 million | 0.60% | | Home loans | — | —% | — | —% | | Secured loans | — | —% | — | —% | | Credit card | $8.0 million | 10.89% | $10.5 million | 15.73% | | Commercial and consumer banking | $3 thousand | 0.01% | $18 thousand | 0.06% | | Total loans | $168.7 million | 2.37% | $155.4 million | 2.65% | Regulatory Capital SoFi Technologies' regulatory capital ratios as of March 31, 2025, demonstrate strong capital adequacy, with all ratios comfortably exceeding required minimums Regulatory Capital Ratios as of March 31, 2025 | Metric | March 31, 2025 Amount | March 31, 2025 Ratio | Required Minimum | | :---------------------- | :-------------------- | :------------------- | :--------------- | | CET1 risk-based capital | $4.6 billion | 15.3% | 7.0% | | Tier 1 risk-based capital | $4.6 billion | 15.3% | 8.5% | | Total risk-based capital | $4.6 billion | 15.5% | 10.5% | | Tier 1 leverage | $4.6 billion | 13.0% | 4.0% | Additional Information Earnings Webcast SoFi's executive management team hosted a live audio webcast to discuss Q1 2025 financial results and business highlights, with a replay available on the investor relations website - A live audio webcast was held on April 29, 2025, at 8:00 a.m. Eastern Time to discuss Q1 results, with a replay available on https://investors.sofi.com[57](index=57&type=chunk) Cautionary Statement Regarding Forward-Looking Statements This section advises readers that certain statements are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from projections - Forward-looking statements are not guarantees of performance and are subject to risks and uncertainties, including changing market conditions, regulatory impacts, and the ability to grow the business and manage operations effectively58 - Readers are cautioned not to place undue reliance on forward-looking statements and to consider risk factors detailed in the company's Form 10-K filings5859 About SoFi SoFi Technologies is a digital financial services company aiming to help members achieve financial independence by offering a one-stop app for borrowing, saving, spending, investing, and protecting money - SoFi is a member-centric, one-stop shop for digital financial services, serving over 10.9 million members with products for borrowing, saving, spending, investing, and protecting money62 - SoFi's Galileo technology platform enables fintechs, financial institutions, and brands to build and manage innovative financial solutions for 158.4 million global accounts62 Availability of Other Information SoFi communicates material information to investors and the public through its website, investor relations website, and social media channels, including SEC filings, press releases, and webcasts - SoFi uses its website (https://www.sofi.com), investor relations website (https://investors.sofi.com), and social media (X and LinkedIn) to communicate with investors and the public63 - Information posted on these channels, including investor presentations, SEC filings, and press releases, may be deemed material63 Contact Information Contact details for SoFi's Investor Relations and Media Relations teams are provided for inquiries - Investors can contact SoFi Investor Relations at IR@sofi.com, and media inquiries can be directed to SoFi Media Relations at PR@sofi.com64