SoFi Delivers Record Revenue and Membership Growth in Q3 2025 as Diversification Pays Off
Q3 Results Set New Highs: Net Revenue Hits $962 Million, Membership Reaches 12.6 Million
SoFi Technologies (NASDAQ: SOFI) just reported a blowout third quarter for 2025, cementing itself as one of the fastest-growing digital finance platforms. The company’s Q3 net revenue soared to a record $962 million, while membership and product adoption posted their biggest gains yet—905,000 new members added, bringing the total to 12.6 million, and 1.4 million new products for a total of 18.6 million.
Diversified Revenue Model Delivers Strength: Fee-Based Revenue Surges 50%
One of SoFi’s key achievements this quarter was a sharp uptick in fee-based revenue, up 50% year-over-year to $408.7 million. This growth, now accounting for over $1.6 billion on an annualized basis, comes not only from the core lending business, but also from payment processing, interchange, and referral fees. Management highlighted the expansion of SoFi’s Loan Platform Business (LPB), which originated $3.4 billion for third parties and drove $167.9 million in revenue, more than 2.75x the prior year.
| Key Metric | Q3 2025 | Q3 2024 | % Change |
|---|---|---|---|
| Net Revenue (GAAP, $M) | 961.6 | 697.1 | +38% |
| Adjusted Net Revenue ($M) | 949.6 | 689.4 | +38% |
| Net Income ($M) | 139.4 | 60.7 | +129% |
| Adjusted EBITDA ($M) | 276.9 | 186.2 | +49% |
| Fee-Based Revenue ($M) | 408.7 | 272.1 | +50% |
| New Members Added | 905,000 | -- | +35% (total members YoY) |
| New Products Added | 1,400,000 | -- | +36% (total products YoY) |
| Loan Originations ($B) | 9.9 | 6.3 | +57% |
Financial Services Segment Leads Growth: Contribution Margin Improves 12 Points to 54%
SoFi’s push to create a seamless one-stop shop for personal finance is paying off: financial services revenue hit $420 million in Q3, up 76% year-over-year. Net interest income climbed 32%, while noninterest income more than doubled, aided by expanded use of SoFi Money, Relay, and Invest. Notably, 40% of new product sales were to existing members—demonstrating strong cross-sell momentum. The segment’s contribution margin jumped to 54% from 42% a year ago, showcasing scalable operating leverage.
Lending Segment: Demand Fuels Record Originations and Improved Credit Performance
Lending remained a cornerstone, with Q3 originations reaching a record $9.9 billion, up 57%. Personal loans grew to $7.5 billion, student loans rose 58% to $1.5 billion, and home lending almost doubled. Credit quality held strong: personal loan charge-offs fell to 2.6%, their lowest in more than two years, and cumulative losses remain below SoFi’s 8% risk threshold. The lending segment delivered a 54% adjusted contribution margin, and whole-loan sales commanded attractive pricing—further fueling profitability.
| Loan Type | Origination Q3 2025 ($B) | YoY Growth |
|---|---|---|
| Personal | 7.49 | +53% |
| Student | 1.49 | +58% |
| Home | 0.94 | +93% |
Technology Platform Sees Steady Revenue as Galileo Powers 158 Million Accounts
Technology revenue grew 12% to $114.6 million. SoFi’s Galileo platform now supports nearly 158 million accounts globally, cementing its relevance for fintechs and financial institutions seeking reliable infrastructure. Contribution profit held firm at $32.4 million, with a healthy 28% margin.
Margin Expansion and Improved Profitability Across the Board
Across the entire business, adjusted EBITDA reached $277 million for the quarter—a 49% year-over-year increase—translating to a 29% margin. Tangible book value per share jumped to $5.97 from $4.08 a year ago. Net interest margin improved 27 basis points to 5.84%, supported by both asset growth and funding cost management. Management expects tangible book value to grow by $2.5 billion for the year—four times higher than its initial guidance.
Innovation Drives Engagement: AI, Crypto, and New Products
Continuous innovation is central to SoFi’s momentum. The launch of AI-powered Cash Coach, interest-only periods for personal loans, expanded alternative investments, and upcoming crypto and blockchain capabilities are keeping engagement high and broadening the ecosystem.
Guidance Raised for Full Year: Management Expects $3.54 Billion in Revenue, $1 Billion+ EBITDA
Given the performance so far, SoFi’s leadership raised 2025 guidance. Full-year targets include $3.54 billion in adjusted net revenue (36% growth), at least 3.5 million new members, adjusted EBITDA of $1.04 billion, and adjusted net income of $455 million—well ahead of previous estimates. SoFi also anticipates tangible book value to increase by $2.5 billion this year, a key signal of underlying business strength.
Credit Performance and Balance Sheet Remain Healthy
Asset quality improved, with overall charge-off ratios declining and deposit growth accelerating. As of quarter-end, deposits hit $32.9 billion, up $3.4 billion from Q2, with nearly 90% coming from direct deposit members—supporting a robust and cost-efficient funding base. Regulatory capital ratios are strong, with CET1 at 20.0% versus a 7% regulatory minimum.
Key Takeaway: Momentum Points to Durable Growth
SoFi’s Q3 performance wasn’t just about record numbers—it highlighted the success of its diversified, integrated platform. Growth across lending, financial services, and technology all point in the same direction: SoFi’s broad-based business model and innovation engine are firing on all cylinders. With raised guidance, expanding margins, and healthy credit trends, investors and fintech watchers alike will be closely tracking whether SoFi can sustain this pace into 2026.
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