It has been about a month since the last earnings report for SoFi Technologies, Inc. (SOFI Quick QuoteSOFI - Free Report) . Shares have added about 16.5% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is SoFi Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

SoFi Technologies' Q2 Earnings Meet Estimate

SoFi delivered second-quarter 2026 adjusted earnings per share (EPS) of 12 cents. The metric outpaced the Zacks Consensus Estimate by 9.1%. Adjusted net revenues increased 40% year over year to $1.21 billion. The figure surpassed the Zacks Consensus Estimate of $1.11 billion by 8.3%. Total net revenues were $1.22 billion, rising 43% year over year.

Profitability also improved despite continued investment in growth initiatives. Adjusted EBITDA increased 44% to $357.8 million, and adjusted EBITDA margin reached 30% compared with 29% in the prior-year quarter.

Net interest margin remained healthy at 5.98%, up 12 basis points year over year and 4 basis points sequentially. This supported a 52% increase in net interest income to $788.2 million.

Management highlighted second-quarter 2026 as the company’s 19th consecutive quarter meeting the Rule of 40 benchmark. The Rule of 40 score was 70, based on 40% adjusted net revenue growth and a 30% adjusted EBITDA margin.

Member Growth & Cross-Buy Accelerate

Member acquisition remained one of the strongest indicators of platform momentum. SoFi added 1.1 million new members in the second quarter of 2026, bringing total members to 15.8 million, up 35% year over year.

Product growth was even stronger. The company added a record 2.2 million products in the second quarter of 2026, bringing total products to 24.4 million, up 42% year over year. Products per member reached an all-time high of 1.54.

The reported quarter marked the first time SoFi added twice as many products as members. Existing members opened 51% of new products, compared with 35% in second-quarter 2025, showing improving cross-buy trends across the platform.

Management pointed to SoFi Plus and SoFi Coach as important drivers of deeper engagement. SoFi Plus surpassed 200,000 paid members, while SoFi Coach generated more than 500,000 conversations with more than 90% positive feedback.

Lending Remains the Main Growth Driver

The Lending segment continued to drive consolidated performance in second-quarter 2026. Adjusted net revenue increased 59% year over year to $711.7 million, while contribution profit rose 63% to $399 million.

Total loan originations reached a record $14.8 billion, up 69% year over year. Personal loan originations increased 54% to $10.7 billion, student loan originations surged 170% to $2.7 billion and home loan originations rose 74% to $1.4 billion.

Credit metrics remained supportive. The personal loan net charge-off rate was 2.62%, down 21 basis points year over year and 41 basis points sequentially. Student loan net charge-offs were 0.61%, down 33 basis points year over year.

The loan platform business also remained an important growth lever. SoFi sold or transferred $4.1 billion of personal and home loans, including $3.1 billion through the loan platform business.

Financial Services Adds Diversification

The Financial Services segment continued to broaden SoFi’s revenue base. Net revenues increased 29% year over year to $466.3 million, supported by deposit growth, interchange, brokerage and referral activity.

Contribution profit rose 13% year over year to $212.7 million. Contribution margin declined to 46% from 52% in prior-year period, reflecting higher spending and investment in product innovation.

As of June 30, 2026, deposits reached $45.5 billion, up 21% from Dec. 31, 2025. Deposits also increased $5.3 billion sequentially, supporting SoFi’s funding base and balance sheet flexibility.

Transactional revenue trends were also strong. Interchange revenues increased 55% year over year, while brokerage revenues rose roughly 2.5 times year over year as SoFi Invest gained traction.

Technology Platform Still Faces Pressure

The Technology Platform segment remained the weakest area in the reported quarter. Net revenues declined 23% year over year to $84.5 million, reflecting the impact of a large client that transitioned off the platform before year-end 2025.

Contribution profit fell 65% year over year to $11.8 million. Contribution margin declined to 14% from 30% in prior-year quarter, underscoring the near-term pressure from lost scale and transition costs.

Technology Platform accounts totaled 135 million, down 16% year over year but up 2 million sequentially. The sequential improvement suggests some stabilization, though the segment continues to lag SoFi’s stronger lending and financial services businesses.

Management relaunched the business under the unified SoFi Tech Solutions brand. The platform now emphasizes processing, core ledger, payments hub and risk and fraud capabilities.

Balance Sheet Improve

SoFi ended the second quarter with $60.95 billion in total assets, up from $50.66 billion at Dec. 31, 2025. Loans held for sale increased 30% from year-end 2025 to $29.74 billion, reflecting continued loan origination growth.

Capital levels remained strong. The total risk-based capital ratio was 18.8%, while available liquidity was $13.7 billion. Cash flow from operations was negative $6.2 billion, reflecting a high loan pipeline build.

2026 Guidance Raise

Management raised full-year 2026 adjusted net revenue guidance to $4.75 billion to $4.85 billion, implying 32-35% year-over-year growth. The prior outlook implid approximately 30% growth.

The company maintained full-year 2026 guidance for adjusted EBITDA of approximately $1.6 billion, adjusted net income of approximately $825 million and adjusted EPS of approximately 60 cents. Management also continues to expect total members to increase by at least 30% year over year in fiscal 2026.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, SoFi Technologies has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, SoFi Technologies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

SoFi Technologies belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Rithm (RITM Quick QuoteRITM - Free Report) , has gained 1.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Rithm reported revenues of $1.28 billion in the last reported quarter, representing a year-over-year change of +5.4%. EPS of $0.60 for the same period compares with $0.54 a year ago.

Rithm is expected to post earnings of $0.51 per share for the current quarter, representing a year-over-year change of -5.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -6.8%.

Rithm has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.