SoFi Technologies’ stock has dropped 13.8% as of 11:58 a.m. ET on April 29, 2026, despite reporting record revenue and substantial member growth. The decline stems from disappointing fee-based revenue results and unchanged full-year guidance.
CEO Anthony Noto stated, “We had an excellent Q1 delivering another quarter of durable growth and strong returns, fueled by our relentless focus on innovation and brand building.” SoFi’s Q1 revenue reached $1.1 billion, a 41% increase year over year. The company also doubled its per-share earnings from $0.06 to $0.12.
Despite these positive figures, SoFi’s fee-based revenue grew only 23% to $387 million, falling short of expectations of $405 million. Additionally, the company maintained its full-year revenue guidance at approximately $4.66 billion, reflecting a projected 29% increase from 2025.
SoFi added 1.1 million new members in Q1 2026, bringing its total membership to 14.7 million. Total loan originations also hit a record high of $12.2 billion.
The market is interpreting this decision as a sign that headwinds are blowing more firmly now than they have been of late. SoFi’s stock has declined nearly 40% from its November high before this recent drop.
Adjusted EBITDA for the quarter stood at $340 million, marking a significant increase of 62% year-over-year. The company continues to focus on expanding its financial services offerings in the digital banking space.
The next developments will be closely watched by investors as SoFi navigates these challenges in a competitive landscape.
