SoFi Technologies (SOFI) reported strong first-quarter 2026 earnings that beat revenue expectations, yet the stock fell approximately 8.5% in pre-market trading due to weaker-than-anticipated guidance and segment-level concerns.
The company posted revenue of $1.1 billion, up 42.8% year-over-year, topping the analyst consensus of $1.05 billion by 4.7%. Adjusted EPS came in at $0.12, matching estimates. Adjusted EBITDA hit a record $340 million, up 62%, with a 31% margin, while net income reached $166.7 million.
SoFi added a record 1.1 million new members during the quarter, bringing total users to 14.7 million (up 35% YoY). Total products reached 22.2 million, up 39%. Loan originations hit a record $12.2 billion, a 68% year-over-year surge, led by personal loans at $8.3 billion, student loans at $2.6 billion, and home loans at $1.2 billion.
CEO Anthony Noto called it "an excellent Q1," highlighting durable growth and cross-selling success, with 43% of new products coming from existing members.
Weak Guidance Triggers Sell-Off
Despite the strong quarter, the forward outlook disappointed investors. Full-year 2026 revenue guidance of $4.655 billion barely exceeded the analyst consensus of $4.651 billion. For Q2, SoFi guided for adjusted net revenue growth of approximately 30% and an adjusted EBITDA margin of around 30%, both below analyst expectations. This guidance miss drove the pre-market sell-off, with the stock dropping 8.45% to $16.83, down from its previous close of $18.36.
Technology Platform Weakness
The Technology Platform segment reported revenue of $75.1 million, declining 27% year-over-year following the exit of a major client. While accounts grew sequentially, the annual decline weighed on sentiment. SoFi continued expanding into digital assets and infrastructure, introducing stablecoin initiatives and building settlement capabilities with global partners, as well as launching new banking and enterprise solutions including AI-driven tools.
