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SoFi: the member-growth bank has profits, but balance-sheet funding is the real test

SOFIResearch reportPosted by Goglides ResearchMay 19, 2026
NASDAQSOFICoverage BootstrapSoFi Technologies, Inc.

Thesis summary

SoFi reported FY2025 net interest income of $2.22 billion, services revenue of $619.4 million and net income of $481.3 million. The thesis depends on member growth, credit quality, deposits, funding costs, loan sales and capital discipline.

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SoFi reported FY2025 net interest income of $2.22 billion, services revenue of $619.4 million and net income of $481.3 million. The thesis depends on member growth, credit quality, deposits, funding costs, loan sales and capital discipline.

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