SoFi Technologies (SOFI) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results with adjusted net revenue of $771M, up 33% year-over-year, and net income of $71M, driven by strong member and product growth to 10.9M members and 15.9M products.

• Adjusted EBITDA reached $210M (27% margin), marking the sixth consecutive quarter of profitability and a 46% year-over-year increase.

• Fee-based revenue hit a record $315M, up 67% year-over-year, reflecting a shift toward capital-light revenue streams.

• All business segments delivered strong contribution profit and margin, with continued investment in brand, innovation, and new partnerships.

• Management raised 2025 guidance, reflecting confidence in durable growth and ongoing product innovation.

Financial highlights

• Adjusted net revenue was $771M, up 33% year-over-year, with GAAP net revenue at $771.8M, up 20% year-over-year.

• Net income was $71M (9% margin), and adjusted EPS was $0.06, including a $0.01 benefit from a lower tax rate.

• Tangible book value ended the quarter at $5.1B, up $946M year-over-year; tangible book value per share rose to $4.58.

• Total deposits grew to $27.3B, supporting loan growth and reducing funding expense by $515M annually.

• Record loan originations of $7.2B, up 66% year-over-year, with personal loans at $5.5B and student loans at $1.2B.

Outlook and guidance

• Raised full-year 2025 guidance: adjusted net revenue of $3.235–$3.310B (24–27% growth), adjusted EBITDA of $875–$895M, and adjusted EPS of $0.27–$0.28.

• Q2 2025 guidance: adjusted net revenue of $785–$805M, adjusted EBITDA of $200–$210M, and adjusted EPS of $0.05–$0.06.

• Expect to add over 2.8M members in 2025, representing at least 28% year-over-year growth.

• Lending and Tech Platform revenue growth projected in low double-digits to teens; Financial Services revenue growth 60–65%.

• Ongoing product development includes new crypto offerings, subject to regulatory compliance.