Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | A- | B+ |
| Q2'25 → | B+ | B+ |
| Q3'25 → | A- | B+ |
| Q4'25 → | B+ | B |
| Q1'26 → | B- | C+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Complete SoFi Bank core platform migration On track for summer 2026 completion | pending |
| Q1'26 | ⏳ | Accelerate marketing expenses in first half of 2026 Mentioned in Q2 guidance but no specific results yet on member acquisition | pending |
| Q1'26 | ✅ | Deploy new capital raised in 2025 without dilution to tangible book value per share TBV per share up 57% to $7.21, up 3% quarter-over-quarter | delivered |
| Q1'26 | ❌ | Continue tech platform growth of ~20% normalized (from Q4) Revenue declined to $75M, guided full-year to only $325M vs $450M+ 2025 run rate | missed |
| Q1'26 | ✅ | Launch big business banking in 2026 Officially launched earlier this month, ahead of schedule | delivered |
| Q1'26 | ✅ | Generate $1B+ quarterly cash revenue (implied from Q4) Generated $1.1B in cash revenue for second consecutive quarter | delivered |
| Q1'26 | ✅ | Achieve 30%+ EBITDA margins (from Q4 call) Hit 31% EBITDA margin in Q1, above the 30% target | delivered |
| Q4'25 | ⏳ | More comprehensive SoFi Coach launch next year Still planned for launch in 2026, no update on timeline | pending |
| Q4'25 | ✅ | Rule of 40 benchmark maintenance Hit 68% in Q4, maintaining 17+ quarter streak | exceeded |
| Q4'25 | ⏳ | Invest reaching full profitability this year They expect to achieve this in 2026, moved timeline out one year | pending |
| Q4'25 | ✅ | LTV business running at $13B+ annualized pace Now at $14.5B annualized pace based on Q4 $3.65B quarter | exceeded |
| Q4'25 | ✅ | Launch SoFi USD stablecoin in 2026 Actually launched in December 2025, ahead of schedule | exceeded |
| Q4'25 | ✅ | Continue to roll out SoFi Pay to other international markets Expanded to 30+ countries including Mexico, India, Philippines, Brazil, Europe | delivered |
| Q4'25 | ✅ | Launch buy, sell and hold crypto by end of Q4 2025 Launched in November plus added SoFi USD stablecoin in December | exceeded |
| Q3'25 | ✅ | We would expect deposits to grow roughly in line with loan growth on balance sheet Deposits grew $3.4B while loans grew $2.7B, maintained funding profile | delivered |
| Q3'25 | ✅ | We expect continued growth in momentum in both Q3 and Q4 for LPB LPB hit $3.4B vs $2.4B in Q2, massive acceleration delivered | exceeded |
| Q3'25 | ✅ | Financial Services 60% to 65% year-over-year growth expectation Delivered 76% YoY growth in Q3, well above guidance range | exceeded |
| Q3'25 | ✅ | Low double-digit to teens revenue growth for Tech Platform and Lending segments in 2025 Tech Platform +12% YoY, Lending +23% YoY - beating guidance | exceeded |
| Q3'25 | ⏳ | We anticipate having approximately 10 new clients that contribute revenue in Q1 2026 that did not contribute revenue in Q1 2025 Still on track, added Southwest Airlines and two undisclosed major brands this quarter | pending |
| Q3'25 | ✅ | Both self-serve international money transfers and crypto investing are expected to launch later this year SoFi Pay launched this week, crypto relaunch committed for Q4 - ahead of schedule | delivered |
| Q2'25 | ✅ | Tech Platform new wins to impact 2026 revenue 10 new clients signed for 2026 contribution, diversifying beyond traditional FinTech | delivered |
| Q2'25 | ✅ | LPB business acceleration from new partnerships $2.4B originations vs $1.6B prior quarter, 57% increase | delivered |
| Q2'25 | ⏳ | Acceleration in Invest product growth throughout the year 2.7M products mentioned but no QoQ growth rate disclosed | pending |
| Q2'25 | ✅ | EBITDA $875-895M at 27% margin Raised to $960M at 28% margin, ahead of schedule | exceeded |
| Q2'25 | ✅ | Adjusted net revenue $3.235-3.310B (24-27% growth) Raised to $3.375B (30% growth) on strong H1 performance | exceeded |
| Q2'25 | ✅ | Add over 2.8M members representing 28%+ YoY growth On pace for 3M+ members with 850K Q2 adds, raised guidance | exceeded |
| Q1'25 | ⏳ | Add at least 2.8 million members in 2025 Q1 added 800K, suggesting full-year target achievable | pending |
| Q1'25 | ✅ | 30% incremental EBITDA margin for 2025 Q1 delivered 35% incremental margin, above target | delivered |
| Q1'25 | ⏳ | Tangible book value growth of $550-575M for 2025 Q1 contributed $167M, on track for full year | pending |
| Q1'25 | ⏳ | Tech Platform to grow low double-digits to teens Q1 showed only 10% growth with account decline, may miss guidance | pending |
| Q1'25 | ✅ | Lending segment to grow low double-digits to teens in 2025 Q1 showed 27% YoY growth, within high end of guided range | delivered |
| Q1'25 | ✅ | Financial Services to grow 60-65% in 2025 Q1 delivered 114% YoY growth, well ahead of full-year expectation | exceeded |
Get the next SOFI call sheet the day it drops.
Subscribe to Call Sheet Daily →