SoFi Technologies’ stock is down 13.8% as of 11:58 a.m. ET on April 29, 2026. This follows the company’s announcement of record revenue and member growth in Q1 2026, which disappointed investors.
CEO Anthony Noto stated, “We had an excellent Q1 delivering another quarter of durable growth and strong returns, fueled by our relentless focus on innovation and brand building.” Despite this optimism, SoFi’s fee-based revenue grew only 23% to $387 million, falling short of expectations of $405 million.
Key financial metrics from SoFi’s Q1 report include:
- Q1 revenue reached $1.1 billion, up 41% year-over-year.
- Earnings per share doubled from $0.06 to $0.12.
- Total loan originations hit a record $12.2 billion.
- Adjusted EBITDA was $340 million, an increase of 62% year-over-year.
SoFi added 1.1 million new members in Q1, bringing its total membership to 14.7 million. The company maintained its full-revenue guidance at approximately $4.66 billion, reflecting a projected increase of 29% from 2025.
The market is interpreting this decision as a sign that headwinds are blowing more firmly now than they have been of late. SoFi’s stock has declined significantly—around 40%—from its high in November before this latest drop.
No further details have been provided regarding potential strategies to address the disappointing fee-based revenue performance or any changes in future guidance.
