SoFi Technologies (SOFI) Q4 2024 earnings summary

Executive summary

• Achieved record adjusted net revenue of $2.61B–$2.67B in 2024, up 26% YoY, and adjusted EBITDA of $665M–$666.5M (26% margin).

• First full year of GAAP profitability with net income of $498.7M–$499M ($227M adjusted, excluding non-recurring deferred tax benefits); adjusted EPS $0.15.

• Member base grew 34% to 10.1M, and total products rose 32% to 14.7M.

• Q4 2024 marked the fifth consecutive profitable quarter, with $739M adjusted net revenue (+24% YoY) and $198M adjusted EBITDA.

• Major milestones included new robo-advisor, two new credit cards, and significant loan platform agreements.

Financial highlights

• Q4 adjusted net revenue was $739M, up 24% YoY; adjusted EBITDA was $198M (27% margin); Q4 GAAP net income was $332.5M.

• Fee-based revenue reached $970M in 2024, up 74% YoY, driven by origination fees, loan platform business, referrals, interchange, and brokerage.

• Tangible book value ended 2024 at $4.9B, up $1.4B YoY; per share, it rose to $4.47 from $3.61.

• Total deposits reached $26B at year-end, with a 193 bps spread between deposit and warehouse line interest rates, saving ~$500M in annualized interest expense.

• Record loan originations in 2024 totaled $23.2B, with Q4 originations at $7.2B.

Outlook and guidance

• 2025 guidance: adjusted net revenue of $3.20–$3.275B (23–26% YoY growth), adjusted EBITDA of $845–$865M, and GAAP net income of $285–$305M.

• Q1 2025 guidance: adjusted net revenue of $725–$745M, adjusted EBITDA of $175–$185M, GAAP net income of $30–$40M.

• Expect to add at least 2.8M members in 2025 (28%+ YoY growth); tangible book value expected to grow by $550M–$575M.

• Medium-term guidance: expect to exceed 20–25% compounded annual revenue growth through 2026 and deliver 2026 EPS of $0.55–$0.80.

• Guidance assumes stable interest rates, 1–2% GDP growth, and normalized unemployment and credit spreads.