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SoFi (SOFI) will report its second-quarter earnings on Wednesday, July 29, and while the company could deliver another quarter of healthy revenue and earnings growth, one metric could have a significant impact on the stock.
A key focus area will be SoFi's non-lending business revenue, given its growing importance to the company's long-term investment thesis. Strong growth in its fee-based, capital-light businesses helps diversify revenue beyond lending, reduces credit risk, and supports a higher valuation.
Notably, SoFi stock has underperformed the broader markets so far in 20026, with its stock declining 34.69% year-to-date (YTD). If management can show that growth is reaccelerating in this segment, it could restore investors’ confidence and potentially drive the stock higher after earnings.
SoFi Q2 Earnings: Here’s What to Expect
Despite the significant drop in its share price this year, SoFi continues to deliver strong operational growth. The company's expanding member base and growing adoption of multiple financial products are expected to remain key drivers of revenue growth in Q2.
During the first quarter, SoFi added a record 1.1 million new members, lifting its total membership by 35% year-over-year (YOY) to 14.7 million. Product adoption was impressive, with a record 1.8 million new products added, bringing the total to 22.2 million, up 39% from a year earlier.
Notably, about 43% of new products opened in Q1 came from existing SoFi members. This highlights the success of SoFi's multiproduct strategy, as more members deepen their relationships with the platform by adopting additional financial services.
For the second quarter, management expects adjusted net revenue of approximately $1.12 billion, representing around 30% YOY growth. While SoFi has made significant progress in diversifying its revenue base, its lending business is likely to remain the largest contributor, supported by healthy originations across personal, student, and home loans.
SoFi’s non-lending businesses are also expected to contribute meaningfully to its growth. Revenue from interchange fees, brokerage services, loan origination fees, and loan platform fees should remain strong. In particular, SoFi's Loan Platform Business (LPB) has emerged as an important growth engine.
LPB provides SoFi flexibility. The company can either hold loans to generate recurring interest income or distribute them through its platform to earn fee-based revenue without assuming long-term credit risk. This asset-light model supports growth while reducing balance-sheet risk.
However, revenue from the Technology Platform segment could remain under pressure and partially offset gains elsewhere.
Another important catalyst is SoFi's rapidly expanding deposit base. Deposits increased by $2.7 billion during the first quarter to reach $40.2 billion. A larger deposit base provides the company with lower-cost funding, helping expand net interest margins and support profitability.
Overall, SoFi appears well-positioned to deliver another quarter of strong financial performance. SoFi’s management expects adjusted earnings per share (EPS) of $0.10 to $0.11, compared with adjusted EPS of $0.08 in the same quarter last year. Wall Street expects earnings of $0.11 per share, reflecting another quarter of solid double-digit earnings growth.
What’s Next for SoFi Stock?
While SoFi is expected to post another quarter of solid revenue and earnings growth, investors are likely to look beyond the headline numbers. The real test will be whether the company's non-lending businesses gain momentum. Strong growth in fee-based businesses such as the LPB, financial services, and other capital-light revenue streams would strengthen SoFi's transition into a more diversified financial technology company with a less credit-sensitive earnings profile.
If management delivers an upbeat outlook for its non-lending revenue while maintaining healthy member and product growth, it could lead to a rebound in SoFi stock. However, if growth in these businesses disappoints or remains overshadowed by lending, the stock could struggle despite another solid earnings report.
The majority of Wall Street analysts have rated SoFi stock a “Hold.”
