SoFi Technologies (SOFI) Q4 2024 earnings summary

Executive summary

• Achieved record member growth to 10.1 million (+34% YoY) and product growth to 14.7 million (+32% YoY), with financial services products driving 89% of total product growth.

• Adjusted net revenue reached $2.67 billion for 2024, up 26% YoY, and adjusted EBITDA was $666.5 million with a 26% margin; first full year of GAAP profitability with net income of $499 million ($227 million adjusted).

• Achieved five consecutive profitable quarters, with Q4 2024 adjusted net revenue of $739 million (+24% YoY) and adjusted EBITDA of $198 million (27% margin).

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

• Significant milestones include launching a robo-advisor, two new credit cards, and a $2 billion LPB agreement with Fortress.

Financial highlights

• FY 2024 adjusted net revenue: $2.67B (+26% YoY); adjusted EBITDA: $666.5M (26% margin); adjusted net income: $227M.

• Q4 2024 adjusted net revenue: $739M (+24% YoY); adjusted EBITDA: $198M (27% margin); adjusted net income: $61M.

• Tangible book value increased to $4.9B, up $1.4B YoY, with per share value rising to $4.47 from $3.61.

• Record loan originations of $23.2B in FY 2024; Q4 origination volume $7.2B, up 66% YoY.

• Member deposits reached $26B at year-end.

Outlook and guidance

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

• Q1 2025 guidance: adjusted net revenue $725M–$745M (25–28% YoY growth); adjusted EBITDA $175M–$185M.

• Expect to add at least 2.8 million members in 2025 (28%+ YoY growth).

• Tangible book value expected to grow by $550M–$575M; total capital ratio to remain above 15%.

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