SoFi Earnings: Shares Tumble After Q1 Report
SoFi earnings showed $1.1B Q1 revenue and member growth but unchanged FY guidance and softer Q2 revenue guide sent shares down about 9.0% premarket.
KEY TAKEAWAYS
- SoFi reported Q1 adjusted net revenue of $1.1B and 14.7M members, marking record top-line growth.
- The company left FY 2026 outlook unchanged but guided Q2 revenue growth near 30.0%, below roughly 31.0% estimates.
- Shares fell about 9.0% at the time of reporting following an unchanged FY outlook and softer Q2 guide.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
SoFi Technologies (SOFI) reported strong first-quarter results on April 29, 2026, but its earnings and guidance—including an unchanged full-year outlook and a softer second-quarter revenue forecast—prompted a premarket share decline.
Record First-Quarter Results and Market Reaction
The company reported adjusted net revenue of $1.1 billion in Q1 2026, exceeding the pre-report consensus of $1.04 billion to $1.05 billion, according to its press release on April 29. Members reached 14.7 million, a 35% year-over-year increase with about 1.1 million net additions. Adjusted earnings per share were $0.12, in line with expectations. GAAP net income was $167 million, and adjusted EBITDA, a proxy for operating profit, was $340 million. Despite the strong results, SOFI stock fell about 9% in premarket trading as investors weighed the company’s guidance.
Guidance and Revenue Mix
SoFi projected roughly 30% year-over-year adjusted net revenue growth for the second quarter, with an adjusted EBITDA margin near 30% and an adjusted net income margin of about 12% to 13%. This revenue growth fell short of the roughly 31% analysts had expected. The company reiterated its full-year 2026 targets of about $4.65 billion in adjusted revenue, $1.6 billion in adjusted EBITDA, net income near $825 million, and adjusted EPS of about $0.60.
The company also reported that technology-platform revenue declined 27% year over year to $75.1 million in Q1 2026 after a major client exited at the end of 2025. This shift affected the revenue mix and drew investor attention to the guidance.
