SoFi Technologies reported second-quarter revenue of $1.21 billion, beating analyst estimates by 7.1% and rising 40.5% year on year, while adjusted earnings per share of $0.12 exceeded consensus by 9.9%. The company added a record 1.1 million new members and saw the percentage of new products purchased by existing members climb to 51% from 35% a year ago, driven by its SoFi Plus premium subscription and other digital offerings. Adjusted EBITDA reached $357.8 million, representing a 29.7% margin and a 7.3% beat, and the operating margin improved to 16.9% from 13.1% in the prior-year quarter. Management plans to reinvest incremental revenue into new growth opportunities such as SoFi Coach, expanded business banking, and small business lending, maintaining its current EBITDA guidance despite the strong results. Fee-based revenue streams grew 38% year over year, and the Technology Platform segment is scaling through acquisitions and new commercial offerings to target more enterprise clients.
SoFi Technologies Inc.Q2 revenue and EPS beat estimates, with record member additions and improved margins.