Third-quarter net revenue rose 44% to a record of about $1.4 billion, well above the $1.25 billion analysts expected. SoFi raised this year's forecast and projected earnings of about 90 cents a share next year.
SoFi Technologies beat the quarter and raised the year, but it was the forecast for 2027 that set the tone.
The company reported record net revenue of about $1.4 billion for the third quarter, up 44% from a year earlier and above the $1.25 billion analysts expected, according to LSEG. Net income was $241 million, or 18 cents a share, a cent above the 17 cents in Visible Alpha's compilation.
For 2026, SoFi now expects adjusted net revenue of $5.04 billion, adjusted Ebitda of $1.66 billion, net income of $840 million and earnings of 61 cents a share. For 2027, it projected revenue of about $6.4 billion, adjusted Ebitda of $2.24 billion and earnings of about 90 cents a share.
The shares rose 14% to $16.48 at about 1:46 p.m. Eastern, on volume of about 122 million shares.
What the 2027 numbers imply
The 2027 outlook implies revenue growth of about 27% from this year's forecast and earnings growth of nearly 50%, to about 90 cents from 61 cents. The adjusted Ebitda margin would rise to about 35% from about 33%.
That is the kind of guidance that changes how a stock is valued. A company that expects profits to grow nearly twice as fast as revenue is telling investors that its costs are now growing more slowly than its business.
Two readings
One reading is that SoFi has moved from proving it can be profitable to proving it can scale. Revenue beat by about 10%, the full year went up, and management is willing to put specific numbers on next year.
The other is that a forecast is not a result. A 2027 outlook depends on credit performance and funding costs that can change quickly for a lender, and a 14% move on a single day prices in a good part of that forecast before any of it is delivered.
What to watch
Credit losses and loan growth in the fourth quarter, funding costs as the Fed decides its next move, and whether SoFi reaffirms the 2027 outlook at its next results.