Anthony Noto Called SoFi’s Quarter ‘Exceptional.’ The 13.4% Jump Was Its Best Earnings Day Since 2024, and the Stock Is Still Down 37% This Year

SoFi TechnologiesSOFI CEO Anthony Noto opened his third-quarter release with a word executives rarely use about their own numbers. “We had exceptional Q3 results against the backdrop of any environment, but they are even more remarkable given how 2026 has unfolded,” he said in the statement SoFi filed with the SEC on Oct. 27.

Investors agreed, at least for a day. The stock closed at $16.40 on Oct. 27, up 13.4% from $14.46. That still left it down 37.4% for the year and at about half its 52-week closing high of $32.21, set on Nov. 12, 2025. We checked Noto’s claims against SoFi’s own filings and against how the stock has greeted every report since it listed in 2021.

The Growth Claims Hold Up

Noto summed up the strategy in one line: “We are adding more members, who are using more products, and generating more revenue per product to create the most value for our shareholders over the long run.” The release backs each part. Members rose 35% from a year earlier to 17.1 million, with a record 1.2 million added in the quarter. Products rose 44% to 26.7 million, so the average member now holds about 1.56 products, up from 1.47 a year ago. Existing members opened 51% of new products.

Revenue per product rose too. Annualized Financial Services revenue per product was about $90, up from $88 in the second quarter, and lending revenue per product reached about $942, up from $782 a year earlier. Adjusted net revenue, the company’s preferred sales measure, rose 44% to $1.37 billion. GAAP net income was $241 million, or 18 cents a share, up from 11 cents.

Noto also said SoFi now has “eight different businesses each generating over $100 million in annualized revenue.” The release doesn’t list all eight, but it shows where the volume is: the Money and Relay products each passed 8 million products, up 34% and 45% from a year earlier. One part is shrinking: Technology Platform revenue fell 24% from a year earlier after a large client left. SoFi says it rose 18% excluding that client.

Revenue Guidance Rose Faster Than Profit Guidance

The “exceptional” label rests partly on guidance. SoFi now expects $5.04 billion of adjusted net revenue in 2026. In its January outlook it expected $4.655 billion, kept that figure in April and raised it to $4.75 billion to $4.85 billion in July. That is $385 million more than the original plan, a figure Noto cited on the call.

The profit targets moved much less. Adjusted net income guidance went from $825 million to $840 million, up 1.8%, and adjusted earnings per share went from 60 cents to 61 cents. On the call, Noto said the year turned out differently than planned: SoFi’s original guidance assumed two Federal Reserve rate cuts, and the Fed has raised rates once instead. In mid-October, CNBC’s Steve Liesman read Fed Chair Kevin Warsh’s remarks as a sign the Fed saw no need to hike again in October.

SoFi also gave a first look at 2027: about $6.4 billion of adjusted net revenue, up roughly 27%, and adjusted earnings of about 90 cents a share. At the Oct. 27 close, the stock traded at about 18 times that 2027 target, and at about 2.2 times its tangible book value of $7.48 a share.

SoFi’s third quarter at a glance

Why the Stock Still Sits Near Half Its High

Earlier reports this year did little for the stock. It fell on each of the three report days before this one: 6.4% on Jan. 30, 15.4% on April 29 and 8.9% on July 29. The April drop was the worst reaction to any SoFi report since the company listed. By Oct. 14, the stock had closed as low as $14.22.

The Oct. 27 move broke that run. Of SoFi’s 22 earnings reports as a public company, only 3 drew a bigger one-day gain, and the last was in January 2024. The chart below shows every report-day move since 2021.

Every report

SoFi’s 13.4% jump was its best earnings day since January 2024, after three straight drops

SoFi’s stock move on each of its 22 report days since listing in 2021, close to close. Dark dots are the three reports before this one. Coral is Oct. 27, 2026.

SoFi’s fintech peers have also trailed the market this year. Through Oct. 27, RobinhoodHOOD was down 16.4% for the year and AffirmAFRM was down 2.4%, while the SPDR S&P 500 ETF rose 12.9%. SoFi is also a bank holding company, and the debate over deposits matters to it. Investor Jordi Visser has argued that AI agents could move idle cash out of low-paying bank accounts.

What to Watch Next

• Fourth-quarter guidance: SoFi’s full-year targets imply about $1.375 billion of fourth-quarter adjusted net revenue and 19 cents of adjusted earnings per share, according to the call.
• Profit catching up: whether the 2027 target of 90 cents a share holds as revenue grows, after a year in which the revenue target rose much more than the profit target.
• Rates: Noto tied this year’s surprises to the Fed raising rates instead of cutting, so the next rate decisions bear directly on SoFi’s loan and deposit income.