SoFi Technologies, Inc. (SOFI)

CIK: 0001818874. SIC: 6199 Finance Services. Latest 10-K as of: 2026-02-17.

SIC breadcrumb: Finance, Insurance, And Real Estate > SIC Major Group 61 > SIC 6199 Finance Services

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1818874. Latest filing source: 0001818874-26-000013.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001818874.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001818874.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001818874-26-000037.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-05-07. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q, as well as SoFi Technologies’ audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2026 and subsequent filings with the SEC. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.

Page

Business Overview

53

Business Highlights

58

Non-GAAP Financial Measures

60

Key Business Metrics

66

Key Factors Affecting Operating Results

70

Consolidated Results of Operations

71

Net Interest Income

72

Noninterest Income

73

Provision for Credit Losses

74

Noninterest Expense

76

Income Taxes

77

Summary Results by Segment

78

Lending Segment

79

Technology Platform Segment

84

Financial Services Segment

85

Corporate/Other Segment

86

Consolidated Balance Sheet Analysis

88

Liquidity and Capital Resources

89

Critical Accounting Estimates

93

Recent Accounting Standards Issued, But Not Yet Adopted

94

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Business Overview

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice — more simply stated, to have enough money to do what they want. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. In order for us to achieve our mission, we have to help people get their money right, which means providing them with the ability to borrow better, save better, spend better, invest better and protect better. Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal.

In order to help achieve our mission, we are a member-centric, everything app for digital financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients” as defined under “Key Business Metrics”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer.

We have built a personalized area within our digital native application, which we refer to as the member home experience. The member home experience is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they could do that day in their financial life. Through the member home experience, there are significant opportunities to build frequent engagement and, to date, the member home experience has been an important driver of new product adoption. The member home experience is an important part of our strategy and our ability to use data as a competitive advantage.

To complement these products and services, we believe in establishing partnerships with other enterprises to leverage our existing capabilities to reach a broader market and in building vertically-integrated technology platforms designed to manage and deliver our suite of products and technology solutions to our members and clients in a low-cost and differentiated manner.

Our three reportable segments and their primary product and service offerings as of March 31, 2026 were as follows:

_________________

(1)Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, and (iv) servicing rights assumed from third parties. Refer to “Our Reportable Segments—Financial Services Segment” and “Our Reportable Segments—Lending Segment” for more information.

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Members

We have created an innovative financial services platform designed to offer best-in-class products to meet the broad objectives of our members and the lifecycle of their financial needs. Our platform offers our members (as defined under “Key Business Metrics”) a suite of financial products and services, enabling them to borrow, save, spend, invest and protect their finances across one integrated platform, as well as personal financial management tools and benefits to complement our products. Our aim is to create a best-in-class, integrated financial services platform that will generate a virtuous cycle whereby positive member experiences will lead to new product adoption by existing members and enhanced profitability for each additional product by lowering overall member acquisition costs and increasing the lifetime value of our members. We refer to this virtuous cycle as our “Financial Services Productivity Loop”.

We believe that developing a comprehensive, long-term relationship with our members and gaining their trust is central to our success as a financial services platform. We have a digital-first financial services platform that we believe can support all of our members’ financial services needs throughout their lifetime. We believe this will lead to a competitive advantage over other financial institutions that provide a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer’s holistic financial needs.

Enterprises

In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises and have become interconnected with the SoFi platform, such as financial services institutions that subscribe to our enterprise services, third-party partners in our Loan Platform Business, and clients who utilize our technology platform services. While our enterprises are not considered members, they are important contributors to the growth of the SoFi platform, and also have their own constituents who might benefit from our products in the future.

SoFi Bank

SoFi Technologies is a bank holding company, and SoFi Bank is a nationally chartered association.

As a bank holding company, we offer checking and savings accounts, credit cards and crypto trading through SoFi Bank. We are originating all new loans within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time, including stablecoin issuance and tokenized deposits. The key current and expected financial benefits to us of operating a national bank include: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which generally have a lower borrowing cost of funds than warehouse and securitization financing, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with a channel to obtain meaningful member data that can allow us to better serve our members’ financial needs. See Part II, Item 1A. “Risk Factors” for a discussion of certain potential risks related to being a bank holding company.

International Operations

While we primarily operate in the United States, we also operate internationally in Latin America, Canada and Switzerland largely through our Technology Platform segment, as well as in Hong Kong through SoFi Holdings (Hong Kong) Limited (an investment business).

Our Reportable Segments

We conduct our business through three reportable segments: Lending, Technology Platform and Financial Services. Below is a discussion of our segments and their primary products and non-product offerings.

Lending Segment

We offer personal loans, student loans, home loans and related servicing to help our members with a variety of financial needs. We believe that our market opportunity within each of these lending channels is significant. Our lending process primarily leverages an in-application, digital borrowing experience, which we believe serves as a competitive advantage as digital lending becomes increasingly ubiquitous. Furthermore, our platform supports the full transaction lifecycle, including credit application, underwriting, approval, funding and servicing. Through data derived at loan origination and throughout the servicing process, SoFi has life-of-loan performance data on each loan in our ecosystem that we originate and on which we retain servicing, which provides a meaningful data asset. Net interest income, which we define as the difference between the

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earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment, along with fee-based revenue, which includes loan origination fees.

Personal Loans. We originate personal loans to help our members with a variety of financial needs, such as debt consolidation, home improvement projects, family planning, travel and weddings, to name a few. We offer fixed rate loans with flexible repayment terms. We generally offer loan sizes of $5,000 to $100,000, subject to legal and/or licensing requirements, with terms generally ranging from 2 to 7 years. We regularly update the annual percentage rates offered on our personal loans.

Student Loans. We operate in the student loan refinance space, with a focus on prime and super-prime school loans, as well as the “in-school” lending space, which allows members to borrow funds while they attend schoo

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high. Filing date: 2026-02-17. Report date: 2025-12-31.

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors”. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.

Page

Business Overview

94

Non-GAAP Financial Measures

97

Key Business Metrics

104

Key Factors Affecting Operating Results

107

Key Components of Results of Operations

110

Consolidated Results of Operations

111

Net Interest Income

112

Noninterest Income

114

Provision for Credit Losses

116

Noninterest Expense

118

Income Taxes

119

Summary Results by Segment

119

Lending Segment

120

Technology Platform Segment

126

Financial Services Segment

128

Corporate/Other Segment

130

Consolidated Balance Sheet Analysis

131

Liquidity and Capital Resources

133

Critical Accounting Estimates

137

Recent Accounting Standards Issued, But Not Yet Adopted

140

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Business Overview

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal.

In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients”, as defined under “Key Business Metrics”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products.

In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer. Membership benefits include exclusive access to preferred pricing on products, extra rewards, investment matches, complimentary financial planning, live events and more In 2025, we launched SoFi Smart Card to SoFi Plus members, a charge card secured by a SoFi Money checking and savings account.

We continue to strive to innovate and develop new products and services. During 2025, we launched global remittance services, which leverages blockchain technology to provide fast, seamless, low cost and safe international payments, in over 30 countries, including Mexico, India, Brazil and much of Europe. We also returned to crypto investing with the launch of SoFi Crypto, once again giving our members the ability to buy, sell and hold digital assets directly in the SoFi app. Lastly, we took another step forward with crypto through the launch of our own stablecoin, SoFiUSD. This launch made SoFi the first national bank to issue a stablecoin on a public, permissionless blockchain.

See Item 1. “Business—Our Reportable Segments” for a discussion of our segments and their corresponding products. The discussion below focuses on the ways in which our key products and services within each reportable segment generate revenues and/or incur expenses for the Company.

Business Highlights

SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building led to the strongest financial performance in the history of the company, fueling significant member and product growth and paving the way for future growth. We reported a number of key financial achievements in the year ended December 31, 2025, including total net revenue of $3.6 billion, representing an increase of 35% over total net revenue in 2024. For the year ended December 31, 2025, total fee-based revenue reached a record of $1.5 billion, compared to $969.9 million in the same period of 2024, a year-over-year increase of 59%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Diluted earnings per share for each of the years ended December 31, 2025 and 2024 was $0.39. Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first and third quarters of 2024, but does include the tax benefit of the release of the majority of the valuation allowance against our deferred tax assets.

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The following tables set forth selected financial data:

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ in thousands, except per share amounts)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest income

$

2,218,956 

$

1,716,481 

$

1,261,740 

$

502,475 

29 

%

$

454,741 

36 

%

Total noninterest income

1,394,398 

958,378 

861,049 

436,020 

45 

%

97,329 

11 

%

Total net revenue

3,613,354 

2,674,859 

2,122,789 

938,495 

35 

%

552,070 

26 

%

Provision for credit losses

30,319 

31,712 

54,945 

(1,393)

(4)

%

(23,233)

(42)

%

Total noninterest expense

3,057,178 

2,409,802 

2,369,002 

647,376 

27 

%

40,800 

2 

%

Net income (loss)

$

481,320 

$

498,665 

$

(300,742)

$

(17,345)

(3)

%

$

799,407 

n/m

Earnings (loss) per share – diluted

$

0.39 

$

0.39 

$

(0.36)

$

— 

— 

%

$

0.75 

n/m

Net interest margin

5.85 

%

5.80 

%

5.88 

%

($ in thousands)

December 31, 2025

December 31, 2024

$ Change

% Change

Loans held for sale

$

22,862,749 

$

17,684,892 

$

5,177,857 

29 

%

Loans held for investment, at fair value

13,657,578 

8,597,368 

5,060,210 

59 

%

Loans held for investment, at amortized cost

1,516,736 

1,246,458 

270,278 

22 

%

Total deposits

37,505,395 

25,978,204 

11,527,191 

44 

%

Total risk-based capital ratio, SoFi Technologies

22.9 

%

16.2 

%

Total risk-based capital ratio, SoFi Bank

16.6 

%

17.5 

%

Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 13.6 million as of December 31, 2025, a 35% year over year increase, while total products reached nearly 20.2 million as of December 31, 2025, a 37% year over year increase.

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Lending

Total net revenue

$

1,848,949 

$

1,485,222 

$

1,370,621 

$

363,727 

24 

%

$

114,601 

8 

%

Contribution profit

1,016,900 

890,543 

823,273 

126,357 

14 

%

67,270 

8 

%

Technology Platform

Total net revenue

450,211 

395,178 

352,340 

55,033 

14 

%

42,838 

12 

%

Contribution profit

144,413 

126,955 

94,786 

17,458 

14 

%

32,169 

34 

%

Financial Services

Total net revenue

1,542,016 

821,511 

436,515 

720,505 

88 

%

384,996 

88 

%

Contribution profit (loss)

792,909 

307,007 

(262)

485,902 

158 

%

307,269 

n/m

Lending segment contribution profit of $1.0 billion for the year ended December 31, 2025 increased 14% over 2024 with a segment contribution margin of 55%. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances.

Origination volume for our Lending products increased 57%, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $15.6 billion in total of personal loans, student loans and home loans during the year ended December 31, 2025. We believe that the growth opportunity for the Loan Platform Business continues to be strong.

Technology Platform segment contribution profit of $144.4 million for the year ended December 31, 2025 increased 14% over 2024, and total net revenue of $450.2 million for the year ended December 31, 2025 increased 14% over 2024. SoFi continues to diversify its Technology Platform client base. During the year, SoFi announced that Banco Nación, one of Argentina’s largest financial institutions, selected our Cyberbank Digital platform to modernize their digital banking infrastructure. SoFi announced partnerships with several more U.S. consumer brands, as we continue to work with a broader range of companies to help bring innovative programs that drive greater loyalty and engagement with their customers.

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Within our Financial Services segment, contribution profit of $792.9 million for the year ended December 31, 2025 significantly improved compared to a contribution profit of $307.0 million in 2024. Total net revenue of $1.5 billion for the year ended December 31, 2025 increased 88% over 2024. During the year, the Loan Platform Business generated $575.9 million in loan platform fees, driven by $11.0 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $12.3 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $588.3 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the year ended December 31, 2025, up 71% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue.

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the year with $37.5 billion of total deposits as of December 31, 2025, allowing us to maintain access to diversified sources of funding. Total deposit funds grew over $11.5 billion during the year ended December 31, 2025. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.

The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment but is particularly important during times of macroeconomic volatility.

Lending Segment

Net interest income, which we define as the difference between the earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment. Lending segment net interest income represents the difference between interest income earned on our loans and an FTP charge for the segment’s use of funds to originate loans, which can fluctuate based on changes in interest rates, funding curves, the composition of our balance sheet and the availability of capital.

Technology Platform Segment

We earn technology products and solutions fees for providing an integrated platform as a service for financial and non-financial institutions. Many of our Technology Platform segment contracts are multi-year contracts. In certain of our contracts, we provide for a variety of integrated platform services, which vary by client and are either non-cancellable or cancellable with a substantive payment. Pricing structures under these contracts are typically volume-based, or a combination of activity and volume-based, and payment terms are predominantly monthly in arrears. Many of these contracts contain minimum monthly payments, which may result in credits if we do not meet the agreed upon monthly service levels. We also earn subscription and service fees for providing software licenses and associated services, including implementation, maintenance and subsequent development work. We charge a recurring subscription fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. Certain arrangements for software and related services contain a provision for a fixed upfront payment.

Financial Services Segment

We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below. See Note 20. Business Segment and Geographic Information and Note 3. Revenue to the Notes to Consolidated Financial Statements for additional information on the FTP framework and Financial Services revenue from contracts with customers. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Revenue is driven primarily by variability in product utilization by members, as well as volume of transactions related to arrangements that we enter into with enterprise partners as outlined below.

•Net interest income: Net interest income is a key component of the profitability of our Financial Services segment as it relates primarily to our SoFi Money and credit card products. Net interest income on SoFi Money is based on interest income determined using our FTP framework, net of interest expense based on the interest rate offered to our members on their deposits. Net interest income on credit card is based on the contractual interest included in credit card agreements, net of interest expense as determined using the FTP framework.

•Loan Platform Business, other fees: Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and

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recognition of servicing assets. These fees accounted for 65% of our total Financial Services noninterest income for the year ended December 31, 2025.

•Referral fees: Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 12% of our total Financial Services noninterest income for the year ended December 31, 2025.

•Interchange fees: We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 15% of our total Financial Services noninterest income for the year ended December 31, 2025.

•Brokerage fees: We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 5% of our total Financial Services noninterest income for the year ended December 31, 2025.

Non-GAAP Financial Measures

This Annual Report on Form 10-K presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with GAAP. Our management and Board of Directors use these non-GAAP measures, to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Adjusted Net Revenue

Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.

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Total Net Revenue and Adjusted Net Revenue

In Thousands

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:

Year Ended December 31,

($ in thousands)

2025

2024

2023

Total net revenue (GAAP)

$

3,613,354 

$

2,674,859 

$

2,122,789 

Servicing rights – change in valuation inputs or assumptions(1)

(22,013)

(6,280)

(34,700)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

70 

108 

425 

Gain on extinguishment of debt(3)

— 

(62,517)

(14,574)

Adjusted net revenue (non-GAAP)

$

3,591,411 

$

2,606,170 

$

2,073,940 

__________________

(1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

(3)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented:

Quarter Ended

($ in thousands)

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

Total net revenue (GAAP)

$

1,025,051 

$

961,600 

$

854,944 

$

771,759 

$

734,125 

$

697,121 

$

598,618 

$

644,995 

Servicing rights – change in valuation inputs or assumptions(1)

(12,224)

(11,989)

3,274 

(1,074)

4,962 

(4,362)

(1,654)

(5,226)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

8 

15 

12 

35 

25 

9 

1 

73 

Gain on extinguishment of debt(3)

— 

— 

— 

— 

— 

(3,323)

— 

(59,194)

Adjusted net revenue (non-GAAP)

$

1,012,835 

$

949,626 

$

858,230 

$

770,720 

$

739,112 

$

689,445 

$

596,965 

$

580,648 

__________________

(1)See footnote (1) to the table above.

(2)See footnote (2) to the table above.

(3)See footnote (3) to the table above.

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The following table reconciles adjusted net revenue for the Lending segment to total net revenue for the Lending segment, the most directly comparable GAAP measure:

Year Ended December 31,

($ in thousands)

2025

2024

2023

Total net revenue – Lending (GAAP)

$

1,848,949 

$

1,485,222 

$

1,370,621 

Servicing rights – change in valuation inputs or assumptions(1)

(22,013)

(6,280)

(34,700)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

70 

108 

425 

Adjusted net revenue – Lending (non-GAAP)

$

1,827,006 

$

1,479,050 

$

1,336,346 

__________________

(1)See footnote (1) to the table above.

(2)See footnote (2) to the table above.

Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending

Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See “Adjusted Net Revenue” above for a reconciliation of Lending segment adjusted net revenue.

Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.

The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ in thousands)

2025

2024

2023

$ Change

$ Change

Lending

Contribution profit – Lending (GAAP)

$

1,016,900 

$

890,543 

$

823,273 

$

126,357 

$

67,270 

Net revenue – Lending (GAAP)

1,848,949 

1,485,222 

1,370,621 

363,727 

114,601 

Contribution margin – Lending (GAAP)(1)

55 

%

60 

%

60 

%

Incremental contribution margin – Lending (GAAP)(1)

35 

%

59 

%

Adjusted net revenue – Lending (non-GAAP)(2)

$

1,827,006 

$

1,479,050 

$

1,336,346 

$

347,956 

$

142,704 

Adjusted contribution margin – Lending (non-GAAP)

56 

%

60 

%

62 

%

Incremental adjusted contribution margin – Lending (non-GAAP)

36 

%

47 

%

__________________

(1)Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue.

(2)Refer to ‘Adjusted Net Revenue’ above for reconciliation of this non-GAAP measure.

Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin

Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary

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countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See “Adjusted Net Revenue” above for a reconciliation of this non-GAAP measure.

Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.

Net Income (Loss) and Adjusted EBITDA

In Thousands

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The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ in thousands)

2025

2024

2023

$ Change

$ Change

Net income (loss) (GAAP)

$

481,320 

$

498,665 

$

(300,742)

$

(17,345)

$

799,407 

Non-GAAP adjustments:

Interest expense – corporate borrowings(1)

45,723 

48,346 

36,833 

(2,623)

11,513 

Income tax expense (benefit)(2)

44,537 

(265,320)

(416)

309,857 

(264,904)

Depreciation and amortization

234,151 

203,498 

201,416 

30,653 

2,082 

Share-based expense

262,058 

246,152 

271,216 

15,906 

(25,064)

Restructuring charges(3)

948 

1,530 

12,749 

(582)

(11,219)

Impairment expense(4)

— 

— 

248,417 

— 

(248,417)

Foreign currency impact of highly inflationary subsidiaries(5)

7,104 

1,683 

10,971 

5,421 

(9,288)

Transaction-related expense(6)

— 

615 

142 

(615)

473 

Servicing rights – change in valuation inputs or assumptions(7)

(22,013)

(6,280)

(34,700)

(15,733)

28,420 

Residual interests classified as debt – change in valuation inputs or assumptions(8)

70 

108 

425 

(38)

(317)

Gain on extinguishment of debt(9)

— 

(62,517)

(14,574)

62,517 

(47,943)

Total adjustments

572,578 

167,815 

732,479 

404,763 

(564,664)

Adjusted EBITDA (non-GAAP)

$

1,053,898 

$

666,480 

$

431,737 

$

387,418 

$

234,743 

Total net revenue (GAAP)

$

3,613,354 

$

2,674,859 

$

2,122,789 

$

938,495 

$

552,070 

Net income (loss) margin (GAAP)

13 

%

19 

%

(14)

%

Incremental net income (loss) margin (GAAP)

(2)

%

145 

%

Adjusted net revenue (non-GAAP)(10)

$

3,591,411 

$

2,606,170 

$

2,073,940 

$

985,241 

$

532,230 

Adjusted EBITDA margin (non-GAAP)

29 

%

26 

%

21 

%

Incremental adjusted EBITDA margin (non-GAAP)

39 

%

44 

%

___________________

(1)Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes.

(2)The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded during the year. Our income tax position in 2024 was primarily due to the release in the fourth quarter of a $258 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. Income taxes in 2023 were primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys, offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information.

(3)Restructuring charges in 2025 and 2024 relate to legal entity restructuring. Restructuring charges in 2023 primarily included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment in the first quarter of 2023 and expenses in the fourth quarter of 2023 related to a reduction in headcount across the Company, which do not reflect expected future operating expenses and are not indicative of our core operating performance.

(4)Impairment expense in 2023 includes $247,174 related to goodwill impairment, and $1,243 related to a sublease arrangement, which are not indicative of our core operating performance.

(5)Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.

(6)Transaction-related expenses in 2024 and 2023 included financial advisory and professional services costs associated with our acquisition of Wyndham.

(7)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(8)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual

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cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(9)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

(10)Refer to ‘Adjusted Net Revenue’ above for reconciliation of this non-GAAP measure.

The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, for the quarterly periods presented:

Quarter Ended

($ in thousands)

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

Net income (GAAP)

$

173,549 

$

139,392 

$

97,263 

$

71,116 

$

332,473 

$

60,745 

$

17,404 

$

88,043 

Non-GAAP adjustments:

Interest expense – corporate borrowings

11,196 

11,595 

11,504 

11,428 

12,039 

12,871 

12,725 

10,711 

Income tax (benefit) expense

11,783 

9,159 

14,929 

8,666 

(272,549)

3,110 

(2,064)

6,183 

Depreciation and amortization

62,880 

59,245 

56,743 

55,283 

53,545 

51,791 

49,623 

48,539 

Share-based expense

68,577 

66,469 

63,256 

63,756 

66,367 

63,646 

61,057 

55,082 

Restructuring charges

20 

41 

36 

851 

255 

1,275 

— 

— 

Foreign currency impact of highly inflationary subsidiaries

1,808 

2,954 

2,066 

276 

840 

475 

194 

174 

Transaction-related expense

— 

— 

— 

— 

— 

— 

615 

— 

Servicing rights – change in valuation inputs or assumptions

(12,224)

(11,989)

3,274 

(1,074)

4,962 

(4,362)

(1,654)

(5,226)

Residual interests classified as debt – change in valuation inputs or assumptions

8 

15 

12 

35 

25 

9 

1 

73 

Gain on extinguishment of debt

— 

— 

— 

— 

— 

(3,323)

— 

(59,194)

Total adjustments

144,048 

137,489 

151,820 

139,221 

(134,516)

125,492 

120,497 

56,342 

Adjusted EBITDA (non-GAAP)

$

317,597 

$

276,881 

$

249,083 

$

210,337 

$

197,957 

$

186,237 

$

137,901 

$

144,385 

Total net revenue (GAAP)

$

1,025,051 

$

961,600 

$

854,944 

$

771,759 

$

734,125 

$

697,121 

$

598,618 

$

644,995 

Net income margin (GAAP)

17 

%

14 

%

11 

%

9 

%

45 

%

9 

%

3 

%

14 

%

Adjusted net revenue (non-GAAP)

$

1,012,835 

$

949,626 

$

858,230 

$

770,720 

$

739,112 

$

689,445 

$

596,965 

$

580,648 

Adjusted EBITDA margin (non-GAAP)

31 

%

29 

%

29 

%

27 

%

27 

%

27 

%

23 

%

25 

%

Adjusted Net Income (Loss), Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS

Adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings (loss) per share are non-GAAP measures. Adjusted net income (loss) is defined as net income (loss), adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.

Adjusted diluted earnings (loss) per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings (loss) per share. Adjusted EPS is computed by dividing net income (loss) attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

Adjusted net income margin is computed as adjusted net income (loss) divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income (loss), divided by change in adjusted net revenue. See “Adjusted Net Revenue” above for a reconciliation of this non-GAAP measure.

Management believes adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non-cash items and charges to present a comparable view for period over period comparisons of our business.

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The following table: (i) reconciles adjusted net income (loss) to net income (loss), the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings (loss) per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.

Year Ended December 31,

2025 vs 2024

2024 vs 2023

($ and shares in thousands, except per share amounts)(1)

2025

2024

2023

$ Change

$ Change

Net income (loss) (GAAP)

$

481,320 

$

498,665 

$

(300,742)

$

(17,345)

$

799,407 

Non-GAAP adjustments:

Income tax benefit from release of tax valuation allowance

— 

(258,401)

— 

258,401 

(258,401)

Income tax benefit from restructuring

— 

(13,042)

— 

13,042 

(13,042)

Goodwill impairment expense

— 

— 

247,174 

— 

(247,174)

Adjusted net income (loss) (non-GAAP)

$

481,320 

$

227,222 

$

(53,568)

$

254,098 

$

280,790 

Numerator:

Net income (loss) attributable to common stockholders – diluted (GAAP)(2)

$

482,700 

$

434,776 

$

(341,167)

Non-GAAP adjustments:

Income tax benefit from release of tax valuation allowance

— 

(258,401)

— 

Income tax benefit from restructuring

— 

(13,042)

— 

Goodwill impairment expense

— 

— 

247,174 

Adjusted net income (loss) attributable to common stockholders – diluted (non-GAAP)

$

482,700 

$

163,333 

$

(93,993)

Denominator:

Weighted average common stock outstanding – diluted (GAAP)

1,251,767 

1,101,390 

945,024 

Non-GAAP adjustments:

Dilutive impact of convertible notes(3)

(23,377)

(6,214)

— 

Adjusted weighted average common stock outstanding – diluted (non-GAAP)

1,228,390 

1,095,176 

945,024 

Earnings (loss) per share – diluted (GAAP)(2)

$

0.39 

$

0.39 

$

(0.36)

Impact of adjustments per share

— 

(0.24)

0.26 

Adjusted earnings (loss) per share – diluted (non-GAAP)(2)

$

0.39 

$

0.15 

$

(0.10)

Net income (loss) margin (GAAP)

13 

%

19 

%

(14)

%

Adjusted net revenue (non-GAAP)(4)

$

3,591,411 

$

2,606,170 

$

2,073,940 

Adjusted net income margin (non-GAAP)

13 

%

9 

%

(3)

%

Incremental adjusted net income margin (non-GAAP)

26 

%

53 

%

____________________

(1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.

(2)Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(3)This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

(4)Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.

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Key Business Metrics

The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions:

December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

Variance

% Change

Variance

% Change

Members

13,651,002 

10,127,323 

7,541,860 

3,523,679 

35 

%

2,585,463 

34 

%

Total Products(1)

20,168,142 

14,745,435 

11,142,476 

5,422,707 

37 

%

3,602,959 

32 

%

Total Products — Lending segment

2,633,186 

2,010,354 

1,663,006 

622,832 

31 

%

347,348 

21 

%

Total Products — Financial Services segment(1)

17,534,956 

12,735,081 

9,479,470 

4,799,875 

38 

%

3,255,611 

34 

%

Total Accounts — Technology Platform segment

128,461,873 

167,713,818 

145,425,391 

(39,251,945)

(23)

%

22,288,427 

15 

%

___________________

(1)In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024. During 2025, we returned to crypto investing with the launch of SoFi Crypto.

See “Summary Results by Segment” for additional metrics we review at the segment level.

Members

We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. Additionally, our mobile application and website have a member home experience that is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.

Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude.

We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time. The data we collect from our members helps us to, among other things: (i) assess loan life performance data on each loan in our ecosystem, which can inform risk-based interest rates that we can offer our members, (ii) understand our members’ spending behavior to identify and suggest other products we offer that may align with the members’ financial needs, and (iii) enhance our opportunities to sell additional products to our members, as our members represent a vital source of marketing opportunities. When we provide additional products to members, it helps improve our unit economics per member, as we save on marketing costs that we would otherwise incur to attract new members. It also increases the lifetime value of an individual member. This in turn enhances our Financial Services Productivity Loop.

Member growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue.

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Since our inception through December 31, 2025, we have served approximately 13.6 million members who have used approximately 20.2 million products on the SoFi platform.

Members

In Thousands

Total Products

Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.

In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.

In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed.

Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop.

See “Consolidated Results of Operations” and “Summary Results by Segment” for discussion and analysis of operating results.

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Products

In Thousands

Total lending products were composed of the following:

December 31,

2025 vs. 2024

2024 vs. 2023

Lending Products

2025

2024

2023

Variance

% Change

Variance

% Change

Personal loans(1)

1,935,607 

1,405,928 

1,113,864 

529,679 

38 

%

292,064 

26 

%

Student loans

644,225 

568,612 

519,489 

75,613 

13 

%

49,123 

9 

%

Home loans

53,354 

35,814 

29,653 

17,540 

49 

%

6,161 

21 

%

Total lending products

2,633,186 

2,010,354 

1,663,006 

622,832 

31 

%

347,348 

21 

%

___________________

(1)Includes loans which we originate as part of our Loan Platform Business.

Total financial services products were composed of the following:

December 31,

2025 vs. 2024

2024 vs. 2023

Financial Services Products

2025

2024

2023

Variance

% Change

Variance

% Change

Money(1)

6,791,108 

5,094,785 

3,374,310 

1,696,323 

33 

%

1,720,475 

51 

%

Invest(2)

3,244,143 

2,525,059 

2,380,641 

719,084 

28 

%

144,418 

6 

%

Credit Card

435,722 

279,360 

245,385 

156,362 

56 

%

33,975 

14 

%

Referred loans(3)

149,872 

85,205 

55,231 

64,667 

76 

%

29,974 

54 

%

Relay

6,687,259 

4,636,755 

3,336,868 

2,050,504 

44 

%

1,299,887 

39 

%

At Work

163,411 

113,917 

87,035 

49,494 

43 

%

26,882 

31 

%

Crypto(2)(4)

63,441 

— 

— 

— 

n/m

— 

n/m

Total financial services products(2)

17,534,956 

12,735,081 

9,479,470 

4,799,875 

38 

%

3,255,611 

34 

%

___________________

(1)Includes checking and savings accounts held at SoFi Bank, and cash management accounts.

(2)In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024. During 2025, we returned to crypto investing with the launch of SoFi Crypto.

(3)Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.

(4)Product counts for Crypto for the fourth quarter of 2025 reflect activity from our product launch on December 22, 2025 through December 31, 2025 and are therefore not representative of a full quarter of performance.

Technology Platform Total Accounts

In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue reported in Note 20. Business Segment and Geographic Information to the Notes to Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from

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spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Technology Platform Accounts

In Millions

December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

% Change

% Change

Total accounts(1)

128,461,873 

167,713,818 

145,425,391 

(23)

%

15 

%

___________________

(1)Includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025.

Key Factors Affecting Operating Results

Our future operating results and cash flows are dependent upon a number of opportunities, challenges and other factors, including our loan origination volume, financial services products and member activity on our platform, growth in technology platform clients, competition and industry trends, general economic conditions and our ability to optimize our national bank charter.

Origination Volume

Our Lending segment is our largest segment, comprising 51%, 56% and 65% of total net revenue during the years ended December 31, 2025, 2024 and 2023, respectively. We are dependent upon the addition of new members and new activity from existing members to generate origination volume, which we believe is a contributor to Lending segment net revenue. We believe we have a high-quality loan portfolio, as indicated by our Lending segment weighted average origination FICO score of 749 during the year ended December 31, 2025.

We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members. Revenue from the Loan Platform Business is fee-based.

See “Industry Trends and General Economic Conditions” for the impact of specific economic factors on origination volume.

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Member Growth and Activity

We have invested heavily in our platform and are dependent on continued member growth, as well as our ability to generate additional revenues from our existing members using additional products and services. Member growth and activity is critical to our ability to increase our scale and earn a return on our technology and product investments. Growth in members and member activity will depend heavily on our ability to continue to offer attractive products and services at sustainable costs and our continued member acquisition and marketing efforts.

Product Offerings

Our aim is to develop and offer a best-in-class integrated financial services platform with products that meet the broad objectives of our members and the lifecycle of their financial needs. We have invested, and continue to invest, heavily in the development, improvement and marketing of our suite of lending and financial services products and are dependent on continued growth in the number of products selected by our members, as well as our ability to build trust and reliability between our members and our platform to reinforce the effects of the Financial Services Productivity Loop. In order to deliver on our strategy, we aim to foster positive member experiences designed to lead to more product adoption by existing members, leading to enhanced profitability for each additional product by lowering overall member acquisition costs.

Galileo Account Growth

Galileo primarily provides technology platform services to financial and non-financial institutions, which enabled us to diversify our business from a primarily consumer-based business to also serve enterprises that rely upon Galileo’s integrated platform as a service to serve their clients. We are dependent on growth in the number of accounts at Galileo, which is an indication of the amount of users that are dependent upon the technology platform for a variety of products and services, including virtual card products, virtual wallets, peer-to-peer and bank-to-bank transfers, early paychecks and relying on real-time authorizations, all of which generate revenue for Galileo.

Operating as a Bank

A key element of our long-term strategy included securing a national bank charter, which we acquired in the first quarter of 2022 and began operating SoFi Bank (formerly Golden Pacific), and SoFi Technologies became a bank holding company. Operating as a bank allows for expanded access to multiple channels of funding, including deposits through SoFi Bank and borrowing capacity through the FHLB and Federal Reserve, which provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. Since acquiring our bank license, we have shifted and continue to expect our funding mix to be primarily deposit funding, which generally has a lower cost of funds than warehouse financing.

See Part I, Item 1. “Company Overview—SoFi Bank” and “Government Supervision and Regulation” for a discussion of the key expected financial benefits to us of operating a national bank and discussion of supervision and regulation to which we are subject. See Part I, Item 1A. “Risk Factors” for discussion of certain potential risks related to being a bank holding company.

Industry Trends and General Economic Conditions

Our results of operations have historically been resilient to economic downturns but in the future may be impacted by the strength of the overall economy and its effect on key performance drivers such as unemployment, inflation and consumer spending. As general economic conditions improve or deteriorate, the amount of consumer disposable income tends to fluctuate, which in turn impacts consumer spending levels and the willingness of consumers to take out loans to finance purchases or invest in financial assets. Specific economic factors, such as interest rate levels, changes in monetary and related policies, unemployment rates, inflation and consumer confidence, may also influence consumer spending, saving, investing and borrowing patterns. Liquidity and robustness of capital markets may influence both benchmark interest rates and credit spreads, thereby similarly influencing consumer behavior.

The Federal Reserve decreased the benchmark interest rate in September, October and December 2025, each time by 0.25%. Markets are currently pricing in some degree of continued easing over 2026, although the timing of such cuts will be largely determined by the combination of inflation persistence, labor market softness, and the political and leadership dynamics of the Federal Reserve. Stubborn inflation could cause rising interest rates and unfavorably impact demand for refinancing loan products. In addition, if interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate, it could have a negative impact on the overall economic growth and the state of the consumer.

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Economic and market volatility may also adversely impact our liquidity, results of operations and financial condition. We have continued to see strong demand for our deposits as a result of our competitive interest rate offering and access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. Our credit trends continued to be strong in 2025 after seeing delinquencies peak over one year ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality. Changes or uncertainty persists with respect to the U.S. presidential administration, governmental policies and regulations, and evolving priorities and guidance, and may adversely impact our members, our technology platform clients, our counterparties, and our operations, earnings and capital. Negative changes to macroeconomic conditions may result in decreased demand for our products, increased operating costs and negatively impact our results of operations.

Fair Value of Loans

We measure our personal loans, student loans and home loans at fair value. Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the balance sheet date, as well as gains (losses) on loans sold or repurchased during the period. Fair value adjustments made in each reporting period are impacted by factors such as, among others, interest rates, weighted average coupon, credit spreads, actual and estimated losses, prepayment speeds, duration and previous loan sale execution on similar loans. In determining our fair value assumptions, we incorporate recent data impacting the capital markets, as well as factors specific to us. Changes in these factors, either positive or negative, can have a material impact on our results of operations.

The following table summarizes the significant inputs to the fair value model for personal and student loans:

Personal Loans

Student Loans

December 31,

2025

September 30,

2025

December 31,

2025

September 30,

2025

Weighted average coupon rate(1)

13.11 

%

13.11 

%

5.87 

%

5.89 

%

Weighted average annual default rate

4.46 

%

4.33 

%

0.68 

%

0.67 

%

Weighted average conditional prepayment rate

26.87 

%

26.90 

%

11.21 

%

11.27 

%

Weighted average discount rate

4.46 

%

4.55 

%

3.89 

%

3.90 

%

___________________

(1)Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.

As of the fourth quarter of 2025 relative to the third quarter of 2025, we observed the following trends:

•The weighted average coupon rate on personal loans was flat, which reflects the impacts of increased originations and rate reduction passed on to borrowers related to benchmark rate reductions during the fourth quarter.

•The weighted average conditional prepayment rate on student loans decreased by 6 bps, reflecting the impact of expected changes in prepayments.

•The weighted average discount rates on personal loans and student loans decreased by 9 bps and 1 basis point, respectively. For personal loans, our discount rate assumptions decreased in the fourth quarter due to benchmark interest rates declining by 8 bps, along with credit spreads tightening by 1 basis point. For student loans, our discount rate assumptions decreased in the fourth quarter due to credit spreads tightening by 6 bps, partially offset by benchmark interest rates increasing by 5 bps. Credit spread changes are indicated by asset-backed security and secondary markets.

•Annualized net charge-off rates on personal loans in the fourth quarter of 2025 were 2.80%, which remained lower than the assumed weighted average default rates in our fair value model of 4.46%. Personal loan charge-offs during each of the quarters of 2025 were impacted by delinquent loan sales of $359.9 million of aggregate unpaid principal balance. Annualized net charge-off rates on student loans in the fourth quarter of 2025 of 0.76% were higher than the assumed weighted average default rates in our fair value model of 0.68%. The increase in the student loan net charge-off rate was primarily a result of strategically repurchased certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30 days, 60 days and 90 days past due.

The combination of these and other factors, including in period originations, resulted in fair value gains recognized on our student loans portfolio and fair value losses on our personal loans portfolio during the fourth quarter of 2025.

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Student Lending

We expect we may continue to see an increase in student loan refinancing volume as borrowers may look to refinance to either a lower rate if interest rates continue to decline or extend the loan term given the high interest rate environment compared to recent historical periods. However, we expect that the timing and impact to our student loan refinancing product will largely depend on other factors, including executive actions by the U.S. presidential administration, the interest rate environment and how competitive our student loan refinancing products are compared to our competitors and macroeconomic factors.

Changes in law, regulations or governmental policies related to federal or private student loans could impact demand for our student loan products and our business in ways that are difficult to predict. For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures. While student loan repayments resumed in October 2023 for certain federal student loans, in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits (although these involuntary collections were delayed in January 2026). In July 2025, the One Big Beautiful Bill Act (Pub. L. No. 119-21) (“OBBB”) was signed into law, which among other provisions, eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026, and establishes new repayment assistance plans. In August 2025, the Department of Education issued proposed rules that would narrow employer eligibility under the Public Service Loan Forgiveness program. We expect these changes could lead to incremental opportunities for SoFi’s student loan products; however, all such outcomes are highly uncertain.

Key Components of Results of Operations

Net Interest Income

Net interest income primarily reflects the excess of interest income earned on our loans over the interest expense incurred to fund such loans. Net interest income is impacted by loan origination volume, the level of securitization activity, the amount of time we hold loans on our consolidated balance sheet and the volume of member deposits, as well as prevailing interest rates, which impact the rates we receive on our loans and securitization-related investments in bonds and residual interest positions, and the rates we incur from our funding sources including our warehouse facilities, securitization debt and member deposits at SoFi Bank. We also incur interest expense related to our revolving credit facility and convertible notes, as well as on our convertible notes in the form of amortization of debt issuance costs and original issue discount.

Noninterest Income

Noninterest income primarily consists of: (i) fee-based revenue recognized from contracts with customers, which primarily relates to our technology products and solutions revenues and the growth and expansion of our financial services offerings, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to be originated by a third-party partner, (ii) fees earned upon the sale of loans originated on behalf of third party partners through our Loan Platform Business, (iii) loan origination fees, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iv) fair value changes in loans while we hold them on our consolidated balance sheet and our securitization activities, inclusive of our hedging activities, (v) gains on sales of loans transferred into the securitization or whole loan sale channels, (vi) the income we receive from our loan servicing activities, as well as the assumption of servicing rights from third parties, (vii) gains and losses on non-securitization investments, and (viii) gains and losses on extinguishment of debt.

Noninterest Expense

Noninterest expense primarily relates to the following categories of expenses: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative. Certain costs are included within each of these line items, such as compensation and benefits-related expense (inclusive of share-based compensation expense), professional services, depreciation and amortization, and occupancy-related costs. We allocate certain costs to each of these categories based on department-level headcounts. We generally expect these expenses to increase in absolute dollars as our business continues to grow. Noninterest expense also includes goodwill impairment, related to the Technology Platform reporting unit in 2023.

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Directly Attributable Expenses

As presented within “Summary Results by Segment”, in our determination of the contribution profit (loss) for our reportable segments, we allocate certain expenses that are directly attributable to the segment. Directly attributable expenses primarily include compensation and benefits and sales and marketing, inclusive of member incentives, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment and lead generation. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products.

Consolidated Results of Operations

The following table sets forth selected consolidated statements of income data:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest income

$

2,218,956 

$

1,716,481 

$

1,261,740 

$

502,475 

29 

%

$

454,741 

36 

%

Total noninterest income

1,394,398 

958,378 

861,049 

436,020 

45 

%

97,329 

11 

%

Total net revenue

3,613,354 

2,674,859 

2,122,789 

938,495 

35 

%

552,070 

26 

%

Provision for credit losses

30,319 

31,712 

54,945 

(1,393)

(4)

%

(23,233)

(42)

%

Total noninterest expense

3,057,178 

2,409,802 

2,369,002 

647,376 

27 

%

40,800 

2 

%

Income (loss) before income taxes

525,857 

233,345 

(301,158)

292,512 

125 

%

534,503 

n/m

Income tax (expense) benefit

(44,537)

265,320 

416 

(309,857)

n/m

264,904 

n/m

Net income (loss)

$

481,320 

$

498,665 

$

(300,742)

$

(17,345)

(3)

%

$

799,407 

n/m

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Net Interest Income

The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin.

Average Balances and Net Interest Earnings Analysis

Year Ended December 31,

2025

2024

2023

($ in thousands)

Average Balances(1)

Interest Income/Expense

Average Yield/Rate

Average Balances(1)

Interest Income/Expense

Average Yield/Rate

Average Balances(1)

Interest Income/Expense

Average Yield/Rate

Assets

Interest-earning assets:

Interest-bearing deposits with banks

$

3,115,010 

$

115,661 

3.71 

%

$

2,814,098 

$

133,686 

4.75 

%

$

2,172,013 

$

91,312 

4.20 

%

Investment securities

2,354,919 

119,043 

5.06 

1,412,821 

79,338 

5.62 

541,590 

25,096 

4.63 

Loans

32,443,566 

3,140,495 

9.68 

25,360,067 

2,594,793 

10.23 

18,733,812 

1,934,659 

10.33 

Total interest-earning assets

37,913,495 

3,375,199 

8.90 

29,586,986 

2,807,817 

9.49 

21,447,415 

2,051,067 

9.56 

Total noninterest-earning assets

4,033,049 

3,305,102 

2,920,982 

Total assets

$

41,946,544 

$

32,892,088 

$

24,368,397 

Liabilities, Temporary Equity and Permanent Equity

Interest-bearing liabilities:

Demand deposits

$

2,323,852 

$

12,942 

0.56 

%

$

2,167,328 

$

45,117 

2.08 

%

$

2,214,794 

$

51,673 

2.33 

%

Savings deposits

26,663,292 

962,371 

3.61 

18,385,550 

782,205 

4.25 

8,481,895 

359,444 

4.24 

Time deposits

874,108 

38,730 

4.43 

2,060,959 

102,832 

4.99 

1,958,002 

96,703 

4.94 

Total interest-bearing deposits

29,861,252 

1,014,043 

3.40 

22,613,837 

930,154 

4.11 

12,654,691 

507,820 

4.01 

Warehouse facilities

1,667,619 

88,471 

5.31 

1,555,603 

97,781 

6.29 

3,142,096 

192,987 

6.14 

Securitization debt

62,650 

2,163 

3.45 

188,855 

7,197 

3.81 

751,869 

36,853 

4.90 

Other debt(2)

1,757,991 

51,566 

2.93 

1,782,732 

56,204 

3.15 

1,638,748 

51,526 

3.14 

Total debt

3,488,260 

142,200 

4.08 

3,527,190 

161,182 

4.57 

5,532,713 

281,366 

5.09 

Residual interests classified as debt

549 

— 

— 

2,495 

— 

— 

12,301 

141 

1.15 

Total interest-bearing liabilities

33,350,061 

1,156,243 

3.47 

26,143,522 

1,091,336 

4.17 

18,199,705 

789,327 

4.34 

Total noninterest-bearing liabilities

923,992 

753,979 

622,472 

Total liabilities

34,274,053 

26,897,501 

18,822,177 

Total temporary equity

— 

123,221 

320,374 

Total permanent equity

7,672,491 

5,871,366 

5,225,846 

Total liabilities, temporary equity and permanent equity

$

41,946,544 

$

32,892,088 

$

24,368,397 

Net interest income(3)

$

2,218,956 

$

1,716,481 

$

1,261,740 

Net interest margin(4)

5.85 

%

5.80 

%

5.88 

%

___________________

(1)Average balances were calculated on daily carrying balances.

(2)Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes.

(3)Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities.

(4)Net interest margin is calculated as net interest income divided by total average interest-earning assets.

2025 vs. 2024. Net interest income increased by $502.5 million, or 29%, during the year ended December 31, 2025 compared to the year ended December 31, 2024, and net interest margin increased by 5 basis points. Average interest-earning assets increased by 28% and average yields decreased by 59 basis points overall, while average interest-bearing liabilities increased by 28% and the average cost of interest-bearing liabilities decreased by 70 basis points.

The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $539.9 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $39.7 million primarily

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attributable to higher average balances, and (iii) lower interest expense on warehouse facilities of $9.3 million primarily attributable to lower rates. These items were partially offset by (i) higher interest expense on deposits of $83.9 million, primarily attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $18.0 million primarily attributable to lower rates.

2024 vs. 2023. Net interest income increased by $454.7 million, or 36%, during the year ended December 31, 2024 compared to the year ended December 31, 2023, and net interest margin decreased by 8 basis points. Average interest-earning assets increased by 38% and average yields decreased by 7 basis points overall, while average interest-bearing liabilities increased by 44% and the average cost of interest-bearing liabilities decreased by 17 basis points.

The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $602.1 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $54.2 million primarily attributable to higher average balances, (iii) higher interest income from interest-bearing deposits with banks of $42.4 million, primarily attributed to higher average balances, and (iv) lower interest expense on warehouse facilities and securitizations of $124.9 million primarily attributable to lower average balances, which is reflective of our continued funding mix shift towards deposit funding. These items were partially offset by higher interest expense on deposits of $422.3 million primarily attributable to higher average balances.

Analysis of Changes in Net Interest Income

The following table presents year-over-year changes in net interest income and the extent to which the variances are attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities:

2025 vs. 2024

2024 vs. 2023

Increase (Decrease) Due to Change in(1):

Increase (Decrease) Due to Change in(1):

($ in thousands)

Volume

Rate

Total Variance

Volume

Rate

Total Variance

Interest income:

Interest-bearing deposits with banks

$

11,173 

$

(29,198)

$

(18,025)

$

30,503 

$

11,871 

$

42,374 

Investment securities

47,624 

(7,919)

39,705 

48,924 

5,318 

54,242 

Loans

685,673 

(139,971)

545,702 

677,986 

(17,852)

660,134 

Total interest income

$

744,470 

$

(177,088)

$

567,382 

$

757,413 

$

(663)

$

756,750 

Interest expense:

Demand deposits

$

872 

$

(33,047)

$

(32,175)

$

(988)

$

(5,568)

$

(6,556)

Savings deposits

298,772 

(118,606)

180,166 

421,347 

1,414 

422,761 

Time deposits

(52,588)

(11,514)

(64,102)

5,137 

992 

6,129 

Interest-bearing deposits

247,056 

(163,167)

83,889 

425,495 

(3,161)

422,334 

Warehouse facilities

5,942 

(15,252)

(9,310)

(99,723)

4,517 

(95,206)

Securitization debt

(4,358)

(676)

(5,034)

(21,456)

(8,200)

(29,656)

Other debt

(726)

(3,912)

(4,638)

4,539 

139 

4,678 

Debt

858 

(19,840)

(18,982)

(116,639)

(3,545)

(120,184)

Residual interests classified as debt

— 

— 

— 

— 

(141)

(141)

Total interest expense

$

247,914 

$

(183,007)

$

64,907 

$

308,856 

$

(6,847)

$

302,009 

Net interest income

$

496,556 

$

5,919 

$

502,475 

$

448,557 

$

6,184 

$

454,741 

___________________

(1)We calculate the change in interest income and interest expense separately for each item. Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.

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Loan Maturity Schedule

The following table presents the maturities of our loan portfolio, as well as the separate presentation of the total amount of loans in each loan category that are due after one year that have variable rates and fixed rates:

As of December 31, 2025(1)

($ in thousands)

Within 1 year

After 1 year through 5 years

After 5 years through 15 years

After 15 years

Total

Loan Portfolio:

Personal loans

$

427,194 

$

15,116,411 

$

4,699,612 

$

— 

$

20,243,217 

Student loans

35,228 

1,664,560 

8,112,999 

3,062,653 

12,875,440 

Home loans

— 

— 

121,693 

1,011,636 

1,133,329 

Secured loans

— 

169,729 

702,524 

— 

872,253 

Credit card(2)

501,327 

— 

— 

— 

501,327 

Commercial and consumer banking

4,576 

1,265 

10,577 

159,523 

175,941 

Total loans

$

968,325 

$

16,951,965 

$

13,647,405 

$

4,233,812 

$

35,801,507 

Loans with variable rates:

Personal loans

$

5 

$

— 

$

— 

$

5 

Student loans

17,788 

133,480 

23,895 

175,163 

Home loans

— 

— 

8,132 

8,132 

Commercial and consumer banking

25 

4,992 

149,660 

154,677 

Total loans

$

17,818 

$

138,472 

$

181,687 

$

337,977 

Loans with fixed rates:

Personal loans

$

15,116,406 

$

4,699,612 

$

— 

$

19,816,018 

Student loans

1,646,772 

7,979,519 

3,038,758 

12,665,049 

Home loans

— 

121,693 

1,003,504 

1,125,197 

Secured loans

169,729 

702,524 

— 

872,253 

Commercial and consumer banking

1,240 

5,585 

9,863 

16,688 

Total loans

$

16,934,147 

$

13,508,933 

$

4,052,125 

$

34,495,205 

__________________

(1)Maturities presented are based upon the contractual terms of the loans. Amounts represent unpaid principal balance of loans outstanding at period end.

(2)Due to the revolving nature of credit cards, we report all of our credit card balances as due within one year.

Noninterest Income

The following table presents the components of our total noninterest income:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Loan origination, sales, securitizations and servicing

$

242,947 

$

278,114 

$

409,140 

$

(35,167)

(13)

%

$

(131,026)

(32)

%

Technology products and solutions

360,903 

350,810 

323,972 

10,093 

3 

%

26,838 

8 

%

Loan platform fees

575,911 

141,608 

33,602 

434,303 

307 

%

108,006 

321 

%

Other

214,637 

187,846 

94,335 

26,791 

14 

%

93,511 

99 

%

Total noninterest income

$

1,394,398 

$

958,378 

$

861,049 

$

436,020 

45 

%

$

97,329 

11 

%

Total noninterest income increased by $436.0 million, or 45%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.

Loan Origination, Sales, Securitizations and Servicing

2025 vs. 2024. Loan origination, sales, securitizations and servicing decreased by $35.2 million, or 13%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans, lower fair value gains on personal loans and net higher personal and student loan write-offs. These decreases were partially offset by higher fair value gains on student loans, higher origination fees and higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume.

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2024 vs. 2023. Loan origination, sales, securitizations and servicing decreased by $131.0 million, or 32%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was driven primarily by higher personal and student loan net charge-offs of $172.5 million, primarily driven by growth in the portfolios and elevated charge off rates, lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024, lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions, and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period. Partially offsetting these decreases were higher origination fees primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate.

Technology Products and Solutions

2025 vs. 2024. Technology products and solutions increased by $10.1 million, or 3%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients. During 2025, a large client fully transitioned off the platform.

2024 vs. 2023. Technology products and solutions increased by $26.8 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

Loan Platform Fees and Related Servicing

2025 vs. 2024. Loan platform fees and related servicing increased $430.8 million, or 274%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase reflects a full year of Loan Platform Business originations during 2025 compared to the prior year period when the business was fully launched in the third quarter of 2024.

2024 vs. 2023. Loan platform fees and related servicing increased $121.4 million, or 337%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by growth in our Loan Platform Business which was fully launched in the third quarter of 2024.

The following table presents the components of noninterest income associated with our Loan Platform Business:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Loan platform fees(1)

$

575,911 

$

141,608 

$

33,602 

$

434,303 

307 

%

$

108,006 

321 

%

Servicing(2)

12,347 

15,825 

2,464 

(3,478)

(22)

%

13,361 

542 

%

Loan platform fees and servicing, total noninterest income

$

588,258 

$

157,433 

$

36,066 

$

430,825 

274 

%

$

121,367 

337 

%

___________________

(1)Recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss), and the Financial Services reportable segment.

(2)Recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.

Other

2025 vs. 2024. Other noninterest income increased $26.8 million, or 14%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by higher interchange income as a result of an increase in spending volumes across SoFi Money and Credit Card and brokerage income, partially offset by gains on extinguishment of debt during 2024.

2024 vs. 2023. Other noninterest income increased $93.5 million, or 99%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by gains on extinguishment of debt and an increase in interchange income.

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Provision for Credit Losses

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Credit Card

$

30,898 

$

31,599 

$

54,267 

$

(701)

(2)

%

$

(22,668)

(42)

%

Commercial and consumer banking

(579)

113 

678 

(692)

n/m

(565)

(83)

%

Total

$

30,319 

$

31,712 

$

54,945 

$

(1,393)

(4)

%

$

(23,233)

(42)

%

2025 vs. 2024. The provision for credit losses was $30.3 million for the year-ended December 31, 2025, reflecting net charge-offs of $26.0 million and an allowance increase of $4.3 million. Net charge-offs of $26.1 million decreased $13.7 million compared to the year ended December 31, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $4.3 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.

2024 vs. 2023. The provision for credit losses was $31.7 million for the year-ended December 31, 2024, reflecting net charge-offs of $39.6 million and an allowance release of $8.0 million. Net charge-offs of $39.6 million decreased $1.4 million compared to the year ended December 31, 2023, driven by lower credit card charge-offs primarily due to improved delinquency rate (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions. The allowance release of $8.0 million was also primarily related to our credit card products, reflecting improved credit quality of the portfolio, including higher borrower FICO scores. The prior year provision for the year ended December 31, 2023 was $54.9 million, reflecting net charge-offs of $41.0 million and an allowance increase of $13.3 million.

Refer to “Analysis of Charge-offs” for a further discussion of the factors driving changes in net charge-offs and the allowance.

Analysis of Allowance for Credit Losses

Allowance for Credit Losses Ratios

The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost:

December 31,

($ in thousands)

2025

2024

Allowance for credit losses to total loans outstanding

Allowance for credit losses

$

50,934 

$

46,684 

Total loans held for investment, at amortized cost outstanding(1)

$

1,549,521 

$

1,285,910 

Ratio(2)

3.29 

%

3.63 

%

__________________

(1)Total loans outstanding excludes accrued interest.

(2)The decrease in the ratio was primarily attributable to improved credit quality in credit card and an increase of $67.5 million in secured loans.

We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial.

Allocation of Allowance for Credit Losses

The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost:

December 31, 2025

December 31, 2024

($ in thousands)

Allowance for credit losses

Percent of loans to total loans(1)

Allowance for credit losses

Percent of loans to total loans(1)

Credit card

$

49,205 

32 

%

$

44,350 

26 

%

Commercial and consumer banking

1,729 

12 

%

2,334 

12 

%

Secured loans(2)

— 

56 

%

— 

62 

%

Total

$

50,934 

100 

%

$

46,684 

100 

%

__________________

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(1)Loans outstanding balances used in the calculation exclude accrued interest.

(2)Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor. The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of December 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.

Analysis of Charge-offs

The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding:

Year Ended December 31,

2025

2024

2023

($ in thousands)

Average Loans(1)

Net Charge-offs(2)(3)(4)

Ratio(4)(5)

Average Loans(1)

Net Charge-offs(2)(3)(4)

Ratio(4)(5)

Average Loans(1)

Net Charge-offs(2)(3)

Ratio(5)

Personal loans

$

19,800,548 

$

566,709 

2.86 

%

$

16,426,053 

$

581,370 

3.54 

%

$

12,638,807 

$

432,706 

3.42 

%

Student loans

10,772,729 

78,090 

0.72 

%

7,414,829 

47,097 

0.64 

%

5,641,787 

25,048 

0.44 

%

Home loans

541,650 

— 

— 

%

77,912 

— 

— 

%

78,554 

— 

— 

%

Secured loans

802,245 

— 

— 

%

1,024,275 

— 

— 

%

26,291 

— 

— 

%

Credit card

364,326 

26,043 

7.15 

%

274,093 

39,634 

14.46 

%

238,832 

40,992 

17.16 

%

Commercial and consumer banking

162,068 

26 

0.02 

%

142,905 

89 

0.06 

%

109,541 

46 

0.04 

%

Total loans

$

32,443,566 

$

670,868 

2.07 

%

$

25,360,067 

$

668,190 

2.63 

%

$

18,733,812 

$

498,792 

2.66 

%

___________________

(1)Average balances were calculated on daily carrying balances.

(2)Net charge-offs include both credit- and certain non-credit-related charge-offs. Non-credit related charge-offs, which primarily relate to alleged or potential fraud, occur occasionally in our business and are impacted by factors different from our credit related charge-offs. Non-credit related charge-offs were immaterial for all periods presented.

(3)Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value. Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses.

(4)Excludes the impact of delinquent personal loan sales during the years ended December 31, 2025 and 2024. These loans were sold prior to charge-off during the years ended December 31, 2025 and 2024 and otherwise would have been charged off as of December 31, 2025 and 2024 consistent with our policy. See Note 4. Loans to the Notes to Consolidated Financial Statements for additional information.

(5)Net charge-off ratio is calculated as net charge-offs divided by average loans.

2025 vs. 2024. For the year ended December 31, 2025, the total net charge-off ratio was 2.07%, a decrease of 56 bps compared with the year ended December 31, 2024, and total net charge-offs were $670.9 million, an increase of $2.7 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.5%, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as lower personal loans net charge-off ratio reflective of improvement in delinquency rates (total personal loan delinquency rate was 52 bps, down approximately 4 bps from the comparative period). The total net charge-off ratio decrease was partially offset by an increase in the student loan net charge-off ratio primarily driven by the repurchase of certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations. While the student loan charge-off ratio increased during the period, the delinquency rate was relatively in line with the prior year period, reflecting overall stable credit quality of the overall portfolio.

The increase in total net charge-offs was $2.7 million, driven by higher student loan net charge-offs of $31.0 million primarily reflecting an increase in average loans of 45%, partially offset by lower personal loan and credit card net charge-offs of $14.7 million and $13.6 million, respectively.

2024 vs. 2023. For the year ended December 31, 2024, the total net charge-off ratio was 2.63%, a decrease of 3 bps compared with the year ended December 31, 2023, and total net charge-offs were $668.2 million, an increase of $169.4 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as an increase of $359.1 million in secured loans, for which we did not recognize an allowance for credit losses. The increase in total net charge-offs was primarily driven by higher personal loan amounts of $148.7 million and higher student loan amounts of $22.0 million.

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In addition, charge-off ratios for personal loans and student loans were higher year over year, by 12 bps and 20 bps, respectively, which partially offset the improvement in the total net charge-off ratio. These increases reflect growth in our portfolios, seasoning of vintages and credit normalization, along with the impact of the end of the student loan payment moratorium on August 30, 2023.

Noninterest Expense

The following table presents the components of our total noninterest expense:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Technology and product development

$

648,332 

$

551,787 

$

511,419 

$

96,545 

17 

%

$

40,368 

8 

%

Sales and marketing

1,095,412 

796,293 

719,400 

299,119 

38 

%

76,893 

11 

%

Cost of operations

608,998 

461,633 

379,998 

147,365 

32 

%

81,635 

21 

%

General and administrative

704,436 

600,089 

511,011 

104,347 

17 

%

89,078 

17 

%

Goodwill impairment

— 

— 

247,174 

— 

n/m

(247,174)

(100)

%

Total noninterest expense

$

3,057,178 

$

2,409,802 

$

2,369,002 

$

647,376 

27 

%

$

40,800 

2 

%

Total noninterest expense increased by $647.4 million, or 27%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.

Technology and product development

2025 vs. 2024. Technology and product development expenses increased $96.5 million, or 17% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software.

2024 vs. 2023. Technology and product development expenses increased $40.4 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher amortization of purchased and internally developed software, and tools and subscriptions costs reflective of continued investments in technology.

Sales and marketing

2025 vs. 2024. Sales and marketing expenses increased $299.1 million, or 38%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by increases in advertising and marketing expenditures, as well as higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.

2024 vs. 2023. Sales and marketing expenses increased $76.9 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in direct member incentives, advertising and marketing expenditures, and lead generation costs primarily related to our Lending and Financial Services segments.

Cost of operations

2025 vs. 2024. Cost of operations expenses increased $147.4 million, or 32%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, and (iv) professional services costs.

2024 vs. 2023. Cost of operations expenses increased $81.6 million, or 21%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by increases in professional services costs and an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform.

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General and administrative

2025 vs. 2024. General and administrative expenses increased $104.3 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.

2024 vs. 2023. General and administrative expenses increased $89.1 million, or 17%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, increases in professional services costs and amortization of premiums on a credit default swap related to our student loans during the 2024 period.

Income Taxes

The income tax expense for the year ended December 31, 2025 was $44.5 million, primarily attributable to the Company’s profitability, partially offset by tax benefits for stock compensation. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information. On July 4, 2025, the OBBB was enacted into law, which included certain modifications to U.S. tax law. The enacted portions of the OBBB have not had a material impact on the Company's results of operations in 2025.

Our income tax benefit in 2024 primarily due to the release in the fourth quarter of a $258.4 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. The timing of this valuation allowance release was primarily due to our cumulative income combined with projections of continued profitability. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions.

Our income tax benefit in 2023 was primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys. Our 2023 benefits were partially offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited.

Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. As noted above, in 2024 we released a significant portion of our valuation allowance. During the year ended December 31, 2025, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements.

Summary Results by Segment

Contribution profit (loss) is the primary measure of segment-level profit and loss that, along with our key business metrics, is used by management to evaluate our business, measure our performance, identify trends and make strategic decisions. Contribution profit (loss) is defined as total net revenue for each reportable segment less expenses directly attributable to the reportable segment, provision for credit losses and, in the case of our Lending segment, adjusted for fair value adjustments attributable to assumption changes associated with our servicing rights and residual interests classified as debt. See the sections entitled “Consolidated Results of Operations”, “Summary Results by Segment” and “Non-GAAP Financial Measures” for discussion and analysis of these key financial measures.

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The following table sets forth selected segment-level data:

December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

Change

% Change

Change

% Change

Lending

Total net revenue

$

1,848,949 

$

1,485,222 

$

1,370,621 

$

363,727 

24 

%

$

114,601 

8 

%

Directly attributable expenses

(810,106)

(588,507)

(513,073)

(221,599)

38 

%

(75,434)

15 

%

Contribution profit

1,016,900 

890,543 

823,273 

126,357 

14 

%

67,270 

8 

%

Technology Platform

Total net revenue

$

450,211 

$

395,178 

$

352,340 

$

55,033 

14 

%

$

42,838 

12 

%

Directly attributable expenses

(305,798)

(268,223)

(257,554)

(37,575)

14 

%

(10,669)

4 

%

Contribution profit

144,413 

126,955 

94,786 

17,458 

14 

%

32,169 

34 

%

Financial Services

Total net revenue

$

1,542,016 

$

821,511 

$

436,515 

$

720,505 

88 

%

$

384,996 

88 

%

Provision for credit losses

(30,329)

(31,659)

(54,945)

1,330 

(4)

%

23,286 

(42)

%

Directly attributable expenses

(718,778)

(482,845)

(381,832)

(235,933)

49 

%

(101,013)

26 

%

Contribution profit (loss)

792,909 

307,007 

(262)

485,902 

158 

%

307,269 

n/m

Reportable segments total

Total net revenue

$

3,841,176 

$

2,701,911 

$

2,159,476 

$

1,139,265 

42 

%

$

542,435 

25 

%

Provision for credit losses

(30,329)

(31,659)

(54,945)

1,330 

(4)

%

23,286 

(42)

%

Directly attributable expenses

(1,834,682)

(1,339,575)

(1,152,459)

(495,107)

37 

%

(187,116)

16 

%

Contribution profit

1,954,222 

1,324,505 

917,797 

629,717 

48 

%

406,708 

44 

%

Lending Segment

Lending Segment Results of Operations

The following table presents the measure of contribution profit for the Lending segment.

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest income

$

1,606,032 

$

1,207,226 

$

960,773 

$

398,806 

33 

%

$

246,453 

26 

%

Noninterest income

242,917 

277,996 

409,848 

(35,079)

(13)

%

(131,852)

(32)

%

Total net revenue

1,848,949 

1,485,222 

1,370,621 

363,727 

24 

%

114,601 

8 

%

Servicing rights – change in valuation inputs or assumptions(1)

(22,013)

(6,280)

(34,700)

(15,733)

251 

%

28,420 

(82)

%

Residual interests classified as debt – change in valuation inputs or assumptions(2)

70 

108 

425 

(38)

(35)

%

(317)

(75)

%

Directly attributable expenses:

Direct advertising

(327,747)

(218,566)

(183,885)

(109,181)

50 

%

(34,681)

19 

%

Lead generation

(184,542)

(149,481)

(115,388)

(35,061)

23 

%

(34,093)

30 

%

Compensation and benefits

(166,239)

(126,394)

(119,266)

(39,845)

32 

%

(7,128)

6 

%

Loan origination and servicing costs

(84,215)

(51,415)

(46,241)

(32,800)

64 

%

(5,174)

11 

%

Professional services

(13,041)

(11,957)

(9,592)

(1,084)

9 

%

(2,365)

25 

%

Intercompany technology platform expenses

(2,078)

(2,706)

(948)

628 

(23)

%

(1,758)

185 

%

Other(3)

(32,244)

(27,988)

(37,753)

(4,256)

15 

%

9,765 

(26)

%

Directly attributable expenses

(810,106)

(588,507)

(513,073)

(221,599)

38 

%

(75,434)

15 

%

Contribution profit

$

1,016,900 

$

890,543 

$

823,273 

$

126,357 

14 

%

$

67,270 

8 

%

Adjusted net revenue — Lending(4)

$

1,827,006 

$

1,479,050 

$

1,336,346 

$

347,956 

24 

%

$

142,704 

11 

%

__________________

(1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive

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income (loss), but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

(3)Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries).

(4)Adjusted net revenue is a non-GAAP financial measure. For information regarding our use and definition of this measure and for a reconciliation to the most directly comparable U.S. GAAP measure, total net revenue, see “Non-GAAP Financial Measures” herein.

Net interest income

2025 vs. 2024. Net interest income in our Lending segment increased by $398.8 million, or 33%, for the year ended December 31, 2025 compared to 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.1 billion (20%) and $3.1 billion (43%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.

2024 vs. 2023. Net interest income in our Lending segment increased by $246.5 million, or 26%, for the year ended December 31, 2024 compared to 2023. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.5 billion (29%) and $1.6 billion (29%), respectively, combined with higher weighted average interest rates. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods. Interest expense associated with funding our lending activities increased by $410.0 million, or 44%, primarily due to higher average loan balances.

Noninterest income

Noninterest income in our Lending segment decreased by $35.1 million, or 13%, for the year ended December 31, 2025 compared to 2024, and decreased by $131.9 million, or 32%, for the year ended December 31, 2024 compared to 2023. For both periods, the change was primarily attributable to lower loan origination, sales, securitizations and servicing income.

Loan Originations, Sales, Securitizations and Servicing

The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

In period originations, loan sale execution and fair value adjustments(1)

$

603,719 

$

199,464 

$

689,956 

$

404,255 

203 

%

$

(490,492)

(71)

%

Economic derivative hedges of loan fair values

(165,542)

331,477 

(11,258)

(497,019)

n/m

342,735 

n/m

Loan origination fees

429,621 

377,277 

134,399 

52,344 

14 

%

242,878 

181 

%

Loan write-off expense – whole loans(2)

(645,006)

(627,696)

(455,194)

(17,310)

3 

%

(172,502)

38 

%

Other(3)

20,152 

(2,505)

51,103 

22,657 

n/m

(53,608)

n/m

Loan origination, sales, securitizations and servicing noninterest income

$

242,944 

$

278,017 

$

409,006 

$

(35,073)

(13)

%

$

(130,989)

(32)

%

___________________

(1)Includes fair value adjustments on loans originated during the period, fair value adjustments of loans and securitization bond and residual interest positions held at the balance sheet date, as well as gains (losses) on loans sold and consolidated securitization transactions during the period. Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans.

(2)For the years ended December 31, 2025, 2024 and 2023, includes gross write-offs of $756.7 million, $730.1 million and $533.3 million, respectively. Total recoveries were $111.7 million, $102.4 million and $78.1 million, respectively, of which $81.3 million, $78.8 million and $53.7 million, respectively, were captured via loan sales to a third-party collection agency.

(3)Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for additional information.

2025 vs. 2024. The decrease in loan origination, sales, securitizations and servicing income of $35.1 million, or 13%, was primarily driven by: (i) losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans ($479.4 million), and (ii) net higher loan write-offs in the 2025 period ($17.3 million), which were related to student and personal loans.

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These decreases were partially offset by: (i) higher fair value gains on student loans primarily impacted by a larger decrease in discount rate assumptions as well as increased loan origination volume ($292.4 million), (ii) higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume ($86.5 million), and (iii) higher origination fees ($52.3 million) primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, as well as home loans.

2024 vs. 2023. The decrease in loan origination, sales, securitizations and servicing income of $131.0 million, or 32%, was primarily driven by: (i) higher personal loan as well as student loan write-offs in the 2024 period, primarily driven by higher loan origination volume, longer loan holding periods and elevated charge off rates during 2024 ($170.7 million); (ii) a net decrease of $111.0 million related to the following: lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024 ($371.2 million); lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions ($77.7 million); and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period ($337.9 million); and (iii) higher losses of $66.1 million on personal loan sales in the 2024 period, and were due to both price and volume factors, as well as delinquent loan sales in the 2024 period only.

These decreases were partially offset by higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate ($242.9 million).

Servicing

We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees.

The table below presents information related to our loan servicing assets:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Servicing income recognized

Personal loans

$

130,195 

$

90,918 

$

24,074 

$

39,277 

43 

%

$

66,844 

278 

%

Student loans

16,239 

22,811 

25,174 

(6,572)

(29)

%

(2,363)

(9)

%

Home loans

18,815 

17,347 

15,161 

1,468 

8 

%

2,186 

14 

%

Servicing rights fair value change

Personal loans

$

54,416 

$

153,952 

$

28,839 

$

(99,536)

(65)

%

$

125,113 

434 

%

Student loans

(20,113)

(7,678)

(4,929)

(12,435)

162 

%

(2,749)

56 

%

Home loans

1,747 

15,385 

6,705 

(13,638)

(89)

%

8,680 

129 

%

Directly attributable expenses

2025 vs. 2024. Lending segment directly attributable expenses increased by $221.6 million, or 38%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in allocated compensation and related benefits, which reflected increases in headcount in 2025 to support growth in the Lending segment, (iii) an increase in expense related to personal loan lead generation channels, and (iv) an increase in loan origination and servicing costs, which correspond with increased loan origination volume.

2024 vs. 2023. Lending segment directly attributable expenses increased by $75.4 million, or 15%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) an increase in direct advertising primarily related to online and digital advertising, (ii) an increase in personal and student loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2024, and (iv) a decrease in other expenses, primarily related to third-party loan fraud.

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Total Products

Total products in our Lending segment is a subset of our total products metric. See “Key Business Metrics” and Part I, Item 1. “Our Reportable Segments” for further discussion of this measure as it relates to our Lending segment.

In the table below, we present certain metrics and financial information related to our Lending segment:

December 31,

2025 vs. 2024

2024 vs. 2023

Metric

2025

2024

2023

Change

% Change

Change

% Change

Total products (number, as of period end)

2,633,186 

2,010,354 

1,663,006 

622,832 

31 

%

347,348 

21 

%

Origination volume ($ in thousands, during period)

Personal loans(1)

$

27,495,534 

$

17,614,985 

$

13,801,065 

$

9,880,549 

56 

%

$

3,813,920 

28 

%

Student loans

5,537,934 

3,780,752 

2,630,040 

1,757,182 

46 

%

1,150,712 

44 

%

Home loans

3,388,995 

1,820,213 

997,492 

1,568,782 

86 

%

822,721 

82 

%

Total

$

36,422,463 

$

23,215,950 

$

17,428,597 

$

13,206,513 

57 

%

$

5,787,353 

33 

%

Loans with a balance (number, as of period end)(2)

1,744,115 

1,257,965 

1,009,433 

486,150 

39 

%

248,532 

25 

%

Average loan balance ($, as of period end)(2)

Personal loans

$

25,810 

$

25,377 

$

24,223 

$

433 

2 

%

$

1,154 

5 

%

Student loans(3)

43,371 

42,960 

44,683 

411 

1 

%

(1,723)

(4)

%

Home loans

243,916 

279,321 

284,289 

(35,405)

(13)

%

(4,968)

(2)

%

_________________

(1)Inclusive of origination volume related to our Loan Platform Business. For the years ended December 31, 2025 and 2024, we originated $11.0 billion and $2.1 billion, respectively, of personal loans on behalf of third parties. We did not originate any loans on behalf of third parties during 2023.

(2)Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.

(3)Includes in-school loans and student loan refinancing products. In-school loans carry a lower average balance than student loan refinancing products.

Origination Volume

We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume. Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior.

Personal Loans. During the year ended December 31, 2025, total personal loan origination volume increased by 56% relative to 2024, inclusive of an $8.9 billion increase related to personal loans originated on behalf of third parties in support of our Loan Platform Business which we expanded starting in the second half of 2024. Demand from our Loan Platform Business has continued to increase as partners seek to leverage our customer acquisition and operational capabilities to originate loans at scale, as well as increased demand driven by expanded advertising and marketing efforts.

During the year ended December 31, 2024, personal loan origination volume increased by 28% relative to 2023, inclusive of a $2.1 billion increase related to personal loans originated on behalf of third parties during the second half of 2024 in support of our Loan Platform Business. Overall increases in origination volume were primarily due to increased demand driven by expanded marketing efforts and increased demand for debt consolidation products in a rising interest rate environment during 2023 that remained elevated into the third quarter of 2024.

Student Loans. During the year ended December 31, 2025, student loan origination volume increased by 46% relative to 2024, as demand for student loan refinancing products continued to increase after the resumption of principal and interest payments in 2024 on federally-held student loans as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment.

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During the year ended December 31, 2024, student loan origination volume increased by 44% relative to 2023, as demand for student loan refinancing products increased after the resumption of principal and interest payments on federally-held student loans as borrowers looked to refinance at a lower rate or, given the high interest rate environment, to extend the loan term.

Home Loans. During the year ended December 31, 2025, home loan origination volume increased by 86% relative to 2024. Our home loan origination volume increased notably throughout 2024 and into 2025, aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham. During 2024, we began offering fixed rate home equity loans and variable rate HELOCs. Origination volume during 2025 reflected increased demand for home equity loans, which have allowed members to take advantage of the equity that has built up in their homes.

During the year ended December 31, 2024, home loan origination volume decreased by 82% relative to 2023. Our home loan origination volume increased notably beginning in the second quarter of 2023 and throughout 2024, aided by the increased capacity and capabilities subsequent to our acquisition of Wyndham. In addition, interest rates declined in the third quarter of 2024, which tends to raise demand for home loans overall as well as shift demand towards refinance originations from purchase originations.

Loans with a Balance and Average Loan Balance

Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date. Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan. Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.

In the table below, we present additional information related to our lending products:

Year Ended December 31,

($ in thousands)

2025

2024

2023

Overall weighted average origination FICO

749 

750 

749 

Personal Loans(1)

Weighted average origination FICO

744 

746 

745 

Weighted average interest rate earned(2)

13.00 

%

13.34 

%

13.28 

%

Interest income recognized

$

2,425,576 

$

2,077,990 

$

1,600,527 

Sales of loans

$

12,831,325 

$

6,595,822 

$

938,403 

Student Loans

Weighted average origination FICO

769 

766 

770 

Weighted average interest rate earned(2)

5.89 

%

5.73 

%

5.13 

%

Interest income recognized

$

598,886 

$

406,546 

$

281,921 

Sales of loans

$

376,545 

$

294,187 

$

96,678 

Home Loans

Weighted average origination FICO

751 

755 

755 

Weighted average interest rate earned(2)

7.78 

%

7.94 

%

5.76 

%

Interest income recognized

$

39,996 

$

6,117 

$

4,982 

Sales of loans

$

2,376,087 

$

1,737,100 

$

1,029,214 

__________________

(1)Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the years ended December 31, 2025 and 2024, included $10.9 billion and $2.1 billion, respectively, related to loans originated on behalf of third parties. We did not originate any loans on behalf of third parties during 2023.

(2)Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis.

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Transfers of Financial Assets

We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. See Note 4. Loans to the Notes to Consolidated Financial Statements for additional information.

The following table summarizes our current whole loan sales:

Year Ended December 31,

2025

2024

2023

Personal loans

Fair value of consideration received:

Cash

$

1,588,982 

$

2,967,487 

$

567,904 

Receivable

— 

5,288 

— 

Servicing assets recognized

98,420 

178,919 

30,168 

Repurchase liabilities recognized

(2,432)

(9,907)

(2,069)

Total consideration

1,684,970 

3,141,787 

596,003 

Aggregate unpaid principal balance and accrued interest of loans sold

1,589,607 

2,973,077 

567,003 

Realized gain

$

95,363 

$

168,710 

$

29,000 

Sale execution(1)(2)

106.2 

%

106.0 

%

105.5 

%

Student loans

Fair value of consideration received:

Cash

$

405,538 

$

310,331 

$

98,624 

Servicing assets recognized

11,221 

8,249 

2,792 

Repurchase liabilities recognized

(38)

(46)

(16)

Total consideration

416,721 

318,534 

101,400 

Aggregate unpaid principal balance and accrued interest of loans sold

393,579 

303,578 

99,916 

Realized gain

$

23,142 

$

14,956 

$

1,484 

Sale execution(1)

105.9 

%

104.9 

%

101.5 

%

Home loans

Fair value of consideration received:

Cash

$

2,417,586 

$

1,750,711 

$

1,022,600 

Servicing assets recognized

18,310 

14,675 

10,184 

Repurchase liabilities recognized

(4,351)

(2,958)

(1,765)

Total consideration

2,431,545 

1,762,428 

1,031,019 

Aggregate unpaid principal balance and accrued interest of loans sold

2,379,280 

1,738,036 

1,029,623 

Realized gain

$

52,265 

$

24,392 

$

1,396 

Sale execution(1)

102.4 

%

101.6 

%

100.3 

%

_____________________

(1)Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.

(2)Excludes net origination fees, which are recognized in earnings at the time of origination. Personal loans sold during the year ended December 31, 2025, had related origination fees of $42,733. Sales execution including these origination fees would be 108.8%. Personal loans sold during the year ended December 31, 2024, had related origination fees of $60.5 million. Sales execution including these origination fees would be 108.0%. Personal loans sold during the year ended December 31, 2023, had related origination fees of $4.7 million. Sales execution including these origination fees would be 106.3%.

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The following table summarizes our delinquent whole loan sales during the years ended December 31, 2025 and 2024. There were no delinquent whole loan sales during the year ended December 31, 2023.

Year Ended December 31,

2025

2024

Personal loans

Fair value of consideration received:

Cash

$

28,794 

$

24,228 

Servicing assets recognized

25,197 

20,259 

Repurchase liabilities recognized

(378)

(136)

Total consideration

53,613 

44,351 

Aggregate unpaid principal balance and accrued interest of loans sold(1)(2)

378,780 

319,738 

Realized loss

$

(325,167)

$

(275,387)

Sale execution(3)

14.3 

%

13.9 

%

__________________

(1) For the year ended December 31, 2025, includes $359.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. For the year ended December 31, 2024, includes $302.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.

(2) For the year ended December 31, 2025, $209.2 million of unpaid principal balance was recorded in prior periods as write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of December 31, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.

(3) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.

In addition to the previously disclosed personal, student and home loan sale activity, during the year ended December 31, 2024 we also sold secured loans at par with an aggregate unpaid principal balance and accrued interest of $555.9 million.

Technology Platform Segment

Technology Platform Segment Results of Operations

The following table presents the measure of contribution profit for the Technology Platform segment.

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest income

$

1,505 

$

2,158 

$

1,514 

$

(653)

(30)

%

$

644 

43 

%

Noninterest income

448,706 

393,020 

350,826 

55,686 

14 

%

42,194 

12 

%

Total net revenue

450,211 

395,178 

352,340 

55,033 

14 

%

42,838 

12 

%

Directly attributable expenses:

Compensation and benefits

(187,895)

(152,158)

(151,041)

(35,737)

23 

%

(1,117)

1 

%

Product fulfillment

(50,852)

(58,247)

(47,731)

7,395 

(13)

%

(10,516)

22 

%

Tools and subscriptions

(37,291)

(28,081)

(26,384)

(9,210)

33 

%

(1,697)

6 

%

Professional services

(14,234)

(12,088)

(13,230)

(2,146)

18 

%

1,142 

(9)

%

Other(1)

(15,526)

(17,649)

(19,168)

2,123 

(12)

%

1,519 

(8)

%

Directly attributable expenses(1)

(305,798)

(268,223)

(257,554)

(37,575)

14 

%

(10,669)

4 

%

Contribution profit

$

144,413 

$

126,955 

$

94,786 

$

17,458 

14 

%

$

32,169 

34 

%

___________________

(1)Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.

Net interest income

Net interest income in our Technology Platform segment of $1.5 million and $2.2 million for the years ended December 31, 2025 and 2024, respectively, relates to interest income earned on segment cash balances, which we began recording within the Technology Platform segment in the third quarter of 2023. Prior period amounts were determined to be immaterial, and presented within Corporate/Other.

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Noninterest income

2025 vs. 2024. Noninterest income in our Technology Platform segment increased by $55.7 million, or 14%, for the year ended December 31, 2025 compared to 2024. The increase was primarily attributable to an increase in intercompany revenue of $48.7 million, primarily attributable to increased usage of technology platform services during the 2025 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings. During 2025, a large client fully transitioned off the platform.

2024 vs. 2023. Noninterest income in our Technology Platform segment increased by $42.2 million, or 12%, for the year ended December 31, 2024 compared to 2023. The increase was primarily attributable to growth in technology services fees of $26.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth. Noninterest income also included $36.8 million and $22.2 million of intercompany revenue for the years ended December 31, 2024 and 2023, respectively. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2024 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.

Directly attributable expenses

2025 vs. 2024. Technology Platform segment directly attributable expenses increased by $37.6 million, or 14%, for the year ended December 31, 2025 compared to 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected an increase in headcount and increases in average compensation in 2025.

2024 vs. 2023. Technology Platform segment directly attributable expenses increased by $10.7 million, or 4%, for the year ended December 31, 2024 compared to 2023, primarily attributable to an increase in product fulfillment costs, primarily related to payment processing network association fees associated with increased activity on the platform.

Total Accounts

In the table below, we present the total accounts metric related to our Technology Platform segment:

December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$ Change

% Change

$ Change

% Change

Total accounts

128,461,873 

167,713,818 

145,425,391 

(39,251,945)

(23)

%

22,288,427 

15 

%

See “Key Business Metrics” and Part I, Item 1. “Our Reportable Segments” for further discussion of this measure as it relates to our Technology Platform segment.

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Financial Services Segment

Financial Services Segment Results of Operations

The following table presents the measure of contribution profit (loss) for the Financial Services segment.

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest income

$

777,991 

$

573,422 

$

334,847 

$

204,569 

36 

%

$

238,575 

71 

%

Noninterest income

764,025 

248,089 

101,668 

515,936 

208 

%

146,421 

144 

%

Total net revenue

1,542,016 

821,511 

436,515 

720,505 

88 

%

384,996 

88 

%

Provision for credit losses

(30,329)

(31,659)

(54,945)

1,330 

(4)

%

23,286 

(42)

%

Directly attributable expenses:

Compensation and benefits

(181,356)

(137,097)

(125,143)

(44,259)

32 

%

(11,954)

10 

%

Member incentives

(77,488)

(80,837)

(54,616)

3,349 

(4)

%

(26,221)

48 

%

Product fulfillment

(86,411)

(73,194)

(49,829)

(13,217)

18 

%

(23,365)

47 

%

Lead generation

(161,896)

(50,325)

(36,447)

(111,571)

222 

%

(13,878)

38 

%

Direct advertising

(33,323)

(36,729)

(44,347)

3,406 

(9)

%

7,618 

(17)

%

Intercompany technology platform expenses

(46,890)

(23,924)

(12,961)

(22,966)

96 

%

(10,963)

85 

%

Professional services

(30,245)

(22,972)

(12,719)

(7,273)

32 

%

(10,253)

81 

%

Other(1)

(101,169)

(57,767)

(45,770)

(43,402)

75 

%

(11,997)

26 

%

Directly attributable expenses

(718,778)

(482,845)

(381,832)

(235,933)

49 

%

(101,013)

26 

%

Contribution profit (loss)

$

792,909 

$

307,007 

$

(262)

$

485,902 

158 

%

$

307,269 

n/m

__________________

(1)Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions and marketing expenses.

Net interest income

2025 vs. 2024. Net interest income in our Financial Services segment increased by $204.6 million, or 36%, for the year ended December 31, 2025 compared to 2024, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.

2024 vs. 2023. Net interest income in our Financial Services segment increased by $238.6 million, or 71%, for the year ended December 31, 2024 compared to 2023, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.

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Noninterest income

The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers to total noninterest income for the Financial Services segment.

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$ Change

% Change

$ Change

% Change

Referrals, loan platform business(1)

$

79,985 

$

52,129 

$

33,602 

$

27,856 

53 

%

$

18,527 

55 

%

Referrals, other(2)

12,454 

8,197 

4,841 

4,257 

52 

%

3,356 

69 

%

Interchange(2)

114,315 

66,829 

35,247 

47,486 

71 

%

31,582 

90 

%

Brokerage(2)

39,666 

21,494 

21,127 

18,172 

85 

%

367 

2 

%

Other(2)(3)

12,141 

2,797 

2,647 

9,344 

334 

%

150 

6 

%

Total revenue from contracts with customers(4)

258,561 

151,446 

97,464 

107,115 

71 

%

53,982 

55 

%

Loan platform business, other(1)

495,926 

89,479 

— 

406,447 

454 

%

89,479 

n/m

Other sources of revenue(5)

9,538 

7,164 

4,204 

2,374 

33 

%

2,960 

70 

%

Total Financial Services noninterest income

$

764,025 

$

248,089 

$

101,668 

$

515,936 

208 

%

$

146,421 

144 

%

_____________________

(1) Presented within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

(2) Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss).

(3) Includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions, and equity capital markets services.

(4) See Note 3. Revenue to the Notes to Consolidated Financial Statements for additional information.

(5) Presented within noninterest income—other and noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

2025 vs. 2024. Noninterest income in our Financial Services segment increased by $515.9 million, or 208%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) growth in our Loan Platform Business of $434.3 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $47.5 million, which coincided with increased credit card and debit card transactions.

2024 vs. 2023. Noninterest income in our Financial Services segment increased by $146.4 million, or 144%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) growth in our Loan Platform Business of $108.0 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $31.6 million, which coincided with increased credit card and debit card transactions.

Provision for credit losses

2025 vs. 2024. Provision for credit losses in our Financial Services segment decreased by $1.3 million, or 4%. The allowance increase of $4.3 million during 2025 primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. Net charge-offs decreased primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 3.5% as of December 31, 2025, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions.

2024 vs. 2023. Provision for credit losses in our Financial Services segment decreased by $23.3 million, or 42%, primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, and improved credit quality of the portfolio, including higher borrower FICO scores.

Directly attributable expenses

2025 vs. 2024. Financial Services directly attributable expenses increased by $235.9 million, or 49%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) a net increase in direct advertising and lead generation costs

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as we continue to expand our Loan Platform Business and our SoFi Money product; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount and increases in average compensation in 2025 to support growth in the Financial Services segment; and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.

2024 vs. 2023. Financial Services directly attributable expenses increased by $101.0 million, or 26%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product; (ii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product; (iii) an increase in compensation and benefits expense, which reflected an increase in allocated compensation and related benefits to support growth in the Financial Services segment, in addition to increases in average compensation in 2024; and (iv) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2024 period.

Total Products

In the table below, we present the total products metric related to our Financial Services segment:

December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$ Change

% Change

$ Change

% Change

Total products

17,534,956 

12,735,081 

9,479,470 

4,799,875 

38 

%

3,255,611 

34 

%

Total products in our Financial Services segment is a subset of our total products metric. See “Key Business Metrics” and Part I, Item 1. “Our Reportable Segments” for a further discussion of this measure as it relates to our Financial Services segment.

Corporate/Other Segment

Non-segment operations are classified as Corporate/Other, which includes net revenues associated with corporate functions, non-recurring gains and losses from non-securitization investment activities, interest income and realized gains and losses associated with investments in AFS debt securities, and gains or losses on extinguishment of convertible debt, all of which are not directly related to a reportable segment. Net interest expense within Corporate/Other also reflects the financial impact of our capital management activities within the treasury function, which reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework. The following table presents the measure of total net revenue (loss) for Corporate/Other:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

($ in thousands)

2025

2024

2023

$ Change

% Change

$ Change

% Change

Net interest expense

$

(166,572)

$

(66,325)

$

(35,394)

$

(100,247)

151 

%

$

(30,931)

87 

%

Noninterest income (loss)

(61,250)

39,273 

(1,293)

(100,523)

n/m

40,566 

n/m

Total net revenue (loss)

$

(227,822)

$

(27,052)

$

(36,687)

$

(200,770)

742 

%

$

9,635 

(26)

%

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Reconciliation of Directly Attributable Expenses

The following table reconciles directly attributable expenses allocated to our reportable segments to total noninterest expense in the consolidated statements of operations and comprehensive income (loss):

Year Ended December 31,

($ in thousands)

2025

2024

2023

Reportable segments directly attributable expenses

$

(1,834,682)

$

(1,339,575)

$

(1,152,459)

Intercompany expenses

85,484 

36,765 

22,199 

Expenses not allocated to segments:

Share-based compensation expense

(262,058)

(246,152)

(271,216)

Employee-related costs(1)

(365,326)

(288,767)

(250,326)

Depreciation and amortization expense

(234,151)

(203,498)

(201,416)

Goodwill impairment expense

— 

— 

(247,174)

Other corporate and unallocated expenses(2)

(446,445)

(368,575)

(268,610)

Total noninterest expense

$

(3,057,178)

$

(2,409,802)

$

(2,369,002)

__________________

(1)Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.

(2)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.

Consolidated Balance Sheet Analysis

Assets

The following is a discussion of the significant changes in our assets, liabilities and permanent equity between December 31, 2025 and 2024.

2025 vs 2024

($ in thousands)

December 31, 2025

December 31, 2024

$ Change

% Change

Assets

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$

5,356,773 

$

2,709,360 

$

2,647,413 

98 

%

Investment securities

2,575,607 

1,895,689 

679,918 

36 

%

Total loans

38,037,063 

27,528,718 

10,508,345 

38 

%

All other assets(1)

4,691,035 

4,117,184 

573,851 

14 

%

Total assets

$

50,660,478 

$

36,250,951 

$

14,409,527 

40 

%

___________________

(1)All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets. See the consolidated balance sheets within this report.

Total assets as of December 31, 2025 were $50.7 billion, up $14.4 billion, or 40%, from December 31, 2024. The increase was primarily attributable to an increase in total loans of $10.5 billion, comprised of held for sale ($5.2 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($5.3 billion) which was primarily related to student loan purchases and originations. See “Cash Flow and Liquidity Analysis” for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the year ended December 31, 2025.

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2025 vs 2024

($ in thousands)

December 31, 2025

December 31, 2024

$ Change

% Change

Liabilities and permanent equity

Liabilities:

Total deposits

$

37,505,395 

$

25,978,204 

$

11,527,191 

44 

%

Debt

1,815,162 

3,092,692 

(1,277,530)

(41)

%

All other liabilities(1)

850,426 

654,921 

195,505 

30 

%

Total liabilities

40,170,983 

29,725,817 

10,445,166 

35 

%

Total permanent equity

10,489,495 

6,525,134 

3,964,361 

61 

%

Total liabilities and permanent equity

$

50,660,478 

$

36,250,951 

$

14,409,527 

40 

%

___________________

(1)Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt. See the consolidated balance sheets within this report.

Liabilities and Permanent Equity

Total liabilities as of December 31, 2025 were $40.2 billion, up $10.4 billion, or 35%, from December 31, 2024. The increase was primarily attributable to an increase in total deposits ($11.5 billion) driven by our differentiated checking and savings account offerings and competitive APY, partially offset by a decrease in total debt ($1.3 billion) as our common stock offerings in July and December 2025 allowed us to fully pay down outstanding warehouse lines.

Total permanent equity as of December 31, 2025 was $10.5 billion, up $4.0 billion, or 61%, from December 31, 2024. The increase was primarily attributable to our common stock offerings in July and December 2025 and a decrease in accumulated deficit driven by net income during the year ended December 31, 2025.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Year Ended December 31,

($ in thousands)

2025

2024

2023

Net cash used in operating activities

$

(3,742,458)

$

(1,119,807)

$

(7,227,139)

Net cash used in investing activities

(6,719,107)

(4,820,990)

(1,889,864)

Net cash provided by financing activities

13,109,333 

5,034,577 

10,885,602 

Cash Flows from Operating Activities

For the year ended December 31, 2025, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income and paydowns on our loans previously classified as held for sale. We had principal loan originations of $30.9 billion and principal loan purchases of $119.5 million during the period. These cash uses were partially offset by principal loan payments of $11.2 billion and principal loan sales of $15.1 billion.

For the year ended December 31, 2024, net cash used in operating activities stemmed from net income of $498.7 million, an unfavorable change in our operating assets net of operating liabilities of $1.6 billion, and a negative adjustment for non-cash items of $5.6 million. The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities. We originated loans of $19.4 billion during the year and also purchased loans of $170 million. These cash uses were partially offset by principal payments on loans of $9.5 billion and principal proceeds from loan sales of $8.5 billion.

For the year ended December 31, 2023, net cash used in operating activities of $7.2 billion stemmed from a net loss of $300.7 million and an unfavorable change in our operating assets net of operating liabilities of $7.6 billion, partially offset by a positive adjustment for non-cash items of $706.8 million. The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities. We originated loans of $17.4 billion during the year and also purchased loans of $198.7 million. These cash uses were partially offset by principal payments on loans of $7.2 billion and proceeds from loan sales of $2.1 billion.

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Cash Flows from Investing Activities

For the year ended December 31, 2025, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $6.1 billion of loan originations, $2.1 billion of loan purchases and $1.7 billion of AFS investment purchases, as well as net outflows related to credit cards of $230.1 million. These outflows were partially offset by $2.2 billion of proceeds from loan repayments and recoveries, proceeds from loan sales of $392.6 million as well as $522.0 million of AFS investment sales and $549.6 million of AFS investment payments and maturities.

For the year ended December 31, 2024, net cash used in investing activities was primarily attributable to loan activities. Changes in loans held for investment was primarily a result of loan originations during the period of $7.5 billion, partially offset by principal payments on loans of $3.3 billion and proceeds from loan sales of $677.6 million. Other cash uses included net purchases of $1.2 billion related to our investments in AFS debt securities, $154.3 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, and $37.8 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock. These uses were partially offset by proceeds of $79.8 million from our securitization investments.

For the year ended December 31, 2023, net cash used in investing activities of $1.9 billion was primarily attributable to $1.4 billion related to loan activities, primarily driven by student loans, secured loans and credit cards, net purchases of $381.0 million related to our investments in AFS debt securities, $111.4 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, $72.3 million related to business combinations, net of cash acquired, which includes our acquisition of Wyndham and settlements of vested employee performance awards associated with the Technisys Merger, and $66.6 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock. These uses were partially offset by proceeds of $108.3 million from our securitization investments.

Cash Flows from Financing Activities

For the year ended December 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the common stock offerings that we completed in the third and fourth quarters of 2025. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

For the year ended December 31, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments. Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities. In addition, we had an outflow of $323.4 million related to the redemption of our Series 1 preferred stock in May 2024.

For the year ended December 31, 2023, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits. This was partially offset by debt repayments which exceeded our proceeds from debt financing activity, which were primarily related to our warehouse facilities. Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities.

Liquidity and Capital Resources

Liquidity

We strive to maintain access to diverse funding sources and ample liquidity to fund our operating requirements, to pursue strategic growth initiatives and to meet our legal and regulatory requirements. Our principal sources of liquidity are our cash and cash equivalents, including cash from operations, and investments in other highly liquid assets.

We maintain Treasury risk policies which outline specific requirements relating to the oversight of SoFi Technologies, Inc. (and its subsidiaries) capital planning, financial planning and forecasting, liquidity risk management, contingency funding planning, interest rate risk management, cash management and financial operations, among other activities. Oversight of these activities is the responsibility of our ALCO. The ALCO is a management committee comprised of a cross-functional leadership team that is responsible for managing our use of capital, liquidity, sources and uses of funding, and sensitivities to various market risks, by identifying key risks and exposures, monitoring them appropriately, establishing tolerances and limits,

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mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations.

The following table summarizes our total liquidity reserves:

December 31, 2025

Amount Available

Amount Borrowed / Utilized

Remaining Available Capacity

Cash and cash equivalents

$

4,929,452 

n/a

$

4,929,452 

Investments in AFS debt securities(1)

2,211,358 

n/a

2,211,358 

Warehouse facilities(2)

7,180,000 

— 

7,180,000 

Revolving credit facility(3)

645,000 

497,400 

147,600 

FHLB advances(4)

285,535 

46,700 

238,835 

Other lines of credit(5)

50,000 

— 

50,000 

Total liquidity

$

15,301,345 

$

544,100 

$

14,757,245 

___________________

(1)Excludes investments in AFS debt securities which are pledged as collateral to the FHLB, and AFS securitization investments.

(2)Includes personal loan, student loan and risk retention warehouse facilities. For risk retention facilities, we only include capacity amounts wherein we can pledge additional asset-backed bonds and residual investments as of the date indicated. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information.

(3)As of December 31, 2025, the amount utilized under the revolving credit facility includes $11.4 million utilized to secure letters of credit. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information.

(4)As of December 31, 2025, we had $219.6 million of investments in AFS debt securities and $63.0 million of loans pledged as collateral to the FHLB to secure undrawn borrowing capacity of $285.5 million, of which $46.7 million was utilized to secure letters of credit.

(5)Borrowing capacity with a correspondent bank, which is an unsecured committed Federal funds line.

We believe our existing liquidity will be sufficient to meet our existing working capital and capital expenditure needs, as well as our planned growth for at least the next 12 months.

Sources of Funding

Our primary funding sources include SoFi Bank deposits, warehouse funding, common equity capital, convertible debt, corporate revolving credit facility, securitizations, and other financings.

We offer deposit accounts (checking and savings accounts) to our members through SoFi Bank. We also source brokered and non-brokered wholesale deposits, which include certificates of deposit. As of December 31, 2025 and 2024, time deposit balances due in less than one year totaled $1.2 billion and $814.7 million, respectively. As of December 31, 2025 and 2024, the amount of uninsured deposits totaled $1.0 billion and $544.3 million, respectively. As of December 31, 2025, approximately 97% of our total deposits were insured.

The following table presents uninsured time deposits as of December 31, 2025 by remaining time to maturity:

($ in thousands)

December 31, 2025

3 months or less

$

15,979 

Over 3 months through 6 months

1,161 

Over 6 months through 12 months

9,177 

Over 12 months

— 

Total uninsured time deposits

$

26,317 

On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $20.85 per share. The Company received net proceeds of $1.7 billion after deducting underwriting discounts and offering costs. On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $27.50 per share. The Company received net proceeds of $1.5 billion after deducting underwriting discounts and offering costs. The Company used a portion of total proceeds to reduce its higher-cost debt and give it the flexibility to pursue growth opportunities.

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Uses of Funding

Our primary uses of funds include loan originations, investments in our business, such as technology and product investments, as well as sales and marketing initiatives. In addition, our Financial Services segment has historically generated losses, and achieved contribution profit for the first time during the third quarter of 2023. Our capital expenditures have historically been less significant relative to our operating and financing cash flows, and we expect this trend to continue for the foreseeable future.

As of December 31, 2025, we had debt obligations and common stock outstanding.

Borrowings

Our borrowings primarily included our revolving credit facility and convertible notes. During the fourth quarter of 2025, the Company used a portion of the proceeds from its common stock issuances to pay down its warehouse facilities; the warehouse facilities remain open to maintain future borrowing capacity.

Refer to Note 12. Debt to the Notes to Consolidated Financial Statements for additional information on our borrowing arrangements and the capped call transactions entered into in connection with the issuance of our convertible notes.

Covenants

We have various affirmative and negative financial covenants, as well as non-financial covenants, related to our warehouse debt and revolving credit facility. Additionally, we have compliance requirements associated with our convertible notes, and certain provisions of the arrangement could change in the event of a “Make-Whole Fundamental Change”, as defined in the indenture governing such convertible notes.

The availability of funds under our warehouse facilities and revolving credit facility is subject to, among other conditions, our continued compliance with the covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. A breach of these covenants can result in an event of default under these facilities and allows the lenders to pursue certain remedies. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information. Our subsidiaries are restricted in the amount that can be distributed to SoFi only to the extent that such distributions would cause the financial covenants to not be met.

We were in compliance with all covenants as of December 31, 2025.

Capital Management

SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute capital to SoFi Bank. We are required to manage our capital position to maintain sufficient capital to satisfy these regulatory rules and support our business activities, including the requirement to maintain minimum regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (U.S. Basel III). If the Federal Reserve finds that we are not “well-capitalized” or “well-managed”, we would be required to take remedial action, which may contain additional limitations or conditions relating to our activities.

These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements.

As of December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. There have been no events or conditions since December 31, 2025 that management believes would change the categorization. See Note 21. Regulatory Capital to the Notes to Consolidated Financial Statements for the risk- and leverage-based capital ratios and amounts for SoFi Bank and SoFi Technologies.

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Cash Requirements from Known Contractual Obligations and Other Commitments

The following table summarizes our cash requirements from known contractual obligations and other commitments as of December 31, 2025:

Payments Due by Period

($ in thousands)

Total

Less than 1 Year

1 – 3 Years

3 – 5 Years

More than 5 Years

Revolving credit facility(1)

$

547,646 

$

— 

$

547,646 

$

— 

$

— 

Convertible notes(2)

1,328,256 

428,022 

— 

900,234 

— 

Operating lease obligations

126,359 

26,577 

48,108 

32,061 

19,613 

Sponsorship, advertising, and cloud computing agreements(3)

848,293 

126,387 

255,665 

140,917 

325,324 

Total contractual obligations(4)

$

2,850,554 

$

580,986 

$

851,419 

$

1,073,212 

$

344,937 

__________________

(1)Includes principal balance and variable interest on our revolving credit facility. The estimated interest payments assume that our borrowings under the revolving credit facility (i) remain unchanged, (ii) are held to maturity, and (iii) incur interest at the rate for standard withdrawals in effect as of December 31, 2025 through its maturity. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information on our revolving credit facility.

(2)The convertible notes will mature October 2026 and March 2029, unless earlier repurchased, redeemed or converted. Includes principal balance for the 2026 convertible notes and 2029 convertible notes, and future interest expense on our 2029 convertible notes. The estimated interest payments assume that our borrowings under the 2029 convertible notes (i) remain unchanged, (ii) are held to maturity, and (iii) incur interest at the rate in effect as of December 31, 2025 through maturity. See “Borrowings” for additional information on the provisions of our convertible notes.

(3)See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for additional information on these financial commitments.

(4)Contractual obligations exclude residual interests classified as debt that result from transfers of assets that are accounted for as secured financings. Similarly, contractual obligations exclude securitization debt, as the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts, the timing of which cannot be reasonably estimated. Additionally, our own liquidity resources are not required to make any contractual payments on these borrowings, except in limited instances associated with our guarantee arrangements. Our maturity date represents the legal maturity of the last class of maturing notes. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for further discussion of our guarantees. Finally, contractual obligations exclude the impact of uncertain tax positions, as we are not able to reasonably estimate the timing of such future cash flows. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information on income taxes and unrecognized tax benefits.

Guarantees

We may require liquidity resources associated with our guarantee arrangements. As a component of our loan sale agreements, we make certain representations to third parties that purchased our previously held loans. We have a three-year obligation to GSEs on loans that we sell to GSEs, to repurchase any originated loans that do not meet certain GSE guidelines, and we are required to pay the full initial purchase price back to the GSEs. In addition, we make standard representations and warranties related to personal, student and home loan transfers, as well as limited credit-related repurchase guarantees on certain such transfers. If realized, any of the repurchases would require the use of cash. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for further information on these and other guarantee obligations. We believe we have adequate liquidity to meet these expected obligations.

Factors Affecting Liquidity

The activities of our lending business are a key factor affecting our liquidity, in particular our origination volume, the holding period of our loans, loan sale execution and the timing of loan repayments. Our ability to have adequate liquidity to fund our balance sheet is impacted by our ability to access new deposits, and retain and grow existing deposits, along with our ability to access whole loan buyers, sell our loans on favorable terms, maintain adequate warehouse capacity at favorable terms, and to strategically manage our continuing financial interest in securitization-related transfers. Our ability to attract and maintain deposits can be impacted by, among other things, general economic conditions, competition from other financial services firms, idiosyncratic events and the interest rates we offer, which can impact our liquidity from deposits. In 2023, we began to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. We continued to have strong deposit contribution through 2025.

There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of capital markets transaction.

Further, future uncertainties around the demand for our personal loans, home loans and around the student loan refinance market in general, including as a result of worsening macroeconomic conditions or market disruptions, should be

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considered when assessing our future liquidity and solvency prospects. In the future, our loan origination volume and our resulting loan balances, and any positive cash flows thereof, could also be lower based on strategic decisions to tighten our credit standards.

In addition to our ability to pledge unencumbered loans against available warehouse capacity, we have relationships with whole loan buyers who have historically demonstrated strong demand for our loans. Capital markets can also generate additional liquidity; however, we are required to maintain a minimum investment due to securitization risk retention rules.

We also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by us to such banks.

Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining access to debt capital markets and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions. Although our goal is to increase our cash flow from operations, there can be no assurance that our future operating plans will lead to improved operating cash flows.

The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s approval, “adequately capitalized.” See Part I, Item 1. “Government Supervision and Regulation—Brokered Deposits” for additional information. As of December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject.

Other Arrangements

We enter into arrangements in which we originate loans, establish an SPE and transfer loans to the SPE, which has historically served as an important source of liquidity. We also retain the servicing rights of the underlying loans and hold additional interests in the SPE. When an SPE is determined not to be a VIE or when an SPE is determined to be a VIE but we are not the primary beneficiary, the SPE is not consolidated. In addition, a significant change to the pertinent rights of other parties or our pertinent rights, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE is consolidated. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for our VIE consolidation policy.

Historically, we have established personal loan trusts and student loan trusts that were created and designed to transfer credit and interest rate risk associated with the underlying loans through the issuance of collateralized notes and residual certificates. We hold a variable interest in the trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates. The residual certificates absorb variability and represent the equity ownership interest in the equity portion of the personal loan and student loan trusts.

We are also the servicer for all trusts in which we hold a financial interest. As servicer, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. Further, we do not provide financial support beyond our initial equity investment, and our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to that initial investment. For a more detailed discussion of nonconsolidated VIEs, including related activity during the year, see Note 7. Securitization and Variable Interest Entities to the Notes to Consolidated Financial Statements.

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we make judgments, estimates and assumptions that affect reported amounts of assets and liabilities, as well as revenues and expenses. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. The results involve judgments about the carrying values of assets and liabilities not readily apparent from other sources. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly evaluate our estimates, assumptions and judgments, particularly those that include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain. The most significant judgments, estimates and assumptions relate to the critical accounting estimates, which are discussed in detail below. We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on

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changes in market conditions or factors specific to us. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for a summary of our significant accounting policies.

Fair Value

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:

•Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

•Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.

•Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.

A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. Our involvement with VIEs and origination of personal loans, student loans and home loans results in Level 2 and Level 3 assumptions having a material impact on our consolidated financial statements, as further discussed below. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Committee established by the Company that comprises leaders across finance, capital markets and accounting.

Loans

We generally elect the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans which do not trade in an active market with readily observable prices are classified as Level 3 because the valuations utilize significant unobservable inputs.

We determine the fair value of our loans using a DCF calculation, which is a form of the income approach, while also considering market data as it becomes available. In applying the DCF methodology, we estimate the future cash flows of each loan portfolio using key loan metrics, such as term, vintage, coupon rate, coupon type and current balance, among others. The significant assumptions used in the valuation model include conditional prepayment rate, annual default rate and discount rate. The conditional prepayment rate represents the monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. The annual default rate represents the annualized rate of borrowers who do not make loan payments on time. The conditional prepayment and annual default rate assumptions are determined using company-specific historical loan performance curves. The discount rate represents the weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is determined based on company-specific factors and market observations, including underlying benchmark rates, our weighted average coupon rate and expected duration of the assets, the last of which is also impacted by expected prepayment rates. We also consider the volume and terms of recent whole loan sales and securitization market pricing factors, as applicable, as indicators of loan fair values.

See “Quantitative and Qualitative Disclosures About Market Risk” for discussion of the sensitivity of our financial instruments measured at fair value to changes in various market risks.

Goodwill

Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. As of December 31, 2025, we had goodwill of $1.4 billion, of which $1.3 billion was assigned to the Technology Platform reporting unit.

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Goodwill is tested for impairment at the reporting unit level at least annually, with a recurring testing date of October 1, or whenever indicators of impairment exist. We may assess goodwill for impairment initially based on qualitative considerations, referred to as “step zero”, to determine whether conditions exist that indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis, referred to as “step one”, will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. Quantitative goodwill impairment assessments require a significant amount of management judgment, and a meaningful change in the forecasted future revenues and cash flows, the discount rate, and the determination of market multiples used in testing goodwill for impairment could result in a material impact on the Company’s results of operations and financial position.

A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments.

During the third quarter of 2025, due to the continued shift in strategy to focus on potential new partners with scaled customer bases and the change in customer mix within the Technology Platform segment, management performed an interim quantitative assessment on the Galileo and Technisys reporting units as of September 1, 2025, prior to aggregating the two reporting units, to determine if there was any goodwill impairment.

As of September 1, 2025, management calculated the fair value amount of the Galileo and Technisys reporting units using an evenly weighted combination of a DCF calculation, which is a form of the income approach, and a market multiples calculation, which is a form of the market approach. The discount rates used for the Galileo and Technisys reporting units in our interim quantitative assessment were 12.9% and 19.3%, respectively. The higher discount rate for Technisys, relative to Galileo, was primarily driven by macroeconomic factors in Latin America, specifically the highly inflationary economic environment in Argentina. Additionally, management applied a terminal year long-term growth rate of 4.0% to both reporting units. As a result of this interim quantitative assessment, the fair value of the Galileo and Technisys reporting units were determined to be above their respective carrying values which resulted in no impairment at September 1, 2025. If the discount rate applied to the estimated cash flows was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would decrease or increase by approximately 4% and 3%, respectively. Similarly, if the long-term growth rate was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would increase or decrease by approximately 2% and 1%, respectively. Or, if the Company’s market capitalization was to decline due to unforeseen factors, it could impact the fair value of the respective units.

Subsequent to our September 1, 2025 interim goodwill assessment, the Company aggregated its Galileo and Technisys reporting units into a single reporting unit, Technology Platform. This update is reflective of the operational and strategic integration of these former two reporting units and is consistent with how segment management manages the business. As a result, the amount of goodwill previously assigned to Galileo and Technisys of $816.0 million and $522.6 million, respectively, was combined in the Technology Platform reporting unit ($1.3 billion).

As of its annual impairment testing date of October 1, 2025, the Company performed a qualitative “step zero” analysis for all of our reporting units. The Company evaluated events and circumstances since the last goodwill assessment date to determine if it was more likely than not that the fair value of the reporting units were less than their respective carrying amounts. The factors evaluated included an assessment of macroeconomic conditions, industry and market conditions, key financial metrics, overall financial performance of the reporting unit, or any other specific events or changes. As a result of this assessment, we concluded that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of October 1, 2025.

For all of our reporting units, management continued to monitor events and circumstances after the October 1 annual testing date and through December 31, 2025, concluding that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of December 31, 2025.

Management cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the value of goodwill. We continue to monitor the aforementioned conditions, the general macroeconomic environment, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors, including those listed in "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in Part I, Item 1A of this Annual Report. Further persistence of the aforementioned conditions and these other factors could result in impairment charges in future periods.

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See Note 8. Goodwill and Intangible Assets to the Notes to Consolidated Financial Statements for additional disclosures related to goodwill.

Recent Accounting Standards Issued, But Not Yet Adopted

See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements.