SoFi Stock (SOFI): Bank Charter, Segments and Profit History

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

SoFi stock trades on the Nasdaq under the ticker SOFI. It is the share of SoFi Technologies, which began as a student loan refinancer and now sells personal, student and home loans, checking and savings, investing and credit cards through one app, and runs a bank. It also sells software to other financial firms.

It began trading as SOFI on June 1, 2021, the first trading day after its merger with a blank-check company, Social Capital Hedosophia Holdings Corp. V, closed on May 28. Since then the stock has swung far more than the market. This page sets those swings beside what the filings show changed underneath.

SOFI at a glance: a $21.04 billion lender with a bank charter

Price is the November 6, 2026 close. Earnings, revenue and equity come from the 10-Q for the quarter ended September 30, 2026, filed November 5, and the 10-K for 2025.

From the last close of 2025 ($26.18) to November 6 the stock fell 38.08%, while the S&P 500 rose 7.76%. Its record close is $32.21 on November 12, 2025, and at $16.21 it sat 49.7% below that. It closed at $14.22 on October 14, 2026, its low for the past year, and its all-time low close was $4.30 on December 7, 2022.

How it works: three segments and a bank

Lending earns interest on the personal, student and home loans SoFi holds, and gains when it sells loans. Financial Services covers SoFi Money (checking and savings), Invest, Credit Card, Relay and referral fees, and it earns much of its revenue as net interest on deposits. Technology Platform sells account processing and banking software, through its Galileo business, to other companies.

SoFi measures each segment by contribution profit: the segment’s net revenue minus the costs SoFi attributes to it, before company-wide items. In the September 2026 quarter:

The three segments together brought in $1.43 billion. Total GAAP net revenue was lower, $1.39 billion, because corporate items sit outside the segments; it was up 44.0% on a year earlier, and net income was $241.0 million.

The bank charter: Golden Pacific becomes SoFi Bank

The charter. On January 18, 2022 the Federal Reserve approved SoFi’s application to become a bank holding company, and the Office of the Comptroller of the Currency gave conditional approval for the bank merger. SoFi closed its purchase of Golden Pacific Bancorp on February 2, 2022, and Golden Pacific Bank began operating as SoFi Bank. A charter lets SoFi fund loans with members’ deposits instead of borrowing from warehouse credit lines, which its releases describe as the cheaper source.

The original data: SoFi’s revenue mix over 23 quarters

Where revenue comes from, 23 quarters. We took each segment’s net revenue as first reported in SoFi’s 10-Q and 10-K filings, January 2021 to September 2026.

• Mix: in the June 2021 quarter Lending was 72.7% of segment revenue, Technology Platform 19.8% and Financial Services 7.5%. By the September 2025 quarter the split was 48.0%, 11.2% and 40.8%.
• Financial Services turned profitable. Its contribution was a loss of $52.6 million on $49.0 million of revenue in the September 2022 quarter. It first turned positive in the September 2023 quarter and was $261.0 million three years later.
• Technology Platform shrank. Its revenue fell from $122.4 million in the December 2025 quarter to $75.1 million in March 2026; SoFi’s release says the drop includes a large client that fully moved off the platform before December 31, 2025. It was 23.7% lower on a year earlier in the September 2026 quarter.
• Lending rebounded in 2026: revenue up 66.5% on a year earlier in the September quarter, to $821.3 million.

SoFi’s deposits, members and 12 profitable quarters

Deposits and members. Deposits went from zero at December 31, 2021 to $1.16 billion three months later, $18.62 billion at the end of 2023, $37.51 billion at the end of 2025 and $51.33 billion at September 30, 2026, up 55.8% in a year. Members, from the table in each results release, grew from 2,560,492 in June 2021 to 17,074,272, 6.67 times. The deposits work out to about $3,006 per member, though not every member holds a deposit account.

Profit, quarter by quarter. Net losses were $483.9 million in 2021, $320.4 million in 2022 and $300.7 million in 2023, $1.11 billion in all. The worst quarter, a $266.7 million loss in the September 2023 quarter, included a $247.2 million goodwill impairment. The first GAAP profit, $47.9 million, came the next quarter, and every quarter since has been profitable: 12 in a row to September 2026. The biggest, $332.5 million in the December 2024 quarter, was lifted by the release of a $258 million tax valuation allowance, so 2024’s $498.7 million of profit overstates the run rate. For the first nine months of 2026, net income was $564.3 million.

The numbers behind both charts and the earnings-day list are free to download: segments, members and deposits and earnings-day moves. If you reuse them, credit whitmantrading.com and link back, per the license.

A worked example: SOFI’s P/E on 55 cents of earnings

All inputs are in the 10-Q filed November 5, 2026 and the 2025 10-K, except the share price.

1. Trailing earnings. Diluted EPS was $0.41 for January to September 2026, $0.39 for 2025 and $0.25 for January to September 2025. Last twelve months = $0.41 + $0.39 − $0.25 = $0.55.
2. P/E. $16.21 ÷ $0.55 = 29.5. With earnings this small, a one-cent change in EPS moves the P/E by about half a point, which is why sites print different numbers. The P/E ratio page walks through the formula.
3. Market value. 1,297,840,447 shares × $16.21 = $21.04 billion.
4. Revenue. $3.704 billion + $3.613 billion − $2.588 billion = $4.729 billion of trailing net revenue, so the price is 4.45 times revenue.
5. Book value. Equity of $11.295 billion ÷ 1,297,840,447 shares = $8.70 a share, and $16.21 ÷ $8.70 = 1.86. The release gives $8.71, using the September 30 share count. For lenders, price-to-book is often the first ratio people check.

More shares, too. The first 10-Q after the listing counted 794,692,813 shares (August 2021). The latest counts 1,297,840,447, 63.3% more, and 7.6% more than a year earlier. SoFi raised $3.19 billion selling new stock in 2025. Each new share takes a slice of future profit, so growth in net income is not the same as growth per share.

SOFI on results days: 22 releases, one out early by human error

SoFi has released 22 sets of quarterly results as a public company. Four of the first five, to August 2022, came out in the evening and the 17 since November 2022 before the open. The exception is May 10, 2022: SoFi put out its first-quarter results early that day, by what it called human error, and the stock was halted at 11:19 a.m. ET, so we count that day’s −12.06% close. Other days are counted from August 12, 2021, the first results day.

• The median move was 10.38%, against 2.41% on the other 1,293 trading days, about four times as large.
• 12 of the 22 moved 10% or more; only 1.9% of other days did.
• Direction: 13 up and 9 down. With 22 events, that split says little (two-sided binomial p = 0.39).
• Largest: +28.39% on August 3, 2022, +20.21% on January 29, 2024 and +19.90% on July 31, 2023. The worst were −15.44% on April 29, 2026, −14.15% on August 13, 2021 and −12.20% on May 1, 2023.
• 2026: −6.36% (January 30), −15.44% (April 29), −8.90% (July 29), then +13.42% on October 27.

Even on ordinary days the stock moves a lot: its median daily move since June 2021 was 2.45%, against 0.55% for the S&P 500 on the same days. The volatility and beta pages explain those measures.

When it fails: an 82% fall while members doubled

It can lose most of its value while the business grows. From a close of $23.89 on June 8, 2021 the stock fell 82.0% to $4.30 on December 7, 2022, while members rose from 2,560,492 at the end of June 2021 to 5,222,533 at the end of 2022. It took until August 18, 2025 to close above $23.89 again. From the record $32.21 on November 12, 2025 it then fell 55.9% to $14.22 by October 14, 2026, while every quarter in that span was profitable. Our drawdown page explains the measure.

A lender lives on credit and rates. Most of the revenue still comes from loans, and the deposits that fund them are interest-bearing, so the margin between what SoFi earns and what it pays depends on borrowers repaying and on the level of rates. The interest rate page covers why both sides move.

Growth has been paid for partly in shares. A 63.3% rise in the share count since 2021 means profit has to grow faster than that just to stand still per share.

One client can move a segment. Technology Platform lost more than a third of its quarterly revenue from one quarter to the next, a drop SoFi ties partly to one large client leaving, a reminder of what customer concentration does to a small unit.

These figures date fast. Price, ratios and the latest-quarter rows change with every close and filing, which is why each one carries its date.

Questions people ask

What is SoFi’s market cap?

$21.04 billion at the November 6, 2026 close of $16.21, using the 1,297,840,447 shares on the 10-Q cover, dated October 30. The market cap page explains the measure.

Is SoFi a bank?

Yes. SoFi Technologies became a bank holding company on February 2, 2022, when it closed its purchase of Golden Pacific Bancorp, whose bank now operates as SoFi Bank. The Federal Reserve approved it, and the OCC gave conditional approval, on January 18, 2022. It held $51.33 billion of deposits at September 30, 2026.

Is SoFi profitable?

On a GAAP basis, yes, for 12 quarters in a row, from the December 2023 quarter to September 2026. It lost money in every quarter of 2021 and 2022 and in the first three of 2023.

Does SoFi pay a dividend?

No. Its filings report no dividend declared on the common stock, and the 10-Qs and 10-Ks since 2022 tag the amount per share as zero.

How did SoFi go public?

Through a merger with Social Capital Hedosophia Holdings Corp. V, a special purpose acquisition company, agreed on January 7, 2021 and completed on May 28, 2021. SOFI shares began trading on June 1, 2021. Our IPO page covers the more common route to a listing.

Related

For how traditional lenders are valued, see bank stocks. The ratios here are explained on earnings per share and price-to-book, and how a broker account holds shares like these is covered on brokerage account.

This page is educational, not financial advice. Test every idea on your own charts before risking money.