SoFi Technologies Raises Full-Year Guidance on Record Q2 Growth and SoFi Plus Momentum

SoFi Technologies delivered a record second quarter for 2026, reporting adjusted net revenue of $1.2 billion, a 40 per cent increase year-on-year. Adjusted EBITDA rose 44 per cent to $358 million, while adjusted net income climbed 61 per cent to $160 million. The results, which mark the third consecutive quarter of cash revenue exceeding $1 billion, prompted the company to raise its full-year revenue guidance to a range of $4.75 billion to $4.85 billion.

The primary catalyst for this financial acceleration was the relaunch of SoFi Plus, a premium membership tier introduced at the start of the quarter. The service, which bundles benefits such as a 4.5 per cent interest rate on SoFi Money and a 1 per cent match on SoFi Invest contributions, attracted 200,000 paid subscribers in a single quarter. CEO Anthony Noto stated that the company aims to reach 1 million SoFi Plus members within 12 months, a target that would generate $120 million in annual revenue from the tier alone.

Noto’s aggressive growth target is underpinned by strong retention and cross-buy metrics among existing customers. Approximately 85 per cent of new SoFi Plus subscribers were existing members, and 25 per cent of those subscribers went on to open an additional product after upgrading. This strategy has significantly boosted cross-buy activity, which reached 51 per cent in the second quarter, up from 43 per cent in the prior quarter and 35 per cent a year earlier. SoFi Invest recorded the largest lift from this follow-on demand, while SoFi Money was the most adopted product for new customers joining via the Plus tier.

Total membership growth also accelerated, with the company adding 1.1 million new members to bring its base to 15.8 million, a 35 per cent increase year-on-year. Total products on the platform grew 42 per cent to 24.4 million. For the first time, SoFi added twice as many new products as new members in a single quarter, highlighting a shift towards deepening engagement with its existing customer base rather than relying solely on new customer acquisition.

Market analysts remain cautiously optimistic about the fintech’s trajectory. The average analyst price target for SoFi stock is $20.09, representing a 9 per cent upside from its recent trading price of approximately $18.40. Forecasts project revenue growth from $3.59 billion in 2025 to $9 billion by 2030, with projected free cash flow of $4 billion by the end of the decade, a significant turnaround from the $3.98 billion outflow recorded in the prior year.