SoFi Technologies Hits Record $14.8 Billion in Q2 Loan Originations With Stock Down 30% on the Year
Record loan originations of $14.8 billion in the second quarter of 2026 have not been enough to keep SoFi Technologies (NASDAQ: SOFI) shares from sitting 30% below where they opened the year. Management updated its…
Key takeaways
- SoFi Technologies posted record Q2 2026 loan originations of $14.8 billion, yet its stock sits 30% below where it opened the year.
- Adjusted net revenue grew 40% year over year, with the lending segment up 63%, net interest income up 54%, and loan origination fees up 64%.
- SoFi added 1.1 million new members (up 35% year over year) and 2.2 million new products, the first quarter product additions outpaced new users by two to one.
- Cross-buy rose from 43% to 51% quarter over quarter, and management raised its base assumption from one rate cut to two, signaling an improved outlook.
- The company's P/E stands at 37, and the tape is awaiting an explicit guidance revision.
Record loan originations of $14.8 billion in the second quarter of 2026 have not been enough to keep SoFi Technologies (NASDAQ: SOFI) shares from sitting 30% below where they opened the year. Management updated its rate-cut assumption from one to two cuts, which implies a higher guidance range, though the tape has not priced it that way.
What the print shows
The quarter's revenue picture is consistent and broadening. Adjusted net revenue grew 40% year over year, matching the first quarter's pace. Lending remains the core, and it ran hard: revenue in that segment rose 63%, with net interest income up 54% and loan origination fees up 64%, producing the $14.8 billion origination record. SoFi added 1.1 million new members in the period, a 35% year-over-year gain, and 2.2 million new products. That second figure matters because it marks the first quarter in which product additions outpaced new user additions by a factor of two, a sign that cross-sell is working through the existing base.
Cross-buy moved from 43% to 51% quarter over quarter. SoFi Plus, the company's membership tier, saw 85% of its new enrollees come from existing users in the second quarter, and 25% of that cohort then adopted an additional product after joining. Together these numbers describe a platform that is widening per-user revenue without relying solely on new user acquisition.
The setup and what to watch
The short-seller report that compressed shares earlier in 2026 is behind the company now, and the valuation has come down with the price. The P/E stands at 37. Newer products, including an AI personal finance coach and AI-driven investing with prompts, are aimed at the young professionals SoFi identifies as its primary demographic. The company's stated goal is a single destination for personal finance, and a cross-buy rate above 50% suggests the architecture is holding.
The next variable is explicit guidance. Management's move from a one-rate-cut base assumption to two is, by the company's own framing, a signal that its outlook has improved. A stated revision is what the tape is waiting for next.
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Filed via finance.yahoo.com