SoFi lifts revenue forecast after record Q2 member and loan growth
SoFi beat second-quarter expectations and raised its revenue guidance, demonstrating that digital-first lenders can sustain rapid loan growth and widening margins despite a high-rate macroeconomic environment.
SoFi raised its 2026 revenue growth forecast on July 29, pointing to a full-year revenue range of $4.75 billion to $4.85 billion. The upgraded guidance exceeds the $4.7 billion consensus estimate compiled by LSEG. Adjusted revenue for the quarter surged 40 percent to a record $1.2 billion, easily beating estimates of $1.12 billion.
The company originated a record $14.8 billion in loans during the quarter ended June 30. This surge in lending was matched by a 35 percent year-over-year increase in its user base, bringing total members to a record 15.8 million. On the bottom line, adjusted earnings rose 50 percent to 12 cents per share, outpacing analyst expectations of 11 cents.
Net interest income climbed 52 percent year-over-year to $788.2 million, validating the company's strategy of holding originated loans on its balance sheet. "We can generate durable net interest income by holding loans on our balance sheet, and we can also grow capital-light, fee-based businesses. Both are working, and that diversification gives me a lot of confidence," CEO Anthony Noto said.
The performance challenges broader market anxieties surrounding consumer credit in an uncertain macroeconomic environment. "We're seeing our members remain resilient in the current climate. Spending remains strong, demand remains strong, and credit performance continues to meet or exceed our expectations," Noto said.
SoFi's evolution from a student loan refinancing startup into a broad financial services platform appears to be driving this resilience. By offering a wider suite of products, the company has positioned itself as a credible challenger to traditional banking heavyweights. A digital-first infrastructure has proven highly effective for customer acquisition as elevated interest rates and high costs of living persist.
Looking ahead, the company intends to rely primarily on internal expansion rather than transformative deals. Noto noted that while SoFi will continue to evaluate potential acquisitions, it will only act when an opportunity "clearly makes sense."
