SoFi Technologies shares fall 28% in 2026 as lending revenue takes a larger share of the mix
NEW YORK, Aug. 7. SoFi Technologies (SOFI) has lost 28% of its value year-to-date in 2026 and sits 43% below its 52-week high, as investors pulled back on the company's shifting revenue composition even as it posted record adjusted net revenue of $1.2 billion, up 40% year over year.
Key takeaways
- SoFi Technologies shares are down 28% year-to-date in 2026 and sit 43% below their 52-week high despite record adjusted net revenue of $1.2 billion, up 40% year over year.
- The lending segment generated $712 million in adjusted net revenue while the Financial Services and Technology Platform businesses combined for $551 million, or 46% of total adjusted net revenue, down from just under half the prior quarter.
- SoFi is retaining more originated loans on its balance sheet to boost near-term interest income, a shift that raises capital requirements and credit exposure and has drawn investor concern.
- Fee-based revenue reached $472 million in the second quarter, 39% of total revenue and up 22% sequentially, driven by the Loan Platform Business, origination fees, interchange, and brokerage income.
- SoFi added 1.1 million members to reach 15.8 million (up 35% year over year) and added 2.2 million new products to reach 24.4 million (up 42% year over year).
NEW YORK, Aug. 7. SoFi Technologies (SOFI) has lost 28% of its value year-to-date in 2026 and sits 43% below its 52-week high, as investors pulled back on the company's shifting revenue composition even as it posted record adjusted net revenue of $1.2 billion, up 40% year over year.
Revenue mix shift draws investor concern
The lending segment generated $712 million in adjusted net revenue during the most recent quarter. The Financial Services and Technology Platform businesses combined for $551 million, or 46% of total adjusted net revenue, below the prior quarter's level, when non-lending operations accounted for just under half of total revenue, the company disclosed.
The shift reflects a decision to retain a larger portion of originated loans on SoFi's balance sheet rather than sell them through its platform. That strategy boosts interest income near term. It also raises capital requirements and credit exposure. An expanding customer deposit base provides low-cost funding for those lending operations, the company said, supporting net interest margins. Wall Street's consensus rating on the stock remains "Hold."
Fee revenue rises, platform deals expand
Fee-based revenue reached $472 million in the second quarter, accounting for 39% of total revenue and rising 22% sequentially. Growth came from the Loan Platform Business, alongside origination fees, interchange revenue, and brokerage income, the company said.
SoFi signed an agreement with Sixth Street to purchase up to $1 billion in personal loans. The company announced a three-year, $3 billion partnership with BasePoint Capital covering small-business lending and entered the home equity loan market. The Loan Platform Business generates fee income without requiring SoFi to hold loans or bear credit risk.
Member growth and cross-selling
SoFi added 1.1 million members in the second quarter, bringing the total to 15.8 million, up 35% year over year. The company added 2.2 million new products in the same period, pushing the total to 24.4 million, a 42% year-over-year gain.
For the first time, products added outpaced new members by a ratio of two to one, according to the company. The share of new products opened by existing members reached 51%, up from 43% the prior quarter and 35% a year ago.