research report · SOFI

SoFi Technologies, Inc.

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 5, 2026 from its quarterly report (10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Adequate

funded for about two years, partly by routine borrowing or new issuance

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

SoFi's business got stronger on its headline measures: third-quarter revenue rose 44% to $1.39B and net income 73% to $241.0M. The growth is being carried on its own balance sheet, though. Loans rose $15.7B in nine months. Outside its partner platform and sales of delinquent loans, it sold no personal loans in 2026. Its total risk-based capital ratio (capital as a share of risk-weighted assets) fell to 17.0% from 22.9%. Brokered deposits, money gathered through intermediaries rather than from members, rose to $7.8B from $1.4B. The company remains well capitalized and says its 2027 plan needs no new capital. By my reading of its own arithmetic, that holds only if risk-weighted assets grow more slowly than they did in 2026.

what changed this quarter

  • Revenue was $1.385B (+44%) and net income $241.0M (+73%); diluted earnings per share were $0.18 against $0.11. Originations reached a record $16.9B (+71%).
  • 2026 guidance was raised. Adjusted net revenue is now $5.04B (prior range $4.75–4.85B) and adjusted EBITDA $1.66B (prior $1.60B). The first 2027 outlook calls for $6.4B of revenue, $1.28B of adjusted net income and $0.90 of EPS.
  • Deposits rose $5.8B in the quarter to $51.3B. Loan warehouse lines (bank credit secured by loans) carried $2.05B, up from zero at year-end.
  • The Federal Reserve raised its target rate by 0.25 points in September. SoFi's own model shows its net interest income falls when rates rise.
  • The remaining $428.0M of 2026 convertible notes was repaid in cash on October 15. The 2029 notes are convertible from October 1 to December 31, and no holder had elected to convert through November 5.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Growth is using up capital faster than earnings replace it
  • Wholesale money funded nearly half of deposit growth
  • Profit leans more on upfront fees and fair-value marks than before
  • Non-lending businesses earn less per unit than a year ago

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

read it whole

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